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|
|323 Angela Street, Key West|
|622 Mickens Lane Key West (vacant lot only)|
|624 Mickens Lane Key West|
|903 Eaton Street, Key West|
|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.