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Thursday, August 25, 2011

911 Grinnell Street - Bank Owned - Old Town - Key West

The new listing at 911 Grinnell Street will likely turn into a feeding frenzy as many prospective buyers submit offers on this Bank Owned single family house in Old Town that is offered at just $399,900. The listing Realtor describes the property thus:

"Cute 2 story Conch home has 2 bedrooms and 2 bathrooms, located in Old Town Key West. Home features: Dade County pine , stainless steel appliances, granite countertops, new carpets, updated bathrooms and a swimming pool."

911 Grinnell Street as it appeared only a couple of years ago
I showed this house several times in the past few years when it was listed as a short sale at a much higher price. Obviously, the house did not sell then. I had a buyer that submitted an all cash offer at a price higher than the current asking price, but we were unable to get the previous owner to accept it. Such is often the case. Let me share with you the description of this property before it became bank owned:
"Located in a quiet part of Old Town this gorgeous 2+ bedroom 2 bath home has just been totally renovated with an architect's supervision. The upstairs master suite includes a sitting room, walk-in closet, and views to the east over neighborhood rooftops and gardens. The kitchen is spacious and open w/granite counter tops. The beautiful bathrooms feature unique custom tile work and modern fixtures/faucets. This home has two French doors that open to the deck and the wonderful, sunny, private back yard, landscaped with tropical vegetation, a pool, and outdoor shower. The front porch is spacious and feels like an outdoor room."
Dade County Pine walls throughout the main floor living area

Recent kitchen with stainless steel stove and dishwasher only

Snappy newer bath

I recall some occasional difficulty in showing the house when it was listed for sale because it was continually rented as a vacation rental. Yes, a vacation rental. It had most of the features repeat vacationers want when they rent a house including that ever-so-necessary charm, Dade County walls, and pool. CLICK HERE to view the property when it was marketed as a vacation rental. Carefully read the narrative description (which explains there are really three bedrooms and then view the photos that entice renters to select this property. Click the photo which will start a slide presentation. Remember the property is now vacant and the furnishings are no longer there.

Pool prior to foreclosure

Pool now. But it can look wonderful again.

911 Grinnell Street is located midway between Truman Avenue on the south and Olivia Street which runs parallel to the Key West cemetery. Click GOOGLE MAP for an aerial perspective and remember to use the toggle switch for a street view. The bar up on the corner at Truman stays open late and re-opens at 8:00 AM. The cemetery on the other hand stays quiet forever. There is a mix of single family homes (some extraordinary) and some apartments. The property to the rear on Watson Lane is undergoing an huge restoration. It ought to have a very positive impact of adjacent property values when it is completed. This is a true Key West neighborhood. In other words quaint the block ain't. But it has convenient access to Duval Street five blocks to the west. There are several gyms, yoga studios, restaurants, shops and some galleries along the White and Truman corridors. This house does not have off street parking but on street parking is normally not difficult.

CLICK HERE to view photos of this property as it looks on August 25, 2011.

CLICK HERE to view the Key West mls listing sheet. Then if you are serious and want to buy 911 Grinnell Street, you must make a serious offer. Forget about trying to buy it for less than the already very low asking price of $399,900. There will be multiple offers many of which will be all cash with few if any contingencies. The bank requires proof of cash or pre-approval by Bank of America on any non-cash offers. In all likelihood the bank will solicit best and final offers from the anticipated multiple offers. If you want this property it is yours to lose by making a tight-fisted offer.

If you would like to see 911 Grinnell Street before its gone (which will likely be in a matter of days) 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 Coastal Realty, Inc. in Key West. This bank owned property is a bargain at the asking price. Seriously!









3 comments:

Anonymous said...

Gary that price is incredible!!! One could sell it again in no time for a big profit, i'm sure.

Anonymous said...

I noticed that one of the pictures of the front of the house shows a window a/c unit and the other does not show it. I'm guessing the house has central a/c now. Do you know if the house was remodeled and updated prior to the most recent sale in march, or was the updated done after that? Regardless, seems like a great deal.

Gary Thomas said...

Thanks for the keen eye. Yes the smaller photo was taken around 2005 or so - prior to the renovation done by the most recent owner. There is central air now.

I am adding new photos to the blog which show each room in the house and the rear.
Gary

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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.