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Friday, June 6, 2014

1100 Angela Street - Bank Owned Property - Key West

Attention bargain hunters! I know you are out there. I get emails and phone calls from people that still want to buy a bank owned property in Key West. It's getting more rare to see a bank owned property in Key West, especially in Old Town.  1100 Angela Street in Key West is a Bank Owned legal duplex described by the listing Realtor as:
"Two units, two stories, and two separate driveways make this Old Town corner property too good to miss! Hardwood floors, French doors, skylights, and patio decks with a Jacuzzi complement the street appeal of the main 2/2 Angela side house; the legal 1/1.5 Frances unit can serve as guest quarters or an attractive rental. You will find the Key West Cemetery is a quiet X zone neighbor; this locale is in the heart of historic Old Town Key West and ensures an easy stroll to all downtown amenities, restaurants, and nightlife."

1100 Angela Street first appeared in the 1899 Historic Sanborn Fire Maps. That block was omitted form the 1892 edition. So the house could have existed even before 1892.  Two houses, attached at the hip, are shown on the map.  I dug down into the old shoebox and found  a black and white photo of the property taken in 1965 that shows how the property looked then. The color photo underneath, taken in 2014, shows the property from the same angle.  I am of the opinion the original rear cottage was razed, not renovated. The rear cottage has all new piers under the two story house whereas the main house has historic coral piers.  The interior of the two story house is very contemporary in design.  My best guess is that the rear two story addition was built new about 20 years ago. 
I looked at online building permit records and found that improvements were made to the property in 1997 and 2000. Those improvements include new decks, two hot tubs, and interior renovations. In recent years both units were rented. The front unit was rented as a vacation rental and the rear was a long term rental. Prior to being recently listed as a bank owned property, 1100 Angela Street was offered for sale as a 'short sale'.  Let's just say there was not a lot of enthusiasm by the prior owner to sell and thereby terminate the income stream. A long foreclosure eventually led to this property becoming a bank owned asset. During the long foreclosure process income was taken out of the property, but no improvements or repairs were made. As a result, the house needs painted and cleaned. When you look at the photos I took of the property, you will see deferred maintenance. Some of the French doors need replaced. There is some wood rot, but not a lot of it.
This property is located at the corner of Angela Street at Frances Street opposite the Key West cemetery. The location is notable because Angela Street becomes a one-way street at Frances and ends about 300 feet to the east at White Street. On the opposite side of Frances Street, Angela is a one-way street heading west as it traverses the north side of the cemetery.  The point is there is very little traffic on either one-way segment of Angela Street.  Nighttime traffic on Frances is but a trickle, as is the case for most streets in Old Town. And the neighbors to the west, well, let's just say they never make a peep.
The main portion of the original house has a combined living/dining/kitchen area with French doors that open out to the side deck and spa.  The living room has a high ceiling. That extra space really gives this home a special feel.  Whoever designed the kitchen forgot to put the refrigerator in the kitchen.  The refrigerator is located in an adjacent room that also houses the washer and dryer.
The second floor bedroom and bath are accessed via the spiral staircase.  There is a small deck off the bedroom area which overlooks the hot tub below. The master bedroom is located on the main level. Two sets of French doors open out to the deck and hot tub.  Those doors need replaced. I think the floor tile, as charming as it is, needs to go away as well. This is a nice space. The tile floor gives it a cold feeling.
The bathroom is located just off the first floor bedroom. It does double duty as a guest bath as well. A new owner might elect to forgo one of the two off street parking spaces in order to free up some space for the installation of a pool.  I think there is room off either property to create a pool. I personally feel way too much space is presently devoted to a hot tub which may get used a couple of times a year.  But that is just me thinking out loud.
The apartment is configured with the living room, kitchen, and laundry closet on the first floor. Both the living room kitchen open out to a spacious wrap around deck for the apartment.  This would be a very easy place to rent. I expect an owner might get $1800 to $2000 per month for this space. The apartment needs painted but otherwise looks to be in very good condition.  (Some exterior wood needs replaced. But that is easy.)
The bedroom and bath occupy the entire second floor which also includes a good sized closet and a small office area.
I think a new owner could convert this duplex into a single family house.  I can imagine a new owner vaulting the ceiling in the original house. I think a good designer or architect could create a traditional staircase to access the second floor. That would eliminate the spiral staircase and give the old house a more traditional feel. The two story apartment could then become two or three bedrooms. I would suggest that the new owner eliminate the apartment hot tub as well as the off street parking spot on the Frances Street side of the house. This would provide more ground for the construction of a larger pool and add some garden area to give the property a more Key Westy feel.

CLICK HERE to view a lot more photos I took of 1100 Angela Street.  View the interior and exterior photos and imagine how you might revamp this legal duplex. Perhaps you might decide to make it into a single family house which I see as having a lot of potential. Look at the nearby homes. This is a great Old Town location which is also in the X zone for flood insurance purposes.

1100 Angela Street is offered at $784,900CLICK HERE to view the Key West mls datsheet and listing photos. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this 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.