If I had a Hammer...

I get phone calls and emails from potential buyers that want to buy a fixer and build their own Key West Dream Home. I get it. I understand. But when I send them photos of existing properties for sale (as shown in our user-friendly Key West Association of Realtors mls database), many potential buyers see prices that they think are too high or locations that they don't like. I get that, too. I understand their pain.

507 Amelia Street - November 2010

I have shown the house at 507 Amelia Street a couple of times over the past two years. Yes, that property has been on the market a long time. The price has been reduced a bit. It is now offered for sale at $549,000. Perhaps a potential buyer with an itch to renovate will read today's blog and decide to take a look at the Amelia Street house with me. Read on, Dear Reader.

507 Amelia Street - 1965

I found an old photo above of 507 Amelia Street that was taken in 1965. The Monroe County Appraiser says this house was built in the 1920's but does not state a firm date. A similar house across the street is shown as being built in 1928. We know that this house is between 80 to 90 years old. It has been updated. The Property Appraiser shows some permits in the 1980's and 1990's. I don't recall anything significant having been done recently, and that's why I think this might make an interesting renovation project.

The listing Realtor describes 507 Amelia Street this way:

"Located only a half a block off Duval on a dead-end lane is this sweet conch house with a spacious yard, front porch and parking for two cars. Perfect for a vacation / second home as is but location could support improvement as well. Plenty of room for a pool. If you want to live within walking distance of all that Key West has to offer, this is a perfect home. Zoning allows for transient use with restrictions."

World Famous La Te Da

507 Amelia Street is about 125 feet up on the left side

The 500 block of Amelia Street is a small dead end street located about 200 feet north of LaTeDa. This block has several houses built during the same time and almost all have been remodeled and are now used as transient rentals or vacation rentals.

CLICK HERE to see a Google Map aerial view of 507 Amelia Street. When you look at the aerial view you will appreciate the size of the existing house, a separate (and legal) 285 sq ft building at the rear, a large detached carport, and lots of open space between. Remember the listing words "...Zoning allows for transient use with restrictions". Houses on all sides on this block have transient licenses. ( A new owner would have to verify that he or she could purchase and move a transient license to the location.) Any owner could rent a house in that location as a monthly vacation rental without purchasing a transient license.

The lovely cottage home directly across from 507 Amelia Street

The existing house is 1064 sq ft (plus unit in back which has 285 sq ft) which sit on a 3964 sq ft lot (irregular shaped 51' x 87' or so). CLICK HERE to see the mls listing and photos. I don't think interior photos are particularly helpful since I see this as a renovation project. The house itself is perfectly livable as is, but second home buyers want a place that is all fixed up with a pool and guest house. If I had a hammer and I were the buyer, I'd rip of the existing interiors, windows, and doors, vault the ceiling, and remake the house the way I want it. I'd fix up that unit in the back or maybe extend the existing house to attach to the building. I'd tear down that awful carport and put in brick pavers to accommodate two cars. Then I'd erect a nice white picket fence to set off the parking area from the new pool and outdoor living area off the remodeled house and guest cottage. I'd build my own little island paradise. That's what I'd do if I had a hammer.

What would you do if you had a hammer?

Many people buy fixers hire local contractors to do the work for them. But if you have the skills and want a project house, the house at 507 Amelia Street might work for you. This property is a listing of Preferred Properties Coastal Realty, Inc. (That's where I work.) If you would like to see this house, please call me, Gary Thomas, 305.766.2642. Let's go see this old place and see what you could do if you had a hammer.