PRICE REDUCTION - 611 Southard Street #5, Key West Florida

Years ago, when I owned what was then called Eaton Lodge (guest house on Eaton Street in Key West), a potential visitor called to inquire about making reservations. She asked "Is the island surrounded by water?"

A few weeks ago I wrote 611 Southard Street #5  located at the Hollinshed House Condominiums just one block from Duval Street in Key West. The unit has a highly desired transient rental license which means the unit can be rented nightly without any limitation as to the number of days or weeks that a vacationer might want to spend. The original list price was $525,000. The unit just had an $85,000 price reduction. Now it is priced at $440,000  or more than a 16% lower than the original price. I think this creates a real buying opportunity for a buyer who wants a place in Key West that he or she or they can come visit but that can also earn enough money to pay for itself through legal vacation rentals. The city is cracking down on illegal rentals and imposing extremely high fines to owners who violate rental laws.

This historic eyebrow house was built circa 1874. If you look up a the windows at the top of the house you will understand how the term eyebrow house came to be used to describe homes like this. These old homes were built before air conditioning and even electricity came into use. Back in the old days, houses were cooled through the use of natural ventilation and shading. Windows and doors were left open to allow breezes to flow through the home. The roof overhung the third rooms in this eyebrow house which allowed the windows to remain open in rainstorms. The photo below shows the inside of this unit with the windows shut. Today this space is air conditioned. The charm of the old house gleams through the painted Dade County Pine walls and ceiling. Guests who stay here step back into time just a bit. They pick places like this for a reason - they don't want to stay in a Motel 6 or a Hilton. They want character.

The Hollinshed House Condominiums are located at the tip-top of Solaris Hill in Old Town Key West. The main living area is the top floor of the of the original house. The old building was expanded years ago where the bedroom and bathroom exist just beyond the door at the rear of the kitchen. There is a small balcony off the sitting area at the livng room which is actually the rear fire escape. The views up there are great and totally private. The entrance is located at the top of the two story wrap-around balcony.

Three additional units are located next door at 609 Southard Street. The property has a nice pool in the large courtyard. There are two off street parking spots available on a first come basis. There is also a coin operated laundry for guests.

I just did a quick search of active transient licensed one bedroom condominiums in the Old Town (including Truman Annex) area and found there are six units with an average square footage of 432 1/2 sq ft. The average list price is $485,750.  The average price per sq ft of all units is $1,329. The Hollinshed unit is offered at $652 per sq ft. Three of the units do not have a pool.  The Truman Annex unit is restricted to 25 weekly transient rentals.

CLICK HERE to view the Key West mls datasheet and listing photos of 611 Southard Street #5. Then please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise. And, yes, Key West is surrounded by water. That's why it is called an island.