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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.

1 comment:

Anonymous said...

$276/ft in this market won't last long at all

Locals will tell you quickly this is the neighborhood you want to live in if you spend any significant time in Key West.

Fantastic deal

He who hesitates is lost


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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.