719 Chapman Lane - Bank Owned - Key West

719 Chapman Lane - Key West - May 2011

The newly listed Bank Owned single family house at 719 Chapman Lane in the Bahama Village area of Old Town Key West was just listed for $499,100 or $237 per sq ft. The house has been bank owned since since September 30, 2010 but was just listed in the Key West mls on Friday.

The same house was listed for sale in the go-go years at $1,200,000 (2005) and later $1,099,000 in 2006. It did not sell. The house was built new (not renovated) in 1999. It has 2108 sq ft of living space on three floors. It sits on a 27' x 98' (2646 sq ft) lot. See the diagram and photo below that show the house layout and how it it looked in 2006.

2006

Above is a current listing photo of the same area

The Monroe County Property Appraiser took the above photo in 1965 but notes the house at 719 Chapman Lane was razed in 1967. Proof that the new house really is a new house.

For comparison purposes the house next door to the south (721 Chapman Lane) SOLD on March 29, 2011 for $370,000 or $195 per sq ft. (It sold 18 days after being listed at $425,000.) I wrote about that house when it was also a bank owned property. I even did a broker's price opinion on that property and pegged the probable sales price at $375,000. My estimate was pretty close. That house was livable but I felt it needed some work. It certainly needed cleaned and painted. It had a pool, but the front yard had a pretty white picket fence instead of parking.

Two years ago I wrote about the then short sale at 710 Chapman Lane. I loved that house. It was a renovated single family with 1200 sq ft of living space, a white picket fence, and room for a pool. It ended up selling for $385,000 or $321 per sq ft.

710 Chapman Lane is located across the street. It sold last year.

This Chapman Lane house did not sell and is not for sale.
It is just damned beautiful!

All three houses are located on Chapman Lane which is three blocks from Duval between Petronia Street to the south and Angela Street to the north. One block long and most of the houses have been renovated. If that block were located three blocks east of Duval, we would not be writing about any of these houses at selling or being offered for sale as such low prices.

The City of Key West is nearing final approval on the redevelopment of the Truman Annex marina and park. It is located just a couple of blocks further west of Chapman Lane. Angela Street is supposed to provide a walking lane type entrance into that area. When the redevelopment is completed, I believe that property values in the immediate area will increase dramatically.

Breakfast at La Creperie

Dinner in Heaven

Spend the day at Ft Zach

In the meantime if you owned the house at 719 Chapman Lane you could walk a little over one block to have breakfast at La Creperie or dinner at Blue Heaven or maybe do tapas at Santiago's La Bodega. You could ride your bike over to Ft Zach Taylor beach and work on that Key West tan. Or you could do any manner of things people in Key West do every day. This block is populated mostly by full time homeowners but there are a few second homes located here as well. After the Truman Annex is completed I expect there will be a shift between full time and second home ownership.

If you are looking for a newer home in Key West and want the convenience of being located near major Key West attractions but don't want to pay the high cost of ownership by being located on the supposed best street, you should really take a serious look at 719 Chapman Lane. Understand that a similar house on a more sought after block in Old Town will cost about $500,000 more. Please call me, Gary Thomas, 305-766-2642 to schedule your visit. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.