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Tuesday, January 20, 2015

221 Petronia Street, Key West, Florida - Bank Owned Buying Opportunity


I'll bet you have walked or driven by the new Bank Owned listing at 221 Petronia Street in Key West and thought something like "that could really be something if they fixed it up".  Well now is your opportunity to be the one that does the "fixing". This property is all sealed up and cannot be viewed because it has fire damage. If you look at the last two photos above you will see fire damage at the rear on both the first and second floors.

I checked the historic Sanborn Fire Maps and learned that 221 Petronia Street (previously identified as 408 Petronia Street) existed as early as 1889. The adjacent lot, now empty, had a small grocery back in the day. The lot is mostly vacant now except for a bunch of trees.  CLICK HERE to view more photos I took.

The lot and existing structure are zoned HNC-3. This zoning is specifically includes the Bahama Village area and has the stated purpose of  identifying the area as "a City target for redevelopment and revitalization".  The neighbor to the east on Petronia Street is a two story restaurant that was teeming with patrons on Monday when I took photos. Petronia Street has several notable restaurants including Blue Heaven, La CrĂȘperie Key West, and Santiago's Bodega one block to the west. Various small shops related to tourist trade line this street. The neighbor around the corner on Chapman Lane is a single family house.This is the mix of Bahama Village. Since 221 Petronia Street faces the business side, I would assume the City would permit redevelopment of this building (if it can be saved) into a commercial enterprise as oppose to requiring it to be used for residential purposes. That makes sense to me. Of course, I am no 'devloper' and I do not pretend to know what the City would actually do or require. Since buyers are specifically not permitted to enter the property before making an offer, it is difficult to determine the amount of fire damage the building has received. The 1965 black and white photo (below) shows a pretty interesting building. The fate of this building will probably be determined by the extent of structural damage as opposed to smoke and surface damage. It would be a shame to lose a building this interesting.  The color photos above show uninteresting additions at the rear and west side plus an exterior staircase. The mix of the interesting old building, the ugly additions, fire damage, and big lot give this property a lot of possibilities.
CLICK HERE to view the Key West mls datasheet on this property. I understand multiple offers have already been received. Now is the time to act. Please contact me, Gary Thomas, 305-766-2642 if you would like to submit an offer. I am a buyers agent and a full time Realtor at Preferred Properties Key West. This really is a buying opportunity!

1 comment:

Anonymous said...

Isn't this Mr. Chapman's house? What a shame that he was swindled!

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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.