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Monday, July 11, 2011

Pied-à-Terre por Vous? - Bank Owned - Key West

526 William William Street - Old Town - Key West

The term "Pied-à-terre" comes to mind when you first see 526 William Street Unit #3. What you don't expect is to read the words "Bank Owned" immediately thereafter. When you do, read on. This sharp 2 bedroom 1 and 1/2 bath two story unit is located on the second and third floors of the chic Delancey Hall Condominium. The living room and kitchen share the second floor space with a half bath. An interior stairway leads to the third floor bedrooms and bath. The front second floor balcony is shared with the unit across the hall. Other units in the building have their own private outdoor spaces.

There are only five units in this building that was very tastefully renovated in 2001. The facade just oozes class. Architecturally speaking, I think this building is one of the most handsome in all of Old Town. It just looks important. The side gate provides entry to the shared pool and bricked courtyard area at he rear. There is no off street parking. Since most of the surrounding properties are single family homes, street parking is not an issue.

Unit #3 is now BANK OWNED and offered for sale at $315,000. It is located on the north side second floor front of the building. I co-listed this unit in 2004-2005. I held several open houses at this property. Everybody loved it and the location. The only issue raised was the height of the bathroom ceiling. It is tucked into the roof and a tall person (someone over 6') will have to bend the neck to the side while taking a shower. Tall people tell me they often have to bend to fit in many places. Other than that the two bedrooms and bath are comfortably sized. This unit would make an excellent getaway place or one could live here full time.

Delancey Hall is one of the very best renovations I have seen in Key West. The quality of the workmanship and the superior interior finishes look as good today as they did ten years ago when the original renovation was completed. Buyers that work with me know that I am quick to point out shoddy construction and poor workmanship. Nobody should pay good money for unprofessional construction. Each Delancey Hall unit was built to high quality standards.

The Monroe County Property Appraiser shows this unit as having 955 sq ft of living space. The listing agent varies and relies on an appraisal that shows 657 sq ft. All previous listings (including the original developer's agent) showed the unit as having 955 sq ft.

This unit ought to sell this week. Seriously. This is a great building and this unit has all of the features second home (and many primary) homeowners want. You cannot beat the location; the building is both solid and beautiful; the price is affordable.

(Interior photos are from 2004)
Locals and frequent visitors know the value of a good location, and 526 William Street is located in the very heart of the Historic District. The Key West Seaport is three blocks to the north. There are lots of great restaurants and water based activities there. Duval Street is just a five minute walk to the west. Mangia Mangia is a block to the east at the corner of Margaret and Southard. Five Brothers is located one block further to the east where you can get your morning gossip and cafe con leche at the same time. Fausto's Food Palace is three blocks west on Fleming. Fausto's has a great wine selection plus one of the best real butcher markets in Key West. And Fausto's always has fresh sushi. One-half block off the corner of Duval and Eaton you will find the Tropic Cinema, a hangout for the elite of Key West. The point is you can eat and greet and meet just about anywhere in Old Town within a few minutes walk of bike ride.

If you would like to see this unit or get more information, 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. Do not wait until it is too late!

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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.