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Wednesday, June 12, 2013

Bank Owned Estate Property - 1309 Villa Mill Alley - Key West - Price Reduction

If you have been looking for a Bank Owned property in Key West with lots of upside potential, the just reduced asking price on 1309 Villa Mill Alley is something to cheer about.  I can't say enough good things about this property. The listing Realtor does a good job, however, by stating:
"Gated entry to this large 3529 sq ft home located in famous Old Town Key West on an alley only 2 blocks from the beach and Duval street. 5BR/4BTh. Master suite down with marble bath. Large spacious kitchen, a real dining room, office/craft room, outside storage room, and a super large living room that may be turned into an office (has separate entrance). There are decks upstairs, downstairs and on sides. Lush, mature, tropical landscaping and fence make this a very private home. As you enter through the gate the view of the free form pool and spa framed by the lovely landscaping is spectacular. French doors from kitchen open onto this stone patio for a cozy pool-side lunch or dinner. Off Street, bricked parking for two cars."
1309 Villa Mill Alley is located just south of United Street and east of Simonton Street. The "alley" dead ends about 300 feet or so. The other homes on the "alley" have all been updated and are among the more expensive homes in the Old Town area. The house at 707 South Street sits opposite to the entrance to Villa Mill Alley. 707 South Street was a featured scene in the James Bond movie "License to Kill". All of the houses on Villa Mill Alley are estate type properties meaning large homes, large lots, and higher than average price tags.  All have dense tropical foliage that protect and insulate the properties from public view.

The subject property has bricked off street parking for at least two cars. The living room of the house is located in an old cottage at front. The rest of rest of the house which is actually two two story houses united by a two story staircase and lobby is new construction built in 1995. New windows and decks were added in 2006.
Original house is now the living room
Living room
Like other homes on Villa Mill Alley, this property has a gated entry that opens into a courtyard. The pool and spa are located here as well. Doors from the kitchen, the master suite, and the two story staircase and lobby all open out to the courtyard.
This house has lots of space for sophisticated living and real rooms. (Some places in Old Town have cramped attic bedrooms and limited closets. Not this home. And this house has traditional rooms with identifiable purposes. I say that because so many houses today have great rooms that serve multiple purposes. That is fine and works very well in many instances. But there is something ever so nice about a home that has traditional rooms like this property. French doors open from the courtyard into the large kitchen with vaulted ceiling. This kitchen is huge and has room for seating around the island for informal dining. The formal dining room (not seen in most new construction) is located adjacent (first and third photos below). The living room is located to the front (second photo below). 
The kitchen is located in a new addition to the back of the original house on the lane. The dining area and office/study (located adjacent to the rear) are on the ground floor or the south two story new houses that are joined together by the two story staircase and lobby. Sound confusing I know.
The master bedroom with en-suite bath is located on the ground floor on the north side of the home. The bedroom has sets of French doors that open out to the cool pool and spa for a refreshing late night dip. The bedroom has a cedar lined closet. The bath is extra large and features a steam room. There is a rear entrance that leads to an outdoor shower - a must in every Key West home.
The second floor is dedicated to sleeping in both north and south wings. The north wing has a second master suite (with en-suite bath) that is laid out differently but which has a deck that overlooks the pool below. The south wing has two smaller bedrooms that share bath.There is even a second floor sundeck for some private al fresco sunning.

1309 Villa Mill Alley has 3529 sq ft of living space distributed among the several buildings that are all connected. The house sits on a large 6656 sq ft lot hidden from public view.  This bank owned home was initially offered at $1,595,000 but has been reduced to just $1,349,900 or $383 per sq ft. If you are a serious buyer you will know that the price per sq ft is considerably lower than similarly sized important homes in the Old Town area. This property has previously been successfully rented as a monthly vacation rental. It has superior amenities and a great location near South Beach and upper Duval Street. It provides easy access to many Old Town locations within a few minutes by foot or bike. This place is definitely worth looking atCLICK HERE to view the Key West mls datasheet and listing photos. I took more photos which can be seen if you CLICK HERE.  I added the floor plan below so you can get a feel for the layout.

If you would like to see this great bank owned property, please contact 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. 

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.

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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.