419 Grinnell Street, Key West - A Blank Slate

The listing broker describes 419 Grinnell Street, Key West, listed for the first time on Saturday as a "blank slate". Previously this 4,086 Sq Ft irregular "L-shaped" shaped lot was to be included in the sale of the adjacent Grand Conch style (temple style) home at 421 Grinnell Street. That changed by offering this lot separately. The listing broker told me he had immediate interest from several potential buyers. This property won't last a week on the market. This is how the broker describes 419 Grinnell Street:

"A rare opportunity for development or renovation of a huge lot in the heart of Old Town Key West. The small un-renovated 1 BD 1 BA house at the rear corner of the lot could be renovated as a guest cottage or possibly razed and redeveloped. The lot is a blank slate for the creation of a lush tropical garden with pool and parking. Any plans would require HARC and City approval. This property can also be purchased with the lovely 2-story Conch House next door at 421 Grinnell St."

I noticed this big old lot taking up valuable space for years. The yard had stuff in it. Lots of stuff. I always thought it would come up for sale some day and someone would buy it and do something with it. (Some story.) Years ago it would have sold at a much lower price because there were many big old houses and smaller cigar maker cottages that folks were buying and renovating. And there all the rules that HARC imposes on owners as to what may be done and not done. The rules still exist but now there are only a few un-renovated properties and even fewer big empty lots. Now this comes up. There is a cottage at the back. The Property Appraiser shows that 419 Grinnell was built in 1919. The 1889 through 1912 Sanborn Fire Maps showed a larger house similar in size s to 421 Grinnell Street was sat at on the 419 Grinnell lot. CLICK HERE for more photos.)

A few weeks ago I bogged about our new listing at 411-415 Grinnell Street. It is located next door to 419 Grinnell. I photographed 411 Grinnell Street (above photos) in July 2012. Workers were just starting to renovate it. A few years later a new owner built a second house on the vacant lot to create an incredible island retreat. But before that, the empty lot was equally bleak as 419 Grinnell.

411-415 Grinnell Street looks totally different just a few years later. (It is offered for sale at $6,500,000.) And that is why the listing at 419 Grinnell Street is so appealing. Empty lots get bought. Creative minds and bank accounts combine to create new properties. Buyers, architects, lawyers, and city planners figure out what is possible and permissible. Eventually, new houses get built. A buyer could short circuit a lot of the process by buying both 419 and 421 Grinnell Street and simply renovate the existing cottage, add a pool and off street parking. It would be more complicated but you get the point. There is  lot of development opportunity.

Click either MLS link for more information on the lot and 419 Grinnell Street, Key West offered for sale at $995,000 or the existing house at 421 Grinnell Street, Key West offered for sale at $1,125,000. Then please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Get creative. Play with that blank slate in your mind. Figure out what you could do. Somebody will do it. That is for sure!