1109 Petronia Street, Key West - another Price Reduction

Okay, so it's time that I fess up. A couple of days ago I wrote about money grubbers. I mocked them and made them look impotent. The truth is I made a mistake when we listed 1109 Petronia Street last December. There were few houses for sale in Old Town and I really believed a buyer looking to purchase a fixer property would immediately snap up the double gabled duplex.  I was wrong. I share this listing with Dan Skahen from my office, Preferred Properties Key West. He always felt $649,000 was the correct asking price but went along with my suggestion to list higher to test the market.

While we have had several showings, we have not had any offers. Season is starting to wind down. The tenant on the first floor just moved and we have decided not to rent that space and leave it open for a new owner to move into, rent at a higher price, or renovate. The new price for 1109 Petronia Street is $649,000 or $649 per square foot for this 1,000 square foot house situated on a 43.5X 31.8' (1,385 sq ft) lot on a lightly traveled two block long one-way street in Old Town. 

As of March 4th, there are three duplexes for sale in Old Town - the area most second home buyers and investors want to purchase property: 903 Catherine Street offered at $498,000 for 720 sq ft or $692 per sq ft. It is located directly across the street from El Siboney Restaurant. 1108 Olivia Street offered at $699,000 or $794 per sq ft for  an 880 sq ft duplex. 1109 Petronia Street is now priced lower than both on a per square foot basis.

The main floor unit is a bit larger than the second floor. The kitchen with vaulted ceiling extends out from the house and has a side door that opens out to the garden. The current owner added new windows and updated both kitchens and baths when this building was purchased a few years ago.

The building has been well maintained. It is one of six double gabled buildings in Old Town. I think it is a great candidate for renovation into a single family home and believe the structure would really benefit from removing the staircase that occupies one-third of the lot. Image how magnificent the house could look with a white picket fence and two rocking chairs on the front porch and a hammock on the second.

 CLICK HERE to view the Key West MLS datasheet and listing photos of 1109 Petronia Street in Key West. Then please call me, Gary Thomas, 305-766-2642, to set up a private showing. I am a full time Realtor at Preferred Properties Key West. Let's explore the possibilities of this great house in a really great Old Town location.

1109 Petronia Street, Key West - Price Reduction on Cute Legal Duplex in Old Town

Not everybody has oodles of dollars to buy a place in Key West. Some people have to find a way to  make the place help pay for itself so to speak. The legal duplex located at 1109 Petronia Street, as cute as it is, could do just that. The owner could live on the first floor and rent out the second floor for income.

This is a scenario that gets played out across the US all time. Single people, married couples, and partners find a place, get a loan, move in, and find some other person to rent the adjacent unit for a reasonable price. The difference here is, - Well, It's obvious, isn't it?  It's Key West.

The black and white photo above was taken in 1965 and shows us that this building has been used as a money maker for over fifty years. The building is approximately 1,000 sq ft divided between the first and second floor units. There is an addition at the rear which is used as the kitchen for the downstairs unit.  It adds 80 sq ft of living space to that unit and explains the difference in floor plans between the two living levels. Let's look at how the units are currently divided.

The front door enters into the living area. Two doors on either side lead back to the single bedroom. The large bathroom is on the right side while the kitchen is on the left. A door in the kitchen opens out to the garden. I think this unit would make a great owner's unit. The owner could doll-up the garden space and maybe add a spa or maybe just a sweet little patio. 

The second floor provides a nice perch to sit and watch the comings and goings of area residents and tourists who happen to find this little two block stretch of Petronia Street which runs from White Street to Frances Street where it dead-ends (appropriately!) at the cemetery. Not much happens on this little block. Four windows provide filtered light into the living room and dining nook during the daytime. There is a good sized bedroom at the rear. CLICK HERE to see more photos of this property as well as the other double gable homes in Key West.

I think this building would be a good candidate for renovation back into a single family home. I would double the height of the rear addition and create an interior stairway in that space. I would take down the exterior stairway and use the porches for sitting. If the expansion of the existing footprint could increase the total space to 1150 sq ft or so, I think an architect could create a three bed, two bath single family home. I would think a new owner could spend up to $300,000 in renovation, but the end result would be worth it.  Of course, a new owner could do what the current owner has done, rent the units out for income.

CLICK HERE to view the Key West MLS datasheet and then please call either me, Gary Thomas, 305-766-2642, or Dan Skahen, 305-923-6524, to set up a showing. We are both full time Realtors at Preferred Properties Key West. Both units are tenant occupied. We and they request 24 hour advance showing request. Both units are on annual leases.  Ground floor lease expires in July and second floor is subject to a 60 day kick-out clause which would give the new owner the right to take possession of that unit upon vacation by the tenant.

1109 Petronia Street, Key West - Just Listed - Legal Duplex

Just Listed - 1109 Petronia Street, Key West, Florida. This is a sweet legal duplex located on a quiet little block just east of the Key West cemetery. Petronia Street at this location runs only two blocks from White Street to Frances Street where it appropriately dead-ends at the cemetery.  A full time owner and/or tenants will love the location because it is near all the attractions around Duval Street and the historic seaport (it's within easy walking or biking distance to both), but it is far enough away not be a part of the hub-bub. I looked in my old shoebox and found a photo of this same property taken in 1965. See immediately below.  This home is one of six double gable homes in Key West. CLICK HERE to see the other properties as well as more photos of the interior and exterior of this listing.

I point out the historic architectural reference to this house for good reason - I think this house is absolutely charming and deserving of a sweet restoration if the right buyer who is looking for a little project house were to buy the place.

The building is approximately 1,000 sq ft divided between the first and second floor units. The downstairs unit is a bit larger than the upstairs due to the small side addition where its' kitchen is located. The side yard is currently used for bike and scooter storage but could become so much more if the stairway were removed and relocated into the interior. I think but cannot confirm there might be room for a dip pool in the side yard if appropriate variances could be obtained.

The main level apartment is a bit larger and has a separate door which opens out to the garden.  This unit my work well for an owner/landlord who wants a place in Key West which he or she could used as a little Key West getaway cottage and still earn income all year long by renting out the second floor unit.  I have had two buyers who purchased duplexes and this process worked for them.

CLICK HERE to view the Key West MLS datasheet and then please call either me, Gary Thomas, 305-766-2642, or Dan Skahen, 305-923-6524, to set up a showing. We are both full time Realtors at Preferred Properties Key West. Both units are tenant occupied. We and they request 24 hour advance showing request. Both units are on annual lease and each is subject to a 60 day kick-out clause which would give the new owner the right to take possession of the unit upon vacation by the tenant.