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Wednesday, September 4, 2013

1106 Thompson Street - Key West - Tropical Haven


 I am writing about 1106 Thompson Street for the third time which is remarkable for me since I normally do not write about houses located in the midtown area of Key West. But this place is different. It has the potential to become a Tropical Haven. It needs some TLC but it has so much going for it that I want some buyer looking for a good deal to go take a look at it with me.

The listing Realtor describes the 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 Sq ft. Brick Cottage That Needs TLC. Bring All Offers."

The site is located on the corner of Thompson and Catherine Streets.The property consists of a 999 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 a new owner still wants to add that addition which could be a guest house. Alternatively, a developer might consider tearing down existing house and building two separate homes on individual lots. Or a developer could tear down the existing house and build a much large single family home. I have shown this house to several buyers. I suggested a buyer renovate the existing house by updating the kitchen and two baths, convert the Florida room into actual living space, and add a pool. By doing my suggestion a buyer would end up with a lot of space with an incredibly 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 the semi-enclosed Florida room that adds another 200 sq ft or more of 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 set back about 20 feet from Thompson and about the same from Catherine which provides lots of privacy. The yard on both sides is densely landscaped with tropical foliage.  In fact I think the foliage 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 and 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. There is room for a pool on either the north, south or west sides of the property. That's the really neat thing about this lot - it provides so many variable opportunities for development.  
 1106 Thompson Street is offered for sale at the asking price of $424,900CLICK 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 kw1101v@aol.com 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.