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Friday, July 11, 2014

1406 Leon Street - Key West Short Sale - Buying Opportunity

The asking price on 1406 Leon Street was just reduced to $1,099,000. This is a real buying opportunity for a buyer who wants a custom home in tip-top condition in a great neighborhood. The listing Realtor describes this property this way:
"This pristine home is walled for privacy. Step into your own private oasis where comfort abounds in this three bedroom home. Bedrooms offer custom built-in cabinetry and open onto lush tropical gardens. The spacious master bedroom has a walk-in closet and easy access to a laundry room. The gourmet kitchen will delight the most discriminating chef and the open floor plan is perfect for entertaining family or guests who are sure to enjoy the use of the large wine closet. The solar and electrically heated pool with a waterfall along with a large gazebo will allow you to shut the world out and relax in comfort. The whole house generator and the orchids blooming in every tree complete the picture of paradise found!"
When you pass through the front entry into  the walled courtyard you see the pool and spa to the left, a quaint gazebo to the right, and tall palms and other tropical foliage scattered throughout the garden which extends along the south side of the lot to the garage on Washington Street. The home has one of the largest Key Lime trees on the island. 
This home thoughtfully designed to allow the beautiful garden views to be a part of the important interior spaces. Each major room has either glass paneled doors or full panel windows. This is a real feature of this home that distinguishes it from many I have seen where windows are covered with drapes, blinds, or shutters. This home is totally enclosed by a privacy wall. Why live in Paradise if you can't enjoy it?
The consistency of design and materials used is evident throughout this home. Unlike some houses I have been inside, there is no green room or blue room, no homage to Tahiti or New York City. Instead every room is low key but sophisticated. Crown moldings wrap each of the rooms - including the shower in the master bath.
Other features include a butler's pantry, extra large closets and storage throughout the house, whole house generator, garage, hurricane panels for all windows and doors.  CLICK HERE to view more photos I took of this home.

1406 Leon Street is now a short sale offered at the asking price of $1,099,000. CLICK HERE to view the Key West mls data sheet and listing photos. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this lovely and very private home.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your home in Paradise.


Anonymous said...

Hi Gary,

Love the blog. I've been watching this home since it was first listed. Love the place. Not very sure about the quality of homes nearby or the neighborhood. As you have said before, many buyers looking to spend big money want neighboring homes to be worth big money also. It looks like at least one, possibly more, houses not a stones throw away were short sales and foreclosures at generally the same price point not very long ago. Does this speak to the location? I realize that this price point isn't "big money" for Key West but it's also not small money. The beautiful home across the street sold quickly, but it was small. I know this location isn't the same as Johnson street in Casa Marina, but could you shed some light on home values nearby?

Gary Thomas said...

Dear Anon, I love it when readers sometimes know more about active and sold listings than some agents. It happens all the time.:)

The house across the street about which you speak is 1501 Washington. It sold in March 2009 for $420,000 or $508 per sq ft. I remember showing it a couple of times before then. It "had potential" back then. The current owner bought it and did a bang up job renovating it. The house is now under contract and I expect it will close any day. The asking price is $825,000 or $961 per sq ft. I got to see this house on Realtor caravan in early June. Everybody that saw the place commented about how great a job the owner did in renovating the place. I suspect it will sell very close to the asking price. Now this house is only 858 sq ft, so the price per sq ft would no way fit what a much larger house in the neighborhood would sell for. But it does show that buyers will pay a premium for a well built house in a very good neighborhood even if that neighborhood is not Old Town or snooty Casa Marina (where I live). I say snooty because every time I refer to houses located a couple blocks east of White Street as being "Casa Marina east" I get emails or blog comments correcting me on the dividing line of Casa Marina to not Casa Marina.

Washington Street, South Street, Von Phister Street, and Johnson Street all have some very nice houses on large lots that rival or sometimes surpass some homes in Casa Marina and/or Old Town.

A buyer can get more dollar value on a per square foot basis in a location like 1406 Leon than some other areas. I think you are suggesting that other not-as-nice houses in the area may diminish the value of a house like Leon. Well, that may be true to some people. But the same can be said for nice properties in Casa Marina or Old Town where a neighboring property is a rats nest. Those properties still exist and they still scare some buyers away. The fact is some day the rats nest house will go up for sale and some buyer will see that as a buying opportunity - even if it is priced like it is some mansion, which it probably will be. That is the value of location in Key West.

The other thing I would tell readers is that if you want to live in Key West for either season or year around, you would might prefer to live in a location like Leon Street as opposed to a street that has only transient and vacation rental housing. There are several areas like that. People don't have real neighbors.

Value is not indicative of price per square foot. It is the quality of life you can enjoy. The Leon house and 1501 Washington are both move-in ready and offer quality renovation. One house is fairly large and the other is compact. They are price about $200,000 apart. The eventual owners of both houses will be winners in my opinion.

And when one of those mid century CBS homes located in this neighborhood pops up in the mls, buyers ought to consider buying it, whatever it might be. I think property prices are on the rise again. Buyers are less likely to have to deal with HARC in this area and that could be a real cost saving to any renovation project.


Anonymous said...

Thanks for the detailed response Gary! All of that makes perfect sense. As to your last point about mid century CBS homes in this area, buyers need only look at what Guillermo and his partner did a mere 9 iron away from this Leon listing. That's how things are done in my opinion.

Anonymous said...

To the first post:

To help you better understand the value of this listing, might want to drive down Leon to Von Phister. You'll see a few darn nice houses on Leon and a magnificent house on a crazy big lot at the corner of Leon and Von Phister. If this market continues to turn and those houses are listed for sale, I bet the list price will be at least double what 1406 can be had for today.


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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.