1230 5th Street - Bank Owned - Key West

1230 5th Street - Bank Owned - Key West

If you are looking for a "Fixer Upper" may I suggest that you consider the new listing at 1230 5th Street in the midtown section of Key West. I showed the property last week one day after it was listed. My buyer was looking for a place he could fluff and make all nice. The challenges this property presented were more than my buyer anticipated.


The listing Realtor describes the 5th Street property this way:

"Spacious 4 Bedroom 3 Bathroom 2 story home on a large corner lot. Huge pool w Guest cottage in back with a one bedroom one bath living area. Bank owned."

The pool area as it appeared in 2005

This property sold in 2005 for $715,000. Nude Greek statues adorned the e pool area at that time. Two years later in March 2007 it was listed for $997,000 as a "A very large single family two story home located two blocks from the Gulf." When I showed it last week the property was divided into at least three living units with separate entrances, kitchens, and bath facilities. The pool was covered by a contraption to prevent accidental drowning and the Greek statutes were gone. It had all the earmarks of a bank owned property. Today the offering price is $331,500 or $129 per sq ft.

The pool today

The house has 2573 sq ft of living space based on the info on the Monroe County Property Appraiser's website. That site does not include the guest cottage so the actual size may be a bit larger. The house is located on a 50' x 100' lot at the corner of Fogarty Avenue at 5th Street. That's a feeder street for this part of town. Click GOOGLE MAP for an aerial view.

Main level bedroom opens out to pool

Entrance to main floor north bedroom

I entered the downstairs unit and first walked into an odd little foyer and then into the kitchen. This level had several different floor surfaces and floor levels. It was as if someone kept adding or altering spaces to provide more living space and used whatever cheap building materials were available. CLICK HERE to take a slide show photo tour of the property.

There is a steep and narrow interior stairway to the second floor. It looks like there was some water damage in one of the rooms as the wood floors there are quite warped. Again, there are multiple floor levels and multiple small rooms.

Second floor kitchen

I think a smart buyer would go inside this large property and demolish the interior walls and establish floor levels for the main floor and second floor and then build new interiors to the needs of the new owner. It would be silly to try to re-use the small and dysfunctional spaces. This property has a lot going for it, but not based on its current configuration. It will take a knowledgeable builder to fix this place. No amateurs should apply. But it is fixable and it could be once again a nice large home with a sunny pool and guest cottage.

If you would like to see 1230 5th Street please contact 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.

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2026 Seidenberg - Key West - Mid Century Modern

You know you are getting old when houses that were built when you were a kid are now considered old and chic. That's my story and I'm sticking to it.

This is how the listing Realtor describes 2026 Seidenberg in the Mid Town area of Key West: "This exquisite Mid 20th Century Modern designer home was awarded the Star for its 2004 rehabilitation by the Historic Florida Keys Foundation. Featuring 3 bedrooms & 2 baths this home has many fine touches such as bamboo, river rock, terrazzo, & Brazilian flagstone floors creating a wonderful contrast with the angular lines & modern influence created by the highly renowned Colombian architect, owner. The kitchen has custom cabinetry, honed-slate counter tops, stainless appliances, wine cooler, & reverse osmosis water purifier. There are impact resistant windows & doors. Like an oasis with the coral stone waterfall flowing into the black lagoon pool overlooking the dining pavilion with contemporary Arabian style tenting."

Preserving the post-war modernism of this mid-century, mid-town gem was foremost in mind for this renovation and addition. Features such as terrazzo floors, casement windows, as well as the furnishings reflect the period and the spirit of the home. The upstairs addition includes a master bedroom and bath and appears as original to the house.

CLICK HERE for more detailed information and photos of this very thoughtfully designed home. The house has 3 bedrooms, 2 baths and 1500 sq ft of living area under roof. It sits on a nice corner lot of 5000 sq ft. There is a terribly expensive bamboo fence that gives the yard both privacy and distinction. The asking price is now $845,000 or $563 per sq ft.

Isn't It Romantic? 1717 South Street, Key West

Look at the pics to the right. The pics are of a house at 1717 South Street in Key West. Isn't it romantic?

The house is located in mid town. I don't write about that area much because it isn't where second home buyers typically want to buy. But when you can buy 1900 sq ft house with 4 bedrooms and 3 baths on a huge double lot (8531 sq ft) for the asking price of $1,100,000 (just reduced from $1,179,000) the house seems like attractive buy at $579 per sq ft.

Here is how the listing Realtor describes this property: "A beautiful lush tropically landscaped oasis lies behind the gate of this walled private retreat. Follow the steps from the entry around to the front of the house where you are greeted with a striking koi pond with water feature. This warm and inviting home has 3 bedrooms, 2 baths, living, dining and family rooms and a separate guest cottage. French doors from almost every room brings the outdoors in and makes this home perfect for entertaining. The gardens are spectacular with saltillo tiled patios, covered outdoor dining area, beautiful 15'x 22' heated pool with waterfall and a 15 person hot tub. Additional features are electric remote entrance gate, carport, off street parking for multiple vehicles & organic mist spray system." CLICK HERE for more detailed information on all of the fine features of this home and more photos.

When you live in Key West you spend so much of your time at home in the outdoors. Doesn't it make sense to have an outdoor area that is functional, inviting, and romantic? Old Town provides proximity to Duval Street, the theaters, restaurants, you name it. You can walk to everything. But to get this much outdoor area so nicely done, you would have to pay over $3 million. There just isn't anything like this at this price range in Old Town. Never will be either.

CLICK HERE to checkout similarly priced homes in the midtown area. I have written about a couple of them earlier. Click the photos and compare the size of the home, the lot, and the "feeling" you get about the properties.

So if you are looking for a home suitable for living and entertaining in style and don't mind not being in Old Town, call me. Let's go look at this spacious home on an even more spacious lot. Think of it as getting a $3 million home at 66% off. Call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.