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Wednesday, April 4, 2012

Bank Owned "Fixer" with Huge Upside - Key West

627 Southard Street - Bank Owned - Key West

Just listed, but not by me, 627 Southard Street in Old Town Key West. This property is priced at just $399,000 and it will spark a bidding war because it has so much potential and because of its prime location. The listing Realtor describes the property as:
"Historic Property In Old Town. Prime Location In Need Of Complete Renovation. All Cash Offers Only. Proof Of Funds Required With All Offers."

The original house was built in 1899. I dug into the old shoebox and found the photo below that shows the house as it appeared in 1965. Compare that to the way it looks today. The trim (and that ugly carport are still in place. The trim is great. The carport is not.

627 Southard Street in 1965

627 Southard Street in 2012

The Monroe County Property Appraiser shows this house as having 2010 sq ft of living space divided between two floors. The front has first and second floor front porches for watching the continual people parade as locals and tourists go to and from the various haunts in Key West. There is a main level wrap-around rear deck that has ample room for expansion. The rear yard has plenty of room for a pool. I guesstimate the space between the house and the rear property line to be about 30 feet. The lot is good sized for Old Town: 40'x90' or 3497 sq ft. An ugly car port is currently attached to the house. That should go but the off street parking should definitely stay. (See how nice the next door neighbor's driveway is in a photo below.)

I was in this house several months ago when it became Bank Owned. I took a lot of pics at that time when a prior resident's property remained in the house. Those items are now gone but the pics will give you some idea of the spaces available. CLICK HERE to view the photos. All of the mess in the photos is now gone. And CLICK HERE to view the Key West mls datasheet.

The downstairs area has been pretty much stripped to bare walls. Most of the interior is gone. You won't find much "Dade County Pine" here. And if memory serves me right, you won't find interior wiring or plumbing on this floor. That means a new owner can create new living spaces and put electric, plumbing, HVAC where that owner wants. The demolition work on this floor is over. It is pretty much ready for design and execution. The rear end on this level currently has sets of double hung windows that look out to the rear where a new pool would be located. I would put French doors here that would open out to a new expanded deck and pool. I would enlarge the current covered deck area on the east side to expand the outdoor living area.

The trash is gone as is most of the main level interior

The second floor appears to have been renovated in the past decade. There are new bath fixtures, new drywall, and new central air. It might make good sense to demolish all that was done and rebuild anew. This place has been abused. If you look at the photos, you will understand exactly what I mean.
Upon seeing the house earlier today I would suggest a new buyer remove the existing hardwood floors on both levels to get rid of any lingering pet odors.

House of horrors is now empty and ready for new ideas!

627 Southard Street and its neighbor to the immediate east

Neighbor to the immediate west

Neighbor across Southard Street

This property is Bank Owned and Offered at $399,000. It will sell for more than that. 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.


Anonymous said...

In the future, remind me not to look at your photos while I'm eating my lunch.

Gary Thomas said...

I should have put in current pics. The place is all cleaned up. It looks very promising. However, a new buyer will need to address the lingering odors.

Anonymous said...

Saw where this home sold (Good Deeds-KW Citizen). Would it be possible to do a follow-up on the property?

Gary Thomas said...

Thank you for asking. I actually missed when this hit the mls as a sold.
The property was listed and sold by the same agent. Selling price was %560,000 or $160,100 higher than the asking price of $399,900.

I just looked in my files. I wrote an all cash offer for a buyer who offered $555,000. We were pretty close but not close enough I guess.


Anonymous said...

Can't wait to see what the new owner does! Big bummer for your buyer who offered $555,000 cash---close, but not close enough!

Gary Thomas said...

Yes, indeed!
A big dumpster was delivered to the house on Wednesday and workers started to gut the upstairs.
Now I can tell readers that the house was indeed a "house of horrors". I was told the house was filled with dead animals left by someone. There little ghosts haunt this place. It is sad that people do that sort of thing to helpless little animals. Depraved minds. If you go back and look at the photos you will see cages everywhere and in one photo you will see what I thought were two little dead cats. I was told they were rabbits. Who in the world keeps rabbits in a house in Key West?
If you think I am nuts for saying the place is haunted, look at the eerie photos of the second floor. I did not do that to those photos. They came out that way. It spooked me.
Key West already has the Robert the Doll House. Maybe now we have the Bugs Bunny House as well!


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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.