I actually cursed at myself on Monday when I saw a new MLS listing in the 1600 block on Johnson Street in Key West. I thought it was a joke. Tomfoolery. But it wasn't. I am not really familiar with that block. I have driven it but do not recall anything memorable about homes located there other than they are normal 1960s houses. Some have been renovated but that specific area has not been upgraded. Period. I have no prior history with the specific property, the owner, or the out of area Realtor. Nothing. But the listing stirred genuine passion in me. See for yourself below.
Asking Price: $1,100,000.00 for the fixer. I drove by on Tuesday afternoon, got out of my car, and took the photos above and below.
The Key West Real Estate market has gone MAD. $1,110,000 for tear down house on a 41' X 88' sq ft lot in an area with known flooding issues. The price $282 per sq ft plus cost to demolish and cart of the old concrete block house. That's another $50,000 or so since cost of trash removal on on island in the middle of the Atlantic Ocean. Add in $1,000,000 to build a new house. You may end up $2.2 million home with a modular house located next door and a basketball hoop in the street. No thanks.
Maybe the out of are agent got things confused. The empty lot located at 1127 Flagler Avenue has been sought after for years. It sold last week for $1,200,000 and never even on the market. Sold SNAP - just like that. While this 6700 sq ft lot is located about six blocks away from the Johnson listing, it is located in the Casa Marina Area surrounded by multi-million dollar homes. If you get your internet expertise from Zillow, you miss the point. Location is key.
Look at the Johnson property a bit differently. I searched for homes in the $1,100,000 price range on my favorite site - ZILLOW. Look what $1.1 million can buy you elsewhere.
The four houses above are all active MLS listings. If I had $1.1 million to spend on a nice house I would buy one of them and take a plane ridge to Key West once a year. Makes more sense to me.
5 comments:
Better not think of moving to Key Haven (MM5). Tons of new modular as well as stick built. All over 1 million.
Neighbors don’t seem to mind. FYI, a modular is shipped to site and erected such as old lego blocks. Saving 1/3 of cost since minimal workers needed to erect!
Hahahaha. Heheheee. He said “erect”. Indeed!
Mr. Thomas, I am aware that buyers are usually discouraged to buy properties, by restaurants, cemetery, flood zone...
In the past, you also mentioned that lack of parking or pool is a big issue.
Did it change in sellers market?
What else would be considered undesirable home feature in Key West?
Dear Anon., I think houses near the cemetery are actually priced lower because so many people won't consider looking let alone buying. Houses near restaurants are difficult especially if they are located near El Siboney - the worst of the worst as far as smell goes. Not all restaurants are bad. Not all. But many. Avoid the 1700 block of George Street and the 1700 block of Patrica Street. Doubt me: drive over there during the next rain. Ask a Realtor: see how many shades of red you can detect.
Thank you for your input. It is very helpful.
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