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Thursday, May 31, 2012

315 William Street - Old Town - Key West

315 William Street Old Town Key West, built circa 1899
 315 William Street (foreground) as it appeared in 1978
315 William Street as it appeared in1978
315 William Street, May 31, 2012

Buyers who are looking for a large renovation project in the Old Town area may want to look at 315 William Street. I dug through the old shoebox and found some old pics of the house over the years. The Monroe County Property Appraiser says the house was built circa 1899. That would jive with some nearby houses that are among the earliest built in Key West and that survived the Great Fire. The location is just one block north of the Key West Seaport.

The listing Realtor nails the description of this property:
"Architectural gem perfect for the buyer wanting a renovation project. Currently configured as a 3 unit property it offers many options. The main level is a 2 bedroom, 2 bath with decked backyard with pool. Upstairs are two units both one bedroom, one bath - one with a large porch overlooking William Street. New owner can occupy the main level and rent the upstairs apartments or convert the entire property into a wonderful single family home. The main level is currently a monthly vacation rental renting for approximately $4500 per month while the 2 upstairs apartments rent for a total of $2000 per month long term. Outstanding location within walking distance to the waterfront and Duval St."

The Property Appraiser's website shows building permits were taken out in the late 1980s and early 1990s when the pool, decks, and fencing were added and the roof replaced. The kitchen has the 1980s-1990s look which is typical of many built in that era. Today there is lots of granite and stainless steel. Back then kitchens played off the more traditional old Key West look. 

The house works "okay" as currently configured but it could work so much better if the downstairs space was better utilized to permit more "living" space at the rear and move the bedrooms forward. The listing Realtor suggested moving the main entrance to the north side of the house which would free up the entry space to become a hallway entrance into the relocated bedrooms at front. The bedrooms would then have access the front porch for people watching. 

The pool area is dated and landscaping is sparse. The existing second floor apartments have access to the second floor balcony but views of the pool are quite limited from there.  A new owner might reconfigure the second floor spaces to provide better views of the pool from a new master suite.

Second floor apartments could be updated but I think a new owner might prefer to renovate the whole house and convert what I fondly call the left-over hippie look into somewhat more refined living spaces for today's lifestyle.

Second floor front balcony overlooks historic William Street. The house needs a fresh coat of paint and maybe some of the trees trimmed back just a bit so that the public can view this architectural gem that is now a bit obscured.

The property is just a hop, skip, and a jump away from the Historic Seaport and only a few minutes walk to Duval Street. Eaton Street Seafood Company is up at the corner. Old Town Bakery is just a couple of blocks east on Eaton Street.

CLICK HERE to view the Key West mls datasheet and to view listing photos. This property is offered at just $829,000.  

If you would like to see 315 Elizabeth Street or any other property in Key West 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 Key West. 

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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.