Banking Real Estate in Key West

 

I blogged about 1420 Whalton Street a couple of times over the past five years. It was a mid-century house located in one of the best locations in Key West. I showed the place to several people who hemmed and hawed. They had reservations. I told them to buy it, rent it, and bank the place. I said it would only go up in value. I was told that the guy that owns the house across the street bought it to prevent someone from building a monster house on the lot. He paid $1,182,747 or $277 per sq ft in March 2020. Then he took the house down, filled in the pool, and put up a fence to keep people out. 

I was in Colorado on September 20th of this year when the new owner listed this same lot for sale at $1,450,000. I planned to call the listing agent up to discuss blogging about the property. I thought the price was bonkers but our market has been bonkers. Two days later it went under contract. It closed on October 7, 2021 for $1,400,000 or $328 per sq ft. The owner/seller flipped an empty lot making a $217,253 "profit" in nineteen months. Of course the seller paid for the demolition expenses, realtor commission, and his share of closing costs. Still, he had a pretty good payday at the end. CLICK HERE to see MLS on this sale

Gary Thomas, Realtor, Preferred Properties Key West Florida

 

 

Razing 1420 Whalton Street, Key West Florida

I blogged about 1420 Whalton Street  In September 2019. It is large corner lot located in the highly sought after Casa Marina Area. The Mid-century house had its benefits and flaws, but most of all it had the desirable location. 1420 Whalton St sold in March 2020 for $1,182,747 or $277 per sq ft.  Three days ago bulldozers and dump trucks descended upon the site to raze the house. The story is the new owner purchased the property to prevent the lot from being over-developed with some monstrous contemporary home.

It will be interesting to see what the new owner does build. Stay tuned.

For buyers thinking about buying a home in Key West, please consider contacting me, Gary Thomas, 305-766-2642. I am a full time buyers agent at Preferred Properties Key West. There are buying opportunities in Key West including nice homes in the Casa Marina area that are move-in ready and that will not bankrupt you.

1420 Whalton Street, Key West - Won't You Be My Neighbor?

Just Listed by Preferred Properties Key West (that's where I work but this is not my listing) 1420 Whalton Street, Key West. This Casa Marina Area home was built in 1954 and was updated around 1997. I happen to live nearby and know this house and this neighborhood quite well. That is why I invoked the plea of kindly Mr. Rogers to be my new neighbor. The area is known for its tall swaying palms sitting on large lots as contrasted to the tighter environs of Old Town. The area was developed later than Old Town and has a variety of mid-century to current new construction. 

The property is an estate sale. The house has been used as a rental for the past couple of years and does not show as well as it could. I will share some photos I took a few weeks ago. CLICK HERE to view the album. The interiors are cluttered and dark. The palm trees have become over-grown diminish the landscaping potential. Don't let the photos scare you.

The Monroe County Property Appraiser shows the house as now having 1,666 Sq Ft of interior living space under air. This includes an enclosure of a former porch area abutting the pool. (Bedroom number 3 in the above sketch.)

Since 1420 Whalton Street is not located HARC it is a candidate for demolition and rebuilding a new home on the 47' x 91' corner lot - see top photo.

Proximity to Higgs Beach and Louie's Backyard are two of the reasons buyers seek homes in the Casa Marina, but there are a thousand and one other reasons as well. I have lived there for nearly twenty-five years. The lots are bigger, the palm trees taller, the skies brighter, the streets less used, the parking more abundant. Many of the homes are second homes. Fewer houses are rented as vacation rentals than in Old Town. Less density means more living space and slower paced neighborhood.

The Casa Marina Area is named after the Casa Marina Hotel built by Henry Flagler. Two restaurants on the beach and one small motel on Washington Street are the only commercial businesses in the area. There is a local grocery store, a new butcher market, and an old time Dairy Queen nearby. There are several gyms and yoga studios within easy walking or biking distance. The Key West Airport is about a five to seven minute drive as are the three local shopping centers. Old Town is also a five minute drive on most days.

The listing Realtor advises that only highest and best cash offers will be considered. The highest offer will be submitted to the Court for approval. CLICK HERE to view the Key West MLS datasheet on 1420 Whalton Street. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me show you my neighborhood. It's always a beautiful day in my neighborhood.