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Friday, May 31, 2013

921-923 Johnson Street - Casa Marina Area - Key West

I frequently write about this or that property being located on one of the best lots in Old Town because most new "second home" buyers want a house in the Old Town area. That is the area with which they are most familiar.  I often write about homes in the Meadows Area or Casa Marina Area as differing locations worthy of consideration.  The listing at 921-923 Johnson Street is located in the Casa Marina Area.  It is probably not what second home buyers envision unless they are looking for a large lot with development potential in a terrific location where the property values should substantially increase.  If that fits your potential buyer profile, please keep reading.

The listing Realtor describes 921-923 Johnson Street this way:
"This is the last re-developed corner lot at Johnson Street and Grinnell in the highly desirable Casa Marina/Higgs Beach neighborhood of Key West. Currently metered and rented as a triplex, the property could serve as a long term investment or new home site for a Buyer's dream home on its 10,000 square foot lot. There are three addresses currently used (921 & 923 Johnson and 1506 Grinnell) and each unit is occupied by renters."
 The location at the intersection of Johnson and Grinnell Streets helps explain the asking price on this development parcel - this is one of the very best sites in Key West.  The lot is 100' x 100' or 10,000 sq ft. Houses on the other three corners are multi-million dollar homes. Nearby homes on Grinnell Street, Casa Marina Court, and Johnson Street are also valued in the million dollar plus price range.  The nearby homes are valuable for many reasons including proximity near the beaches, extra large lot sizes, unique architectural design and superior construction. CLICK HERE to view more photos of the site and the nearby homes.
The existing buildings were built in 1953 and are now used as three rental units.  According to the Monroe County Property Appraiser the current buildings total 2,345 sq ft.  CLICK HERE to view the Key West mls datasheet and to view listing photos. This property is offered at $1,650,000. (or $165 per sq ft for land value)

A few months ago I wrote about a similar home located two blocks east at 1119 Johnson Street. That property was a vintage 1963 split level home that sat on a 7500 sq ft lot on a block of multi-million dollar homes. It sold $1,300,000 (or $173 per sq ft for land value) and is being razed to construct a new contemporary residence for the new owners.  CLICK HERE to see sold price.
Public tennis courts and the beaches one block south
I have long wondered when the owner was going to sell this parcel and when some new buyer would seize the opportunity to create a great new residence at this dynamic location one block away from the Casa Marina Resort and the nearby beaches.  If you are that buyer please contact me, Gary Thomas, 305-766-2642, to discuss this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.  


Anonymous said...

Hi Gary,

Love the blog! This is one of my favorite locations in all of Key West. I so wish the price was a little more reasonable. I also bet the neighbors are dying for someone to buy it and build a big, beautiful home on that fantastic lot!

Anonymous said...

Two questions Gary:

1. Would that beautiful tree have to but cut down to get a nice big house on that lot?

2. Is that lot a little odd shaped or is 100x100 ideal?

You might not want to answer those but thought I'd ask anyway


Gary Thomas said...

Dear Anon,

1. The lot is huge and the tree would be safe. The Tree Commission would probably never allow such a beauty to be cut unless it was diseased.

2. Look at Pargraph 3 where I wrote "The lot is 100' x 100' or 10,000 sq ft."

I forgot to mention that a similarly sized house of same age that is located a couple blocks to the north is being gutted and rebuilt instead of being torn down like the house at 1119 Johnson. I have seen the architectural plans. Current plans are to resell it just under $3 million when done.


Anonymous said...

The captain says:

Gary, as you know, I am a long time fan of your blog. However, this post just rubbed me the wrong way. First, not every 10,000 square-foot lot needs to be transformed into a six bedroom, five bathroom, two-story house on steroids. For that, a buyer can go to Miami. Granted, this house may not be the architectural gem that is worthy of preservation. But many of the projects of Key West, some which you have illustrated in your blog, are simply overblown.

Secondly, I cringe when you, and others, suggest that duplexes and multiunit properties such as this one can and should be converted to single-family residences. I suspect that the current inhabitants of these three units are full-time Key West residents who work and produce in our community. To displace them for a seasonal resident to me is counter-productive.

Sorry for the Saturday morning rant. Just had to get it off my chest.

Captain out..............................................................

Anonymous said...

Oh captain, my captain

When it comes to the value of real estate NOBODY cares who lives in the homes. In the end, all that matters is the value of the home. My guess is that nobody on Johnson street is hoping this property remains as is for the long-term.

Gary Thomas said...

Captain, I took two sets of pics, neither of which turned out great. The first set was taken on Wednesday afternoon. As I was finishing a woman rode up on a bike and demanded to know what I was doing taking pictures of her house.

I responded that I am a realtor and the house is for sale.

I asked if she was the owner or a renter. She said renter. I told her I sold the beautiful house next door at 924 Flagler. Then she laid into me and all other agents in Key West for taking advantage of other peoples woes.

She was really pissed that the owner of her house was going to sell it out from under her.

I went home and got on my computer. No financial issues on this property. Methinks all the woes expressed are those of the tenant.

I agree with the Captain that not all houses need to be torn down to make way for new, higher priced homes. But I think the decision about what an owner does with his or her property ought to be left to the owner. And beyond that I do not think a group of well minded citizens ought to over rule what an owner wants to do with his or her property.

The 2012 assessed value on this property was $452,675. Taxes were $4627. If a new owner put a new million dollar house on this site the new property would generate $25,300 in property taxes with which we could buy more new police cars, pay more retirement benefits to city workers, and have some left over to pay settlements for people who have sued the city over various claims.



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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.