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Thursday, September 22, 2011

2800 Flagler Avenue - Development Parcel - Short Sale - Key West

2800 Flagler Avenue, Key West, Florida

If you are a potential developer or an investor interested in buying a land play in Key West, you might want to take a look at the new short sale offering of 2800 Flagler Avenue. The listing Realtor describes this large property this way:
"Over 4 acres of canal front property with over 1.76 acres of upland land available on Flagler Avenue in Key West. Preliminarily approved plans called for a 6,500 SF religious building on site with 35 parking spaces which would comply with zoning requirements. Conceptual preliminary plans have also been drawn for up to 10 affordable homes on the parcel with ample parking and surrounding space. If a market rate rogo is secured, this could also be a fine residential compound with privacy and water access to the canal. The site contains 480 feet of frontage on Flagler Avenue and Riviera canal. This is a short sale and the Seller is motivated to look at offers which would require bank approval."

A previous listing agent described the same parcel a bit differently when he wrote "There is nothing like this in Key West.(Emphasis added by me.) Zoning allows for up to 14 dwelling units and requires over 2 acres remain open space. Also allows for group homes with less than or equal to six residents. Conditional uses allow two-family residential dwellings (duplexes), educational institutions and day care, parks and recreation, active or passive, places of worship, protective services, public and private utilities." You decide which description whets your appetite the best.

480' Frontage along Flagler Avenue - Key West

I have been to the site a few times and have walked the frontage along Flagler Avenue and down 11th Street which runs two blocks from Flager to the Riviera Canal where there is a public boat ramp. The boat ramp gets a lot of use by locals who launch their boats on the weekends. The houses on either side of the Riviera Canal site to the west and down the canal one mile to the east where the canal feeds into the Atlantic Ocean probably all had scrub mangroves like exist at this site. Having potential waterfront access makes this property worthy of serious consideration. I am not saying a new owner could unequivocally bulldoze the mangrove and use all of the space, but I do think a good land planner and a good local real estate attorney could make a credible case for development of the parcel.

11th Street at Riviera Canal Public Boat Ramp

CLICK HERE to view a slide show of photos of this property which is offered at the asking price of $699,000 or $3.78 per sq ft. They aren't making any new land in Key West. This is a very large parcel by Key West standards. A potential investor might decide to buy and hold a property like this until the market recovers.

If you would like more information on this property 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.


Anonymous said...

Hi Gary,

Why would the seller be motivated to look at offers that "require bank approval"? Usually it's the other way around.

Gary Thomas said...

In a short sale, the seller often owes more to the lender than the asking price so lender approval of the short sale (reduced payment to lender) is required in order to permit the sale.


Anonymous said...

Sorry Gary I wasn't thinking straight there! I know all that. For some reason I thought it meant the seller wouldn't look at cash offers only those contingent on bank financing. Gotta start thinking! Another question off this subject...what's up with 507 Frances? On the market, then off the market, then back on and now a short sale? Might this be the time to go after that guy at the short sale price and make something of it?

Gary Thomas said...

Yes. I got permission from the listing agent on Frances to write about it in my blog tomorrow or thereafter. I really like that property and think it would make a terrific project. The architecture is superb.


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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.