914 James Street - Old Town Key West - Short Sale

The very interesting home at 914 James Street located near the Key West Historic Seaport is back on the market as a short sale. The house was listed in early February and quickly went under contract. For whatever reason, the property is back on the market. I have shown this property several times and I think it could make a wonder Key West getaway property for some lucky buyer. The listing Realtor describes the property this way:

"This 2 bedroom, 2 bath Old Town home has a large pool, open living space, and a bonus sleeping loft.Lender approved at $402k with buyer bringing additional 5k cash for 2nd lender. Home sits on a large lot ( for Old Town Key West), and has a very comfortable flow. Buyer to pay 1 % of contract sales price to short sale processor. Seller is a licensed Fl. sales associate, but not the listing agent. Exclusions to sale are bathtub outside, 2 chandeliers and sink and vanity in back bathroom. This is a potential short sale."

Sellers don't often exclude the bathtub, but in this instance I see the reason. It is located just outside the great room on the edge of the deck near the pool. Out door showers (and tubs, I guess!) are among the reasons to live in Key West where one can bathe outdoors just about every day of the year.

The house itself needs to be seen to be understood. The owner has divided the space to accommodate a roommate that lives in the front of the house. That part of the house has a formal entry with a staircase to a small second level loft that could be used for an artist lair, writer's workspace, exercise room, or sleeping loft. A new kitchen overlooks James Street. That area is followed by the living area and bath at the rear. The bedroom is to the right. A doorway at the rear of this space opens into the back portion of the house where the current owner resides. (That door is functional and this is a real functioning doorway for now.) One enters the great room and view a set of French doors at the far opposite end. This room has a tall vaulted ceiling that gives the area a spatial feeling, yet the wood walls and windows with view of palms and sky give the same area an almost 'cabiny' feeling-in Key West. Another bedroom is located just to the right of the entry. The bathroom is located to the left. A small butler's kitchen is at the rear left.

There is a nice sized pool at the rear that is surrounded by a wooden deck on four side. Large trees frame the back yard but the space does get sunshine as well.

A new owner would probably ditch the roommate and reconfigure the living areas to fit a more conventional lifestyle. I don't see this place as costing all that much, but I am not a contractor. Too often new owners get way to excited about what they feel 'needs' to be done and end up spending way too much money. Removing the door between the two living areas would be a great place to start. A new owner could live in the area for a few months and then decide what might work better. This place isn't broken. So I wouldn't worry about fixing it. Eventually some work will assuredly be done, but I don't think this house needs a budget breaker redo.

CLICK HERE to view photos I took of this property that is now offered as a short sale at the asking price of $410,000. Re-read the listing comments:"Lender approved at $402k with buyer bringing additional 5k cash for 2nd lender." And you can view the Key West mls datasheet on this property.

CLICK the GOOGLE MAP for a aerial view of the area and use the toggle switch to view the street. The City of Key West has a big old parking garage across the street. You can view that as a negative or a positive. I see it as being a quiet neighbor. The Historic Key West Seaport is one block to the north. And the rest of Old Town is within easy walking distance from this location. CLICK HERE to view the Key West mls datasheet on this property.

If you would like to see 914 James Street please contact me, Gary Thomas, 305-766-2642 to arrange a showing. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.