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Showing posts with label buying opportunity. Show all posts
Showing posts with label buying opportunity. Show all posts

Saturday, May 6, 2017

2317 Fogarty Avenue, Key West - Bank Owned - Buying Opportunity

Just listed but not by me 2317 Fogarty Avenue, Key West. I selected the logo photo above because I consider this Bank Owned home a buying opportunity for one of my Dear Readers looking for an affordable home in Key West.  Too many local buyers have been priced out of our market. This home appears to be in pretty good shape and is basic move-in condition. This home was built in the mid-town area of Key West in 1958. This little subdivision was typical of many such subdivisions that sprang up across America after the GIs returned home after World War II. The post war housing was simple and affordable. There were big lots for the kids and dogs to play and the family to enjoy hamburgers on the bar-b-que.
I dug into my old shoebox and found the above black and white photo taken of 2311 Fogarty Avenue just as the subdivision was announced. Fogarty Avenue is located behind the two men in the photo.  The one story cinder block structure on the right side is the base of what will become the Fifth Street Baptist Church which takes up most of the south side of the 2300 block of Fogarty. The house behind the men still exists and it is a part of the church complex.
The above aerial photo shows 2317 Fogarty Avenue when photographed in 1999. I added an arrow to show this home which has 1111 square feet of interior living space and sits on a 50'X 111' (5500) sq ft lot. Nearly sixty years have elapsed since this house was built. Most of the homes in the area have been enlarged or remodeled to some extent. I will point out the changes made to this property.
The front exterior looks really nice. It is simple and not overdone. There is paved off street parking on both sides of the front. A new owner could easily remove one pad to expand the greenery in front.
The Monroe County Property Appraiser card shows many updates were added to this home in 1996.  The doors and windows have been replaced. (There are Miami Dade approved shutters for all windows and French doors.) The kitchen appears more recent than 1996 as do the stainless steel appliances. The central air was not working when I photographed the house but window AC units were working. The floor tiles in the kitchen and family room appeared to be more recent than 1996 as well. I added notations to the living room photo to point out the crown molding and recessed lighting which are repeated in other rooms as well.
This house looked to have been lovingly maintained. The inside was clean. I saw a couple of minor things that need repair but the house as a whole is in near move-in condition. You'll need to buy a mirror and shower head for the bathroom, but that's a heck of a lot cheaper than having to redo the thing.
The front bedroom has an en-suite bath. The rear bedroom has French doors which open out to the wrap-around rear deck. The room sizes are nearly identical. The back bedroom does not have a private bath. The hall bath appears to have been updated and expanded as it looks nothing like a mid-century bath.
I was totally taken by the back yard and sideyards. This home sits on a really big lot. There is room for a pool, but more important there is room for the family to have nice private outdoor living area. The canvas awnings need replaced, but the shaded deck area will make a great place to watch the kids or grandchildren play and thrive. The side yards have a lot of space for storage for bikes and adult toys. This is a nice house. Don't let it slip by. It will go quickly. CLICK HERE to view more photos I took.

CLICK HERE to view the Key West MLS datasheet on 2317 Fogarty Avenue which is offered at $449,900. Then please call me, Gary Thomas, 305-766-2642, to set up a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your home in Paradise.


Friday, May 27, 2016

1434 Virginia Street, Key West - Buying Opportunity

Bargain Hunters Take Note: The asking price on 1434 Virginia Street has been reduced to just $604,900. This is a real buying opportunity for someone looking for a large "project house" or "renovation project" or a "flipper". The listing broker describes this property this way:
Priced to sell, if you're ready for a historic renovation project this would be it! This spacious home with stunning architectural lines and gorgeous natural light is ready to be restored to her former grandeur. Property features plentiful off-street parking and possibly room for a pool. Zoned as Single Family or Duplex, this renovation project offers multiple floor plan options and endless potential. Two sets of preliminary architectural renovation plans convey with the sale. Centrally located across from the grassy expanse of Bayview Park, the property is conveniently within walking distance of public tennis courts, shops, restaurants, Garrison Bight and the White Street Gallery District.
It looked to me that the house had been divided into five apartments over the years. It is my understanding that the city will only allow the conversion back to a single family house or division into two and only two living units - essentially a duplex or two condos. At present there are multiple entrances located at the front, west, and east side of  the house. Three apartments are on the main floor and two on the second floor. Each second floor apartment has an interior stairway with access to the third floor. A talented designer or architect ought to be able develop a design equal to the views from the first and second floors. Whatever charm the original house had has been lost due to the fragmentation of the interior space. I think intelligent design can create new spaces that play off the interior spaces which have height, volume, and views not available at this price range in other parts of Old Town. Let's look at the house the way it exists today.
Each unit has a separate kitchen and bath. The bathroom in this unit is located in what would have been the original hallway. This unit has a sleeping "loft" but the other apartments have separate bedrooms. The view looks directly across the street to Bayview Park.
The door at the far end of the second floor front apartment opens out to the second floor front porch that spans the width of the house. You can see most of Bayview Park from this vantage point. Bayview is the main city park in Key West. There are tennis courts, a baseball field, and an old fashioned pavilion at the east end. You'll notice water in the photo just above. The Key West police building and a fire station are located on the far side of the water and trees. In searching the Sanborn Fire Maps to try to determine when this house was actually built I learned that the road and land immediately adjacent to the park was identified as North Beach Road and that there was a small body of water in that location. That area was later filled and and developed. When I was taking photos I imagined what a sight the owner must have had back in the day before developers had their way. (They always seem to get their way. Don't they!) This property first appeared on the 1912 Sanborn Map but the prior maps did not cover this area. I suspect this house existed prior to 1900.
I found a photo of the old "bathing pool"* or swimming hole located at what is now near the corner of Truman Avenue and Eisenhower Boulevard (previously North Beach Road). North Beach actually was a beach. Developers got the land and put up condos (don't they always!). The historic Division Street (now known as Truman Avenue) was extended over the water and became North Roosevelt Boulevard. By 1999 the city added the police and fire station just east of Bayview Park. The section of North Beach Road was then called Pearl Street. The photo above shows the roofs of two large buildings at Horace O'Bryant Middle School. Those buildings no longer exist and have been replaced with even larger structures. The park still stands amid all the development that has taken place around it in the near 80 years since the kids jumped into the old swimming hole.  wish I could have seen this sweet town back then.
Over the years some prior owner of this property put a rear addition on to the house. Eventually the space extended out past the east side of the house and made this building exceedingly large. There is a roof top deck accessed via two small doors in the attic or loft space off the rear. A wood stairway leads down to the ground three stories below. While the view is pretty incredible, I really think a new owner might take down the entire rear addition. The house is huge without it. This would be the perfect space for a new pool, deck, and garden which could wrap around the rear and east side of the property. Sometimes less is more. This is one of those times.
The middle apartment abuts the front apartment with "loft" sleeping area. There is a warren of rooms on both floors. A renovation of these disconnected rooms could invigorate this old home and give it new purpose. The lot is very large for the Old Town area - 51' X 82' or 4149 sq ft.  Key West has several talented architects and competent builders that know how to fix old houses like this. I think the renovation of this old place could result in a really interesting home with incredible lasting views.
CLICK HERE to view more photos I took of this property. 
1434 Virginia Street is offered for sale at $604,900.  CLICK HERE to view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.


 * Photo The swimming hole in Garrison Bight C 1940s. From the Louise White Collection

Thursday, December 17, 2015

634 Louisa Street #3, Key West

634 Louisa Street Unit #3 is a buying opportunity for the frugal buyer who wants a place that is move-in ready, priced below market for similar properties in Old Town Key West, and is economical to maintain and insure on a long term basis. 
The listing Realtor, not me, describes this 756 sq ft two story condo unit this way:
"Spacious one bedroom home with a bonus room that can function as a den and guest room. Newer construction that has very affordable insurances due to it meeting strict building regulations and being located in an X flood zone, just steps away from upper Duval street. Property may be sold furnished to create a turn key buying opportunity. Very private backyard with delightful jacuzzi and tropical landscaping."
The first floor is an efficient mix of living space, kitchen, and dining area. Glass sliders open out to the surprising rear courtyard which has a private hot tub. What looks like a rear gate is just a bit of folly to help create more interest in the space. I think the back yard is really creative for such a small space and a small price by Key West standards. The above photo will help readers understand some of the cost savings built into these units. The exterior of the building has Hardiboard siding. This is a man-made material that is resistant to pests and our climate.Hardiboard siding does not need painted as often as regular wood siding. The windows and doors are impact glass which means both your windstorm and home owner's insurance will be greatly reduced year after year. The property is in the X zone so flood insurance is not necessary. 
This unit was previously rented as a vacation rental, but it could be easily rented as a long term apartment as well. There is a huge housing shortage in Key West. I am confident a new owner could rent this space in a New York minute.
This property is located just one block east of the shops, restaurants, and habitats of upper Duval Street. Neither you nor your renters will need a pool because South Beach is just a couple of blocks away.


CLICK HERE to view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of 634 Louisa Street Unit #3 that is offered for sale at just $499,000. I am a buyers agent and a full time Realtor at Preferred Properties Key West.


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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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