1209 Margaret Street - Old Town - Key West

1209 Margaret Street

I showed the house at 1209 Margaret Street a couple of days ago. It was my first time to step inside the property about which I have received numerous inquiries from potential bargain shoppers. The house has been on and off the market for a few years. The new broker listed the property at $259,000 on May 1st and then reduced it to the current asking price of $249,900. At that price, this is the least expensive single family house in the Old Town area of Key West.  The listing broker describes the property this way:

"Great opportunity to renovate an old town property! Located just blocks from upper Duval Street. Off street parking and located in a quiet neighborhood. Actually is a 3 bedroom home.The driveway to the right of property belongs to the house in the rear. Central A/C duct work already installed. Cash offers only as it needs a new roof, but it does not have any known leaks. Located in an X Zone, so no flood insurance needed."

I brought with me my bag of prejudices. I had prejudged this house unfairly.  I never gave it a chance. I was wrong.   CLICK HERE to view he Key West Association of Realtors mls datasheet and listing photos.

1209 Margaret Street in 1965

 The Monroe County Property Appraiser says this house is 853 sq ft and was built in 1953. I'm pretty certain the Appraiser is wrong at least on the construction date. I dug into the old shoe box and found a photo of the house that was taken back in 1965. (See the black and white photo sbove.) 1209 Margaret Street did not yet have the "moden" cement monolith front porch that is so evident today. Instead, we see a nice little entry canopy to protect guests as they enter the modest home.

Notice that the small "addition" in the black and white photo is now missing.  Too bad. Also missing is the original wood siding which characterize's our famous Cigar Maker Cottage style homes. The house appears to have been updated with poured concrete addition at the rear and part of the foundation and lower wall system on either side. The monolith front porch completes the modernization. Too bad HARC was not around when this flawed design got built because HARC would never have allowed this to happen.

Inside I was surprised to find three decent sized bedrooms, a living room and good sized kitchen.  That's a lot of living space. The house is clean. It is currently rented at $1500 per month.  There is a sixty day kick out clause in the lease. I think the rent could be higher for someone who only wants to buy the property as an investment and not to do any improvement. Note the listing broker's admonition: this must be a cash offer as the property will not qualify for a mortgage.

There is a decent sized back yard that might provide space for a nice yard or maybe even a small pool or deck. The listing broker said the property line for 1209 Margaret Street extends to about two feet of the separately owned cottage located to the rear of the house that is for sale. I judged the lot to have about 18 feet for potential development.

 I don't build houses so you cannot accept anything I say or write as being accurate as to what a new owner should be able to do. My opinions are only opinions as to what a new owner might try to do. I do think a buyer that is looking for an el cheapo deal ought to take a look at this property.  CLICK HERE to view more photos I took of the exterior of the house and its famous neighbor to the north, the El Siboney Restaurant.

If you would like to see 1209 Margaret Street please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.