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Thursday, July 7, 2011

518 Elizabeth Street - Old Town - Short Sale

518 Elizabeth Street - Old Town - Key West - July 7, 2011

This is another 'just listed but not by me' blogs. But this is one you bargain hunters ought to consider acting on quickly, because it will likely be under contract within a couple of days. 518 Elizabeth Street is offered as a short sale at the asking price of $425,000 or just $152 per sq ft. CLICK HERE to view the Key West mls datasheet. Note the listing states that this property has a Transient Rental License.

I dug into the old shoe box and found the photo of 518 Elizabeth Street (above) that was taken in 1965. The Monroe County Property Appraiser claims 1924 as the year of construction, but other nearby houses are much older. The first house I sold in Key West is located two doors to the north at 514 Elizabeth Street. It was built in 1855. Loyal readers know that the county records were reconstructed by members of the WPA during the Great Depression (the one before the current). The records are not always 'correct' as to date of construction on many of the older properties. Construction dates on many older properties are derived from the dates the building first appeared on any number of city maps. The county shows 518 Elizabeth Street as having 1720 sq ft of living space (not including porches). The building sits on a large lot for Old Town (32' X 102') or 4051 sq ft. Note that the listing Realtor cites the property as being 2794 sq ft in living space. I have no way of reconciling the difference between the county records and the agent's datasheet.

518 Elizabeth Street is hidden behind a huge orchid tree

Readers may recall that I wrote about this block in February 2010 when the Gentle Touch Cleaners (510 Elizabeth Street) was razed to permit the construction of a new single family residence. CLICK HERE to read what I wrote then (and view pics) because it is illustrative of the value of the lot alone at 518 Elizabeth Street. The 510 Elizabeth Street lot sold for $714,000 or $139 per sq ft for a 5150 sq ft lot on which to build a new house to replicate other Old Town houses.

516 and 514 Elizabeth Street are located just north of 518 Elizabeth

522 Elizabeth is located adjacent to 518 Elizabeth on the right

510 Elizabeth Street before demolition in 2010

New construction at 510 Elizabeth replaces the former Gentle Touch Cleaners

I have not been inside 518Elizabeth Street yet, but I suspect this house needs updated. Potential buyers that want a project could have a field day on this big old girl. The depth of the lot and location make it a great candidate for renovation.

Click on GOOGLE MAP for an aerial view of the property and then use the toggle switch for a street view. The Google team has been in Key West doing new photos. I hope they hurry because the original set often give a bad impression of our very pretty town. The aerial photo, however, ought to give any potential buyer assurance that this is a superior location near the top of Solares Hill.

518 Elizabeth Street is located at the top right of the above photo

If you are looking for a great renovation project in Old Town, this may be what you have been looking for. Please contact me, Gary Thomas, 305-766-2642 or by email at 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.