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Thursday, June 2, 2016

606 Grinnell Street, Key West - New Lower Price and Buying Opportuity

The Key West selling season is quickly coming to an end. Buyers that have been looking for a good deal ought to consider buying 606 Grinnell Street which is located in the very heart of Old Town. This house sits on one of the best blocks in Old Town.  It is located within easy walking distance to the Historic Seaport, the world famous Duval Street, and most of the gyms and yoga studios. And (you gotta live here to appreciate this fact: the Conch Trains and Trolley Cars can't go down this block - they can't make the narrow turn at the cemetery at the end of this block. Best of all the asking price has just been reduced from the $1,200,000 to just $1,050,000 or $464 per sq ft for this 2261 sq ft home.  There are 37 homes for sale in the Old Town and Casa Marina areas priced between $800,000 to $1,200,000 at an average asking price of $634 per sq ft where the average size is 1690 sq ft.  I see 606 Grinnell Street as a real buying opportunity.
When you view the home from the street you would probably never suspect the place is actually a two story legal duplex. I checked the Historic Sanborn Fire Maps to see if I could determine the approximate date this home was built. The 1889 map did not show any homes in this area but the surrounding blocks were thoroughly built out.  This leads me to conclude there were houses were on  this block and other surrounding blocks in 1889 but were omitted from map placement for some reason. The house did appear on the 1892 map. I then dug through my old shoe box and found a couple of photos of the home taken about fifty years ago. They show the house before it was renovated and enlarged. The new rear structure rises two stories but is not visible from the street.

The listing Realtor describes this home this way:
"Beautiful, Completely Remodeled Home In Heart Of Old Town Key West. Enter Into A Study/Sitting Room And Has A Bedroom Facing A Quiet Street Front. This Room Shares A Full Bath W/The Master Bedroom Large Enough For A King Suite And Makes A Cozy Retreat After A Long Day. Down The Hallway To The Living Area You'll Find An Inside Utility Closet, Two Storage Closets, And Half Bath."
The main level unit has two bedrooms which share a Jack and Jill bath plus a guest bath. The great room is located at the rear where two sets of French doors open out to the covered rear deck which overlooks the pool. What I believe was the original living room is located at the front of the house. Today this space works well as a home office.
The entrance to the second floor unit is located on the side of house. There is also an interior door entry located off the first floor unit. A new homeowner could simply remove the door and convert the second floor unit into a single family home. Oh, I know you'd need to remove the kitchen and do some other little things, but those little things really are not all that big nor all that expensive. And the result could be a very nice single family home in a great location. But let's look at what exists now and leave tomorrow to whoever buys this property.
There are two doors at the bottom of the stairs. One enters from the outside and the other from the main floor. Removing the interior door would make conversion to a single family home a snap.
There is a cute little under-utilized cottage at the rear which a new owner could possibly convert to a pool bar or something fun. There is also room on the opposite side of the rear lot for creation of an off street parking space. The listing realtor told me that space was on the site plans submitted to the city when the building permits for the renovation were approved. The parking was not created at that time.  The owner has not lived in the property since the renovations were done. A new owner could do some very creative things with the landscaping to provide a more lush environment and privacy.
CLICK HERE to view the Key West mls data sheet on 606 Grinnell Street which is now offered at the lower price of $1,050,000. 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.


3 comments:

Anonymous said...

Soon they'll be right back to the $995,000 they originally started at. I just sit back and laugh.

Anonymous said...

I agree. Anyone who knows what happened when this house first was listed would agree as well. When sellers play games with serious buyers they run the risk of this kinda thing.

Gary Thomas said...

Dear Anons,
There were multiple offers when this house first hit the market.

I think the seller thought it was under priced.

It was increased to the $1.2 and then there was another offer from a cash buyer which was accepted. Then for no reason flaked out. I know the details but cannot discuss.

It is not always the seller who play games. I tell people that they should make a bid on a property if they want to buy it. You don't know what a seller will do until you truly try to make a deal. A real deal - one where both the seller and the buyer believe they have achieved a fair (or at least acceptable) price.

And believe me there are times when a seller accepts an offer and the buyer finks out (remember that term?) over some spurious reason. In Florida a buyer can walk away from an accepted offer for no reason at all during the inspection period. Buyers can get buyers' remorse and use the inspection to cover the fact that they can't make it work for some reason.

Gary

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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.