Suprising Luxury Home Sales Surge in Key West

I wrote about the house below located at 1026 Von Phister Street in Key West on August 2nd. I know that property very well - I live across the street. I was totally surprised when it went under contract the next day. The moving truck was there this past weekend. Listed for $3,295,000. It closed yesterday for $3,195,000 or 96.96% of asking. It was an arm's length transaction involving two separate brokerages. That sale is among many recent luxury home sales over two million dollars. I wanted to make sense of what is going on. I went to my MLS platform to search recent sales for the locations most in demand by second home and luxury home buyers.

Casa Marina Area

2019 - 4 Single Family Homes

• Average Sales Price $2,325,000
• Average Sales Price Per Sq Ft  $937

2018 - 5 Single Family Home Sale

• Average Sales Price $3,000,000
• Average Sales Price Per Sq  Ft $1,008

Old Town - The Historic District 

(Strict adherence to White Street as eastern boundary and United Street at northern boundary. Includes sales in Truman Annex but not Sunset Key).

2019 - 21 Single Family Homes Sales

• Average Sales Price $2,367,500
• Average Sales Price Per Sq Ft $1,099

2018 - 10 Single Family Home Sales

• Average Sales Price $2,225,000
• Average Sales Price Per Sq Ft $817

I noticed what I thought was a surprising number of single family home sales over $3,000,000. I searched the MLS and compared to 2018 to confirm my suspicion.

2019 - 7 Single Family Home Sales

• Average Sales Price $3,295,000
• Average Sales Price Per Sq Ft $983

2018 - 5 Single Family Home Sales

• Average Sales Price $3,225,000
• Average Sales Price Per Sq Ft $833

Three of the $3,000,000 plus sales were located in Truman Annex and four were located on Fleming Street.

There were two single family homes which sold in excess of $5,000,000 in 2019. There was only one sale in excess of $5 million during the same time period in 2018 and it was located on Sunset Key which is not a part of my consideration.

908 Fleming Street sold for $5,000,000 or $1,953 Per Sq Ft. This was no ordinary 2560 Sq Ft home. It was an extraordinary home plus cottage, zen cottage, dining pavilion overlooking lake-like pool sitting on a 10,681 Sq Ft lot in the heart of Old Town.

101 Admirals Lane was located in Truman Annex. It was built new in 1994. It was 3,173 Sq Ft main house plus master bedroom cottage, pool and grounds totaling 14,183 Sq Ft.  It sold at $5,870,000 or $1,850 Per Sq Ft.


Unlike the talking heads on television that know everything, I am trying to make sense of what is really going on in our local market. A couple of years ago I sold a big house to a former attorney-created a lot of money by selling an internet company he created. He felt Trump was too unpredictable and might cause the stock market to crash. He took some cash out of stocks to spread his risk into real estate. This risk aversion may be the explanation for what we are seeing in the Key West real estate market. There were many more multi-million dollar sales that I did not count because they are located outside Old Town and Casa Marina. I was surprised to see how many of those there have been as well.
  

1026 Von Phister Street, Key West - Casa Marina Area - Just Listed

Just Listed 1026 Von Phister Street, Key West is described by the listing Realtor this way:

"Stunning one of kind luxury residence with guest cottage on large corner lot in the prestigious Casa Marina neighborhood. Complete renovation in 2016 combined privacy with open spaces to create a truly captivating island experience. Beautiful features include marble-finish porcelain tile and brushed-oak flooring, high-hat LED custom lighting, and a chef's kitchen with top of the line appliances, stone counter-tops and custom-built cabinetry. Windows and doors are all hurricane-proof glass, many with remote roll-up shades. There is an enormous master suite featuring a luxuriously appointed Jacuzzi tub and private sitting-room/den. All three bedrooms and cottage open to private patios. The enchanting exterior is highlighted with lush tropical foliage and large pool with sunning platform. The over-sized lot offers off-street parking for two covered cars plus two uncovered."

This house sits on a large corner lot hidden from view behind tall stands of swaying palm trees and a six foot privacy fence. While the Old Town Area of Key West is noted for its historic small cigar maker cottages which often sit on postage stamp size lots, most of the homes in the Casa Marina Area were built after World War II, were originally larger in size, and located on lots sized at 5,000 sq ft and larger.

I have lived the Casa Marina Area since 1995 and have watched the area transform as once virgin lots got developed. mid-century homes were either taken down and new houses built, or like this property, totally redone. At the outset of the renovation process the owners id 1026 Von Phister Street called upon landscape architect Craig Reynolds to design the exterior so that the completed gardens would seamlessly integrate the hardscape and softscape, making them look as if they were always there. Craig designed everything from the 'doors out' including overall planting design, including the pool, spa, trellis and arbors, patios and decks, fountains and landscape lighting all of which is set within a framework of native plants and indigenous materials to complete the experience.

The main living areas, the master suite, and guest cottage all open out to the seductive pool. Whether at night or during the daytime, that pool is just magical. Visualize yourself taking a skinny dip just before retiring for the evening or doing a few laps before heading out to the boat.  Or the beach.  Higgs Beach is just four blocks to the south. Louie's Backyard is four blocks west. Or stay home. This is the place so many people dream of owing some day.

CLICK HERE to view the Key West MLS datasheet plus listing photographs of 1026 Von Phister Street, Key West, offered for sale at $3,295,000.  Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing of this home. I am a buyers agent at Preferred Properties Key West. I am also the neighbor across the street. I can show this area and give you real first hand knowledge about the home and the area. It is not my listing but it is my chance to welcome the new owner into my neighborhood.

1026 Von Phister Street - The Casa Marina Area - Key West

Just Listed by Preferred Properties Key West, 1026 Von Phister Street located in Key West. The listing Realtor describes this 2233 sq ft four bedroom, four bath Casa Marina Area home with guest cottage as a:

"Modern Traditional sprawling ranch home on a large corner lot in the much sort after Casa Marina. The interior flows to incorporate the massive outside living area, focusing on the 38'X 14' heated pool and outdoor kitchen with covered dining. There is a guest cottage with a breakfast kitchen and full bath that is situated just off the pool. The house boasts an enormous master bedroom suite with a large walk-in closet, sunlight filled marble bath with Jacuzzi tub, walk-in shower, and a sitting room. The living area is surrounded by large windows, which extends gracefully to the kitchen and pantry. Off street parking for two cars covered and two uncovered. This home is outstanding in the evening light."

This home is laid out with privacy in mind. The open living area is located at the front. The dining area and kitchen are at the rear. The covered out door kitchen is adjacent to the indoor kitchen. The master suite is located on the far side of the pool as seen immediately above. Guest bedrooms are located on the opposite side of the main house and in a stand alone guest cottage at the far side of the pool. The thing is you can enjoy your guests. They can enjoy your home. You and your guests won't have to share all moments together.

Huge palms frame this 98' X 99' sq ft corner lot located just four blocks from the Atlantic Ocean.  Houses in the Casa Marina Area are known for their extra large lots and less density as compared to Old Town. Most of the houses in this area are single story which means more privacy. A lot of homes in this area are second homes which means they are not occupied most of the year. Some people rent, but many do not.  You will become familiar with locals as you will see them walking their dogs or doing daily fitness walks.

I actually live across the street from this property. I think it was my first 4th of July that I realized I could sit by my pool and watch the fireworks being shot off over Higg's Beach. You could do the same thing if you purchase this home.  Of course if you walk over to the beach you will get an even better view.

I am sitting at my desk as I finish today's blog. The Plantation shutter is open. The near full moon glows bright ducking in and out of clouds. The palms are swaying back and forth in the breeze. My house is also on a large corner lot and I also have giant palms that frame my yard. My sky is immense. That is something you rarely get to experience in most houses in Old Town. That's because most houses are two stories tall and sit so close to each other that views are limited. I'm not suggesting that life is better here. But it is different and more private. And the views aren't bad either.

CLICK HERE to view the Key West mls datasheet on 1026 Von Phister Street that is offered for sale at $1,995,000.  After you have view the listing photos please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this property.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me show you the Casa Marina Area of Key West. You may fall in love with it.