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Wednesday, May 22, 2013

513 Margaret Street - Key West - Prime Old Town Residence

It is time to take a second look at 513 Margaret Street in the very heart of Old Town Key West. The asking price on this incredible property was recently reduced from $2.4 million to $2.3 million. The listing Realtor describes this impressive home this way:
"This historical family home is located in the heart of Old Town Key West. Beautiful hardwood floors, natural light and spacious rooms provide the backdrop for an elegant Keys Lifestyle. The main floor is designed for entertaining with spacious living, dining and large family room. French doors extending from all rooms to the private and serene custom pool and tropical gardens. A chef's kitchen is easily accessible from the outdoor living area and amazing pool. Impressive crown molding and gleaming hard wood floors are just a few of the rich details that make this home a one of a kind. Five bedrooms and 5.5 baths provide a spectacular retreat that offers consummate privacy. Two coveted Off-Street parking spaces."

I dug deep into the old shoebox and found a photo taken in 1965 and then took a similar pic to contrast with the way the house, built in 1889, looks today.  You will note that the second floor porch is no longer "enclosed" and that the pure white exterior wood siding is now a soft beige punctuated by bright white trim and green shutters. The barren landscape has been replaced by specimen palms and lush tropical foliage.  In two words I would describe this home as "Picture Perfect". But this home is much more than a pretty facade.

About ten years ago the original house was expanded and a guest cottage and pool were added.  The home as a very traditional look from the street, but the interiors have been updated for modern family living.  The house continues to have a formal living area on the first floor which is followed by either a family room or dining room. The master bedroom includes an en-suite bath is at the rear. Just off the back is a secluded outdoor shower.  French doors open from the spacious master bedroom out to the pool area. This space is perfect for the laying in bed and reading the paper and sipping morning coffee or taking a late night dip before retiring. Since this bedroom is on the main level, older buyers won't need to worry about climbing stairs as is required in many of the larger Old Town homes.

The guest cottage, built in 2002, has two bedrooms and two baths. One bath opens off the pool and doubles as a pool bath.  The guest cottage has a disappearing wall which gives the space a lot of flexibility as far as use.  The guest cottage offers great pool views but from a different perspective than the master bedroom. Both the guest cottage and master bedroom have privacy in mind. With a house this beautiful, you might not want to rent it to strangers, but trust me on this, this home would make a perfect vacation rental.
The upstairs has a much more traditional layout with two bedrooms each with a private bathroom. The front bedroom is my favorite and for good reason. It has access to the fantastic front porch that has commanding views of Margaret Street.  You could sit up there and watch people all day long. And as we know, the people in Key West are among the most interesting in the world to watch.
CLICK HERE to view a slide show of photos I took of this wonderful Key West property that is now offered at $2,400,000.  This home has 2557 sq ft of living space under air plus front porches on the first and second floors, a huge deck, an 18' x 10' pool with waterfall, off street parking, guest cottage, and killer good looks. The home sits on a 54' x 101' sq ft lot. CLICK HERE to view the Key West mls datasheet. You may also CLICK HERE to view the floor layout for this property.

We all know the value of location. This home is located on one of the best blocks in Old Town. It sits amid other stately homes and delightful cottages of superior value. A neighborhood vegetarian market is one half block away. The Historic Key West Seaport is two blocks further north. Michael's steakhouse is up on the opposite corner at Southard Street. And the Duval Street restaurants, shops, and nightlife are four blocks to the west.

If you would like to see 513 Margaret Street or any other home in Key West, 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 Key West

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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.