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Wednesday, October 15, 2014

1109 Fleming Street, Key West, Florida - Bank Owned Property

The Just Listed Bank Owned property at 1109 Fleming Street in Key West is certainly something to cheer about. This Old Town home dates back to before 1889 when it first appeared in the historic Sanborn Fire Map for that year when the property was identified as 416 Fleming Street instead of 1109 Fleming.  The numbers were changed in the 1899 map. The facade of the house today looks quite similar to the way it did back in 1965 when the black and white photo below was taken. Thank goodness for our Historic Architectural Review Commission and the Guidelines that help us protect our architectural treasures like this eyebrow house that dates back to the late 1800s. A new owner will get the opportunity to own this Bank Owned home sometime in the near future. Might that someone be you?
The listing Realtor describes this property as  an "Elegant Historic Home located a desirable area of Old Town. Large spacious rooms in main house. Downstairs has kitchen, Formal living, 1 bedroom and 1 bath and laundry room. Upstairs has 3 large bedrooms and 3 full baths. Second unit in the back of the property has 2 bedrooms and 2 baths with a large loft area; all fenced in for privacy." It is much more than that. Much more.
CLICK HERE to view the Key West mls datasheet on this property. I have used the term "property" instead of "house" because there are actually three structures on the huge lot that measures 50 feet wide by 170 feet deep or 8500 square feet. Frequent readers and Zillow and Trulia followers know that there are few lots in Old Town that are this large. So in addition to having three buildings, this lot is immense. But there's even more to the lot than meets the eye. If you look at the front yard you won't see any driveway cut and you would assume this potentially pretty pad lacks parking. But you would be wrong. There currently exists a carport attached to the two story cottage at the rear. Gates open out to Stickney Lane which meanders eastward to White Street just behind the Island House guest house. The carport can be upgraded and space expanded to provide additional parking.  (For trivia fans, Stickney Lane was identified as Beach Court Lane in the 1889 Sanborn Map.)
The eyebrow house is the main attraction at this property. According to the property appraiser, the eyebrow house has 2042 sq ft of living space under air. The old metal louvers partially visible in the 1965 photo were replaced - presumably when the house was updated.  There may have been more than one renovation to the property as well. The online property records do not show all building permits. Substantial improvements were made including what appears to be all new concrete piers, windows, central air-conditioning, electrical, and plumbing as well as the construction of a two story kitchen and bedroom addition to the back of the eyebrow house and the construction of the cottage at the rear of the property. The online records suggest the kitchen addition was built in 2001. The two story cottage at the rear may appears to be an older building that has been updated.  The property appraiser shows the rear cottage as being 2000 sq ft. I am not sure that is accurate.  A third building is located in the middle of the yard. It was built around 1950 and is shown as being 440 sq ft.
I took a lot of photos of the inside of the three buildings and the yard. You can see these photos if you CLICK HERE.  My opinion is the eyebrow house needs a makeover not to fix something that is broken or in need of repair. This place is not broken. It just needs some luvin. However, a new owner could be perfectly happy just moving in and turning on the electricity and water because that could work. Photos of the back cottage are below.
The middle portion of this lot includes the non-contributing 400 sq ft cottage and a bunch of trees. If the cottage and trees were to be removed, a large pool could be constructed and new gardens planted with the trees located in the right places. Perhaps the new owner would add decks to the back of the eyebrow house to include covered outdoor dining and entertaining space. These improvements would add tremendous value to this property. The good thing is there is open space on both sides of the read addition to the eyebrow house for either expansion or creation of decks or both.
Please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this incredible bank owned property that has a lot of genuine potential. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.


10 comments:

Anonymous said...

This has to be the best bank owned property with the most potential since the infamous "cat house" on southard

Whoever scores this pad is gonna make some bucu profit

I smell bidding war!!

Gary Thomas said...

Yes. You are right about price.
It will go for more than asking. But it will be worth a fortune when done.

Anonymous said...

He who hesitates...IS LOST!!

Anonymous said...

I'd be curious as to whether that guest house has it's own ROGO or if it's currently illegal.

Gary Thomas said...

The county has designated this as multi-family. All three buildings are clearly measured and identified in the county property appraiser's records. There is nothing "illegal" about the property that I could see.

It would be very difficult to separate the front eyebrow house from the two story guest cottage in the back because the back part of the property has access to the parking. I doubt that a new purchaser would spend $1.8 or more for a renovated eyebrow house with a pool unless the property has a parking spot. And I doubt a different buyer would pay $1.2 or more for a house on the backside of Stickney Lane.

Together the two main buildings when renovated with a pool added would make this parcel worth a lot of money. It makes no sense to try to undo what exists in my opinion.
Gary

Anonymous said...

I agree with you 100% Gary. After walking by the property it looks to me that there is a curb cut off Fleming which would allow for off street parking there also. That might make that second ROGO important, giving you the flexibility to rent the guest house if you'd like while living in the main.

Anonymous said...

Regardless of whatever, I bet this property had multiple offfer on by the end of the first day. Someone is going to get a very unique slice of Key West history here.

Anonymous said...

Hi Gary,

Love your blog! Just arrived back in the country and saw this great opportunity! Think it has any offers yet? I'd love to come down and see it in person.

Gary Thomas said...

Dear Anon: The offer submission deadline for Best and Final Offer was on Monday. I heard the winning bid was $1,400,000. That may or may not be true. We won't know until the deal closes. I showed this property to several different prospects. I thought it would sell around $1.2 million. My buyers loved the eyebrow house and the possibilities the property as a whole offered, but each buyer was somewhat overwhelmed by the prospect of dealing with such a large endeavor as their first project in Key West. This is one deal I really wanted to be a part of.
Gary

Anonymous said...

$1.4M!! WOW

I guess the market is really back. As you said that number may or may not be true. One truth for sure is that a nearly 9,000sq ft lot on fleming street doesn't happen everyday in our town. Good luck to the new owners whoever you are. I hope you breath some new life into this historic home. Try to follow this one on "Projects of Key West" for us Gary.

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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.