Key West Properties: 2018 that was the year that was

At the beginning of each new year I take a look back at the real estate sales of the prior year. I try to understand what the market told us about what we had to offer and our pricing. I continue to be surprised by some of the sales. I want to take a look at what I consider the best real estate deals (or remarkable sales) for 2018.

1413 Whatlton Street

This unassuming house and its next door neighbor were on and off the market for over ten years. Initially priced at $1,250,000, it eventually sold as a bank owned foreclosure at $420,000. The house was a total mess and was torn down. Construction started but has stopped for some reason. This was a bargain.
1501 Leon Street

What did I say in the first paragraph about being surprised by some sales. This bank owned house located at the corner of Leon Street and Flagler Avenue was a total mess. It had been butchered into several illegal apartments. But it sat on a really large lot which meant a new owner could tear this thing down and build new. The surprise it the new owner is renting the place with few visible changes viewable from the street. Sold for $417,385.
1026 Whitehead Street

I wrote about this fixer property a few months ago. I really liked it because of two things. The lot was very large and had room for a pool. The interior had been gutted so a new owner could see exactly what he or she would have to do to renovate. Contractors often will not give new owners a realistic price on renovation because they cannot see under existing wood or drywall to determine how much new work needs to be done. Here, the hard work was done. I assume this property will be renovated and I imagine it will end up back on the market priced somewhere around $1.2 million in a couple of years. If I am still around we should all look back and see if my price assumption proves accurate. I know this for a fact renovations cost as much money as the owner is willing to pay and as much as the builder can get the owner to pay. The good thing about doing a renovation is that the new owner gets the house they want. It is a long and expensive process. This sold for $475,000.

1126 Stump Lane

I sold this adorable one bedroom Old Town cottage for $520,000. We had a back-up contract. Cuteness sells. Location sells. Buyers will do with a pool or parking or both if they can buy a place that offers them the chance to live their dream.
512 Louisa Street

This 720 sq ft house sits on a lot that roughly measures 25' X 100' just a few feet east of upper Duval Street. It is designated as a "receiver site" for a transient license. The buyer bought this in four days on the market and paid $549,000.
733 Poorhouse Lane

While the front of this little Old Town cottage is unassuming, the back yard is a new home owner's dream. The lot is wide, deep, and free of any large trees meaning a pool and new landscaping should be a breeze. This home will be a renovation project. It sold for $625,000 after just a few days on the market.
628 Margaret Street

This is another 720 sq ft house that sits on a small lot which the listing Realtor said was large enough for a pool. This fixer sold for $620,000. There is a mix of houses priced in the one to three million dollar range within 250 feet of this home.
711 Olivia Street

This is yet another 720 sq ft house that sits on a larger, rectangular lot that also includes a garage. That house sold for $620,000 and is now being renovated into a large home with a pool. The house is located amid several much higher priced homes were the market trend continues to rise.
715 Fleming Street

This lovely little home sits across the street from the Monroe County Library. It was an absolutely beautiful place when I wrote about it. It sold for $775,000. It has room for a pool. It will be interesting to see how this house and lot may change.
726 Poorhouse Lane

This was more of a fixer house than an end product. The 1280 sq ft house sits on a near 5000 sq ft lot at the convergence of Poorhouse and Passover Lanes. Bill Butler Park is across the street. I think this could be a show stopper when renovated. Sold for $875,000. I wish whoever bought this property well.
1215 Truman Avenue

This is a very interesting house. Grand Conch (Revival) style house with existing pool and off street parking. Big old girl. She needs some work but the new owner, who paid just $835,000, has already started the work. Somebody got a pretty good deal on this.
823 Angela Street

This storybook cottage was completely renovated and has a brand new pool. It was purchased fully furnished at $965,000. It is located on a one-way lane opposite the city cemetery. Half the universe would never look at this house because of the location. All of this owner's living neighbors live in million plus homes. You don't get to do that in life by being naive.
912 Truman Avenue

This historic home has 3494 sq ft of interior living space divided among three floors. Plus it has two grand front porches and a decent sized pool in the rear. The house sits on fee simple ground inside a compound of more recently built homes. It sold for $980,000.
915 Washington Street

You couldn't ask for a better location than 915 Washington Street in the Casa Marina Area of Key West. All of the neighboring homes are larger and more expensive. It has a nice pool, off street parking, and an inviting front porch. Plus it is adorable. It sold for $1,160,000.
1425 Whalton Street

The new owner paid $1,175,000 for this 8775 sq ft lot and tore down the original concrete block house to build a new contemporary home. The Casa Marina Area continues to attract buyers wishing larger and newer homes located on larger lots but still conveniently located near both the beaches and Old Town.
713 Eaton Street

This iconic 1340 sq ft home was renovated by Angelo Donghia decades ago but still had his stylistic imprint. It sold for $1,100,000. According to a friend, a lot of very famous people used to party here. Some buyers refuse to consider looking at a home on Eaton Street, or by the cemetery, or near a business or church. These "locations" create buying opportunities for those who are more open to all locations.
522 Simonton Street

I represented the buyer who paid $1.3 million to purchase this strategically located historic home. Renovation has already begun. There will be a pool and the house will be perfect in every way. That is what this buyer does. He does everything perfectly. Watch to see what happens.
712 Ashe Street

Readers with good memories will recall this house sold in December 2016 for $1,410,000 just after it was totally renovated. All but a few original boards were replaced. It is basically a brand new home. The original purchasers made some changes and then re-sold it for $1,515,100. This is one of the better tear down to next to nothing redos. The original builder is a Realtor and knows what buyers want. (I am not related to him or in his office. He just does good work.)
1233 South Street

This house was taken down to the foundation and rebuilt. Top quality throughout and had all modern amenities plus killer pool and new landscaping. Sold for $1,786,000 - top of the market for this Casa Marina east neighborhood. More buyers who want quality an a more affordable price need to cross White Street to look at homes.
412 and 420 Grinnell - Side by Side Houses Both Selling at Top Prices

Two houses located side by side and sold within a couple of months of each other. 412 Grinnell Street above was totally renovated and won ceramic star for excellence in renovation. Five bedrooms, pool house, pool, gated off street parking, and excellent Old Town Location. Sold for $1,999,000 cash or $1,064 per sq ft. A smaller home but similarly highly renovated home on a double lot across the street at 411 Grinnell Street sold in June 2017 for $2,800,000. That property is now being expanded.

Located next door this 1972 sq ft home also has a pool, guest cottage, and off street parking. It sold for $1,960,000 or $994 per sq ft. I mention these three houses as this is one of the most expensive locations in Old Town.
1006 Fleming Street

This two-home property plus guest cottage and incredible pool has sold five times since 2001. Each sale has been marked by new improvements to the home plus steeper and steeper sales prices. The interiors are incredible. The exterior is always very well main tainted. The location is highly desirable as the seaport is just a couple of blocks to the north and the Duval Street madness (call it what it is) is located four blocks to the west. The years and sales prices: 2001 - $660,000 for each house (adjusted price); 2011 - $2,600,000; 2015 - $2,750,000; 2018 - $3,100,000.
526 William Street

This home sold in 2015 for $2.500,000 and just re-sold in 2018 for $3,400,000. The house was one of the first renovations by Broadway Producer Herman which kick-started the renovation craze in Old Town. Successive owners have changed and updated various things Herman added to the property but nobody messed with the grand pool. It is stunning. That is why places like this attract buyers with lots of cash who want to own a home on a great block and then tinker with the house just enough to call it their own. Then they sell it a couple of years later and normally make money on the transaction.

I will soon post an update to my continuing series of the Projects of Key West. This town has changed so much since I first came here. It was ticky-tacky in such a lovely way. Duval Street is now just tacky and it ain't lovely anymore. But the streets are better, the houses are much better maintained, and most of the locals love life here. Some have to work at so many jobs that I am not sure all love living here. And some people have so much money and so many homes that they may not spend enough time here to appreciate how good life is in Key West. I got rid of my Facebook page a few months ago. Someone negatively remarked how I described myself - I sell houses to rich people. Ya almost gotta be rich to buy a place here. Look at how much it costs to buy our crappy houses.