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Wednesday, April 8, 2015

1019 Elgin Lane, Key West - Bank Owned Fixer-Upper


Just Listed 1019 Elgin Lane Key West. This is a Bank Owned property located in a desirable Old Town location near the Historic Seaport. 
I searched the historic Sanborn Fire Maps and found this house shown on the 1889 map (when it was then designated as 909 1/2). Hidalgo Lane was the name of the two block long "alley" that runs from White Street to Grinnell Street. That name was later changed to Elgin Lane. Today most of the homes on the lane have been updated. This is a property where a renovation of sorts was started but that was abandoned some time after 2007. The listing Realtor says "... home needs a total restoration. Concrete footings are new and the interior is gutted " in anticipation of major remodeling. 
I found an old photo of the property taken half a century ago. Compare that black and white photo with the color photo I recently took. The original front porch is missing. The original house was typically utilitarian for its time. It may be that the front porch was added to give the original house some character. A new owner may get the chance to breath new life into this old house.

The Monroe County Property Appraiser records show the house as being 1438 sq ft divided between two floors.  The lot itself is smallish. It measures 42' X 32' or 1348.80 sq ft.  There is room for off street parking or a small garden. As much as you might like to have an off street parking spot, I'll bet you would more prefer to have a garden and outdoor living area because this is Key West!
 
This property was historically used as a legal duplex. I personally think the space would be better used as a single family residence. (But Im'm not going to be the buyer so what I think does not really matter.) The front and west side of the property are visible from Elgin Lane. I would imagine a Key West architect would have a field day creating a second floor bedroom area with vaulted ceiling.
The two above photos show the rear addition that would become an integral part of the living area. A new owner could create a great new living space using this big box platform. It is my understand that as long as the new owner uses the existing building foot print and makes no additions that he or she could recreate the interiors in the manner they wish (consistent with building code) and could replace  siding and windows with materials that meet our Historic Architectural guidelines. I would think that would include the addition of a deck or porches that are code compliant.  I mention this because this house is built right to the lot line. A good architect or general contractor can explain the rules and possibities with a prospective buyer far better than I can. My job is to alert buyers to the possibilities that this property has to offer.

1019 Elgin Lane is offered for sale at $295,000. CLICK HERE to view the Key West mls datasheet on this property. Then please call me, Gary Thomas, 305-766-2642 for more information. I am a buyers agent and a full time Realtor at Preferred Properties Key West.




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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.