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Saturday, August 12, 2017

Key West : Buildable Lots and Renovation Properties


Summer is nearly over. Fall is on the way. This is always the worst time of the year to sell a house in Key West. It is the same way every year. 2017 isn't special in that regard. Many shop owners and restaurants will close for vacation during September. There's no reason to have a crew working if nobody is buying t0shirts or trinkets, eating over-priced food, or sleeping in hotel rooms. Ten weeks from now, however, Fantasy Fest will begin and throngs of thongs will parade on Duval Street. Money will flow like crazy once again. The super boat races follow in November and then Christmas ushers in season when the serious real estate buyers return. Like it or not, our real estate market is still "hot" and prices continue to appreciate year after year.

Potential buyers in the Key West should appreciate the limitations of our real estate market. Unlike many parts of Florida where cities can expand into vacant areas or build skyscraper condominiums near a beach, Key West has a limited land mass and numerous governmental restrictions which severely limit new construction. The Old Town area of Key West has strict rules which disallow taking down historic older houses and impose standards on how existing homes may be renovated. As a result most of our construction involves the renovation of existing properties in Old Town and/or razing non-historic properties in other parts of our island city.

The Key West MLS has a few "vacant lot" a few properties with an existing structure which could be razed or renovated. Building a new house or renovating and expanding an existing property will tax any marriage, but if done correctly, the rewards could be astounding. A new owner will end up with the house of his or her dreams.  Let's take a look.
317 Virginia Street, Key West
317 Virginia Street is located in the Bahama Village area of Key West. It is  a vacant and cleared lot which measures 25.25' X 86.92' or  2195 sq ft lot offered at $369,000. CLICK HERE to view the Key West MLS datasheet.This lot is located a little over two blocks west of Duval Street and about three blocks east of the soon to be completed Truman Annex Waterfront Park. I think there will be a surge in demand for homes in the Bahama Village area soon after the park opens and the public sees how easy it will be to get to the park.
323 Angela Street, Key West
323 Angela Street has an existing 840 sq ft home plus loft situated on a 4,824 sq ft lot (48' X 100.5') offered for sale at $724,500. This house is located a little over one block west of Duval Street in Bahama Village. A new one and one-half story house is being built right now next door to the west.   CLICK HERE to view the Key West MLS datasheet.
622 Mickens Lane Key West (vacant lot only)
622 Mickens Lane is a 27.5'  90' vacant lot offered for sale at $381,000. If it were purchased along with 624 Mickens Lane (below) the combined site would be a 4,500 sq ft renovation property located in the X-flood zone just a block and one-half off Duval Street. CLICK HERE to view the Key West MLS datasheet.
624 Mickens Lane Key West
624 Mickens Lane has an existing 948 sq ft wood frame home sitting on a 90' X 23' lot which is offered for sale at $575,000. CLICK HERE to view the Key West MLS datasheet.
903 Eaton Street, Key West
903 Eaton Street has an existing 761 sq ft non-historic concrete block house which can be taken down and a new house built on the 5,300 sq ft lot which measures 50' X 103'. This is the largest lot for sale in the Old Town area where a new house can be built. The photo only shows the front 1/2 of the lot. The existing house and even larger lot is located behind the wood fence. CLICK HERE to view the Key West MLS datasheet. The existing house two bedroom one bath house would probably rent in excess of $2500 per month. A new owner might rent parking spaces in front to locals who do not have off street parking for $150 a month or more creating an additional $450 or more in rent.

26 Floral Avenue, Key West
 
Gulf of Mexico


26 Floral Avenue is located in the Key Haven addition to nearby Stock Island just five miles east from Duval Street. This is a 60' X 100' (6,000 sq ft) lot with seawall on a canal which leads to deep ocean water. This lot is nestled between other homes added to the area in the past fifteen years. Those homes are typically two story located over covered ground parking. The houses on Floral Avenue all have first and second floor views of the Gulf of Mexico across the street and water views of the canal at the rear. Owners in this part of town are most often young professionals as well as retired locals who moved here when Key Haven became an upscale bedroom community for locals displaced from Old Town. It's super easy to go out to the boat after a day at the office, grab a beer, and take the boat out for a couple of hours. CLICK HERE to view the Key West MLS datasheet.

These are the active listings. One might assume there are many other large lots in the Old Town area that might become available in the future. I doubt it. Most of Old Town is tightly developed. Vacant lots and buildable lots are the exception to the norm. Scarcity creates value. I think an investor could buy any one of the above lots and sit on it for five to six years and probably double the value. 

If you are a buyer who wants to build a new house in the Old Town or nearby area please give me, Gary Thomas, 305-766-2642, a phone call. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me take you on a short tour of these particular properties and discuss the possibilities they offer to you. 









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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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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.