709 A Windsor Lane in Old Town Key West became an active short sale yesterday. This 487 square foot one bedroom one bath cottage style abode is a legal condominium (one of three in the small association) located adjacent to the Key West Writer's Compound about which I have previously written. It is not a part of the Writer's Compound, but it does share the wonderful location near the top of Solares Hill.
The listing Realtor describes the property this way:
"Charming Conch Style Condo in Old Town Key West. One bedroom one bath with loft completely renovated with the finest finishes. Stainless steel appliances, granite counter tops and beautiful kitchen cabinetry. This is a must see! This is a potential short sale transaction subject to lender approval. Buyer to pay a $2750 negotiation fee to Seller's negotiator."
This unit shares a common wall with Unit B which was a bank owned property that sold a couple of years ago. A third condo, Unit C, is located at the rear of the parcel. The condos share a common plot of ground with side access on the west boundary for access for Units B and C. Monthly condo fees are $73.65 per month and include building maintenance and insurance, and common area maintenance. However, the association does not maintain windstorm insurance. The small condo association may make it extremely difficult to obtain traditional bank financing on a property like this. Otherwise, I think this is a bargain property. Read on.
I took the attached photos CLICK HERE for a lender two years ago. I observed that the unit appeared to have been updated in a good and workmanlike manner. The interior space was well arranged and utilitarian. The living room and kitchen share a common space which is normal in most modern Key West properties. The bedroom is off to the right and it is quite spacious. There are windows on two walls so this space is very comfortable as opposed to some bedrooms which appear claustrophobic. The bath is at the rear and it is extra large. A ship's ladder provides access to the loft located over the bedroom area. This is a neat place to send guests you don't want to stay too long or it would make an excellent place to store things you do not use everyday. CLICK HERE to view the Key West Association of Realtors mls datasheet and to view listing photos.
709A Windsor Lane is a short sale priced at $269,000. If you would like to see this property, please call me, Gary Thomas, 305-766-2642 to arrange a showing. I am a buyers agent and a full time Realtor at Preferred Properties KeyWest. This is a comfortable small home in a great Old Town location.