1075 Duval Street #R32 - Licensed to Make Money - Key West

Just listed, but not by me, a Bank Owned condo located at 1075 Duval Street in Duval Square.  This property will certainly attract a lot of potential buyers very quickly because it has a Transient Rental License and it is a 3 bedroom unit. Both of these features mean that a new owner could rent this property on a daily basis throughout the year and make a potential fortune over a period of years. Read on, Dear Readers.

This property was previously managed by a local property management company that described this unit this way:

"Located in Duval Square (between Duval Street and Simonton Street) where fine and varied dining abounds (Square One, Origami Sushi Restaurant and New York Garden Cafe), Casa Key West is a second story, well priced unit sitting atop New York Cafe and is just steps from the sights, sounds and excitement of world-famous Duval Street.

The foyer opens to the expansive living room with vaulted ceilings, dining room with seating for six and kitchen. Three banks of double French doors opens to your private balcony overlooking the tropical gardens around New York Garden Cafe and large Poinciana tree. Two large, brightly colored macaws in the courtyard will amuse you with their antics.

The master bedroom has a king bed and French doors opening onto a private porch with seating. An in-suite bath with large Jacuzzi tub, shower and large vanity completes this spacious bedroom. The second bedroom features a queen bed, large walk-in closet and frosted French doors opening to the hallway.

The third bedroom has two twins or a king bed and double French doors opening to a private balcony. The queen bedroom and twin bedroom share a large hallway bath with skylight.

This spacious unit has access to a large pool and covered gazebo. On the ground floor is a secured garage for parking your vehicle."

New York Pizza

Please note that none of the furniture or contents are included in the property at this time. The place is vacant.  Not to fret, however, as this gives a new owner the chance to go in and re-outfit the place the way he, or she, or they, or you want.  Below you will see photos from the former property management website that show how the unit was previously furnished.  Then look at the photos I have added that show the unit as it sits today.  Figure how you could improve this place, make it your own, and make it make you a bunch of moo la.

3rd Bedroom

Master Bath

Master Shower

Second Bath

The previous property management company rented the unit between $318-$428 per night depending on the date and the number of people using the unit. I always encourage potential buyers to look at numerous property management websites to checkout the rental prices of similar units to one they are considering to purchase.  A new owner might want to go back to the prior property management company which probably has a database of previous happy vacationers who would like to stay in the same unit again. People are creatures of habit. Many return to stay in the same condo year after year because they feel comfortable. This is an intangible value often overlooked by prospective buyers.

I am a big fan of small spaces and tiny places, but sometimes, let's face it, bigger is better. If you and your family have traveled to Key West and have stayed in a Shipyard Condominium, for example,  you would have likely stayed in a two bedroom unit with one bath because that is how most were built.  A typical unit there is about 680 sq ft.  Compare an average Shipyard unit to this unit which is 1492 sq ft on one level.

This unit has three bedroom and two baths as opposed to two bedrooms and one bath at Shipyard.  Families traveling together can often accommodate the tighter quarters because they typically live together back home. But friends or extended families may not appreciate the noises and cramped quarters associated with smaller spaces. And, there is a private balcony located off of each bedroom.

Master Bedroom Deck

 Also consider the size of the pool and number of people who you might likely have to share  with. Finally, the transient licensed units at Shipyard may only be rented as transient units for 25 weeks per year. This unit at Duval Square can be rented to a different person 365 days a year.  That's not practical but it points out the money making potential of this unit over Shipyard as just one example. I like Shipyard, don't get me wrong. This place just has more income potential in my opinion.

This town home unit is part of the condominium association. An owner must pay $489.95 in monthly fees which covers cable, trash removal, exterior maintenance and building insurance, and common area and pool maintenance.

Duval Square has a nice rooftop pool, covered parking, and a great location which is within easy walking distance to most of Old Town. It is located on the quieter side of the Island but close enough that you can be where you want within a matter of minutes during most of the year.  There are a couple of nice restaurants at the Square and a lot more within a couple of blocks including Among my favorites are world famous La Te Da, 915 Restaurant,  and many more. South Beach is an easy jaunt to the south. Ft. Zach Taylor Beach is a good hike, but you'll enjoy the walk or bike ride to get there.  Mallory Square and the pubs of lower Duval Street are there for those who have a passion for crowds. And then there all those T Shirt Shops, galleries, and places for cheap eats where you can enjoy all that Key West has to offer.

LaTeDa

915 Duval Restaurant

CLICK HERE to view the Key West mls datasheet on this property. Or CLICK HERE to view photos I took of this unit and Duval Square.  A few years ago I worked at a different real estate office which was located at Duval Square. I would watch new groups of tourists arrive daily to take up residence at one of the units located there.  This place draws a lot of vacationers. It is convenient. This is a property you really ought to consider. And you need to act quickly because this place will not last long, especially at this price.

If you would like to see this unit or discuss the property, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Key West.  Buy this unit and start making money.

Duval Square Townhome - Key West - Short Sale

Key West Townhome Short Sale. That's not news, you say. But take a look to see what might be a good investment opportunity.

The recently listed 1325 sq ft two story, 2 1/2 bath townhome located in the Duval Square Condominiums (1075 Duval Street in Key West, Florida) is offered as at the short sale price of $479,000 or $362 per sq ft. This is how the Listing Realtor describes this property: "Transient License - Turn-Key Income Condo on Duval St! This Mediterranean Style condo has Mexican Tile downstairs and oak floors upstairs. Downstairs features the kitchen, a half bath, laundry and a dining room with seating for six. French doors open to your own private outdoor patio. Upstairs, the master bedroom has French doors opening onto a private porch with seating. An in-suite bath with large Jacuzzi tub, vanity & skylight completes this spacious bedroom. The second bedroom features a bed, large walk-in closet and private bath. Secure covered garage with dedicated parking. Being sold fully furnished with an excellent rental history."

CLICK HERE for more detailed information on this unit and a lot more photos. The complex was built in 1987 and has undergone some cosmetic updates in the past few years. There are several restaurants and small stores on the ground level. All of the residential units are on the second and third floors. (All units are two story.) There is covered parking for each unit with controlled access. There is a lovely second floor rooftop pool that overlooks Duval Street.

This property may appeal to the second home buyer who is looking for a property that can be legally rented as a transient rental to produce income to offset the cost of ownership.

I would suggest potential buyers compare this property to others similarly priced at 1800 Atlantic and The Shipyard in Truman Annex. 1800 Atlantic has that oceanfront location and tennis courts and the units are similarly sized. The Shipyard units are about half the size of either 1800 Atlantic or Duval Square but have a popular location with tourists. This unit is definitely worth a look. It will not last long at this price.

If you are looking for a condo or townhome with a transient license that permits you to rent the unit on a daily basis every day of the year all year long, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. CLICK HERE to search the Key West mls database to find comparable units and prices to do your own comparison shopping.

Key West Commercial Real Estate

Ever hear of Seller's Remorse? It is when a seller regrets having nixed a sale because he thought he could get more for the property at a later date only to find out that he was wrong. Dead wrong.

Such may be the case for the owner of a commercial condo CLICK HERE located in the same developments as our office, Duval Square at 1075 Duval Street.

The Duval Square is is a planned unit development that stretches from Duval to Simonton Street just one block south of Truman. There are several restaurants including Square One Restaurant plus various commercial businesses on the ground floor and about 22 two story townhomes on the second and third levels of the buildings. We are about four blocks from the Atlantic Ocean. Upper Duval has really changed in since the mid 1980's. Back then the world famous LaTeDa's guesthouse and restaurant were the primary commercial activity in the area. But two decades later there are many restaurants, galleries, guesthouses, and the Butterfly Conservancy that line the street.

Club Body Tech closed its doors two years ago. I was a member and the gym had been a thriving business. In my opinion the absentee owners hired a very poor manager that ran the business into the ground. Equipment got broken and wasn't repaired. The showers and locker rooms were never clean. The office was as messy as a pig sty. And the membership fees were very high compared to the level of service offered.

The condo owner has had the property on the market ever since the gym closed. The initial asking price was $1.3 million. That is $387 per square foot for the largest commercial space in the complex--3361 square feet. The first Realtor to list the property told me that the seller did have offers near the asking price but that he wouldn't budge off the asking price. Two years later the price was just reduced to $600,000 or less than half of the original asking price. The price per foot today is $178. There are three other commercial spaces also for sale and they are priced at $684 per sq ft (656 sq. ft.), $570 per sq. ft. (700 sq. ft.), and $873 per sq. ft (800 sq. ft.).

Now the owner of the former gym property bought the unit in 1996 and paid $300,000 so he will not lose and principal but his holding costs (taxes, insurance, association fees, cma fees, and debt service if any) are adding up. Two of the owners of the other units for sale bought at prices much lower than their asking price so they are alright as well. But I do think there prices are very aggressive for this market. The owner of the forth unit paid $450,000 three years ago and he must be bleeding. His space is across the courtyard from the old Club Body Tech and several different businesses have failed at that same location.

I think the owner of the commercial condo that was the Club Body Tech probably does have seller's remorse. And I think the sellers of the three other units for sale need to reassess their current asking prices. There is not a lot of commercial space for sale in Key West overall. There are, however, too many commercial spaces for sale of for lease on Duval. Duval Street property owners have gotten way to greedy for their own good. They charge exorbitant rent which causes small business owners to fail whether they lease or own the property because the lease payments or mortgage payments are too demanding. Other commercial areas of Key West seem to fare much better.

CLICK HERE to search for additional commercial properties in Key West and the lower Florida Keys. Then give me a call to help you find your next business in Paradise 305-766-2642 or email at garyethomas@aol.com.