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Tuesday, July 23, 2013

527 Margaret Street - Short Sale - Key West


I am surprised that the recently listed single family  home at 527 Margaret Street in Old Town Key West is not yet under contract. It was listed thirty days ago. I really thought it would be gone by now. This home has three bedrooms and has a superior Old Town location. It is offered as a Short Sale at $549,000.

The listing Realtor describes the listing this way:
"Excellent buy in a great Old Town location. This home is located in the heart of Old Town and walking distance to several restaurants and attractions.Great renovation project with good square footage and location. This transaction is a short sale."

Frequent readers of my blog know that the Great Fire destroyed the county property records for Key West. WPA workers reconstructed records and gave houses various dates of construction when the actual construction date was not know. The house at 527 Margaret Street still shows in our county property records as being constructed in 1938 - during the Great Depression - in a town that itself was in such a dire straits that the federal government had to bail it out. So it is highly unlikely that 527 Margaret Street was actually built in 1938. Moreover, I located what I think to be 527 Margaret Street on the 1889 Sanborn fire map. (Street numbers were different then, but this house appears on the 1889 map.)

The style of the house looks quite similar to many houses of the late 1800s as well. I dug deep into the old shoe box and found a photo of the property taken back in 1965.  I took photo from a similar angle that shows the property as it exists today.  Note the similarities and differences in the 48 year time span.

My guess is that a former owner many years ago added the shed addition to the right of the main house. Other additions were added to the rear. And there is even a second floor "bedroom" or loft which is accessed by a ladder. That room brings back memories of when I first started selling houses here many years ago as it looks like a lot of  hippie rooms that were created before HARC existed and before building codes were enforced as strictly as they are today.
 
 527 Margaret Street is a 1532 sq ft home that sits on a 2227 sq ft lot (44' x 55')  on one of the better blocks in Old Town.  The living room has a very tall ceiling which gives the room a much more voluminous feel than the photo would suggest. The living space flows comfortably to the rear where the kitchen The kitchen and dining room are divided and sit at the back of the house. 
The current configuration has requires you to walk through one bedroom to go into the master bedroom. This is not efficient and gives nobody privacy.  The master bedroom is very elongated - too much so in my opinion.  There is room for improvement here. But the good thing is that there is room for improvement. A new owner won't have to build new but instead re-create space that is more efficient. 
A family room plus loft bedroom and an additional bath sit at the back of the house on the north side. The space needs a good bit of work to make it work more efficiently as well. If I bought this house I would try to get permission to take down this rear addition (including the second floor loft) and replace it with a swimming pool.  There would be more than enough room.
In 2008 I wrote about 529 Margaret Street - a two story home that sits directly behind 527 Margaret Street. Both houses share a huge banyan tree that straddles the rear property line of 527 Margaret Street.  The owner at 529 Margaret created an outdoor shower on his side of the old tree.  That house has a pool and a spa. 527 Margaret Street does have a nice rear deck area and small garden.  And, oh yes, that huge banyan tree.  CLICK HERE to view more photos I took of this property.

Frequent visitors to Key West likely will be familiar with the location. Michael's Restaurant is located across the street. Mangia Mangia is up on the corner at Southard Street while the neighborhood organic food market is located down on the corner at Fleming Street.  Other nearby establishments include Azul, the Old Town Bakery, 5 Brothers Grocery and Sandwich Shop, and the Historic Key West Seaport.  Duval Street is just four blocks to the west.
The listing Realtor describes this listing as a "Great renovation project with good square footage and location".  I agree. This property has really good location, upside potential, and is priced where a new owner could invest the dollars necessary to do the improvements and still come out okay.   CLICK HERE to view the Key West mls datasheet and then please call me, Gary Thomas, 305-766-2642, to schedule a personal viewing of this Old Town short sale property.  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.