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Showing posts with label seascape tropical inn. Show all posts
Showing posts with label seascape tropical inn. Show all posts

Tuesday, January 1, 2013

Key West Recovery...and not from a Hangover!


I awoke very early this morning. I live in the Casa Marina area of Key West which is normally uber quiet. Some bozo continued to set off firecrackers to celebrate the new year into the wee hours of January first. So I got up and had my coffee, looked for emails (I actually had some from late yesterday), and decided I would go to the office to work on my blog. I made the annual trek up to Bourbon Street Pub to view the havoc left on the street.


Duval Street was impassible when I tried to drive past the bar. There were dozens of workers with wind blowers moving confetti, plastic cups, and beer bottles around so that big street sweepers could pick up the tons of trash the merry-makers created.  I took my pics and as I turned to go across Duval for a close-up of the bar which was featured on CNN after the Times Square drop, I noticed an old derelict lying on the sidewalk.  I could tell from his heavy snoring, disheveled clothing, and offensive odor that he was used to sleeping in public.  I'm not so sure he celebrated last night as much as he tolerated all of the zanies who came to Duval Street to welcome the new year. The partiers will have today to recover from their merry-making. 


Key West, on the other hand, I am happy to report has already made a remarkable recovery from the downturn that affected the national economy for the past several years.  Buyers have spent the past year buying up the stale inventory of unsold houses and then started buying up new listings as though the past five or six years never happened. The Old Town and Casa Marina areas continued to lead the way as far as sales for Key West go.  There were 29 sales of single family homes priced between $1,000,000 to $1,999,999. This sale count is up one from the 2011 sales total of 28 homes that sold in this price range. And in 2012 there were 6 sales of houses priced over $2,000,000. I was surprised to see that there were 7 homes priced over $2 million that sold in 2011. So Key West lagged in that price point this year.  A total of 262 single family homes were sold in Key West (mile marker 0 to Shark Key but nothing beyond).  As I looked over the houses that did sell I noted many that had been on the market for over a couple of years. 


Key West had several commercial real estate sales that were also worthy of note. Among those were the separate sales of Seascape Guest House ($2,000,000), Coral Tree Inn ($2,100,000), Cypress House ($3,850,000),  Oasis and Coconut Grove Guest Houses ($7,200,000). Three commercial buidings on Duval Street also sold including 526-528 Duval Street ($4,500,000), 117 Duval Street ($5,500,000) and 400-408 Duval Street ($19,130,000).  I am advised of a couple of large assemblages that will close in 2013 which will then be redeveloped.

Buyers that are awaiting the market to recover might want to accept the premise that the recovery has already occurred.  I had some buyers in town a couple of weeks ago who remained skeptical of the strength of our real estate market. One gent expected the market to decline again. I have no way of predicting the future any more than anyone else.  But I do believe past performance is a good indication of what will happen in the future.  I have been selling houses (and a couple of guest houses) since 1997. Prior to the down turn, houses in Key West tended to appreciate in value between 10 to 13% per year.  I pointed out to my buyer that not all other areas in Florida share the Key West sub-tropical climate. Areas like Miami and Ft Lauderdale, Naples and Sarasota do not have the kinds of restrictions on growth that Key West has.  These restrictions prevent Key West from increasing the number of living units or in making buildings taller to accommodate more people.  It simply cannot happen. As a result our managed non-growth tends to force prices higher to keep pace with the demands of more and more people who dream of eventually owning a place here. 



Friday, November 16, 2012

Key West Guest House Sales Update

Bob Newhart and the Gang
I have written a couple of blogs about the issues involved in purchasing a guest house in Key West. While the lure of running such an establishment entices many would be Bob Newhart innkeepers, reality soon sets in when prospective buyers find out how expensive guest houses are to purchase and how difficult it can sometimes be to obtain bank financing.  I won't belabor that discussion today because I have some very good news to report on a couple of recent sales and two upcoming sales.
Coconut Grove and Oasis Guest Houses

Oasis Resort
 On Thursday November 15, 2012 the Oasis and Coconut Grove guest houses were sold for $7,200,000 or $200,000 per room for the 36 room guest house complex.  (The units sold at 91.14% of asking price of $7,900,000.)
Coral Tree Inn

The same Seller/Owner of Oasis put Coral Tree Inn located across the street at 822 Fleming under contract on November 1, 2012. The asking price on that property is $2,450,000 for this eleven unit guest house.
Pilot House Guest House
 On November 7th the Pilot House guest house and two nearby commercial buildings on Eaton Street also went under contract. The asking price on those properties is $ 7,600,000. The other buildings are currently used as any type of residential rental.
Seascape Tropical Inn
Finally, the Seascape Tropical Inn Guest House was also sold on November 15th. The asking price on Seascape was $2,450,000. It sold for $2,000,000 or
$285,714 per room for this seven unit guesthouse.

I am very excited about the recent sales that just concluded and the pending sales of the Coral Tree Inn and the Pilot House and associated properties. The Pilot House sale will be a very big deal in Key West.  It will revitalize the area.

There are still a couple of guest houses available for purchase in Key West. I used to own and operate a guest house in Key West and think I have a lot to offer a prospective buyer who wants to take the plunge and own this type of business in our little town.  If you are thinking about such an endeavor 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 Coastal Realty, Inc. Let me help you find your place in Paradise.








Monday, April 2, 2012

Seascape Tropical Inn - 420 Olivia Street - Key West

If you have the itch to quit your job and move to Key West so that you can own and operate a guesthouse, you may want to consider the ever-so-cute Seascape Tropical Inn. Seascape is located at 420 Olivia Street - about 100 feet from Duval Street and it's famous neighbor to the west is the Ernest Hemingway House. Seascape Tropical Inn was praised by the New York Times and named the "Best Value of all Key West Bed & Breakfasts" by Florida Keys Magazine.

The new pool is easily accessible from all rooms

Breakfast in the morning and complimentary cocktails in the early evening

Sun-worshiper's paradise on most days

All seven guest rooms have private baths and each room has been updated to provide top quality lodging including A/C, refrigerator, cable TV, and wireless Internet service. The beautiful pool is easily accessible by all rooms. (And it meets all current State of Florida health requirements which will save a new owner from huge expenses.) The current owners have upgraded all rooms and have increased year round occupancy from 72% in 2009 to 88% in 2011. This is a great opportunity for a prospective guest house purchaser in Key West.

Each room is unique

I used to town the former Eaton Lodge Guest House at 511 Eaton Street. I know from experience the value of owning a guest house that is located near Duval Street and the importance tourists place on proximity to nearby attractions. Once guests are settled in their rooms, they know they can walk out the front door and be anyplace they want to be within a few minutes walk. South Beach is a couple of blocks to the south, great restaurants can be found on Duval or any number of the intersecting streets, bars of all sizes and for all sorts are located everywhere. The Waterfront Playhouse and Red Barn Theater are a ten minute walk north on Duval Street. Sunset at Mallory Square or fishing trips from the Historic Seaport are all within easy walking distance.

Pretty as a picture - and near everything important

CLICK HERE for view the Key West mls datasheet on Seascape Inn which is offered at $2,250,000. Contact me for detailed information and more photos by sending an email request to me at kw1101v@aol.com.

Reception Parking - not many guest houses have this!

I consider my experience as a guest house owner in Key West to be a valuable asset in helping a potential purchaser find and buy the right guest house. Please call me, Gary Thomas, 305-766-2642 if you would like to schedule a visit to see Seascape Inn or any other guest house. Viewing any guest house is difficult because owners do not want to disturb guests. It is important that we schedule appointments in advance. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

Friday, February 3, 2012

Seascape Tropical Inn - Guest House - Key West

Preferred Properties Coastal Realty, Inc. (that's where I work but this is not my listing) just listed the ever-so-cute Seascape Tropical Inn. Seascape is located at 420 Olivia Street - about 100 feet from Duval Street and it's famous neighbor to the west is the Ernest Hemingway House. Seascape Tropical Inn was praised by the New York Times and named the "Best Value of all Key West Bed & Breakfasts" by Florida Keys Magazine.

The new pool is easily accessible from all rooms

Breakfast in the morning and complimentary cocktails in the early evening

Sunworshiper's paradise on most days

All seven guest rooms have private baths and each room has been updated to provide top quality lodging including A/C, refrigerator, cable TV, and wireless Internet service. The beautiful pool is easily accessible by all rooms. (And it meets all current State of Florida health requirements which will save a new owner from huge expenses.) The current owners have upgraded all rooms and have increased year round occupancy from 72% in 2009 to 88% in 2011. This is a great opportunity for a prospective guest house purchaser in Key West.

Each room is unique

I used to town the former Eaton Lodge Guest House at 511 Eaton Street. I know from experience the value of owning a guest house that is located near Duval Street and the importance tourists place on proximity to nearby attractions. Once guests are settled in their rooms, they know they can walk out the front door and be anyplace they want to be within a few minutes walk. South Beach is a couple of blocks to the south, great restaurants can be found on Duval or any number of the intersecting streets, bars of all sizes and for all sorts are located everywhere. The Waterfront Playhouse and Red Barn Theatre are a ten minute walk north on Duval Street. Sunset at Mallory Square or fishing trips from the Historic Seaport are all within easy walking distance.

Pretty as a picture - and near everything important

CLICK HERE to view the Key West mls datasheet on Seascape Tropical Inn that is offered at $2,250,000. Contact me for detailed information and more photos by sending an email request to me at kw1101v@aol.com.

Reception Parking - not many guest houses have this!

I consider my experience as a guest house owner in Key West to be a valuable asset in helping a potential purchaser find and buy the right guest house. Please call me, Gary Thomas, 305-766-2642 if you would like to schedule a visit to see Seascape or any other guest house. Viewing any guest house is difficult because owners do not want to disturb guests. It is important that we schedule appointments in advance. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

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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