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Monday, March 19, 2012

811 Washington Street #103 - Short Sale - Casa Marina Area - Key West

811 Washington Street #103 - Key West - Short Sale

Preferred Properties Coastal Realty, Inc. listed 811 Washington Street Unit #103 as a Short Sale. The listing agent, not me, describes the property thus:
"Perfectly situated in the heart of the Casa Marina district is this truly beautiful 3-story townhome. Cathedral ceilings and custom-cut Carlisle Lumber pine floors welcome you to this quality home perfect for year round living. Bright & open great room, gourmet kitchen with stainless Viking appliances & granite counters, spacious bedrooms with en-suite marble baths and private balconies. Fenced for privacy, this elegant townhome boasts a private bricked patio with native tropical landscaping, relaxing pool & a rear entrance. This townhome comes with one deeded, bricked off-street parking space. Close to Duval Street but in a very quiet residential neighborhood."

Even though this small development was not completed until 2007 the landscaping is lush and mature. The front is maintained by the homeowners association and it looks really great. Like so many Key West houses, this place is built with the indoor and outdoor living areas in mind. The interior living area looks out to the private 8' x 13'pool and garden area at the rear. That area is lush with greenery and the pool is so cool and inviting. CLICK HERE to view the Key West mls datasheet on this Key West short sale.

The developer built just nine town home units. They are all alike as far as construction, layout, cabinets, appliances, bathroom fixtures, etc. The end units, such as this unit, have extra windows on the east wall as this is an end unit. This gives the living room a bit more daytime light. Note the photos below which were taken inside another unit that show the kitchen layout, the master bedroom with vaulted ceiling and rear second floor balcony that overlooks the pool below. The second bedroom is on the second floor at the front of the house. Also see the photo of the third floor bedroom. Each bedroom has its own en-suite bathroom. And there is guest bath located just off the living area on the first floor. This town home has 2240 sq ft of living space on three floors. There are front and rear balconies on the first and second floors. The interiors feature crown molding, real wood floors, expensive interior trim and high end amenities. And, of course, all of this and the Casa Marina location make this an outstanding value in this price range.

Viking kitchen appliances

High end kitchen cabinets and beautiful wood trim throughout this town home

Master suite with balcony overlooking the private pool for this unit only

Third floor bedroom with en-suite bath

I live in the Casa Marina Area and I love it. Houses in this area are close to the beaches and and easy jaunt to Old Town. Many full time residents live in this area whereas many of the single family homes in Old Town are part time residences. For this reason I think the Casa Marina area is more of a community than Old Town, but that is just my opinion. I know others will disagree. Most of the houses in the Casa Marina area are priced over a million dollars so the prospect for long term appreciation on your investment in the Casa Marina area home will likely prove successful in years to come. You can get to the airport or out to Searstown or the Winn Dixie in about 6 or 7 minutes. Most of the commercial activity in the Casa Marina Area is limited to White Street and runs only three blocks south of Truman. We've got a sweet little ocean front restaurant called Salute on the Beach where you can wine and dine al fresco while you watch the sunset.

Higg's Beach is a five minute walk - wouldn't that be too much fun!

There are fewer and fewer properties available with this kind of location and this low of a price. If you would like to see this short sale opportunity or if you would like more information, please contact me, Gary Thomas, 305-766-2642 or send me an email at I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me help you get one of the last bargains in Key West. This will not last long. Do not delay. I am serious about this!


Anonymous said...

Is the new owner required to honor the full term of the tenant's lease?

Gary Thomas said...

Is the new owner required to honor the full term of the tenant's lease?

A buyer and seller negotiate the terms of any sale. A lease normally transfers with the sale to the new owner. Some leases have "kick-out" clauses which could provide some relief for a new owner. The mls listing says "Tenant occupied on one year lease." I take that to mean that the intent of the seller is to require the buyer to take the property subject to the terms of the lease.

Anonymous said...

I used to live in this area and loved it. It's quiet, near the beach and an easy bike ride to all the amenities of Old Town Key West. These are nice units and this one seems well-priced for as nice as it looks. Some of the other units for sale recently were in rough shape but, hopefully, they are being updated and spruced up.

Anonymous said...

I remember when these were new and everyone thought what a great price at over $1M to be in Casa Marina close to the beach (but no transient license). Surprise! Surprise! I just remember every realtor who told me what a great deal this was and how they too were scooping a unit for themselves. I know they are laughing themselves silly now knowing they paid twice its value while conservative me said 'thanks but no thanks' on these and similar units around town. So glad I bought after the market crashed!

Gary Thomas said...

I know three Realtors that lost a lot of money on these units. I also represented a buyer who bought a unit for about 1/3 of what the prior owner paid.
There is very little for sale in Key West right now. This unit will sell within a matter of days in my opinion. It may take several months to close, but a smart buyer will snap this unit up. You cannot beat the location and the units were well built and offer so much more than other places comparably priced in the current market.


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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.