6800 Maloney Ave #56, Key West - Price Reduced

The asking price on 6800 Maloney Avenue #56 in Key West has been reduced to $375,000. I wrote about the property when it was first listed. I liked it so much I thought about buying it myself. Seriously!  That same day a different brokerage listed two boat slips located in the nearby Oceanside Marina. Boat slip measures 40' X 14' and is offered at $262,000. The second boat slip measures 80' X 25' and is offered at $325,000. When I saw that I knew what I originally wrote about the value of 6800 Maloney was absolutely on point. Today's blog is an update on price.  A few days ago a different realtor listed a 60' X 25' boat slip at Safe Harbour Marina is offered at $360,000. They are offering water. This listing is offering a home and a water view of the same body of water.

A lot of people dream about buying a little place in the Florida Keys where they can get away from it all. Most of these dreamers don't mind if the place isn't "perfect". In fact, many prefer that it is not. That way they can fix what needs to be fixed and create their version of the perfect getaway cottage. Many of these dreamers really want a place on the water with a nice view - a place they can catch a few fish or play around on jet skis or take the boat out on open water. And the impossible dreamers hope to find such a place in or near Key West which can be purchased for not a lot of money. 

6800 Maloney Avenue #56 is located in the Harbor Shores Condominiums about 300 feet or so from the new Oceans Edge Key West Hotel and Marina. That hotel has become an instant "hit" because of its waterfront location, multiple pools, and proximity to Duval Street four miles down US1.  This is a manufactured home which sits on a fee simple lot (just like a stick built home up in Peoria or Pittsburgh). Here the property owner owns the house and the land but is also a member of a land based condominium association which owns the common streets and amenities including the boat docks.

The lot is an irregular shaped rectangle measuring 35 feet wide by about 100 feet long or 2753 square feet (which accounts for the irregular shape). There is a concrete seawall which extends about fifteen feet from the home. The water is pretty shallow in this location. An owner might be able to use a flat boat here and certainly could use personal watercraft.  Deep water access is available via the channel on the opposite side of this small bay.

Each of the homes in Harbor Shores is different. Some are trailers, some are modular homes, and there are several newly built stilt homes. This particular Palm Harbor home is a two bedroom two bath with 888 square feet of living space plus screened porch overlooking the water. There is an adjacent storage building also included.

The floors are primarily wall to wall carpet plus tile in the kitchen and baths. The kitchen cabinets are in good shape as are the bathrooms. The place is painted white and needs to be re-painted. A new owner might replace the windows and doors with impact glass which would reduce wind insurance and make it a snap for a seasonal owner to lock and leave. The listing agent told me she thinks a new owner could spend $20,000 and turn this place into something really charming.

CLICK HERE to view more photos of this home and the Harbor Shores development. This home has a parking space at front. Guest parking is located across the street. There is abundant boat dock age about fifty feet to the north. A fortunate few owners (like #56) are located directly on the water.  A couple of owners have replaced older homes with new stilt homes. I added a photo so that readers can see the kind of replacement property could be added to this site.

I found an aerial photo of the area as it appeared in 2012. The marina still exists but the old covered boat storage was taken down and new hotel and pools were built. Harbor Shores is located just above the once-standing Oceanside Marina boat barn. I think this photo demonstrates the lure of this location. In the past couple of years about half a billion dollars has been spent on several new developments on Stock Island. Locals and returning visitors know that Hog Fish restaurant and Roostica are located nearby. More restaurants are being added.

Duval Street is located four miles to the west. There is always something to do there. That's why I feel buyers who dream of having a little place in the Keys will find this place so appealing.CLICK HERE to view the Key West MLS datasheet for 6800 Maloney Avenue #56 then call me, Gary Thomas, 305-766-2642, to set up a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West (listing broker for this property). Remember to click the photo link above as well.