I expect the newly listed top floor condo at 812 Fleming Street in the Seafoam Condo building will be under contract any day. First, you can't find a better location in Old Town: it is near everything full time residents want and part-time owners demand. Second, it is located on the top floor of an historic building and has commanding views of the nearby neighborhood from its 223 sq ft balcony. Third, the building's incredibly beautiful interiors can be customized to a new owner's desires without getting approval from any governmental bureau (the condo association may need to approve, however). Fourth, the building only has eight residential units plus two commercial units (including Key West landmark Timmy Tuxedo) with long term residential ownership. Fifth the rear side of the building has a wonderful pool and private garden area. And the asking price on this unit is only $299,900. The listing Realtor describes this unit this way:
"Wonderful & charming Old Town condominium with tall ceilings & Dade County pine walls and floors throughout. Rarely is there a unit on the market in this great historic building known as Seafoam Condominiums. Only eight condominiums and two commercial units are in this great piece of the Rock, it's private and feels like Key West. This third floor, one bedroom, one bath unit has 613sf of living space plus a 223sf balcony overlooking Fleming Street. It is in need of some renovation in the bathroom and kitchen but really is a great unit. In the back yard there is a pool and private grounds."
I have not been inside this building since at least 2005 when the last unit was listed and sold at a significantly higher price. The fact is there have been few units listed or sold. So not many people know about this Key West treasure. The front entry has an electronic keyed entrance. You walk into the entry hall and immediately see the dramatic open three story staircase illuminated by rooftop skylights. The geometry of the place is just awesome.
Unit #5 is less than awesome, however. Some lamebrain tenant who thought he was an artist lived in this space and decided to leave his artistic marks in the kitchen and bathroom. Both spaces need remodeled, but many owners do that nowadays anyway. Everything functions so there is no need to do anything right away, but I'd probably do it immediately myself.
I would ditch the old bathtub and install a beautiful new shower and sleek vanity in the bathroom. The kitchen would get demolished and replaced with new cabinets and probably higher quality stainless steel appliances. The space is small but not tiny. You can afford to go grand when you don't have to redo a huge space. The end result could be just amazing. I would probably move some the non-load bearing interior walls and rearrange the space to give this unit a more elegant pied-à-terre feel. And finally I would create a wonderful outdoor living room on that balcony. Monthly condo fees are $415 and include building maintenance, pool maintenance, building insurance, water and cable. CLICK HERE to view the Key West mls datasheet.
I forgot to mention that this building is located on the gayest block in Key West. Four all male guest houses are located in this block including Equator, Coral Tree Inn, Coconut Grove, and the Oasis Guesthouse. Alexanders and The Island House are located in the 1100 block of Fleming Street and the guys normally pass by 812 Fleming Street once or twice each day. You don't have to be gay to buy in a place like this, but if you are gay, this is surely one hot property! CLICK HERE to view more photos I took of this property.
If you would like to see this place before it is gone, please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. This One Hot Property will not last long.