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Sunday, July 14, 2013

Buying Opportunity - 1104-1106 Thompson Street in Key West Florida

 The listing agent on 1104 - 1106 Thompson Street describes this incredible property this way:
"Fantastic Deal And A Great Location! Would Be Perfect For An Investor Or Someone Who Could See The Potential Of This Property. Home Sits On Two Lots. It Is A 3 Bedroom 2 Bathroom 1,000.00 Sqft. Brick Cottage That Needs Tlc. Seller Is An Architect And Is Willing To Draw Plans If Buyer Wishes To Build A New Home Or To Re-design The Current Home. Bring All Offers."

The site is located on the corner of Thompson and Catherine Streets.The property consists of a 1000 square foot CBS and stucco home that sits in the middle of two separate lots. The owner had a building permit and plans for the construction of a 428 square foot accessory unit. The city would allow a 600 square foot accessory unit if anew owner wants. A developer might even consider tearing down existing house and build constructing two new homes - one on each lot or build a large single family home. Alternatively and much less expensive would be to gut the kitchen and baths and redo, add a pool and new outdoor living space.  You would end up with a lot of space, an incredible beautiful tropical lot in Key West for about the same price as a low priced 680 square foot condo in Truman Annex. Now that, Dear Readers, is a bargain.

According to the Monroe County Property Appraiser the existing house is 999 sq ft in size. That figure does not include, in my opinion, the semi-enclosed Florida room that adds another 200 sq ft or more to quality living space. The house itself has three bedrooms and two baths. The house was built in 1954 (59 years ago). A lot of 59 year olds get face lifts. It's time this house got one. A new owner would likely gut the interior and redo the kitchen and baths. If I bought the house I would add wind impact resistant windows and doors to reduce long term wind storm insurance premiums.

The lot is extra large - 94' x 101' or 9397 sq ft. The house is located about 20 feet from Thompson and about the same from Catherine. The yard on both sides is densely landscaped with tropical foliage.   The entire lot needs a good haircut.  Potential buyers need to understand the value that the existing trees adds so this property.  If you hired a landscaper to go up to Homestead to buy, haul, and replant a 9397 sq ft lot you would spend thousands of dollars in design, purchase, and planting costs.
west side yard
gate to west side yard
west side yard from rear of house looking toward Catherine St.
east or front yard includes a ramp to deck off master bedroom
north side or back yard
The lot is obviously in need of some major clearing and pruning.  I might even add new trees to the back and west sides to add more privacy from the adjacent public school. I would add a pool at the rear, however, there may be room for a pool on the south (Catherine Street) side of the property. The listing agent told me the school building on the north side houses administrative offices for the school. 
Here is the best part - the asking price on 1104-1106 Thompson Street was just reduced from $449,900 to $385,000. CLICK HERE to view the Key West Association of Realtors mls datasheet and listing photos.  Please contact me, Gary Thomas, 305-766-2642  or send me an email at to schedule a showing or for more information on this unique buying opportunity in Key West. (I have more photos that I can send to you.) I am a buyers agent and a full time Realtor at Preferred Properties Key West. I think this could make a wonderful Key West tropical haven for the person who wants a tropical forest and no neighbors.

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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.