Attention Bargain Hunters. You know who you are. You are the guys and gals who use coffee breaks and late night internet searches trying to find a deal in Key West real estate. Most of the good deals got snapped up. Today's blog is about a deal that has evolved over time and that is now ready to be snapped up as well.
1022 Washington Street is located in the Casa Marina Area of Key West and particularly on one of the prettiest blocks in that area. I know. I live around the corner. I love the tall mahogany trees, the giant palms, the majestic date palms, and all of the flowering trees of every sort that line the streets and populate the large yards in this section of town.
|The house across the street - there goes the neighborhood|
|1021 Washington Street|
1022 Washington Street is a legal three unit property that sits in a predominant single family neighborhood. The main house is 2009 sq ft and has four bedrooms and three baths, a voluminous living room, and kitchen. There is an adjacent two story house with a ground floor two bedroom apartment and a second floor one bedroom apartment with a total square footage of 1152 sq ft. The combined gross square footage of both buildings is 3250 sq ft. The lot is 71' wide by 94' deep for a total of 6603 sq ft. Access to the cottage apartments is via a walkway on the other side of the side fence. Whether the cottage is used for income or forever appearing friends and family, whoever occupies the cottage won't interfere with whatever is going on inside the main house. CLICK HERE to view the Key West Association of Realtors mls database and to view listing photos.
The main house and cottage were recently updated. I took photos of both living spaces and the yard and pool area. You can see those photos if you CLICK HERE
The listing Broker describes this property as :
"Bright, open and airy single family home with pool totaling 4BD/3BA in the beautiful Casa Marina Area. Plus, a duplex in rear with private entrance comprised of two 2BD/1BA apartments. Very spacious floor plan with vaulted ceilings, lots of French doors and windows, new decks surrounding the home, brick walkways and a charming picket fence for privacy. Very clean and well kept with plenty of off street parking. One of the owner's is a licensed Florida Real Estate Agent but is not the listing agent."I did a quick comparison of sale prices in the Casa Marina Area for the past 18 months for single family homes and three to four units (which this could be). There were 18 single family home sales that sold at an average price per sq ft of $464. This group included a couple of super-cheap short sales and a foreclosure. But it also included a recent sale of a single family home one block to the south for over $1,950,000. Most of the homes in the Casa Marina Area are larger single family homes on large lots. A new builder would not be able to build a similar multi-family unit like this on vacant land today. For what it is worth, I believe a smart buyer might do some additional renovation to the main house, take down the two story building and create a covered outside loggia overlooking a newly expanded pool. Key West has several very competent architects who could do some creative things to make this property fit into the area even better than it already does.
1022 Washington Street has been on the market for quite some time at a much higher price. The price has been dramatically reduced to $849,000. I would love to show this property to a real bargain hunter who can appreciate the location and value of this property. If you would like to see this home, or any other property in Key West, please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.