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Thursday, June 16, 2011

Great Expectations - Great Frustrations - Short Sale - Old Town - Key West

1211 Margaret Street - Key West

Just listed, but not by me, 1211 Margaret Street in Old Town Key West.

The Monroe County Property Appraiser's website says the house at 1211 Margaret Street was built in 1938. That was in the Depression and just before the outbreak of World War II. I question the construction date, but who am I to question the government. See the photo below which shows what the house looked like in 1965.

1211 Margaret Street Key West as it appeared in 1965

The property was dramatically enlarged and thoroughly renovated after 2005 both on the inside and outside with the addition of a pool and pool house. In mid 2006 the newly renovated property was put on the market at the asking price of $2,699,000 or $1173 per sq ft. It did not sell. It was put back on the market in January 2007 at $2,295,000 and later reduced to $1,995,000. It did not sell. Now it is offered as a short sale at the asking price of $749,000 or $357 per sq ft. There must have been great expectations. There surely were great frustrations. Now this is a buying opportunity.

The listing Realtor describes this house this way:
"Beautifully renovated home in Old Town Key West. Enter into the large dining room and kitchen area. With high ceilings and open feel, this home is great for entertaining. Two bedrooms with extra storage and one and one half baths downstairs. Large master suite upstairs includes dual vanities, large glass shower and clawfoot tub, a walk in closet and private balcony. Bright living room downstairs leads out to the large deck, lush pool area and guest cottage also with a full bath. Located in the X500 zone and off street parking for two, this Old Town home is a must see!! This is a potential short sale transaction subject to lender approval."

1211 Margaret Street is a 2100 sq ft house that sits on a 4547 sq ft lot (46' x 107'). You may recognize the location because of its famous nearby neighbor: El Siboney Restaurant. The house has 4 bedrooms, 3 1/2 baths, large pool and that pool house. The location is within easy walking distance to the restaurants and attractions on upper Duval Street. The Atlantic Ocean is just as easy a bike ride-maybe five minutes. There are several nearby gyms and yoga studios, neighborhood eateries, and specialty stores on Truman and White streets.

If you are looking for a large home in Old Town Key West and would like to see 1211 Margaret Street, please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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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.