I am writing about
1106 Thompson Street for the third time which is remarkable for me since I normally do not write about houses located in the midtown area of
Key West. But this place is different. It has the potential to become a Tropical Haven. It needs some TLC but it has so much going for it that I want some buyer looking for a good deal to go take a look at it with me.
The listing Realtor describes the property this way:
"Fantastic Deal And A Great Location! Would Be Perfect For An Investor Or Someone
Who Could See The Potential Of This Property. Home Sits On Two Lots. It Is A 3
Bedroom 2 Bathroom 1,000.00 Sq ft. Brick Cottage That Needs TLC. Bring All
Offers."
The site is located on the corner of Thompson and Catherine
Streets.The property consists of
a 999 square foot CBS and stucco home that sits in the middle of two
separate lots. The owner had a building permit and plans for the
construction of a 428 square foot accessory unit. The city would allow a
600 square foot accessory unit if a new owner still wants to add that addition which could be a guest house. Alternatively, a developer might consider tearing down existing house and building two separate homes on individual lots. Or a developer could tear down the existing house and build a much large single family home. I have shown this house to several buyers. I suggested a buyer renovate the existing house by updating the kitchen and two baths, convert the Florida room into actual living space, and add a pool. By doing my suggestion a buyer would end up with a lot of space with an
incredibly beautiful tropical lot in Key West for about the same price
as a low priced 680 square foot condo in Truman Annex. Now that, Dear
Readers, is a bargain.
According to the Monroe County
Property Appraiser the existing house is 999 sq ft in size. That figure
does not include the semi-enclosed Florida room that
adds another 200 sq ft or more of living space. The house itself
has three bedrooms and two baths. The house was built in 1954 (59 years
ago). A lot of 59 year olds get face lifts. It's time this house got
one. A new owner would likely gut the interior and redo the kitchen and
baths. If I bought the house I would add wind impact resistant windows
and doors to reduce long term wind storm insurance premiums.
The
lot is extra large - 94' x 101' or
9397 sq ft. The house is set back about
20 feet from Thompson and about the same from Catherine which provides lots of privacy. The yard on
both sides is densely landscaped with tropical foliage. In fact I think the foliage needs a good haircut. Potential buyers need to understand the value
that the existing trees adds so this property. If you hired a
landscaper to go up to Homestead to buy, haul, and replant a 9397 sq ft
lot you would spend thousands and thousands of dollars in design, purchase, and
planting costs.
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| west side yard |
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| gate to west side yard |
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| west side yard from rear of house looking toward Catherine St. |
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| east or front yard includes a ramp to deck off master bedroom |
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| north side or back yard |
The lot is obviously in need of some major clearing
and pruning. I might even
add new trees to the back and west sides to add more privacy from the
adjacent public school. There is room for a pool on either the north, south or west sides of the property. That's the really neat thing about this lot - it provides so many variable opportunities for development.
1106 Thompson Street is offered for sale at the asking price of
$424,900.
CLICK HERE to view the Key West Association of Realtors mls datasheet and listing photos. Please contact me,
Gary Thomas,
305-766-2642
or send me an email at
kw1101v@aol.com to schedule a showing or for more information on this unique buying
opportunity in Key West. (I have more photos that I can send to you.) I am a buyers agent and a full time Realtor at
Preferred Properties Key West. I think this could make a wonderful Key West tropical haven for the person who wants a tropical forest and no neighbors.
