Key West - Is that all you got?

I think a lot of people think selling real estate is easy. A Realtor simply sticks a sign in the ground, puts pictures in the MLS, and buyers show up to buy a house.  A Realtor then sends the contract to the title company and a big fat check is wired to the agent. That would be great. But that is not what happens.

I remember the time I had a particularly bad day. (Wait, as I write this I had a flash - when is that not the case? I have so many bad days.)  I got a call from my clients. They had decided to follow my advice and asked me to go to their house to sign the contract I had presented to them much earlier. Many things had happened during the intervening time period, none of which were good, and many which were predictable. I decided to meet with them in person to get the contract signed to reduce the chance of change of heart. I got in my car and headed to my clients' house.   

Key West was particularity busy that day. Tourists were everywhere - in cars, on bikes, walking in streets with go cups, jay walking into traffic taking selfies and dragging kids behind. It was bedlam.

I was sitting at a red light behind a car with tourists. The light turned green. The tourist-mobile did not move. The driver had her left turn signal on and seemed to wait and wait and wait for all the traffic from the opposite direction pass. That is the proper thing to do. Then there was no traffic. Yet she waited. Maybe she had not noticed there was no traffic. I gave a short "beep" as opposed to a blast from my horn. She edged forward but paused long enough that I would have to wait for the next light. She finally turned and stuck her left hand out the window with the middle finger pointed toward God. I accelerated and went stragith through the intersection before the yellow light turned red. I simply laughed and said to myself "Is that all you got?"

I got the contract signed and eventually got my commission. I went through a small amount of hell along the way to get that deal done. Some readers will gripe that Realtors make too much money for so little work. When I was a kid I worked hard for every dollar I made. Physical labor is so easy compared to the stuff I go through now.

917 Hibiscus Lane, Key West - Living Life in the Slow Lane

This particular week is one of the busiest weeks of the year in Key West. Thousands of families, college kids, and single adults are here seeking fun during Easter Week. The are moving about en-mass up and down Duval Street and nearly every other street in town. Getting anywhere by car is a chore and walking on Duval Street is nearly impossible especially if you get behind a fat family of which there are many. There are some exceptions where there is no traffic this week, nor any other week. These are what I like to call the slow lanes of Key West.

Some of the lanes are so small or hidden that you may need a map to find the houses located there. Such is the case of 917 Hibiscus Lane, also known as Billygoat Lane.  Tell your UBER driver to take you to 917 Billygoat Lane and he'll look at you like you have had one too many.  But if you go to the Monroe County Property Appraiser website and search the address, you will see the land officially identified as "Billygoat Ln".  By either name, the lane runs parallel to Fleming Street which is located about 150 feet to the north. Today there are only three individual homes on this street. Two other houses located on Grinnell Street border this lane. Other original cottage size houses have been incorporated into large homes on Fleming Street which gives those larger homes off street parking and a guest cottage. Hibiscus dead-ends at a massive estate which also includes two homes located on Margaret Street. The end result is life on this little lane is very tranquil even during a week like this week.

The listing Realtor describes 917 Hibiscus Lane this way:

"This contemporary style home is perfection. Located on a quiet and secluded lane in the heart of Old Town this architectural gem is an ideal primary residence or second home getaway. Enter the front door to a great room with a soaring ceiling and an open concept floor plan perfect for entertaining. The large living / dining / kitchen is flooded with light from lots of windows. The master bedroom at the rear of the home has an ensuite bath and multiple closets. The guest bedroom has an ensuite half bath with laundry. Sliding glass doors open from the living area and both bedrooms to the picture perfect garden with outdoor dining, pool with water feature, adorable garden cottage, garden shed and private outdoor shower. The oh-so-charming garden cottage is the perfect spot for hanging out."

This charming home looks and feels especially large. The vaulted ceiling runs the length of the house. Multiple sets of glass panel doors and windows bathe the interiors with daylight. A large collapsing wall in the master suite opens the space into the main living area which I believe will be primarily used by the owners and occasionally shared with a guest. That is the way most homes like this are used.

The second bedroom, or guest bedroom and private bath, are located at the front of the house. There is a small guest cottage located at the back of the property. This is where you ask your brother in law to stay. There is an outdoor shower which everyone will fall in love with. The pool and waterfall are another unexpected delight.  I was envious of the grass and had to feel it to see if it was real. It's real pretty, but not natural.

The house is located within a three minute walk to Azur, Old Town Bakery, Mangia Mangia, and Michael's.  The Historic Seaport is two blocks north and Duval Street is four blocks west. People save all year and spend thousands of dollars to come to Key West. You could be here living the life of your dreams.


CLICK HERE to view the Key West MLS datasheet on 917 Hibiscus Lane, Key West, offered at $1,395,000. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Odds Are You Lose. Why Waiting for the Right Time Fails

Today's blog entry is for you disbelievers and prophets of doom and gloom who believe the asking prices will go down and not up. I will concede that the asking price on a lot of our housing stock has been priced too high and that a lot of homes have not sold because common sense tells us a particular place is just not worth what some sell wants it to be worth. In the past couple of months there have been more daily price reductions than closed transactions posted to our local MLS.

There have been 114 residential sales in Key West which closed since January 1, 2018. I would like to share a few of the more notable which I previously wrote about when listed.

1126 Stump Lane initially was offered last summer at $549,000 and recently closed at $520,000 or $920 per sq ft. This was a one bedroom 570 sq ft house on a small lane. It went under contract relatively early after it was listed but closed several months later because of minor title defect which was cleared. 

923 Angela Street is a very pretty little house which received a coveted ceramic star for preservation and renovation. It was initially listed at $1,099,000 and sold at $965,000 or $969 per sq ft for this 996 sq ft two bedroom, two bath home with pool but no off street parking. The lack of parking was probably the primary reason this house stayed on the market so long.

1025 Eaton Street is a three bedroom home with pool and covered off street parking in the rear with a total of 1340 sq ft of living space. This house was initially listed at $1,150,000 and recently sold at $1,065,000 or $795 per sq ft. Many potential buyers fail to look at houses on Eaton and White Streets assuming the interiors may be noisy. This house was not noisy. The interior was in great condition and the back yard and pool were amazing.

1011 Windsor Lane is located opposite St Mary's Basilica. It is a very large and somewhat dated grand conch house plus rear cottage that sit on a very large Old Town lot. It was initially listed at $1,299,000 and later sold at $989,000 or $572 per sq ft.  A new owner will probably spend somewhere over $300,000 to renovate this home and cottage and add a pool. When renovated, I think this property will be worth around $2 million.

508 Grinnell Street is a beautifully renovated home and rear cottage with pool and parking located on one of the best blocks in Old Town. The 2049 sq ft house was initially listed at $2,150,000 and sold at $1,850,000 or $903 per sq ft.

1233 South Street is located in that area I have been calling Casa Marina East. The totally rebuilt 1750 sq ft  3 bedroom 3. 5 bath home with pool and off street parking sits on a large corner lot of in an area rivaling homes in the more defined Casa Marina district. This home was listed at $1.795,000 and sold at $1,786,00 or $1,021,000 per sq ft.

I must admit the sales prices on all of the homes I selected seem very high especially when viewed on a price per square foot basis. During the last three months the average Key West house sold for $820,008 or $563 per sq ft. The "average house" includes small condominiums, mid-century fixers, and a $5 million plus estate on Sunset Key. What I see from these sales is a strong sales price for quality homes in highly desirable locations in Key West. 

I predict we will see buyers return in May and June to swoop down and pick from the overpriced and unsold homes.  This is the same phenomena that has occurred during the past two years. The problem is that most homes located in Old Town and the Casa Marina areas are one of a kind and are not replaceable. Potential buyers risk a lot by waiting for the right moment to make an offer.

 

713 Eaton Street, Key West - Price Reduced

The asking price on 713 Eaton Street in Old Town Key West was just reduced to $1,300,000. This truly is an historic home based not only on its historic construction also on its renovation by the iconic designer Angelo Donghia who personally resided here at the beginning of the Key West cultural and housing renaissance.   The listing broker describes this home as follow

"The house is a simple one story six room Conch house which was owned and renovated by Angelo Donghia,  I did not see the house before it was renovated, but I have seen so many old homes that I am pretty sure the original house was constructed the same as others which would have included beaver board like panels applied over the original Dade County Pine walls. This material looks similar to a dense cardboard which could be painted. Beaverboard is flexible and can move a bit during a wind storm without cracking like plaster. I believe that Donghia removed the beaverboard to expose the Dade Count Pine walls and ceiling and added a clear coat of polyurethane which gives the current day walls and ceiling a grayish patina. The wood floors have the look of a well worn shoe - comfortable. The last thing one should do is refinish the floors: they are wonderful. They are like the walls, a canvas upon which to create art. In this instance, add a great rug."

 Upon his death in 1985 The New York Times referred to Angelo Donghia as one of America's most influential designers and distinguished two of his personal homes writing "a much-publicized Manhattan town house and a turn-of-the century Victorian house in Key West, Fla. The town house espoused a sophisticated, formal look; the Key West house had a more casual point of view that highlighted renovation and preservation." That home sits today the same way as when he sold it in 1980. It has not been touched. Buyers seeking an historic home may want to consider this property.

The front door opens into the living room and dining area on the right side. This is a big impressive space. Extra large crown molding and baseboards frame this space. The custom milled white trim sets off the windows and door.

This home which first appeared in the 1889 Sanborn Fire Map. At that time a small grocery store was partially located in the right front yard and extended out into where the sidewalk is today. That appendage appeared in each successive map until 1912.

When you enter the kitchen the same wood is employed. But the room is decidedly different. The room is even thous visible from inside the more "formal" living room is less formal by purpose and also by design. There is no crown molding or baseboard. The pine cabinets are the same pine on the walls which are aligned of the same plain. The kitchen shelves dial down the sophistication one more notch. Simplicity of design reflects the intended use of this space - food preparation.  The kitchen door opens out to Peacon Lane, formerly known as Gruntbone Alley where there is a bricked off street parking spot. 

The master bedroom is located at the right front of the house. While I did not see the house as it was being renovated, I am certain Donghia re-built the front wall that now includes closets on either side of a built-in bench  

There are two bedrooms at the rear. The bedroom below is currently used as a den. Both bedrooms have closets. And both have French doors which open out to the pool.

There is an outdoor shower on the west or right side of the house. All bedrooms have access to it as do people using the pool.

One of the real estate agents in my office told me he used to go to parties in the Donghia house back in the day while Donghia still lived there. He talked about the famous (and infamous) people from New York and Key West who attended the parties. He said the house was different then - furnished with designer furniture and art and famous people. The house itself has not changed. In fact, the passage of forty years have given that Donghia design a patina that only comes from age. If you are a fan of Antiques Road Show like I am, you know not to do something stupid by trying to clean or brush away patina. 

Eaton Street at Peacon Lane,  1937

Peacon Lane current
 

 I sat for several minutes on this front porch waiting to go inside for a showing.  Tourists were walking past on their way in both directions looking around at the houses on either side of the street commenting on the architecture and how wonderful it must be to live in such a town as this. I sat back on the cane chair in the cool of the afternoon shade behind the fan palms that made me invisible.

I can see why out of all the old houses for sale forty some years ago Donghia bought 712 Eaton (across the street) and also 713 Eaton Street. He renovated 712 Eaton and sold it to Calvin Klein. He kept 713 Eaton for himself. The simple facade of 713 is the opposite of the octagon house which is way fussy. It's better to look at fussy than to be fussy. People talk about fussy people but they admire the beautiful and unpretentious. That's what 713 Eaton Street is.  And it will stay that way as long as nobody messes with it.

713 Eaton Street is now offered for sale by Preferred Properties Key West at the reduced price of $1,300,000. Please CLICK HERE to view the Key West MLS datasheet. Then call me, Gary Thomas, 305-766-2642, to set up a personal showing. Days and times are limited. I am a buyers agent and a full time Realtor at Preferred Properties Key West.