I have written about 1111 Watson Street #D a couple of times. I have shown it several times. Buyers look. Buyers hem and haw. Most liked the place. A couple liked it a lot but then said something to the affect, "It needs some work." Well, Duh! That's is why it is priced where it is. If it were perfect, the price would be higher. And yesterday the asking price on this Bank Owned stand alone cottage located in a nice little Old Town compound with a shared pool to just $309,900 or only $274 per sq ft. I did a quick price comparison to see if there are any other properties priced this low in the Old Town area. There is one: 1209 Margaret Street which I wrote about two weeks ago. Everything else is priced higher.
The listing Realtor describes this 2242 sq ft home 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."
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.
This particular home sold for $700,000 in 2007. It is offered for less than half that price now. Of course, it needs some TLC, a good scrubbing, some fresh paint, and it would look much better. I told buyers I think it would make sense to redo the kitchen and bath, rip out the existing floors and install one uniform floor surface throughout the home. I would even take out the existing windows and doors and replace with wind impact resistant windows and doors to reduce long term wind insurance premiums. I'm not a builder, but I don't see any of these suggested projects as being terribly expensive, but I do see them as adding tremendous long term value to the property. I just did a simple mortgage amortization that assumed a purchase price of $300,000 with 20% down payment. I financed $240,000 at 3.1% over 30 years. The result is $1,025 per month (P&I). That, Dear Reader, is equivalent to rent on a one bedroom apartment in a funky building in Old Town.
|Living room and dining area as they appear today|
|Adjacent living room as it appeared in 2007|
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 deck and garden area as it appeared five years ago|
|Same deck and garden as it appears today - it needs some TLC|
|The indoor/outdoor shower as it appeared in 2007|
|The same area today needs a good cleaning|