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Friday, September 21, 2012

1075 Duval Street #R32 - Licensed to Make Money - Key West


Just listed, but not by me, a Bank Owned condo located at 1075 Duval Street in Duval Square.  This property will certainly attract a lot of potential buyers very quickly because it has a Transient Rental License and it is a 3 bedroom unit. Both of these features mean that a new owner could rent this property on a daily basis throughout the year and make a potential fortune over a period of years. Read on, Dear Readers.


This property was previously managed by a local property management company that described this unit this way:
"Located in Duval Square (between Duval Street and Simonton Street) where fine and varied dining abounds (Square One, Origami Sushi Restaurant and New York Garden Cafe), Casa Key West is a second story, well priced unit sitting atop New York Cafe and is just steps from the sights, sounds and excitement of world-famous Duval Street.
The foyer opens to the expansive living room with vaulted ceilings, dining room with seating for six and kitchen. Three banks of double French doors opens to your private balcony overlooking the tropical gardens around New York Garden Cafe and large Poinciana tree. Two large, brightly colored macaws in the courtyard will amuse you with their antics.

The master bedroom has a king bed and French doors opening onto a private porch with seating. An in-suite bath with large Jacuzzi tub, shower and large vanity completes this spacious bedroom. The second bedroom features a queen bed, large walk-in closet and frosted French doors opening to the hallway.

The third bedroom has two twins or a king bed and double French doors opening to a private balcony. The queen bedroom and twin bedroom share a large hallway bath with skylight.

This spacious unit has access to a large pool and covered gazebo. On the ground floor is a secured garage for parking your vehicle."
New York Pizza
Please note that none of the furniture or contents are included in the property at this time. The place is vacant.  Not to fret, however, as this gives a new owner the chance to go in and re-outfit the place the way he, or she, or they, or you want.  Below you will see photos from the former property management website that show how the unit was previously furnished.  Then look at the photos I have added that show the unit as it sits today.  Figure how you could improve this place, make it your own, and make it make you a bunch of moo la.








3rd Bedroom

Master Bath
Master Shower
Second Bath

The previous property management company rented the unit between $318-$428 per night depending on the date and the number of people using the unit. I always encourage potential buyers to look at numerous property management websites to checkout the rental prices of similar units to one they are considering to purchase.  A new owner might want to go back to the prior property management company which probably has a database of previous happy vacationers who would like to stay in the same unit again. People are creatures of habit. Many return to stay in the same condo year after year because they feel comfortable. This is an intangible value often overlooked by prospective buyers.


I am a big fan of small spaces and tiny places, but sometimes, let's face it, bigger is better. If you and your family have traveled to Key West and have stayed in a Shipyard Condominium, for example,  you would have likely stayed in a two bedroom unit with one bath because that is how most were built.  A typical unit there is about 680 sq ft.  Compare an average Shipyard unit to this unit which is 1492 sq ft on one level.

This unit has three bedroom and two baths as opposed to two bedrooms and one bath at Shipyard.  Families traveling together can often accommodate the tighter quarters because they typically live together back home. But friends or extended families may not appreciate the noises and cramped quarters associated with smaller spaces. And, there is a private balcony located off of each bedroom.


Master Bedroom Deck
 Also consider the size of the pool and number of people who you might likely have to share  with. Finally, the transient licensed units at Shipyard may only be rented as transient units for 25 weeks per year. This unit at Duval Square can be rented to a different person 365 days a year.  That's not practical but it points out the money making potential of this unit over Shipyard as just one example. I like Shipyard, don't get me wrong. This place just has more income potential in my opinion.

This town home unit is part of the condominium association. An owner must pay $489.95 in monthly fees which covers cable, trash removal, exterior maintenance and building insurance, and common area and pool maintenance.


Duval Square has a nice rooftop pool, covered parking, and a great location which is within easy walking distance to most of Old Town. It is located on the quieter side of the Island but close enough that you can be where you want within a matter of minutes during most of the year.  There are a couple of nice restaurants at the Square and a lot more within a couple of blocks including Among my favorites are world famous La Te Da, 915 Restaurant,  and many more. South Beach is an easy jaunt to the south. Ft. Zach Taylor Beach is a good hike, but you'll enjoy the walk or bike ride to get there.  Mallory Square and the pubs of lower Duval Street are there for those who have a passion for crowds. And then there all those T Shirt Shops, galleries, and places for cheap eats where you can enjoy all that Key West has to offer.
LaTeDa

915 Duval Restaurant

CLICK HERE to view the Key West mls datasheet on this property. Or CLICK HERE to view photos I took of this unit and Duval Square.  A few years ago I worked at a different real estate office which was located at Duval Square. I would watch new groups of tourists arrive daily to take up residence at one of the units located there.  This place draws a lot of vacationers. It is convenient. This is a property you really ought to consider. And you need to act quickly because this place will not last long, especially at this price.

If you would like to see this unit or discuss the property, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Key West.  Buy this unit and start making money.






1 comment:

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Gary Thomas in a Nutshell

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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.