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Thursday, June 26, 2014

5030 5th Avenue #20 - Key West, Florida

If you are like me you probably watch too many episodes of HGTV's House Hunters. You likely appreciate that each potential buyer has a unique vision of that dream home and where it is located. Some buyers require a location near a city center or public transportation. Others may seek a private or isolated location. Some may seek a home with quick water access or a myriad of other requirements. The point is that every person has a different ideal of a dream home.

Late yesterday afternoon I got to take a look at the new (unfinished) Islander Village located on Stock Island, Florida. This will be a small community of just 22 newly built homes all of which have water views, good sized yards large enough for the construction of a pool, and which have the right to build a wood pier. All homes are three bedroom and two baths, 1500 sq ft of living space that sit on 5,000 sq ft lots. The homes are currently offered between $439,900 to $525,000.  I saw the model home and took some photos shown below. .
The photo at the top of today's blog was taken off the rear deck of 5030 5th Avenue #20. The view looks out to water.  The new homes will line the rim of an arc that defines this particular piece of land.  I dug down into the old shoebox and found three aerial photos taken years ago when this same piece of property was the old Islander Drive-In.  These photos show the unique arc of this piece of ground where all sides provide open water views. The upper photo shows Cow Key Channel that separates Stock Island from Key West. The broad street on Key West is Flagler Avenue. The group of large buildings was the former Navy Hospital.  Compare the upper and middle photos where you will see  a group of mobile homes were added to the adjacent lower site which appears to have been enlarged. I'll betcha that the people who live here are living their dream.
When I first moved to Key West I made several trips to the old Cuban Dump on Stock Island. Stock Island also was where I took my dog to see the Veterinarian. The Stock Island of 2014 looks so much different now than it did in 1993.  Stock Island had been used as a dumping ground for trash and old cars.  Obviously the old drive-in is gone. The old race track and bowling alley are gone as well. So are the junk cars and midnight dump sites. Many of the old mobile home parks have been replaced by new modular homes.  What has not changed are the large number of home sites with either direct water views or water access.  Part of the allure of the allure of the new Islander Village homes is the water views.
The listing agent provides more information:
"Brand new gated community at the location of the former Islander drive-in movie theater. Featuring 22 homes with open water views of Key West, Cow Key Channel, and the Atlantic Ocean. Two floor plans to choose from, each with 1,500 sq. ft of living space and 10ft wide decks for capturing sunsets and sea breezes. Homes feature travertine tile flooring throughout, solid wood cabinetry, granite countertops, hardiboard siding, walk-in closet, metal roofs, stainless appliances, double garage with hurricane rated doors, impact glass windows and more. Comes with permits for a private fishing pier and room for a pool. Built to the latest codes which withstand 180mph winds and elevated 12ft, homes will offer affordable insurances and utilities."
The listing agent told me six of the twenty-two homes have been sold most of which are the higher priced homes and most of those are on the western end of the development - the location which looks out to Cow Key Channel. Each lot is large enough for an owner to add a private pool and / or wood pier. Each of these would cost about $30,000 to add. All lots will be fenced.  No matter the price paid, these homes have Hardiboard siding an impact wind impact windows rated to 180 miles per hour. The homes are elevated 12 feet. That means these homes will be less costly to maintain and less expensive to insure. The listing agent advises "Buyer must be a Monroe County resident or plan to be a Monroe County resident once they purchase the property. No income restriction and property may be rented long term." Finally, these homes qualify for $10,000 Monroe County bond money which will be a second mortgage on the property for the owner's term of home ownership at which time the principal mortgage balance must be repaid. (This is a non-interest bearing mortgage during the term of ownership.)

CLICK HERE to view the Key West mls datasheet and to view lots of quality listing photos of this property. Then please call me, Gary Thomas, 305-766-2642, to arrange a private showing of 5030 5th Avenue #20 or any of the other homes in this new development. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your dream home - maybe it will be on Stock Island with a waterfront view.

1 comment:

Anonymous said...

So you do not own the land? It is a leasehold? And what about resale? Sounds like a hefty price for a home with issues that could cause problems with financing.


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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.