813 Waddell Avenue is actually two separate lots with two separate legal descriptions. A new owner might separate the lots and build two separate houses. I think the larger lot would cost less to develop than building two houses, but I'm not the guy who is going to build a new house or renovate the existing property. Having the option might make this property more interesting to some buyers.
813 Waddell Avenue is located about two blocks from Higg's Beach. The dog park is located opposite the beach. Salute's on the Beach is up there as well. The White Street Pier is where the annual 4th of July fireworks display occurs. The rest of the year it's a good fishing pier and sightseeing destination. Louie's Backyard is located one block west of 813 Waddell Avenue and Doggy Beach is adjacent to the restaurant. Most of the gyms and yoga studios are located within a five to seven minute walk of 813 Waddell Avenue. Did you know that you can buy a membership to the Casa Marina Club and have access to the private beach and use of the gym (pictured below)? Upper Duval Street is about seven to ten minute walk. I have lived in the Casa Marina area since 1995. I love the area for its convenience and quiet neighborhood charm.
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| Higg's Beach |
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| The Thing at Higg's Beach |
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| White Street Pier as photographed in the 1980s - same ocean, same sky, but new rainbows occurring all the time |
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| Casa Marina Resort Health Facility |
I don't want to go all political and get readers angry with me, but I think the current political climate and especially the negativism directed toward the Washington is hindering the national psyche. I remember the same anti Jimmy Carter sentiment forty years ago. When he left office and Ronald Regan became President, it was like a heavy burden was lifted off America. When Clinton was in office the economy soared. Then 911 occurred within months of George W. Bush's election. We have lived through fourteen years of anger over what happened on 911. Then we went through the Great Recession. I think there is a pent-up demand from a lot of Americans to feel good about themselves and the national economy.
I think housing prices in Key West will soar in the next couple of years. I think a lot of sellers are sitting on the sidelines waiting. Just waiting. If I am correct, prices today that might seem high will seem like bargains in a couple of years. This has been the operative history for Key West for many years I have sold houses here.
813 Waddell Avenue is offered at $1,125,000. CLICK HERE to view the Key West mls datasheet. Please call me, Gary Thomas, 305-766-2642 to arrange a showing of this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.
5 comments:
Hi Gary,
I'm a big fan of your blog. No matter what I read it everyday. I currently own two homes in Key West and love them both. I also am one of those potential sellers just sitting and waiting. I agree with your prediction for the near future. However, comparing this list price to the price that was paid for the place just a year and a half ago seems VERY aggressive. Good luck to the sellers though!
Dear Anon, Thanks for reading my blog. Please go back to the Property Appraiser's website where you will see that the owner purchased the two lots separately.
As I wrote in the blog, a new buyer could build two separate houses on fairly good sized lots of more than 5,000 sq ft each or build one really great house on the 10,500 sq ft lot. I would probably do the latter if I were to develop this property. There are a lot of wealthy buyers for big Casa Marina homes.
Also, don't fall into the trap of thinking houses (and empty lots) don't appreciate rapidly down here. Because they do. The scarcity of old houses and lots really is driving up prices.
If a buyer sits back and waits out the market for too long, that buyer may end up not getting anything at all.
Gary
"Also, don't fall into the trap of thinking houses (and empty lots) don't appreciate rapidly down here. Because they do...."
Sounds familiar. Wait - I know. Same thing realtors said 2005-2008...
Thanks for the clairification Gary. Now that prices makes much more sense. And houses do appreciate rapidly...very rapidly. I purchased my home there in late 2011 and last year it appraised for far more. I set up a pretty sweet equity line and, as I said before, am just waiting.
Prices definitely rise more rapidly in KW than in most places. I had to sell my KW house after owning it less than a year and it sold for $300,000 more than I paid. It's worth even more, now, but situations changed and a sale was necessary.
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