Aversion to Conversion

A few years back when real estate was king in Key West a lot of property owners converted existing large properties into smaller living spaces which they then sold at inflated prices. They called those smaller spaces condominiums. Some of the conversions worked. Others did not. The huge landmark property at the corner of Eaton and Elizabeth Street is an example of the latter. There was, to coin a phrase, an aversion to conversion as far is this property was concerned. In May 2007 this property was listed at $3,649,000. Today the asking price is $1,999,000 or $465 per sq ft for this very large 4292 sq ft home on a large 6151 sq ft lot.

703 Eaton Street Old Town Key West is a potential short sale that may be subject to third party approval. This listing Realtor describes the property this way: "Grand home on a beautifully landscaped corner lot in the heart of Old Town Key West. Currently configured as four condominiums (with docs) being sold as a whole. Beautiful kitchen with granite counter tops and stainless steel appliances, fireplace, glass doors opening to lush gardens and large pool. Hurricane shutters, generator, waterfall pond, privacy gates and two off street parking spaces complete this prime Old Town condominium complex just steps from Duval Street."


The property at 703 Eaton Street presently has 8 bedrooms, 7 1/2 bathrooms, kitchen(s), a huge pool, spa, parking. And a great location. You are a 5 minute walk to Duval, 5 minute walk to the Historic Seaport, and a 10 minute walk to sunset.
CLICK HERE for even more photos of this property and other info.

I used to own Eaton Lodge (511 Eaton) which is located two blocks to the west of 703 Eaton. I got invited to this property many times when Dr. John was the owner. It was here that I met so many of the locals who were friends of Dr. John, and those folk in turn invited me to their homes on occasion. I guess that is the way it works everywhere, you meet a neighbor and soon you get to meet lots of other people. It works that way in Key West. Oftentimes potential buyers express frustration over the idea of having to have their envisioned social life revolve around "Duval". I tell them only tourists go to Duval. Locals go to Duval to be with their guests or to cross the street on the way to somewhere else.

Some smart buyer with a wad of cash is going to snap up this prize. Maybe that smart buyer is you. Give me, Gary Thomas, a call at 305-766-2642 or e-mail me at kw1101v@aol.com to schedule a showing.

The house at 703 Eaton is now priced to sell. Look at the house just across the street at 708 Eaton. It is priced at $3,295,000 or $994 per sq ft that is $529 more per sq ft than the house at 703. CLICK HERE to see more info and pics on the house at 708 Eaton and you'll understand why I think a smart buyer will snap up 703 Eaton.