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Wednesday, January 25, 2017

3322 Flagler Avenue, Key West - Let' Look


I wrote about 3322 Flagler Avenue in Key West a few months ago  I liked this three bedroom two bath home because it reminded me of my youth and also because of the large tropical backyard which has a lot of potential. The listing real estate agent describes this home this way:
"Centrally located and beautifully well maintained home. Full 3 bedroom 2 bath with dinning alcove. Large fenced yard that is wonderfully landscape, with covered back patio, out door shower, storage shed and plenty of room for a pool. Off street parking for 2 cars, one spot covered. This is a must see, easy to show, currently owner occupied."
I've got news for you.
This home was built in 1958 and is pretty typical of many homes of that era. It's just been updated with a new metal roof, new windows with approved storm shutters for wind insurance mitigation credit, new kitchen cabinets, new light fixtures and ceiling fans, plus sundries like curtain rods and drapes. The house is freshly painted and is in basic move-in condition. The terrazzo floor is in really good condition as well. That means someone moving to Key West from far away won't need to arrive in Key West and start to clean and redo a property before they can move in.  If you think a quick "update" or a "freshening" is quick I've got news for you: it isn't. Seemingly little projects always take longer to do and cost a lot more than anybody ever intends. Let me show you what's been done.
This home is a bachelor pad right now. The bumper pool table is confirmation of that. But the living area is large enough for a real family. The living room is quite spacious. Note the dining alcove. Muted sunlight provides a cheery place for daytime meals. The space may be large enough to become a fourth bedroom. The adjacent new kitchen gleams. A door at the rear exits out to the west side yard which leads to the front covered parking or to the rear garden where there is abundant room for a pool.
The front bedroom has three windows which adds a bit of drama to what often-times is a boring space in many mid century homes. This house is an upgrade from could be mundane. The color choices used between the various bedrooms works as well. The colors play off the whites, blacks, and grays of the terrazzo floors.
The windows of the left rear bedroom look out to the rear garden. This room is quite spacious. While it is used as an office by the current owner, it has ample space for a king, queen, or bunk beds plus bedroom furniture. Both the front and rear bedrooms share the use of the hallway bath that has also been updated.
The master bedroom has a full en-suite bath. A sliding door opens out the very large rear yard where there is ample room for a large pool. The lot measures 60' X 114' or 6840 sq ft total. That is much larger than a typical lot in Mid Town or New Town and even larger than many lots in the Casa Marina Area. This lot is much nicer than comparable other houses on the market. I know that buyers don't appreciate landscaping as much as they should. Sodding a yard and planting mature trees the size of those pictured would add thousands of dollars to place in a similarly sized lot that is a blank slate.
I took a lot of photos of this home which you can see if you CLICK HERE. They provide many angles of each space plus photos of the building exterior and garden area. I don't want potential buyers to miss the genuine money saving opportunities this house provides as it sits for immediate move-in plus potential to add a pool later on. This is a clean house where the drudge work has been done. Nothing new needs done to the inside or to the house. The yard is nicely landscaped. There is room for a large pool if that is something that a new owner wants. But the place is perfectly fine as it sits. The yard is a safe place for the kids to play.
CLICK HERE to view the Key West MLS datasheet on 3322 Flagler Avenue. Then please call me,  Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let's go take a look. I think you will be genuinely impressed by this home which is offered for sale at $569,000.

Tuesday, January 24, 2017

1122 Seminary Street, Key West

Just Listed 1122 Seminary Street, Key West. In my opinion this is the prettiest house on Seminary Street - all eight blocks of Seminary Street. The listing Realtor, not me, describes this beauty this way:
"The elegant blend of modern amenities, dignified details and highly sought-after Casa Marina area location make this tropical estate an entertainer’s nirvana! The graceful 4 bedroom, 4.5 bathroom home and private entry guest quarters boast gorgeous hardwood floors and stately marble-like Venetian plaster walls. The beautiful gourmet kitchen overlooking the pool deck is an entertainer’s delight offering Wolf six-burner stove and double ovens, Sub-Zero refrigerator, Electrolux wine cooler, Bosch dishwasher, compactor, pull-out pantry, and contemporary cabinetry for elegance and organization. This 2,650 sq ft home also offers a Crestron sound system and flagstone waterfall with pool so your guests will relax in rich style. Off the pool deck you'll find the private entry mother-in-law suite complete with kitchenette, sitting area, full bath, and access to the tropical courtyard in back. The upstairs master bedroom boasts a fantastic rooftop sun deck and en-suite bath. With all of this and more... welcome to luxury and location! Call for your private showing today!"
While the front entry is quite dignified, the main living area, kitchen, and dining room are a little more relaxed. The living area is located toward the rear of the house. And a new owner can relax the interiors even more if that is their preference. A large sliding door opens out to the pool with waterfall. An IPE deck surrounds the pool on three sides. The guest cottage can be seen at the rear. (The open door in the living room leads to a small guest bedroom)
The master bedroom and guest bedroom are located on the second floor. There is a nice sundeck off the master bedroom.
The  French doors in the master bedroom open out to the south.  At midnight on January 1st and around 9:00 PM each July the 4th you can sit on that roof top deck and watch fireworks from the White Street pier. I live to blocks to the south and can watch the fireworks from my pool. Lazy  I guess. Blessed to be sure.
The newly completed Key West City Hall is located across the street. The building and parking lot occupy three city blocks with no parking nor any vehicle entrance on the government side. There is abundant parking on the United Street side.The exterior was beautifully landscaped to compliment the area.
CLICK HERE to view the Key West MLS datasheet and listing photos of this beautiful Casa Marina Area home offered at $1,825,000. Then please call me, Gary Thomas, 305-766-2642, to arrange a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. As I mentioned, I live in this area. I love it. I can share with you first hand how convenient and pleasant life is in the Casa Marina.

Monday, January 23, 2017

Where Have All the Buyers Gone? Key West

I have been selling houses in Key West for twenty years. In my earlier life in Denver I watched and participated the cyclical market there. I have seen high markets when sellers get their way as desperate buyers try to buy before prices go even higher. I have seen and been a participant in depressed markets when sales dry up.

The Key West market is a bit different than the rest of the US housing market. Our community has had a stable base of full time residents for decades  That base has not changed primarily because Key West cannot expand. It cannot expand out to the suburbs because we really don't have much undeveloped land on which to build. Developers cannot build up into the sky because of height restrictions and more importantly rate of growth restrictions mandated by the State of Florida. As a result we continue to sell the same houses over and over again. Sales in Old Town, the Truman Annex, the Casa Marina and Meadows Areas drive the real estate market here. Most locals cannot afford and probably do not want to move to any of the areas I just mentioned. Those areas have out-paced the financial ability of most buyers to buy into those areas. Most but not all.

A few days ago I had a brief discussion with a local Key West home appraiser. I asked him "How's business?" to which he responded "We're really busy - not in Key West. Sales have dried up here. But we are busy up the Keys where housing prices are lower and buyers can get a nice place, maybe on the water, for under $500,000 or so." That may not be an exact quote, but it is the very essence of what he said. We discussed Key West in more detail. He said housing prices here are too high and buyers have stopped buying thinking prices will fall. I have been saying prices are too high and are not sustainable. But each year I see a lot of sales that prove me wrong as the buyers come back into the market at or near the end of our buying season which now ends in May. Those sales usually close a couple of month later.

As of mid January 2017 there are 452 houses, condos, and town homes for sale in Key West and up to Shark Key.  The least expensive place is on Big Coppitt Key and is priced at $215,000. There are 281 places for sale priced up to $1,000,000. There are 116 homes available priced between $1,000,001 to $1,800,000. Most of the homes in this price range will be sold to out of state buyers looking for a second home or a potential new retirement home which may be rented to help defray some cost of ownership. There are 55 homes priced at $1,801,000 and higher. Between this date in 2016 through today 38 homes in the $1.8 price range and higher sold which suggests that 31% of the current houses on the market will not get sold by this time next year. That number could go higher if the market responds negatively to the new government in Washington. I don't see a boom in sales if buyers fall in love with the new government. But I could be wrong. I think there is a real skepticism of our current housing prices and that the skepticism is why buyers are staying out of the market. It is real and buyers are not buying. It's like they are playing chicken.

I have been watching as asking prices have begun to decline on over priced houses. Some sellers who really do not need to sell probably will not reduce their asking prices. Sellers who do reduce asking prices may need to negotiate to an even lower price to sell. It's the vast group in the middle that bothers me. I am not suggest potential buyers to wait for a market correction - it could correct upward just as easily as it could go downward. Many of the homes in Key West are literally one-of-a-kind properties. Once that one property is gone, it cannot be replaced. That's why I think buyers ought to remain in the market and buy now and not to wait and see what may be available tomorrow. I don't represent a lot of sellers, but I have got to think they must be getting nervous. And if you are a buyer who let the market escape your means like the the lady in the picture above, now may be the best time for you to get back in the market.


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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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