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Tuesday, September 18, 2012

307 Elizabeth Street - Old Town - Key West

Just listed, but not by me, 307 Elizabeth Street which was built circa 1885 according to a property appraiser record I found. The mls shows the property as having been built in 1928, however.  If I am correct, and I am pretty sure that it the case, 307 Elizabeth Street would be one of the older houses of Key West. It is located in the Historic Key West Seaport area on a street with other substantial homes that survived the great fire many years ago. The house has been made into three legal apartments plus appendages.  I think a new owner may want to restore this property to its former glory and take it back to being a single family home complete with a guest house and off street parking.

307 Elizabeth as seen in 1965
307 Elizabeth in 2012

The property has 2302 sq ft of living space that is divided between the main house, a second floor apartment with exterior side entrance, and a cottage that sits to the rear of the driveway. There is an existing pool as well.  The lot is 50' x 93' or 4650 sq ft.  307 Elizabeth Street if offered at $879,000. CLICK HERE to view the mls datasheet.

CLICK HERE to view a slideshow of photos I took of this property.  Better 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. Let's take a look at this old girl and figure out how you could restore her old glory.


Anonymous said...

Overpriced. More like $600k. Needs a lot of work to return to glory years.

Gary Thomas said...

I think you are mistaken. Very mistaken. I don't know that the house will sell anywhere near the asking price, but I think the house is worth much more than you opine.

I recently showed this property and was impressed with the two renovated units at the rear. The pool is a little small but a new owner might be able to enlarge it. I would try to relocated it from the side to the very rear myself.

The small cottage at the rear of the driveway would make an excellent rental when the owner is not in town. It could throw off enough income to pay insurance and property taxes if rented all year. (I wouldn't allow the tenant use of the pool, but some more friendlier landlord probably would.)

The way to find out what any property in town is really worth in today's market is to make an offer. That's how we determine price. Value, however, is having an attractive property in a great location. This house has the value. Now it's time to determine the price.



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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.