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Wednesday, April 15, 2015

1317 Elizabeth Street, Key West - Dynamite Location

Buyers looking to purchase a Key West property that they could renovate, add a pool, and have off street parking with a dynamite location in Old Town ought to consider the house at 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 just sixteen single family or duplex properties listed for sale in the Old Town area of Key West priced at or below the asking price of this property - $629,000.  But there are many potential buyers who are looking for a property which they could renovate and improve that have not seen this property in the mls. This property is located one block east of Simonton Street between United Street and South Street. Elizabeth Street in this location is a one-way street that at this location is only one block long. In essence this block is a lane. We all know that 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. (like most of the other fifteen houses for sale are located on!).
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 of the  fifty years ago. See below. That photo shows that stucco siding had been applied to the house by that date. I think a new owner will probably replace the stucco with traditional wood siding.  In most instances a new renovation would probably mean that the current interiors would be totally gutted and new interiors created to meet the way we live today. 
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 that the lot is wide enough to provide off street plus space for a pool. If you are a buyer who wants to do a project but not at this time, you could continue to collect rents on both apartments. We have a serious housing shortage in Key West. Apartment rentals, especially in the Old Town area, are scarce. You could buy this place, sit on it for a few years, then do the renovation. CLICK HERE to view more photos I took. 
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. 

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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.