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Showing posts with label 1026 howe street. Show all posts
Showing posts with label 1026 howe street. Show all posts

Thursday, January 26, 2012

1026 Howe Street - Key West

1026 Howe Street - Key West

The listing agent at Preferred Properties describes 1026 Howe Street this way:
"Beautiful 2/2 home in a quiet area. Recent renovations and upgrades. Back yard would allow for a dip pool. Large kitchen working area, plenty of cabinets. Off street parking. Convenient to all downtown restaurants, galleries and shopping. No comparison in the Old Town area under $600,000. Owners are very motivated and will seriously consider all reasonable offers."
Stairway leads to second floor bedroom and bath

The property is currently rented on a long term basis (with a quick kick-out for potential buyers). As you enter the main level you immediately see a spacious living area followed by a galley kitchen to the right rear. There is a good sized bedroom and bath on this floor to the left of the kitchen with separate entries to the bedroom and bathroom which share an internal passage as well. To the left you see a modern stairway leading to the second floor bedroom and bath. The door at the rear of the kitchen leads to the large rear yard that, for now, is just 'potential'. CLICK HERE to view the Key West mls datasheet and listing photos for this home.

Galley kitchen with lots of cabinets and workspace

Master bedroom and bath on main floor

Second floor bed and bath

Room for a pool

Looking east across Howe Street

Two really attractive single family homes are located across the street to the east. Next door to the north is a condominium of affordably priced condos with transient licenses. And there is public housing about 150 feet to the south.

This general area is two blocks from the soon to be developed Truman Annex marina and redevelopment parcel. I am a believer that some of the very best values exist right now in this immediate area because of the long term appreciation potential. Think forward to just a few years when the Truman Annex redevelopment is complete and being able to walk to your boat, or the amphitheater, or any of the other projected amenities. CLICK HERE to read about the Truman Waterfront development plans at the City of Key West website.

1000 Block of Howe Street

If you are a buyer looking for a house that needs just a bit of TLC that you can do yourself, this may be the place you have been looking for. CLICK HERE to view a short slide show of other photos of this property. Please call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

Tuesday, August 9, 2011

Compound Investment in Key West

1027 Howe Street (corner of Howe at Julia Streets)

If the harbingers of doom and gloom haven't spooked you out of your mind, the compound at 1027 Howe Street in the Bahama Village area of Old Town Key West may be worthy of your consideration. When times are tight and people don't know what is going to happen next, probably the last thing they want to think about is making an investment in income property. There are enough talking heads on TV, bloggers, and other know-it-alls telling the rest of us what the S&P downgrade of America's credit rating means for the economy. The wild ride on Wall Street has got to spook anybody with any significant amount of money invested there. Wall Street thrives on turmoil because they always make money when the market goes up and when it goes down. They make off of people who panic and people who into rising markets. (I know that is an over simplification, but it works for my purposes.)

A reader who chooses to remain nameless recently commented on the woes of buying Key West real estate. Instead, he or she suggested that people reading my real estate blog buy silver. That's a great idea. Go to bed at night and sleep on your bars of silver. Snuggle in comfort next to the cold hard shafts of metal. Silver can bring extra comfort to you on the cold nights in February when you let it grow warm next to the mantle. In the hot months like July and August you can chill silver in the freezer for a couple of hours and then put the bars in a back pack which you can take to work or on short trips. The cold metal can help cool you down for a couple of hours. Yes, silver can be your friend and it can be a good investment too.
Or you may choose to buy a property like 1027 Howe Street for about half of what it sold for in 2004which the listing describes this way:
"Private compound in old town, completely fenced,large lot. Main house downstairs is a 1 bedroom ,1 bath, living room, kitchen, wrap around porch, dade pine walls, wood floors high ceiling, beautiful space. Upstairs is a 1 bedroom, Living room, bath, kitchen, upstairs front porch.Seperate 1 bedroom, 1 bath guest cottage.huge outdoor living space, room for a pool, and more. Potential short sale"
Here are the details: The Monroe County Property Appraiser shows the property was purchased in October 2004 for $1,100,000. The Monroe County Property Appraiser's website shows that three residential addresses have been combined into one new legal description which as three buildings with a total of 1374 sq ft of living space situated on a 65'x80' (5133 sq ft) corner lot. The three original buildings at this location were destroyed by fire around 1970 so what is there today is of more recent construction.

This property just might work for that buyer that wants a private living space plus reliable monthly income without huge property management fees. I can envision a new owner keeping one unit for personal use and then renting the other spaces until such time as the owner decides to move to Key West full time. Typically one bedroom units rent for about $1200 per month (more or less depending on other amenities). In the future an owner may want to reconfigure the current two story two units into a single family residence and use the cottage for guests. There is room for a pool and gardens. CLICK HERE to view the Key West mls datasheet and to view listing photos.

1027 Howe Street is a short sale that is offered at $575,000 or $235 per sq ft. My experience has been that asking prices on short sale properties are negotiable just like market sales. Several months ago I wrote about another listing across the street at 1026 Howe Street. That property is still for sale, and it is still offered at $439,000 or $439 per sq ft. That property is a single family that was updated. I think a dollar for dollar comparison may show 1027 Howe Street as being a darned good opportunity on a price basis. Just below see some photos of the neighboring houses in this block. The City of Key West is progressing on the redevelopment of the Truman Annex waterfront park just a couple of blocks to the west. There is public housing a couple of blocks away. So you can view this location as being located in a nice neighborhood with a promising future or you can be dismissive of the area entirely.

1031 Howe Street
Southwest corner of Howe at Julia Street
1026 Howe Street referenced above as a comparison property
1015 Howe Street on the northeast corner of Howe at Julia
If you have an interest in a compound like 1027 Howe Street, consider the value of owning a property that can be purchased now at a reasonable price which could throw off income during the short term and which ought to increase in value in the long term. If you would like to schedule a visit to this property or any other property in Key West, please consider working with me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Why think of sleeping with a piece of silver when you could sleep in Key West.


Wednesday, March 16, 2011

1026 Howe Street - Bahama Village - Key West

1026 Howe Street - Key West
One of my fellow agents asked me to cover his listings for him while he is taking a well deserved vacation. Yesterday I got to show his listing at 1026 Howe Street which is a two bedroom two bath cottage style home in the Bahama Village area of Old Town Key West. Here is how the listing agent describes this house:
"Beautiful 2/2 home in a quiet area. Recent renovations and upgrades. Back yard would allow for a dip pool. Large kitchen working area, plenty of cabinets. Off street parking. Convenient to all downtown restaurants, galleries and shopping. No comparison in the Old Town area under $600,000. Owners are very motivated and will seriously consider all reasonable offers."
The property is currently rented on a long term basis (with a quick kick-out for potential buyers). As you enter the main level you immediately see a spacious living area followed by a galley kitchen to the right rear. There is a good sized bedroom and bath on this floor to the left of the kitchen with separate entries to the bedroom and bathroom which share an internal passage as well. To the left you see a modern stairway leading to the second floor bedroom and bath. The door at the rear of the kitchen leads to the large rear yard that, for now, is just 'potential'. CLICK HERE to view the Key West mls datasheet and listing photos for this home.

Room for a pool

Looking east across Howe Street

As I waited for the potential buyers to arrive, I stood on the front porch to survey the neighborhood. Two really attractive single family homes are across the street to the east. Next door to the north is a condominium of affordably priced condos with transient licenses. And there is public housing about 150 feet to the south.

This general area is two blocks from the soon to be developed Truman Annex marina and redevelopment parcel. I am a believer that some of the very best values exist right now in this immediate area because of the long term appreciation potential. Think forward to just a few years when the Truman Annex redevelopment is complete and being able to walk to your boat, or the amphitheater, or any of the other projected amenities.

If you are a buyer looking for a house that needs just a bit of TLC that you can do yourself, this may be the place you have been looking for. Please call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

Disclaimer

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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