Lowest Priced House in Old Town - 1209 Margaret Street - Key West

If the title of today's blog doesn't get your attention, maybe the asking price will: $249,000. CLICK HERE to view the Key West mls datasheet and to view listing photos on 1209 Margaret Street located in Old Town Key West. I have written before about this property and I have shown it. I wrote about the beautiful house next door which went under contract within the past week. I suspect potential buyers for that property were bothered by the prospect of having an ugly duckling of sort house located next door. I told my prospects that someone would buy the place and fix it up because of the price.  Well, now Dear Reader, now is the time for action. The listing Realtor describes the listing this way (emphasis has been added by me):

"No more showings until VERY DIFFICULT tenant moves out (hopefully April 30th). Bring your best all cash offers after May 1st until May 6th. Or bring full price, cash offer now with only contingency being inspection after tenant vacates. See attachments for required improvements and estimates and survey. Lowest priced SFH in Old Town."

Prior to the recent update, the listing agent succinctly described the underlying value in this property this way:

"Great opportunity to renovate an old town property! Located just blocks from upper Duval Street. Off street parking and located in a quiet neighborhood. Actually is a 3 bedroom home.The driveway to the right of property belongs to the house in the rear. Central A/C duct work already installed. Cash offers only as it needs a new roof, but it does not have any known leaks. Located in an X Zone, so no flood insurance needed."

1209 Margaret Street in 1965

 The Monroe County Property Appraiser says this house is 853 sq ft and was built in 1953. I'm pretty certain the Appraiser is wrong at least on the construction date. I dug into the old shoe box and found a photo of the house that was taken back in 1965. (See the black and white photo above.) 1209 Margaret Street did not yet have the "modern" cement monolith front porch that is so evident today. Instead, we see a nice little entry canopy to protect guests as they enter the modest home.

Notice that the small "addition" in the black and white photo is now missing.  Too bad. Also missing is the original wood siding which characterizes our famous Cigar Maker Cottage style homes. The house appears to have been updated with poured concrete addition at the rear and part of the foundation and lower wall system on either side. The monolith front porch completes the modernization. Too bad HARC was not around when this flawed design got built because HARC would never have allowed this to happen.

Inside I was surprised to find three decent sized bedrooms, a living room and good sized kitchen.  That's a lot of living space. The house was clean when I showed it. It was rented at $1500 per month.  Note the listing broker's admonition: this must be a cash offer as the property will not qualify for a mortgage.

There is a decent sized back yard that might provide space for a nice yard or maybe even a small pool or deck. The listing broker said the property line for 1209 Margaret Street extends to about two feet of the separately owned cottage located to the rear of the house that is for sale. I judged the lot to have about 18 feet for potential development.

 I don't build houses so you cannot accept anything I say or write as being accurate as to what a new owner should be able to do. My opinions are only opinions as to what a new owner might try to do. I do think a buyer that is looking for a bargain ought to take a look at this property.  CLICK HERE to view more photos I took of the exterior of the house and its famous neighbor to the north, the El Siboney Restaurant.

If you would like to see 1209 Margaret Street please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

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