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Wednesday, October 23, 2013

901 Pearl Street - Bank Owned - Key West

The Bank Owned property at 901 Pearl Street offers potential buyers something that you just normally don't find in a house in the Old Town vicinity - a reasonable price and an ability to tear down the existing house and to build new or to alternatively renovate with new technologies and new materials (e.g. replace existing jalousie windows with impact windows).
The existing property is located at the corner of Pearl Street and Albury Street. CLICK HERE Google aerial view of the area which I will discuss late. The lot is 50' X 70' or 3500 sq ft which is a good size for the area.  The existing house was built in 1953 and is a CBS (concrete block construction) building. It is not deemed a contributing structure.  I believe a new owner could tear down the existing building and re-orient a new house more efficiently on the lot. (There's wasted space on north and south sides and a tiny back yard.)  Any new structure would have to comply with current building codes and set backs. But the large lot size affords a new owner flexibility as to what type of house to build (maybe a Conch cottage or a two story home) and where to situate the property on the lot.  A new owner might site the front of the house on Albury which would leave room at the rear (south side) for a new pool.
The current house has been lived in "as is" for several years. It is typical of many 1950s era ranch houses with two bedrooms, one bath, a shared living and dining area and a closed off kitchen. Each of the rooms have original Cuban tile floors (all in good condition). The bathroom is a throwback to the colorful 1950s tiled bathrooms. There is even a cedar lined closet. Both bedrooms have good sized closets. A new owner would probably replace the jalousie windows. I would expand some of the widow sizes and replace with energy efficient impact windows. The kitchen exists - but barely. A new owner would probably install a new kitchen and update the appliances. I believe the south side yard is large enough to accommodate a new pool.
There are a couple of issues a new buyer would need accept. First, the house has some spalling on many of the exterior walls. This is a common occurrence for CBS houses and commercial buildings buildings in Key West. Spalling can be repaired. A concrete contractor would be able to tell a potential buyer the cost to do any repairs.  Also, the existing carport is in bad shape. Since the carport exists, a new owner might alternatively tear it down, keep it place and repair it,  or possibly convert that space into a third bedroom.  The existing laundry room is at the rear of the carport and has water and sewer in place. I think the entire area could make a great new master suite.  CLICK HERE to view photos I took of this property.
Many of the nearby homes are quite expensive.  I think money spent on this property either as a fixer or building new is money very well spent. The house is located one block from Bayview Park (the main city park) and a couple of blocks away from the Garrison Bight Marina. Duval Street is a 10-15 minute walk and an easy five minute bike ride.
The asking price on this 901 Pearl Street is now $389,900.  I believe the successful purchaser will be a person who offers cash and accepts the property as it exists with all faults - whatever those faults may be.  CLICK HERE to view the Key West Association of Realtors mls data sheet.

Please call me, Gary Thomas, 305-766-2642 to schedule a showing of this bank owned 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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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.