That Was the Year That Was in Key West Real Estate - 2019

Pardon my delay in posting some of the best deals in Key West for the past year.  My hand was injured which prevented me from typing and doing daily chores. I am back and ready to roll. 

903 Southard Street is very successful monthly vacation rental with two bedrooms, one bath, a private pool, and an incredible location just a short stroll to Duval or the Historic Seaport. I remember showing the house a few years ago and asking the guest how she liked the house. She said she "loved" it. Vacationers return year after year to places they enjoy. This house sold for $715,000 or $1,204 per sq ft.

533 Petronia Street is located on a tight one-way street just one half block off of Duval Street. The house needed updating. There was an existing smaller cottage at the rear of the large lot. The lot was burdened by a diseased old tree which the owners were able to remove. HARC approved moving the house forward on the lot to the same setback as neighboring houses. This is one of several fixer properties I selected to be among the best values this year. The price of renovated homes in Old Town has risen to $1000 per square feet and sometimes higher.  Many buyers are purchasing the few remaining fixers and putting new money in to creating their perfect dream home.

721 Love Lane sold in just one day on the market and for good reason. The 2/2 house had a pool, covered off street parking, and is located on one of the most popular little lanes in Old Town. Two other houses sold on Love Lane this year, both well over $1 million each. 721 Love Lane sold for $875,000.

710 Bakers Lane sat on the market for a long time - 115 days. I wrote about soon after it was listed and showed it a couple of times. I liked the location but told my buyers it was over-priced. It wasn't until nearby 533 Petronia Street closed that the owner reduced the asking price which then attracted buyers. The front house was gutted and most of the rear building taken down. The entire property is being renovated. This property sold for $745,000.

1101 Fleming Street sold in one day on the market repeating the same market reaction from 2013 when it was previously offered for sale. Good locations and charm work wonders. The house is small and has no parking. But the two bedrooms, two baths, and pool were a steal at just $854,000.

523 Elizabeth Street was placed in the MLS "For Statistical Purposes" after it sold for $1,000,000. I wrote about this house several years ago when it was listed for sale by several successful listing agents who were never able to get the previous owner to get a deal done. It will be interesting to see what happens to the very well located property.

511 Frances Street is located on one of the best streets in Key West where there are numerous multi-million dollar homes. Although the house looks old, it was actually built new in 1983. It has a large sunny pool, off street parking, and 1743 sq ft of living space on one level. This is the kind of property so many buyers dream of owning. That is why it got snapped up after 11 days on the market.

3222 Riviera Drive was one of the very best deals of the year. It was a bank owned property located on the Riviera Canal. This is prime real estate location.  The house had been very well maintained, had a guest house, sunny pool, covered off street parking, great street appeal, and boat dock. It sold in just 16 days for $1,225,000 or $35,000 over asking price.

 If the cute as can be conch cottage appears atypical for the Casa Marina Area, it is. It was moved from Old Town to its Casa location half a century ago. The previous owner took down messy trees and added a stunning pool and updated the interior. 1122 Von Phister sold at $1,170,000 or $782 per sq ft.

614 Grinnell Street sold on listing day at full asking price of $1,575,000 or $1,060 per sq ft. The seller was an agent in my office. The agent was shocked at the speed of the transaction. The new owner gutted the house, ripped out the pool and is doing a huge renovation. A smaller cottage a few doors to the north is also under renovation. Such is the value of a great Old Town location.

 1100 Flagler Avenue was a former home of author Judy Blume.  A "For Statistical Purposes" MLS listing announced the sale of this Casa Marina Area home which sold for $4,500,000 or $1,286 per sq ft - record amount in the Casa Marina Area on a price per sq ft basis. Cory Held and Laurie McChesney of Preferred Properties put this deal together. 

Town is full of people. A lot houses are being shown. A few houses are going under contract. Many homes are having price adjustments. I have heard all of the statements or complaints buyers make about, room size, layout, condition. The "I don't like .....!" "Insurance is so expensive!" "Is Key West going to sink?" There is always an excuse to not do something. There are other people who buy places here; take their power suits and cocktail dresses off and put on shorts and t-shirts and live a very comfortable life in the moment. Give me a call.  I sell houses to rich people.