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Thursday, February 26, 2015

1317 Elizabeth Street, Key West - An Old Town Buying Opportunity

Just listed by Preferred Properties Key West, that's where I work but this is not my listing, 1317 Elizabeth Street. The listing Realtor describes this 952 sq ft legal duplex this way:
"Duplex in old town located on a quaint street between United & South Streets, close to Duval, the beaches, restaurants. This ideal location also comes with off street parking and a nice yard. Could use some TLC but is currently rented. One unit in front & one at the rear. The front unit has a covered porch and small front & side yard plus parking. The back unit has a gated larger side & back yard, laundry & storage shed. This would make a nice owner occupied property with rental income or keep as a rental investment."  
Here's the deal. There are very few single family or duplex properties listed for sale in the Old Town area of Key West priced at or near this price point - $629,000.  But there are many potential buyers who are looking for a property that they could purchase around this price which they could then renovate and improve. This particular house is located on a small one-way street that at this location is only one block long. In essence, this is a "lane" even though it is an extension of a larger street. Normally, homes located on lanes are prized properties because they offer a degree of exclusivity and privacy not available in many other streets in Old Town.

I checked the Historic Sanborn Fire Mas to see if I could determine when this home was originally built. This little island enclave is not shown on any of the four maps. I did find an old photo taken fifty years ago. See below. That photo shows that the existing stucco siding had been applied to the house by that date. Assuming a new owner would renovate and turn this property into a single family home, I think the stucco would be removed and traditional wood siding reapplied. A potential buyer needs to overlook the current interiors if renovation is your stated goal because all that is inside will get ripped out. If you are an investor, you probably won't have to do a thing to make money. The rental market in Key West is robust. I think this places is rented below market.
The house is situated on a 40' X 88' lot (3520 sq ft) which is fairly large compared to many lots in Old Town. The good thing is it is wide enough to provide long term parking even when the property is renovated and a pool is added. The back yard is large enough for a nice sized pool. CLICK HERE to view more photos I took. There are no photos of the front unit.
CLICK HERE to view the Key West mls datasheet and listing photos. Then please call me, Gary Thomas, 305-766-2642 to set up a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.  Do not wait on this. I really think this will sell very quickly!



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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.