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Tuesday, December 9, 2014

634 Louisa Street #5, Key West - An Affordable Home at Last!


Locals and maybe even buyers who are looking for an affordable retirement home in Key West ought to consider looking at 634 Louisa Street #5.  This is a two story town home built in 2007 with lots of money saving construction features that will save a potential new home owner money year after year.
Loyal readers know my penchant for searching through the old shoe box to find photos of old homes. Well, I found one for this property - sort of. The black and white photo was taken of 634 Louisa Street back in 1965.  It looks to me like the property in existence then had been converted to some sort of commercial use.  The black and white aerial photo taken in the 1920s shows the approximate location of the Louisa Street property back then. Note the old water tank located between Catherine and Louisa Streets. Most of that entire block is now the Suburban Propane property. And the half block just east of 634 Louisa Street is a trailer park today.  Times change and buildings and uses change. For now the propane facility and trailer park are the neighbors. This helps explain the affordable price on this very nice newer construction.
The listing Realtor describes 634 Louisa Street this way:
"Two bedroom one and half bath townhome located two blocks from Duval Street on quiet street. Stainless steel appliances, granite countertops, high efficiency washer and dryer. Located on X zone (no flood insurance necessary). Small HOA of only 5 units with very low association fees. 2007 construction."
634 Louisa Street is a 756 sq ft town home. As the owner you would be responsible for all insurance and maintenance on your home. This home was built with Hardiboard Siding. The windows are all wind impact resistant glass. That means your long term maintenance costs will be less as Hardoard holds up to our intense sun and water better than wood siding.  The impact windows qualify the home for substantial windstorm mitigation credits.  Flood insurance is not required. Homeowner insurance is just $461, and windstorm insurance is only $768.

 CLICK HERE to view the Key West mls datasheet and listing photos. Please call me, Gary Thomas, 305-766-2642 to schedule your private showing of this affordable Key West home. I am a buyers agent and a full time Realtor at Preferred Properties Key West.


8 comments:

FloridaAG said...

Either this same one (or another unit in the building) has been on the market for almost or maybe even more than a year.

Perhaps prices have risen to the point where the asking price has gotten reasonable but for a long time, this was way overpriced and according to the listing broker at the time, the seller was not flexible on the price.

Gary Thomas said...

This unit has been on the market just 49 days. It is not a re-issue of an expired listing.

The same agent sold another unit in the same complex in 2013.

Gary

FloridaAG said...

I was talking about Unit 3 - which was on the market for almost all of 2014 at 425 and didn't sell as far as I know.

Gary Thomas said...

#3 went on the market Jan 13, 2014. It went under contract on Apr 8, then was cancelled on May 13. A variety of things can happen when a sale goes south. I have no idea what happened of why. I do know that taking any house off the market for the summer is a common marketing tool in Key West.
Gary

Anonymous said...

The slightly bigger Apt. 4 sold in 2013 for $400K. @FloridaAG $500- a square foot is in "the range". Of course it is the seller and buyer who in the end determine the value of a particular piece of real estate and no one else. I bought my place in Key West in 2011 and I am very glad I did.

Gary Thomas said...

I've heard rumors the trailer park is going to be history. Don't know if that is true or not. It's not hurting anybody but that is a lot of prime land for higher priced housing if it is true. That would make these homes more valuable in my opinion. And even if the trailers stay put the Suburban Propane stays put, a new owner here still gets a very good buy for an otherwise great location. So many people spend way too much money to buy a place here especially if it is to be a part time home. I don't understand why some people want others to sleep in their beds and eat and drink from the dishes and glasses.
I know that not having a pool kills otherwise great properties. I used to own a guesthouse. Even though we had a pool, guests would almost always ask directions to the beaches. That was always the first questions from Europeans. Why can't Americans be more open to sharing a beach that demanding a pool. South Beach is a couple of blocks away. Ft Zach is a bike ride. Smathers Beach is a longer bike ride. Where do you have to go in such a hurry that a short walk or a long bike ride is too demanding on your important life?

Gary

FloridaAG said...

I know all about the market, believe me. Agree as to the Trailer Park, although that particular one always seems well kept and I have never heard or had any problems with the residents (I have lived within 2-3 blocks of here since early 2011).

Bigger issue with this location is Suburban Propane.

But the places are cute, relatively new and has very few comps on the market.

Anonymous said...

There's more to this property than meets the eye, some of which has already been mentioned in previous posts: no need for flood insurance, impact-resistant windows, small HOA dues, etc. The place is only seven years old and has had ONE owner/occupant in all that time. All appliances are in good working order; the large refrigerator/freezer and microwave oven are less than two years old. In addition, this place is two blocks from the QUIET end of Duval Street and some of the more popular restaurants, galleries and night spots. Another nice thing about being so close to this end of Duval is that just about all of the parades that we see here wind down in this area, making for smaller and quieter crowds and a mere two-block walk to/from the parade site. The ocean is three blocks away; South Beach is four blocks away; the Southernmost Point marker is five blocks away. The place is within walking distance of some of the more popular restaurants on the island (Camille's, El Siboney, Banana Cafe, etc.) and several guesthouses and hotels, some of which open their pools and poolside bars to locals for free. It's a five-minute walk to CVS, which offers anything you need 24 hours a day, and a tw0-minute walk to the Southernmost Grocery. Off-street parking, somewhat of a luxury in Old Town, is available. The small yard in front is filled with green foliage that can be filled in even more to give it a tropical look and feel. The deck on the front is a great place to relax in the evenings, as you watch the sunset amid the peace and quiet of the neighborhood. The gravel in the parking lot was replaced last year, and the building and trim received a fresh coat of paint only a month ago. One of the most charming things about this place, in my opinion, is that you can hear the bells of the basilica in the distance in the morning (the basilica is just a few blocks away). Owners of two of the other units who live outside of the area enjoy this as a weekend retreat from time to time, biking, jet skiing, fishing and all the rest. Renters in the other two units seem quite content. As far as Suburban Propane being across the street is concerned, the big issue has been the eyesore of so many rusted tanks laying around in the field. The HOA helped the situation only last week, hanging green canvasing along the fence to block the view in advance of putting in palm trees to beautify the fence line. On the flip side, one of the biggest benefits to living across the street from the field is that it's quiet. The owners and tenants are friendly and involved in upkeep around the property and communicate with one another whenever there are concerns. Anyone who purchases this home will become quite comfortable in it quite fast.

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Gary Thomas in a Nutshell

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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.