Okay, so it's time that I fess up. A couple of days ago I wrote about money grubbers. I mocked them and made them look impotent. The truth is I made a mistake when we listed
1109 Petronia Street last December. There were few houses for sale in
Old Town and I really believed a buyer looking to purchase a fixer property would immediately snap up the double gabled
duplex. I was wrong. I share this listing with Dan Skahen from my office, Preferred Properties
Key West. He always felt $649,000 was the correct asking price but went along with my suggestion to list higher to test the market.
While we have had several showings, we have not had any offers. Season is starting to wind down. The tenant on the first floor just moved and we have decided not to rent that space and leave it open for a new owner to move into, rent at a higher price, or renovate. The new price for 1109 Petronia Street is
$649,000 or
$649 per square foot for this 1,000 square foot house situated on a 43.5X 31.8' (1,385 sq ft) lot on a lightly traveled two block long one-way street in Old Town.
As of March 4th, there are three duplexes for sale in Old Town - the area most second home buyers and investors want to purchase property: 903 Catherine Street offered at $498,000 for 720 sq ft or
$692 per sq ft. It is located directly across the street from El Siboney Restaurant. 1108 Olivia Street offered at $699,000 or
$794 per sq ft for an 880 sq ft duplex. 1109 Petronia Street is now priced lower than both on a per square foot basis.
The main floor unit is a bit larger than the second floor. The kitchen with vaulted ceiling extends out from the house and has a side door that opens out to the garden. The current owner added new windows and updated both kitchens and baths when this building was purchased a few years ago.
The building has been well maintained. It is one of six double gabled buildings in Old Town. I think it is a great candidate for renovation into a single family home and believe the structure would really benefit from removing the staircase that occupies one-third of the lot. Image how magnificent the house could look with a white picket fence and two rocking chairs on the front porch and a hammock on the second.
CLICK HERE to view the Key West MLS datasheet and listing photos of
1109 Petronia Street in Key West. Then please call me,
Gary Thomas,
305-766-2642, to set up a private showing. I am a full time Realtor at
Preferred Properties Key West. Let's explore the possibilities of this great house in a really great Old Town location.
7 comments:
Can't you see it? Prices aren't the problem. It's the crap houses those high prices are attached to. Take a really well done renovation or well cared for home in a good location and it sells...regardless of price (please exclude the Frances street listing that's just simply absurd). All these "ho-hum" houses that people want a kings ransom for just because it happens to sit in Key West will never sell.
Dear Anon,
This house was purchased to be a renovation project into a single family home just before the owners retire to Key West. The lady passed away last year. He decided to move to be near their adult children. Your comments about "crap houses" is mean spirited and abusive. Shame on you!
There a lot of over priced properties in Key West. You are entitled to your opinion on the market but I prefer that you simply go away and not bother to comment on my blog. Go away!
Gary
I wasn't referencing this house Gary.
What are/were the monthly rents for these units?
Lower level is now vacant. Historic rent was $1300 plus electric and water. Second floor is on a monthly rental with a sixty day kick-out. Tenant pays $1450 plus electric and water. Rents are low and can be increased.
I think both should rent for at least $1500 per month.
I do not know what investors in Key West expect as a rate of return. In Rochester NY, I expect the property will pay for itself (principal, interest, taxes, and insurance) in 10 years, possibly 15 years. At $1500 per month x 2 units, that property is a loss no matter how you look at it.
I just checked out Craigslist in Rochester. You can rent a much larger apartment there at a lot cheaper price. But then again it is in Rochester.
This property is not and will never be a real money maker. But it is a great property for a buyer who wants a relatively affordable place in Key West that offers an owner a place to live full time or part time and to rent the second unit for an amount that will pay a good portion of the taxes, insurance, and operating costs of the building. It may also pay toward partial mortgage amortization.
An investor would probably make more depositing money in the bank than buying Petronia Street. But then you can't sleep in a bank or sit on the front porch at night and appreciate that you actually own a home in Key West - because you don't You only have money in a bank.
Gary
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