"Sup? in Key West

I know I am getting old. Really old. During the opening bor-a-logue at the Academy Awards last night I realized that I am older than almost all of the presenters, nominees, and recipients of the Oscars. Steve Martin mentioned teen stars Zac Efron and Taylor Lautner and warned them of the pending reality of their growing old. (Neither of the boys looked like they understood what Martin was talking about.) I realized then I would never see either of them with gray hair (or bald) or becoming over over weight like what happened to "real" stars like Jack Nicholson, Mel Gibson, Kevin Costner, and John Travolta. Age teaches a few of us. It demoralizes some. It conquers too many.

"Sup?" is part of the new American vernacular. It is the shortened version of What's up? or How are you doing? For my purpose today "Sup?" refers to how the Key West real estate market fared in February 2010. (Long way to explain my title for today's blog.)

There were 25 single family homes that sold in Key West during February. Eleven of the single family homes that sold in February were located in the Old Town, Meadows Area, and Casa Marina Area. Interestingly, I wrote about 8 of the those houses in my blog. The sales prices ranged from the low at $325,000 for the purchase of a cute small house at 315 Eaton Street to a high of $2,062,500 for a large house at 516 Emma Street in Truman Annex. The lowest price per sq ft was a fixer at 701 South which went for $313 per sq ft. The highest price per foot was 516 Ema St that sold at $884 per sq ft. The average -er sq ft was $504. Ten of the sales were shown as "short sales" by the listing Realtor and one was a known bank owned property.

The month of February 2010 had 19 condo and town home sales in all of Key West. Six of the units sold were shown as "short sales" and three were noted as bank owned properties. The average price per foot is totally useless when it comes to condo and town houses. That price is $344. I say that price is "useless" because of the disparity of properties and locations. The people that want luxury waterfront like units at Harbour Place that sold at $696 sq ft and 1500 Atlantic that sold at $761 per sq ft have nothing in common with the units at 1318 Duncan Street (which I wrote about). Duncan Street sold at $164 per sq ft. The place was bank owned and was showing real signs of distress when I showed it a couple of months ago. The bank was "lucky" to find someone to buy it.

We are fast approaching the end of season. The weather this year has been horrible. I have been in Key West for 17 years. We normally have a few (and I mean like 3 or 4 days) of chilly weather where I need to find my one and only sweater. This year I had to dig out my jacket as well. I found it necessary to apologize to prospective buyers telling them all "It is not normally like this in Key West!"

With season coming to a end just after Easter, we will probably see many more disappointed "sellers" begin to reduce the asking price on their properties. This is still a buyers' market, but the number of reasonably priced single family homes in Old Town, the Meadows, and the Casa Marina areas is dwindling. There are still many houses priced above one million dollars. It is like we are having a tug-o-war between sellers who still demand high prices and buyers who think that if they can outlast the seller, that they will be able to win the tug of war. "Sup?, guys".

If you are looking to purchase a place in Key West, please consider working with me, Gary Thomas, 305-766-2642, or contact me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida where today the town is filled with thousand of college breakers and seasonal tourists enjoying the radiant sunshine and fresh air.

Open House - Sunday - 1412 White Street - Key West

1412 White Street -1:00 to 3:00 - Key West

On the off chance it isn't hot and sunny on Sunday, March 7th between 1:00 to 3:00 PM. please come over to 1412 White Street to view this really charming two cottage compound. But if it is hot and sunny, stop by anyway. The property is located five blocks from the Atlantic Ocean the three of the city beaches.

I wrote about this really charming property a couple of weeks ago. Here is a brief re-cap:
The cottages are separated by an expansive deck and a large pool. The main cottage contains the combined living, dining, and kitchen with vaulted ceiling. There is a bay window at the south end of the living area that looks onto the orchid garden. A second floor loft on the north side looks down onto the living area. The loft can be used as a third bedroom or office. The master bedroom and bath are located on the ground floor.

The guest cottage is located on the opposite side of the pool. That cottage has soaring vaulted ceilings as well. French doors look out toward the pool and the main cottage beyond. The entire compound is enveloped by clusters of large palms and two Royal Poinciana Trees. There are multiple plantings around the gardens, all of which are irrigated. There is even an ORCHID GARDEN. And there is a very unique OUTDOOR SHOWER. Decorative outdoor lights provide just the right light to make the night scape just magical.

1412 White Street is offered at $825,000 . The two cottages have 1332 sq ft of living space and sit on a 4207 sq ft lot. I live just a block away. I love this part of town and the relaxed way of life. Just imagine how neat it would be to walk to Salute` for a meal at sunset. The food is good and reasonably priced. And the laid back atmosphere and the scenery is just so relaxing. The location is convenient to everywhere you want to go.

Higg's Beach is just five blocks to the south

Salute` Ristorante is located at Higg's Beach
It's a great place for a simple meal and an incredible view

1412 White Street is listed by Preferred Properties Coastal Realty, Inc. I will be hosting the Open House. Stop by and take a look. You may find the reason to quit your job in New Jersey and move to Key West. And it won't be me that will cause you to want to leave New Jersey.

You're Gonna Howl with Laughter at this New Bank Owned Key West Property

From Dale McDonald Collection showing a funeral march through Old town

I have written before that in a prior life I did commercial loan workouts for a couple of big national banks in Denver. Part of my job responsibilities included the sale of bank owned properties. I got pretty good at doing my job. I tried to get the last nickle out of every deal, but I knew that when I had a problem property I had to sell it and get rid of it. I only "fell in love" with a couple of properties that I refused to sell at give-away prices. One such property was a big two story house on the golf course in East Vail. We had lots of offers from greedy buyers that thought they would steal the place. They lost.

When I had a dog foreclosure, I got rid of it. Sometimes we had to fix the dog up and make it pretty enough to attract a new buyer. You must understand that all dogs are not ugly. Some look perfectly normal. But location and previous usage can make a once viable property a pretty difficult sale after a property has been foreclosed upon. One such property was a small house that had been converted into offices near City Park in East Denver. Nothing 0dd about the conversion except the neighboring property had become an abortion clinic which was being picketed all the time. Another time I took over a medical building in North Denver. That building had been used as a pill pushng clinic where the doc pushed diet pills and Valium. The building had creepy old medical devices and lots of pills stored in boxes in the basement. We could not sell the drugs and absolutely could not throw them out. I ultimately found another doctor to purchase the building and he took responsibility for disposing of the furniture, fixtures, equipment and drugs. Yet another time I took over a gun store filled with weapons and ammo. I have never fired a gun in my life and being in that place scarred me. I found a buyer with the proper license to take all of the inventory and we were out of the gun business in a hurry.

All of this leads up to a new Key West listing of another key west real estate company. The property in question is located at 325 Julia Street in the Bahama Village area of Key West.

The listing Realtor says

"Presently licensed for use as Evergreen Mortuary and Conch Conquering Lion Construction. Second story has one bedroom residential unit."

I started to howl when I read that line. But then I looked at the pics of the listing including the viewing parlor, the embalming room, and that special room with the big table saw, I doubled over in laughter. CLICK HERE to checkout the mls listing info.

325 Julia Street back in the day. Now Bank Owned!

The Parlor at 325 Julia Street

The Embalming Room I guess

The room with the table saw! I hope we never see this place on America's Most Wanted

A few weeks ago I was showing property near the Key West Cemetery. We were in my car driving on Windsor Lane where I intended to go south to my next appointment. I had to hold-up a bit as there was a funeral procession (march) making its way slowly down Windsor Lane toward the cemetery. (Just like the one in the black and white photo taken in Key West in 1934,) When we managed to reach Galveston Lane I took a sharp right and made my getaway.

We don't have that many funerals in Key West because Key West isn't all that big a town. I understand that there are few if any remaining unsold burial plots at the cemetery. I kinda fear being taken to anyplace else in Florida. You must have seen the horror stories about Florida cemeteries and bogus burials. It is comforting to know that people in Key West still have reverence for the recently departed. I mean that in all sincerity. But since there are not a lot of burials, it is nice to know one could use the none mortuary space for other uses such as construction.

The 2460 sq ft mixed use building at 325 Julia Street is offered at $489,000 or $199 per sq ft (50.25' x 79.33'). A couple of other funeral homes have been sold in Key West in the past few years. This could be a fun project for someone in need of Hmdr (Historic medium density residential) permissible zoning space.

I would be happy to show this property to serious buyers. I make light of the listing because of the incongruity of use between mortuary and construction office. But let's not waste someones time for a laugh. Please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

1217 Grinnell Street - Key West

Preferred Properties just listed an absolutely wonderful two bedroom stand alone home with private pool and spa in Grinnell Gardens. This is how the listing Realtor describes this home:

"This fee-simple unattached townhome in the Grinnell Gardens Compound has it's own private, heated swimming pool and spa. In addition it has access to another heated compound pool shared with the six other homes, so you can follow the sun around. The home has a surprisingly large rear garden and an assigned parking space. The spacious, sunny house has large open rooms with many windows and French doors and four covered porches -two up and two down. The new designer kitchen was recently featured in the newspaper."

A picture is supposed to be worth a thousand words. Here are some pictures I took on Tuesday of this ready-to-move-into home. I had been here before many years ago when a friend lived there. I remembered the place being really neat back then. But, baby, look at it how.

The main entry to 1217 Grinnell Street

The private pool and spa are located just off the livingroom at 1217 Grinnel Street

The spa

The new kitchen is incredible

A room with a View!

French doors open out to the private pool at the rear of 1217 Grinnell Street

French doors in living room also open onto front porch on main level

Master bedroom on west side has French doors and private balcony off sitting area

A separate master bedroom has a sitting room with French doors opening to private balcony

Shared pool with privacy entrance on the left

CLICK HERE to see the mls listing info and view numerous photos. 1217 Grinnell Street is offered at $725,000 or $465 per sq ft for this 1560 sq ft home. The home sits on a fee simple lot of 3945 sq ft. The lot includes a separate cottage the houses the laundry; the private pool and spa are located at the rear ; a lush side yard to the east offers a private sanctuary for the contemplative types; and the deck just off the kitchen provides a nice place for al fresco dining.

1217 Grinnell Street was built new in 1990 as were the other homes in this compound. Some of the other homes also have private pools but others do not. Beside the shared community pool, the compound provides lush gardens and a share off street parking area. Each unit has its own dedicated parking spot. I know a lot of potential buyers want a place of their own and have never thought of living in a compound. I "get" the resistance argument. But there is also a group of potential buyers that do not mind having nearby neighbors that live in close proximity to keep an eye on the place when the owner is not in residence. The people who live in compounds pretty much love it. Compound living may not be for everyone, but it is easy peazy with others.

This home is located at the southeast corner of the compound. There are French doors located off of each room downstairs and on the second floor. So each room has beautiful views from every room, and every room has immediate access to the beautiful outdoor spaces. The two master suites on the second floor have adjacent sitting areas and en-suite baths. There is nothing confining or claustrophobic about the separation between this home and the rest of the compound, but the separation is there just the same.

Click MAP to see where 1217 Grinnell Street is located if you are unfamiliar with the area. This property is located in the area knows as South of Truman-Old Town by Key West Realtors. It is a stones throw to the Casa Marina area. The beaches are about six blocks to the south. Upper Duval Street is a five minute walk to the west. The shops and restaurants in the arts district are a five minute walk to the east.

If you would like to schedule a visit to see this terrific home, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

810 Carey Lane - Old Town - Key West

I have written about Carey Lane before. It is just the dreamiest of the lanes in Old Town. The lane is only one block long and is accessed at Margaret Street across from the north entrance to the Key West Cemetery. The lane is narrow and is enveloped in lush foliage and flowering trees. All of the little houses have white picket fences. There aren't any straggler houses here to bring property values down. Each of the houses is perfect in its own right. The location looks like a Hollywood set designer created it.

Carey Lane - The Dreamiest of the Old Town Lanes

810 Carey Lane

The asking price on 810 Carey Lane just got reduced to $895,000 which means this cutie just became a lot more affordable to a wide universe of potential buyers.

This is how the listing Realtor describes 810 Carey Lane:

“Perfect! Beautifully remodeled cottage on a quiet Old Town Lane with pool and parking. The master bedroom and living room open to a deck, pool and covered dining area. A third bedroom space can be easily created by closing a set of pocket doors in the guest bedroom. The kitchen is a cook's delight with lots of open space, convenient island work space, wolf gas stove, and more. This property has been well cared for and is easy to show.”

The house at 810 Carey Lane is a bit deceptive because what looks like the front entrance is actually a sitting porch located off of the front bedroom. The front porch as an old fashioned swing hanging from the ceiling where you can sit and watch absolutely nothing go by except maybe the clouds. The real entry is located at the rear end of the bricked parking space. That doorway leads you inside and into the beautiful kitchen located in a sawtooth addition. It has a vaulted ceiling which adds lots of volume to the room and makes the room seem so very spacious. That kitchen is so sweet you won’t need sugar to make cookies.

The original front porch is now a sitting porch off the master bedroom. The master bedroom has an adjacent sitting area on the east front of the house. The neatest feature in the master bedroom is the loft above the which has a ladder that hangs from a rope that permits occasional entry for good little boys and girls. When I first saw that space I immediately thought "FORT". What kid doesn't want a FORT? If you have grand kids, this is the place they will always remember. Forever!

The rear bedroom has French doors that open onto the secluded pool. The living room shares the rest of the rear side of the house which is a second sawtooth addition to the main house. The pool and outdoor kitchen are located at the very rear of the property. The area is very private and the only things you see are the blue skies and neighboring trees. Lots of sunshine in this place. CLICK HERE to see the mls listing info page and to view more photos.

If you have ever dreamed of owning what some Realtors call the quintessential Key West Cottage, you owe it to yourself (and your grand kids) to look at 810 Carey Lane. This is the kind of place that could stay in your family for generations. Please call me, Gary Thomas, 305-766-2642 to see this really special home. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

1413 Albury St - Bank Owned - Key West

1413 Albury Street is second house from the right

Just Listed 1413 Albury Street, a cute and previously well maintained conch cottage located in The Meadows Area of Old Town Key West. This 1140 sq ft house has two bedrooms, one bath, central air conditioning, wrap around porch, and a very low maintenance yard. The house sits on a 2053 sq ft lot (29' X 67'). There is no room for a pool. CLICK HERE to view the side yard and note the old fashioned pump. Perhaps there is still a well on the property. MAP Warning, if you do a Google Map search and try to see a street view, you will see houses on Olivia Street. Albury Street runs parallel to Olivia Street from Georgia Street to Eisenhower Drive. Most locals don't know where it is. Conch trains don't drive by the house. That could be a good thing. CLICK HERE for more info on this house and to see photos provided by the listing Realtor.

The house at 1413 Albury Street is just one block north of Bayview Park (the main city park in Key West) . The park has an old fashioned band stand, public tennis courts, lots of trees and grass. It is the place where locals meet for all kinds of civic events and celebrations.

The Meadows Area is located just to the east of the main part of Old Town Key West. I like to tell people how far things are by estimating the length of time it takes to walk or ride a bike from a house to a familiar destination such as Duval Street or the Historic Key West Seaport. The house at 1413 Albury is five minutes extra. If you were to walk from White Street to Duval it would take about seven to ten minutes. I'd add on five minutes extra for the Albury address. Albury would be a good place to own a bike or a scooter. It's not far away, but not as convenient as a place in the heart of Old Town. But it is not so far away as to require that you bring snacks every time you leave home.

The White Street arts district, Faustos Food Palace, Island Gym, and The Coffee Mill are all within a five minute walk. If you are a boater, the Garrison Bight Marina is a three to five minute walk. Most of the homes in this area date from the late 1800s to the late 1920s. The black and white photo of the house (below) was taken in 1965. You will note that the photo shows that the porch was enclosed at that time. The photo also shows that the house did not have shutters. Today the wraparound porch is a prominent feature in this house as are the shutters. The house at 1413 Albury Street was built around 1906. Most of the houses have been redone. Some are very expensive. And there are a few that look like they have never been touched.

1413 Albury Street as is appeared in 1965 above

1413 Albury Street is BANK OWNED and priced at $389,900 or $334 per sq ft. If you would like to see this house, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

Opportunity Knocks - Shipyard Condo - Key West

The front porch at 106-9 Southard Street overlooks the park-like setting in Shipyard Condos

Impressive view when you enter the second floor unit

Expansive views from the second floor deck with French doors from Bedroom and Livingroom

Take a left at the end of the walkway an go to Ft Zach Beach or right and end up on Duval

Just Listed, but not by me, 106-9 Southard Street which is a second floor end unit that is in pristine condition. I looked at the unit for an aggressive investor who decided it wasn't cheap enough for him. So I want to share my thoughts with my readers and let you know why I think this particular condo may be a good deal for you. Let's start with the listing Realtor's comments and move on to mine.

"Pristine and beautiful end-unit in highly desirable Shipyard condominiums at Truman Annex. Fully furnished and turnkey with Ethan Allen furniture, flat screen TV and high quality finishes, this unit is a great second home or rental property. Meticulously maintained with open floor plan, second floor unit with attic storage. Huge private deck overlooking Shipyard Gardens offers privacy and outdoor living. Property is located in the center of the development away from street for maximum peace and quiet. Eligible for Truman Annex transient license. Within walking distance of beaches, restaurants and nightlife. A Quiet Oasis in Old Town Key West."

I arrived at the unit at noon just as a light rain began. The building is located just next to a wide and richly landscaped park-like expanse that is part of the common area for the Shipyard Condominiums. This setting provides one of four walkways for residents entrance into the condo develeopment. The gated parking entrance is two blocks away on Thomas Street. This park like entrace is located opposite some of the uber expensive single family homes and less pricey town homes. Take a left at Southard and walk five minutes to Ft. Zachary Taylor Beach or take a right and walk three minutes to the east and you are on Duval Street. But sit on the second floor balcony and just veg-out. What a pretty and quiet place it is.

This unit is and always has been a one bedroom unit. It has never been used nor abused by renters. The current owners have used this place as their private weekly getaway from Miami every weekend for over 12 years. The place is just immaculate. And everything you see in the mls photos is included in the purchase price. CLICK HERE to review the mls listing info and view the photos provided by the listing Realtor.

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106-9 Southard is offered at $349,000. For value comparison I suggest that you CLICK HERE to checkout the sales info on a similar one bedroom unit in Shipyard located at 620 Thomas Street, Unit No. 161 that sold and closed on Monday, March 1st. And if that doesn't help you, look just below to see how quickly the Unit No. 161 sold:

Date Time New Status Old Status New Price Old Price Selling Date DOM Change Type
03/01/10 2:22:27 pm Sold Pending 325,000 359,000 03/01/10 2 Price/Status
02/05/10 11:46:02 am Pending Contingent 359,000 359,000 2 Status
01/22/10 10:07:16 am Contingent Active 359,000 359,000 2 Status
01/20/10 8:39:58 pm Active 359,000 0 0 New

106-9 Southard Street can get a valuable Shipyard Transient Rental License which offers the opportunity to rent on a weekly bases. The listing Realtor sent me a guestimate as to what a potential buyer might expect to earn from rentals:
"... they rent for approximately $1600 per week in season and $900 per week off season. The special transient license in Shipyard allows for a maximum of 26 weeks and an unlimited number of monthly rentals (or a combination of weekly and monthly) The license is valid for 20 years (we are in year 3)....(deleted) indicated that a similar unit he has earned about 30,000 in gross income."

It takes time and marketing to get a new rental to make money. So what you as a buyer could actually earn could be much less. And you need to understand that the unit might not appeal to a wide universe of budget minded travelers that share condos like pack dogs with four to six people staying in a two bedroom unit that is priced cheaper than a hotel room on or near Duval. But that could be a good thing for you as an owner-not having four to six people living in a small unit with one bathroom. Think about it.

But if you are looking for a place for just you and your sweetie to use and have no intention to rent out, ever, this charming unit might be just the ticket. I think this place will sell quickly. So if you are interested, please call me, Gary Thomas, 305-766-2642, or email me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida where today the sun is shining like it is supposed to. The town is starting to fill up with college kids and oldsters looking for a sunny spring break in Key West.

1800 Atlantic Condominiums - Penthouse Units - Key West

1800 Atlantic Condominiums - Unit A 403 is the top floor mangrove side Penthouse

1800 Atlantic Condominiums interior courtyard

The seller of Unit A-403 at 1800 Atlantic Condominiums just reduced the asking price on this extra large Penthouse unit to just $664,000 or $460 per square foot. CLICK HERE I think the price, location, view, and fact that this property has a valuable Transient Rental License may be just the property a buyer seeking an income producing property may find interesting. This is how the listing Realtor describes Unit A-403:

"Spectacular Oceanview Penthouse. Located at 1800 Atlantic Condominiums on Smather's Beach, this resort style setting is loaded with amenities & considered one of the premier condo complexes in Key West. As a penthouse unit, the condo features large volume rooms with vaulted ceilings. A valuable transient rental license is included in the sale, allowing nightly/weekly vacation rentals. Completely furnished, you're ready to catch the income from the peak winter rental season. Originally a 2 BR & 2 BA model, the floor plan has been modified to present a huge main living area to capture the ocean view. 1800 Atlantic offers a heated pool, hot tub, grilling pavilions, covered parking & 24 hour security all in a private tropical oasis."

I did a quick search of THREE penthouse units currently available at 1800 Atlantic Condominiums. CLICK HERE to do your own price and feature comparison. I have not been inside of this particular unit, but I can tell from the photos that it looks like it has the original kitchen as when constructed. The two other penthouse units appear to have granite counter tops and newer cabinets. But with they are priced much higher in real dollars and in price per sq ft. Neither unit has transient rental license either. I guess you could spend a few thousand bucks for some new cabinets and granite counter tops if that would make you feel better.

I did a separate search of other all "active" and "active short sale units". CLICK HERE to checkout the other properties and do a comparison of those units. Certainly Unit A-403 is offered at a higher price point than many other units, but I urge potential buyers to consider the top floor ocean front location, the extra large size, the valuable transient license when you make your comparison between apples and oranges.

Although each unit is different in some aspects, all of the units at 1800 Atlantic Condominiums have use of the huge Olympic swimming pool, an extra large spa, three tennis courts, beautiful interior courtyard, covered off-street parking plus individual owner storage space.

If you would like to schedule a visit to see any of the units at 1800 Atlantic Condominiums, or any other property in Key West, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.