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Thursday, June 30, 2011

1501 Pine Street - Bank Owned - Key West - Bargain!

1501 Pine Street - Key West - Bank Owned - $825,000

Just listed, 1501 Pine Street, in the Meadows Area of Key West. This is the last of eight units that were completed in 2007 just as the housing market was tanking. The homes were originally built to sell at $1,895,000 or higher. The buying public did not buy. A local Key West bank ended up owning six of the units. The buying public resisted again and feared future price erosion. Last year I sold the original model unit that had been foreclosed upon by a different lender. Then the remaining bank owned properties started to sell. The two bedroom unit at 1501 Pine Street has never been offered for sale. Now it is offered for sale at $825,000. The listing broker describes 1501 Pine Street like this:
"Last One! This stunning home is part of The Meadows condo association. Newly built in 2007 with top of the line materials and craftsmanship, this home features soaring 11' ceilings in the living area. The kitchen is top of the line with s/s appliances, beautiful granite and solid wood cabinets plus a wet bar in the living room. The bedrooms are en suite with impressive architectural details including crown molding, high ceilings, porches and solid wood doors. A private, gated drive leads to the carport and a separate entry to the pool area. Completely fenced and beautifully landscaped, this home is also perfectly located. Bank Owned and easy to see!"

The home at 1501 Pine Street is part of The Meadows Condominium Association which is comprised of eight homes. Each home is located on a fee simple lot. The association exists to provide access to rear carport parking via gated driveway and management of storm water runoff. Each homeowner pays his or her individual property insurance and maintenance expenses.

The homes were built with top of the line materials and craftsmanship. This home features soaring 11' ceilings in the living area and kitchen. The kitchen has top of the line stainless steel appliances, beautiful granite and solid wood cabinets. A two story turret is an adjunct to the kitchen and is configured as ahome office. There are lots of windows in the kitchen so your cooking will not be a chore but a dream. There is also a wet bar in the living room. The floors on the first floor are travertine marble. The stairway and second floor bedrooms have wood floors. The master bedroom features a second turret. The ceiling is vaulted so that room has an especially large feel, yet the turret makes the space so cozy. The master bath includes a double vanity, shower, Jacuzzi tub, separate water closets, and lots and lots of closets. The master bath is just opulent. I challenge you to find any more luxurious bath in Key West for less than $2 million. You won't find one.

Architectural details including crown molding, extra high baseboards, soaring ceilings, top of the line kitchen and bath cabinetry, the finest Kohler bath fixtures, two story porches and solid wood doors. The wood doors on the first and second floor front are massive and of the highest quality. The 8' sliding doors that separate the living area from the pool are hurricane impact resistant to 155 mph that open wide to let the outside become part of the inside. A private gated driveway leads to the carport and a separate entry to the private pool and spa area. Each home is completely fenced and beautifully landscaped. This home is located on a corner lot so it has lots of separation from the other nearby homes. CLICK HERE to view a slide show of this particular house.

Bayview Park is located two blocks to the south

The Garrison Bight is located one block to the east

This home is located in the Meadows area of Key West. Bayview Park (two blocks to the south) has an old fashioned bandstand, public tennis courts, basketball courts, and lots of green space for community events. The White Street arts district is a five minute walk to the west. The Garrison Bight Marina is located one block away to the east. Duval Street and the Historic Seaport are each a five minute bike ride. The three large shopping centers (large by Key West standards) are five minutes by car. The Key West International Airport is five to seven minutes depending on traffic.

CLICK HERE to view the Key West mls datasheet. I really think this last unit will sell quickly. The reasons to hesitate are gone. The other units are now owner occupied and potential buyers who feared price collapse can now see price appreciation in the near future. If you are interested in seeing 1501 Pine Street in person or want more information, please contact me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties (listing brokerage) for this property.

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.

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Gary Thomas in a Nutshell

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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.