1420 White Street - Bank Approved Short Sale - Key West

1420 White Street Key West

I wrote about 1420 White Street a few months ago. It needs a second look by serious home buyers looking for value in Key West and specifically in the Casa Marina area. The "asking price" on this short sale has already been approved by the lender. So the what ifs as to the price on this property are eliminated. There are other issues addressed below that still will require resolution, but I am optimistic they can also be resolved successfully.

I have only been inside the grand Conch House at 1420 White Street once, and that was several years ago when it was offered for sale at the price of $2,695,000. The inside had been carved up. The interior stairway between the main floor and second floor was removed so that the upstairs could be used as a separate apartment which has an exterior stairway entrance. The large side yard on the north was sold off and different owner built a beautiful new home.

The garage at the back had been made into an apartment years earlier, and that parcel was legally separated from the main house. The property was sold to a totally different owner for an outrageous price.

Despite the loss of the side yard and garage properties, the main house still stands as an anchor in the Casa Marina Area of Key West. It is now offered for sale at the short sale price of $470,000 or $190 per sq ft.

This is how the listing Realtor describes 1420 White Street:

"Casa Marina Area! This 2-story 5 bedroom, 3 bath home has over 2600 SF of living area. It sits on a large corner lot and is within walking distance of the beach. The separate guest quarters on the second floor of the house is not currently accessible but could be renovated to make the house one grand home again. This is a potential short sale that may be subject to third party approval. Property is being sold AS-IS. The utilities of the adjacent property at 1133 Von Phister are connected to the subject property. It will be the Buyer's responsibility to resolve that situation. Bank approved$470,000."

But that's not the end of the story. The garage at 1133 Von Phister Street (rear of 1420 White Street) became a "cottage" and was sold to a different purchaser in May 2005 for $749,000. That 648 sq ft building has two bedrooms, one bath, a nice little kitchen and living room. There is a second smaller building located behind the main "cottage" that could possibly be incorporated into living space in some way or perhaps be demolished to make room for a pool. Or demolish both buildings and use the existing car pad on Von Phister Street for off street parking and use the remaining space for a new pool and garden. That would be my preference. 1133 Von Phister Street is now offered for sale as a short sale at the asking price of $299,000. This building does not have its own electric, water or sewer services. It will cost about $20,000 +/- to put in new utilities to the property.

1133 Von Phister Street Key West - Existing off street parking

These two properties are located a couple of blocks from Higg's Beach and Rest Beach. Imagine walking your dog each morning in the wonderful Key West weather or walking a couple of blocks north to get your cafe con leche at Sandy's. You'll flip over life in Key West!

If you would like to take a look at either or both of these properties, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty,Inc. in Key West, Florida. I live in this area and love it.