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Saturday, July 28, 2012

Bank Owned - Key West - Price Reduction - 1111 Watson Street #D

The single family home at 1111 Watson Street #D is located in a compound in the South of Truman area or Old Town Key West was just reduced from $359,900 to $341,900. The house is Bank Owned.  This might be the bargain property you have been waiting to find.

The  home is located at the end of a meandering brick pathway that winds through lush tropical foliage past the other cottage style homes in this compound. The shared swimming pool and spa are located just to the front of this home.  The first time I entered this compound I was immediately taken by the quaintness of the garden area and the neat little homes located in the compound.  The gardens and open spaces are immaculate.

The meandering pathway leads to the front door past the community pool

The home is, as bank owned properties often are, in need of some TLC. A good scrubbing and a new coat of paint would do wonders to this house that sold in 2007 for $700,000. I looked at the listing photos of what this house looked like when it sold in 2007 and easily understood how it sold at the high price point: it was really charming.  It can be again. The photos I took were snapped quite quickly and on an overcast and rainy day in Key West. So my pics will likely seem more depressing than impressive. I urge buyers to judge the place in person and see what a bargain this home might be.

The listing Realtor describes the listing this way:
"Cute 2/1 home in a well located, well known Key West compound. Your front door faces the shared pool! Your living room and one of the bedrooms have french doors to your private walled, landscaped wooden deck. You bath and shower are glassed in within its own private space for communing with nature. Great house for entertaining. Priced right to live in Old Town."
Living room and kitchen as they appear today

Living room as it appeared five years ago.

The mls states the home has 1137 sq ft of living space under air and sits on a 2967 sq ft lot. The house is basically a 35' x 29' box plus some additional spaces that add dimension and variety that make this house really unique. Two of the features that come to mind are the wall of French doors in the living area that open out to a private garden area and the once amazing bath with an indoor/outdoor shower that lets you shower under under the sun and the stars. CLICK HERE to view the Key West Association of Realtors mls datasheet to view listing info. The agent says this house does not have off street parking, however the prior mls does show that parking is included. This is something to verify if interested. Other units do have parking as well.
 Private decked and garden area five years ago.

  Private deck and garden area of this home today. It could be beautiful again.

Indoor/outdoor shower as it appeared five years ago. 

Same scene today. It needs to TLC! It can be magical again!

If you would like to see this home 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. Let me help you find your place in Paradise.

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.


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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.