Family Home - 201 Virginia Street - Key West

The really big and nicely appointed family home at 201 Virginia Street in the Bahama Village area of Key West is offered as a short sale at the asking price of $699,000. I showed it shortly after it was listed in January 2008 at the then asking price of $1,149,000. It was obvious then that thee asking price was too high given the declining market and the fact that this home is located across the street from public housing. The price has been steadily reduced to the current amount. The property has been under contract twice and, obviously, neither deal closed. The listing agent notes that "Update:Short Sale Approved at $600,000". Some agents do not reduce asking prices to reflect approved short sale prices acceptable to lenders. Doing so often invites future and seemingly endless short sale approval drama. If you were to purchase this home at $600,000 the sold price per sq ft would be $267 and that is very low for any house in Key West, let alone a recently built house with all the features in this one.

I showed this same property a few weeks ago. The inside is the same. The outside is looking a little worn. The paint job is starting to show that the painter may not have been a professional. I took the blog photos this morning. The fence looks especially bad. But if a poor exterior paint job and location near public housing bother you, do not read on. If on the other hand you are looking for a big family home with lots of really nice features, continue to the next paragraph.

This 2250 sq ft 3 bedroom, 3 bath home has big rooms, tall ceilings, superior finishes and other features you will not find in a house for the same asking price in Key West. The corner lot is even large: 3737 sq ft (43' x 87'). The bonus to this home is the third floor eagle's nest which is the access to the widow's walk where you can see the Atlantic Ocean just a couple of blocks away. This widow's walk is the perfect place to mark and photograph the Truman Annex redevelopment project.

Downstairs you will find an extra large great room which combines living and dining areas with the kitchen located at the rear. French doors open from there onto the covered back porch that overlook the pool. A full bedroom and bath are also on the first floor. Two master suites with very large bathrooms are on the second floor. You won't see any of the sibling fighting over who gets the bigger bedroom because all of the bedrooms are made for real sized people. Note the rear second floor covered porch CLICK HERE.

The listing Realtor describes 201 Virginia Street this way:

"Incredible value awaits the smart buyer for this recently built quality home. Top of the line finishes are used throughout including stone and wood floors, granite countertops in the kitchen and baths and wind impact windows and doors. The home has an up to date floorplan with an open living/dining and kitchen opening to a covered porch and stunning pool with water feature. Also on the main level is a guest bedroom and bath. Upstairs are two oversized master suites both with walk-in closet, and bath with separate tub and shower. One of the master suites includes a large loft area with stairs to a rooftop widows walk with spectacular panoramic views of Key West and the waterfront."

CLICK HERE to see the listing information and listing photos of 201 Virginia Street. Better yet, please call me, Gary Thomas, 305.766.2642 to schedule a showing of this very nice family home that is priced to sell. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.