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Friday, April 15, 2011

The Top of Solares Hill - 630 Elizabeth Street - Old Town - Key West

Turn this OLD HOUSE int0


Your NEW HOUSE



I just listed 630 Elizabeth Street at the top of Solares Hill in Old Town Key West.


I found a few old photos of the immediate area to share with my Readers.

Tony's Grocery in the 1960s - located across Angela Street

Same location in the 1970s but you can also see 630 Elizabeth on the right

Photo taken by WPA in the 1930s shows 630 Elizabeth St on left and Tony's on the right

Most of the funky old houses in Key West have been restored over the years. Most, but not all. A prior owner who was also a Realtor said 630 Elizabeth was a general store in the late 1800s. Most recently it was used as a duplex with an apartment with multiple bedrooms down and a larger apartment upstairs with a separate entrance. The current owner has obtained HARC approved plans to convert the building into a single family residence. When completed, the house at the top of Solares Hill will have a commanding view of much of Old Town.

Views from second floor looking down onto Elizabeth Street and Windsor Lane

The plans provide for 2300 sq ft of living space on two floors plus conversion of some attic space. HARC even approved a rear third story porch off the rear. The HARC approved architect's plans convey with purchase.

The third floor is larger than many cottages in Old Town -what space!

If you are among the many who unsuccessfully tried to buy this historic old home a few years ago, you now have a second chance. 630 Elizabeth Street is offered at $449,000. CLICK HERE to see the Key West mls database and to view more photos.


630 Elizabeth Street is easy to see. Just call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

8 comments:

Anonymous said...

The Captain says:

I tried buying this then bank owned property in 2009. It was listed in the mid-300s and was even offered at an auction in Miami. (It didn't sell there and that auction was a scam). By the time the price dipped into the low 200s, I was already under contract in another property which I bought and now enjoy. It sold in the low $200s which then (and now) is a fair price.

The upside: lots of interior space and very good location.

The downside: No parking in a very hard to park area, no room for pool (unless you demo rear living space and even then very tiny pool) and hundreds of thousands of dollars in renovations. (No joke, I had bids) In other words, not for the faint hearted.

A set of plans/approvals and no improvements in 2 years justifying more than double the price? Sorry, I just don't see it Gary.

One question the readers may have: Do the plans and HARC approvals require it to be changed to single family?

Captain out.........................

Anonymous said...

Another great property on THE BEST part of Elizabeth Street. Location. Location. Location. Yes, this one is ripe for the picking and a great street with some wonderful neighbors to boot. Good one Gary!

Gary Thomas said...

For some reason the comment below was emailed to me but not posted in the COMMENT section. For your consideration:

The Captain says:

I tried buying this then bank owned property in 2009. It was listed in the mid-300s and was even offered at an auction in Miami. (It didn't sell there and that auction was a scam). By the time the price dipped into the low 200s, I was already under contract in another property which I bought and now enjoy. It sold in the low $200s which then (and now) is a fair price.

The upside: lots of interior space and very good location.

The downside: No parking in a very hard to park area, no room for pool (unless you demo rear living space and even then very tiny pool) and hundreds of thousands of dollars in renovations. (No joke, I had bids) In other words, not for the faint hearted.

A set of plans/approvals and no improvements in 2 years justifying more than double the price? Sorry, I just don't see it Gary.

One question the readers may have: Do the plans and HARC approvals require it to be changed to single family?

Captain out........................

Gary Thomas said...

Captain,The market two years ago and one year ago was much softer than it is today. Go to the top of my blog and CLICK the SEARCH THE MLS. Limit your search to properties priced under $475,000 in Old Town. See how few there are. Compare the locations.
Yes, there is no parking. I'm not so sure that you cannot put in a pool if you eliminate the rear attachment which I would prefer. The view from the top is incredible. And this property, once renovated, will look just awesome.

Gary

Anonymous said...

The market 2 years and 1 year ago were 'softer'?

Have you looked lately? The Miami Hearld stated Sunday that 17 per cent of the homes in FL are either in foreclosure, bank owned or in short sale.

I am not taling loan mods - we are talking people in SERIOUS trouble.

The market can not justify the price on this property - the Captain is so correct.

One shoe has dropped in FL - just waiting for the other to fall.

We have only begun to see the housing mess - there is too much shadow inventory yet to be reported.

Anonymous said...

You have a picture of 'Views from second floor looking down onto Elizabeth Street and Windsor Lane' and a really cute yellow house is pictured. Was that house for sale recently? It looks familiar and is very cute and looks recently redone. Just curious but it is quite a nice street.

Gary Thomas said...

Irregardless of what the Miami Herald may be reporting about statistical trends for "Florida", I am discussing what is occurring in Key West. I have written before about the disparity between Key West and the rest of the Florida Keys which continue to be in trouble.

Key West is an anomaly from the rest of Florida. The distant location from the mainland and the extra effort, time, and expense make getting here more difficult. Theoretticaly, that should drive prices here down. But that is not the case because Key West has an exclusivity that drives prices up.

The size of island and the government imposed restriction on the rate of growth, size, and requirement to renovate as opposed to destroy and build new limits the number of units for sale and that drives prices higher.

At the beginning of May I will write about the recent spurt in sales contracts (and closings) of houses priced over one million dollars. There have been a lot. The big buyers are "back". And that to me is a good omen.

I do think the national economy is compromised by so much divisiveness in government. Both parties are waging political battles so they can control what happens in the future and both are not dealing with the present.

And the pretty house across the street from 630 Elizabeth has been in my blog 3 or 4 times. It is not on the market at this time.

Gary

Anonymous said...

Please don't forget to add that there is a bill in Tallahassee that will raise windstorm rates as much as 256 per cent here in the Keys. That will help all those million dollar homes sell. As more and more people see their insurance rates - flood included - rise astronomically, I predict a rapid fall in prices here in Key West. That and the non use of downstairs enclosures for living space will put the final nail in the coffin for many in the Florida Keys. My two cents.

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.