Maybe it was serendipity that yesterday's blog was about life in the slow lanes of Key West. One of the lanes I mentioned was Elgin Lane. I know I went on and on about how sweet life can be on a little lane. And then late Friday afternoon another Realtor added a new listing to the Key West mls of a Bank Owned Property at 1025 Elgin Lane. The price is right, just $249,900 or $282 per sq ft for this stand alone 'condo' which is one of only two condos in the unique condo association. The listing Realtor describes this property this way:
"2 story, spacious home located on quiet and desirable Elgin Ln. Home renovations in 1999 included electrical, plumbing, metal roof, and central air conditioning. Classic Conch (Victorian) Architecture with front porch and shutters, and Dade County Pine walls and floors in most rooms. Excellent floorplan, and French doors leading to a shared deck. All you need to get around are your sandals or your bicycle; you can leave your auto in the off-street parking space that conveys with the unit. This home is located within walking distance to the Seaport, many restaurants, and of course Duval Street. Financing incentives available through GMAC Mortgage for borrowers purchasing this property."
The 'other' house that makes up this unique condo association is located at 1020 Eaton Street. (1020 Eaton Street is not for sale and is not offered as part of the 1025 Elgin Lane offering.) Together they are the Elgin-Eaton Condominium Association. When land and property values soared in the late 1990's and early 2000's, developers worked around the land use planning requirements of the City of Key West and used the condominium form of ownership to provide a method of sharing space to provide more usable outdoor space for property owners than might be available on a tight narrow lot. Such was the case for the Elgin and Eaton properties. The developer created a common area with a large common deck and bricked off-street parking and limited common areas for each unit.
This large deck, the spa, and the bricked off street parking are part of the common area for the two units that make up this Elgin-Eaton Condominium. Each house is separate to itself and neither touch. CLICK HERE to view a slide show of more photos of 1025 Elgin Lane.
The "financing incentives" mentioned by the listing Realtor include "GMAC Mortgage, LLC offers One Year Basic Home Warranty and $0 cost for Pre-Approval, Loan Application, and $500 Gift Card for buyers who apply for and are approved to finance this purchase through GMAC Mortgage, LLC". The listing Realtor did not have current condo association monthly fees as of Friday.
I did a quick read of the condominium documents which are available on-line at the Monroe Clerk of Court website CLICK HERE. Click the Search Official Records button and then search Elgin-Eaton Condominium. I understood the documents to permit only 3 rentals per year for periods of not less than 30 days. A buyer who wants to occasionally rent this property as a vacation rental might have difficulty in so doing if the provision I read is enforced. Rules call always be changed. Each unit owner has an equal vote in the condo association. Read the docs and the condo rules for yourself.
Old Town Bakery is half a block away from 1020 Elgin Lane. Stop by on your way to the Historic Key West Seaport which is just two blocks to the north. There is a really nice neighborhood restaurant called Azur located up at the corner of Grinnell and Fleming Streets-one block away. There is a weekly farmer's market a block west at the corner of Margaret and Fleming. Duval Street and all the hoopla is a five minute walk to the west. The Island House gym is located just two blocks to the east at the corner of White and Fleming Streets. Blossom's and the Sunbeam market (both convenience stores) are located on White Street as well.
If you would like to see 1025 Elgin Lane please contact me, Gary Thomas, 305-766-2642 or by email at email@example.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.