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Monday, November 30, 2015

721 Georgia Street, Key West - Income Property and More

The legal duplex located at 721 Georgia Street in the Meadows Area of Key West is a pert but yet unassuming two story abode waiting patiently for a new owner. I dug down into my old shoe box and found a photo of the house taken back in 1965. There was a note on the back stating that the house used be known as 1301 Petronia Street rear. I took a picture from a similar location so that readers could see how little this home has changed in fifty years. The fence is taller and more private, the Bahama shutters are gone and replaced with impact glass, but the house is still located in a very quiet location near Old Town yet not near all that noise and commotion.
The listing Realtor, not me, describes the property this way:
"Wonderful compact duplex in the Meadows. Each unit is in good condition and immediately rentable. The first floor 1 BD unit has wood floors, newly painted interior, washer and dryer, and a large wooden deck at the rear of the house. The 2nd floor 1 BD unit was owner occupied for many years and has numerous upgrades. There are tile floors, corian counter tops, dishwasher, washer and dryer, and a balcony off the rear of the unit. This home would make a great pied a terre plus income. There are impact rated windows (2010) on both units and 8' elevation."
 It looks like the duplex was renovated about twenty-five years ago. The place has been very well maintained since then. The kitchens, baths, and some of the appliances look their age. Others were replaced. The wall mounter air conditioners are much newer.  The rear decks probably need replaced and the building deserves a new paint job.
I borrowed the interior photos from the listing Realtor with her permission. I didn't take photos when I recently showed the property as I did not want to interfere with the showing. I was really "taken" by the second floor unit where the owner had lived. The furniture comes with this place if the new buyer wants it. There's a very nice almost "built-in sectional in the living room. That space is located up front just off the second floor entry area. The dining area is to the left. The bedroom is up front on the south side. The very nice bathroom is located in the middle and the kitchen is at the rear. We all had a giggle at 1980s era range.

I agree with the listing agent's suggestion that this property would make a great pied a terre. So many buyers are looking for a place they can use and also rent out for income. This is that place, only here you get annual income without interruption and if you rent it yourself and don't rely on a property manager, you won't have to give up a part of your annual income to a third party who has very little work to do.

All of the windows and glass doors are impact glass. That means your windstorm insurance will be very low. The house is located in the 8' flood elevation so flood insurance will be low. The house has been well maintained. Fire and liability insurance should also be low.

CLICK HERE to view the Key West mls datasheet and more listing photos. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Sunday, November 29, 2015

1209 Margaret Street, Old Town, Key West

Just Listed by Preferred Properties Key West, 1209 Margaret Street located in Old Town Key West. The listing Realtor describes this property this way:
"This little jewel box of a house has just been completely and beautifully renovated with brand new kitchen and bathrooms. The historic old town cottage is in the x-zone and has three bedrooms and two full baths. It is graced by vaulted ceilings, an extra deep front porch and and a spacious and sunny rear deck. It is a wonderful property at a great price."
I found a photo of 1209 Margaret Street taken fifty years ago. You'll quickly notice the house then does not look anything then like it does today. That's the point of a renovation. The most obvious visible change visible from the street is the large welcoming front porch and the addition of more living space to the left side of the original house. The tree located adjacent to the driveway is also gone. So is the right to use the driveway. That space is now owned by the cottage to the rear which belongs to a different owner.
The front entry leads past two of the three bedrooms in this home to the new great room and kitchen area. What a bright and cheerful this space is. The cabinets and custom counters blend together to create a most welcoming place to live the relaxed Key West life style. Dual sets of French doors open out to the deck that extends the living area to the outdoors.
The master bedroom with en-suite bath is located at the rear adjacent to the great room. Ambient light from the backyard filters into this cozy space.
There are two more bedrooms located on opposite sides of the front entry. Pocket doors on the south room reveal a vaulted ceiling with window that provides additional light into the already semi-sunny space which could easily become a home office, den, or study. The second bedroom is located opposite as is the guest bath. CLICK HERE to view more photos I took of this inviting home.
CLICK HERE to view the Key West mls datasheet on 1209 Margaret Street which is offered for sale as $699,000, Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this great little house. I am a buyers agent and a full time Realtor at Preferred Properties Key West. If you saw this home before it was renovated you will gasp the way I did when I saw the dramatic changes. This won't last long at this price.

Sunday, November 22, 2015

1527 Von Phister Street, Key West - Bank Owned

Just Listed, buy not by me, 1527 Von Phister Street, Key West. This is a Bank Owned property located in a residential neighborhood four blocks east of the Casa Marina Area and one block north of Flagler Avenue. The listing Realtor describes the property this way:
"Traditional conch house 2 bedroom 2 bath home with a 2 bedroom 1 bath apartment upstairs that is separately metered for electric and water. The rear yard is great for entertaining with a patio and pool. Fully fenced for privacy. Centrally located in the heart of Key West."
This property will appeal to those folks who are looking for a fixer-upper. According to the Monroe County Property Appraiser this is a 1767 sq ft residence that sits on a  46' X 98' (4698) sq ft lot. The second floor apartment is accessed via an exterior stairway. The yard is fenced, and there is a privacy fence on the right side just behind the off street parking area. The prior owner added a 12' X 22' pool in 2008. A previous owner did significant renovation in 1997 and again in 2002 and  2007-2008. Many mechanical systems were replaced then. A rear addition was added to the original house in 2002. The interiors are old and boxy - even the recent addition and renovated spaces would benefit from some creativity. But also understand a new owner could simply add a fresh coat of paint, clean up the yard, and make sure the window unit ACs work. You could have a place to live and also have a rental apartment to help pay taxes and insurance for a less than you'd spend buying a small condo on Old Town.

A prior owner enclosed the original front porch to add more living space. I would open that space back up and give this house much more street appeal. The house would ultimately be worth much more money if it looked better. It can and it will if this were done. The 2002 addition extended the first floor toward the rear. I would add a second floor addition over the existing first floor rear addition. The east sideyard is large enough to allow for a first and second floor expansion. This would give the house balance and integrity of design which it does not have.  
The back yard is quite large. The pool is located more to the right than center. There is room to create a really vibrant garden and deck area. The current metal covered deck is absurd. It must go. A new owner might create a wrap around rear deck overlooking the pool.  Adding French doors from the east and poolside would bring light into the home. I would relocate the living area and kitchen to the back of the main floor so that the pool and garden would be a prominent feature of the new home.
I would take down the exterior staircase and build a new interior stairway. Alternatively, a new owner might add a small addition to the side and construct a new stairway there. A guest bath buyer ageget added under the stairway.
 Preferred Properties sold the house next door earlier this year for $1,495,000. (I think it would have sold for more because of the condition of 1527 Von Phister.)  I showed that home several times and wrote about it in my blog. The prior owners had old photos of that house before the house was renovated and expanded and way before that spectacular two story wrap around covered porch was added. That house looked might like 1527.  I kid you not. I think a buyer with vision could do wonders with this property. This house is not located in HARC so a new owner will not have to deal with that civic minded committee. A new owner will need to have building plans approved by the Planning Board, however.
1529 Von Phister sold for $1,495,000 in May 2015
 CLICK HERE to view the Key West mls datasheet which is offered at $488,800. Then please call me, Gary Thomas, 305-766-2642 to schedule a private tour of this property.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.


The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.


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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.