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Saturday, June 27, 2015

502 Margaret Street, Key West - an Old Town Buying Opportunity!

JUST LISTED 502 Margaret Street, Key West. This is nifty house located in a great Old Town location. I got inside this house a short time ago and took more photos to share with you. CLICK HERE to see all photos. But please read on while I tell you more about why I think this place is a buying opportunity.
I found the above photo in my old shoebox. This pic was taken in 1965 and shows the house without a front porch. It sits pretty high off the street and very close to the city sidewalk. You can tell that an addition was added to the left side of the house before 1965. I checked the Historic Sanborn Fire Maps to see if I could determine when this house was built. It existed as early as the 1889 map but was designated then as 231 Margaret Street. The street number changed to 504 Margaret (not a typo) on the 1899 map and remained that way until after the 1912 map. All four maps show a large cistern located just south of the house where the addition I mentioned is now located. It may still be there. I'm pretty sure it is.

They did not have French doors in 1889 - not in Key West, they didn't.  So we know that the French doors that enter into the living room are not original. And it is unlikely that the north living room wall had the beautiful built-in bookcase back in 1889 either. An extra wide doorway opens from the living room into the ante-room with staircase to the second floor loft. One bedroom and bath are located just off this area.
This property is listed as a three bedroom, two bath house. It works fine just the way it is. A new owner might want to do some upgrades and maybe reconfigure the house. Perhaps a new owner might want to eliminate the second floor loft sleeping space and vault the ceiling to provide more interior height and drama. That would free up the area where the current stairway is located for more bedroom space or perhaps enlarge the living area. The listing Realtor says the house has 1796 sq ft of living space. I think a good designer could come up with a plan to use some of the space more effectively. However, this place is so cute as it is a new owner might just decide not to reinvent anything.
The house has a life guard chair but no pool. There may be room for a small pool. An interested buyer would need to have a pool contractor state how large a pool could be built and then the owner would have to obtain permission from HARC and Planning Department. The outdoor space is long and narrow on two sides of the house but there is so much space that I think some type of water feature can be built. But I don't get to make that decision.
The listing Realtor describes this property this way:
"Location Location Location, Key West Gem, Close To Everything, Roomy Living Areas, Open Kitchen, Sleeping Loft And Lots Of Storage. Rear Porch Off Of The Kitchen And Street Porch To Watch Key West Go By And Private Porch Off The Bedroom. Classic Key West Home Built In 1918. Own A Piece Of Old Town Key West."
CLICK HERE to view the Key West mls datasheet on this property which is offered at $795,000, and then please call me, Gary Thomas, 305-766-2642 to arrange a private showing.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise. 

1 comment:

FloridaAG said...

Hard to beat that price at that location


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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.