Attention bargain hunters! I know you are out there. I get emails and phone calls from people that still want to buy a
bank owned property in Key West. It's getting more rare to see a bank owned property in Key West, especially in Old Town.
1100 Angela Street in
Key West is a Bank Owned
legal duplex described by the listing Realtor as:
"Two units, two stories, and two separate driveways make this Old Town corner
property too good to miss! Hardwood floors, French doors, skylights, and patio
decks with a Jacuzzi complement the street appeal of the main 2/2 Angela side
house; the legal 1/1.5 Frances unit can serve as guest quarters or an attractive
rental. You will find the Key West Cemetery is a quiet X zone neighbor; this
locale is in the heart of historic Old Town Key West and ensures an easy stroll
to all downtown amenities, restaurants, and nightlife."
1100
Angela Street first appeared in the 1899
Historic Sanborn Fire Maps.
That block was omitted form the 1892 edition. So the house could have
existed even before 1892. Two houses, attached at the hip, are shown on
the map. I dug down into the old shoebox and found a black and white
photo of the property taken in 1965 that shows how the property looked
then. The color photo underneath, taken in 2014, shows the property from
the same angle. I am of the opinion the original rear cottage was
razed, not renovated. The rear cottage has all new piers under the two story house
whereas the main house has historic coral piers. The interior of the
two story house is very contemporary in design. My best guess is that the rear two story addition was built new about 20 years ago.
I
looked at online building permit records and found that improvements
were made to the property in 1997 and 2000. Those improvements include
new decks, two hot tubs, and interior renovations. In recent years both
units were rented. The front unit was rented as a
vacation rental
and the rear was a long term rental. Prior to being recently listed as a
bank owned property, 1100 Angela Street was offered for sale as a
'short sale'. Let's just say there was not a lot of enthusiasm by the
prior owner to sell and thereby terminate the income stream. A long
foreclosure eventually led to this property becoming a bank owned asset.
During the long foreclosure process income was taken out of the
property, but no improvements or repairs were made. As a result, the
house needs painted and cleaned. When you look at the photos I took of
the property, you will see deferred maintenance. Some of the French
doors
need replaced. There is some wood rot, but not a lot of it.
This
property is located at the corner of Angela Street at Frances Street
opposite the Key West cemetery. The location is notable because Angela
Street becomes a one-way street at Frances and ends about 300 feet to
the east at White Street. On the opposite side of Frances Street, Angela
is a one-way street heading west as it traverses the north side of the cemetery. The
point is there is very little traffic on either one-way segment of
Angela Street. Nighttime traffic on Frances is but a trickle, as is the
case for most streets in Old Town. And the neighbors to the west, well,
let's just say they never make a peep.
The
main portion of the original house has a combined living/dining/kitchen area
with French doors that open out to the side deck and spa. The living
room has a high ceiling. That extra space really gives this home a
special feel. Whoever designed the kitchen forgot to put the
refrigerator in the kitchen. The refrigerator is located in an adjacent room that also houses the washer and dryer.
The
second floor bedroom and bath are accessed via the spiral staircase.
There is a small deck off the bedroom area which overlooks the hot tub
below. The master bedroom is located on the main level. Two sets of
French doors open out to the deck and hot tub. Those doors need
replaced. I think the floor tile, as charming as it is, needs to go away
as well. This is a nice space. The tile floor gives it a cold feeling.
The bathroom is located just off the first floor bedroom. It does double duty as a guest bath as well. A new owner might elect to forgo one of the two off street parking spaces
in order to free up some space for the installation of a pool. I think
there is room off either property to create a pool. I personally feel
way too much space is presently devoted to a hot tub which may get used a
couple of times a year. But that is just me thinking out loud.
The
apartment is configured with the living room, kitchen, and laundry
closet on the first floor. Both the living room kitchen open out to a
spacious wrap around deck for the apartment. This would be a very easy
place to rent. I expect an owner might get $1800 to $2000 per month for
this space. The apartment needs painted but otherwise looks to be in
very good condition. (Some exterior wood needs replaced. But that is
easy.)
The bedroom and bath occupy the entire second floor which also includes a good sized closet and a small office area.
I think a new owner could convert this duplex into a single family house. I can imagine a new owner vaulting the ceiling in the original house. I think a good designer or architect could create a traditional staircase to access the second floor. That would eliminate the spiral staircase and give the old house a more traditional feel. The two story apartment could then become two or three bedrooms. I would suggest that the new owner eliminate the apartment hot tub as well as the off street parking spot on the Frances Street side of the house. This would provide more ground for the construction of a larger pool and add some garden area to give the property a more Key Westy feel.
CLICK HERE
to view a lot more photos I took of 1100 Angela Street. View the
interior and exterior photos and imagine how you might revamp this legal
duplex. Perhaps you might decide to make it into a single family house
which I see as having a lot of potential. Look at the nearby homes. This
is a great Old Town location which is also in the X zone for flood
insurance purposes.
1100 Angela Street is offered at
$784,900.
CLICK HERE to view the Key West mls datsheet and listing photos. Then 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 help
you find your place in Paradise.
