507 Frances Street - Short Sale - Old Town - Key West

507 Frances Street - Old Town - Key West - Short Sale

I have written about 507 Frances Street before. Now it is being offered as a Short Sale at the asking price of $499,000. The listing Realtor describes this property this way:
"Prime location and great investment opportunity! Frances St is one of the most desirable Streets in Old Town Key West. This is a 3 Unit building. Two 1 bedroom 1 bathroom apartments downstairs and one 2 bedroom 1 bathroom upstairs. Each unit has a separate water and electric meter. Total gross income $49,800. This property could be converted to a beautiful single family home. History shows that it served as one of the early school houses in Key West followed by a church. Just steps from world famous Duval St and the Seaport. Excellent for an owner occupant or as an investment. Many possibilities. This is a potential short sale transaction subject to lender approval.

This double gabled building appears to date back to 1870. Removing the front porch enclosures would reveal a classic style conch structure with three doors across the front upstairs and down. The building is currently configured as three apartments. Each unit has a separate front and rear porches. Removal of the walls at the bottom of the inside stairs would create a unified living space. Then this former school house could become a Key West charmer.

The front porches are integral parts of the current usage. I recall the original exterior walls at front are still in place and doorways open onto the porches. (What you see from the street is not the original exterior wall. It is instead and enclosed porch. The original wall is perhaps six feet to the rear of the enclose porch.) An interior stairway provides access to the three units as currently configured. It works fine for the current usage but a new stairway could redefine the usage as a single family residence. The second floor units is very charming but it could be a wonderful master bedroom with en-suite bath and rear deck overlooking a new pool below. The ceilings could be vaulted and the whole interior spaces transformed into a very decent sized Old Town residence with a striking architectural style. Conversion of the enclosed porches to open porches would reduce the living area by about 300 sq ft but it would add a tremendous amount of charm to the facade.

The listing Realtor has a YouTube presentation that shows the interior layout that is quite helpful.

507 Frances Street is located on one of the best blocks in Old Town

You probably have strolled by, rode your bike past, or driven by 507 Frances Street and wondered what it is and then easily continued walking, riding, or driving. It gets noticed because of its atypical architecture, but then it gets ignored because of it. People can't figure out what it is or why it should interest them as a potential home in Key West. I'm here to shed some light on this property and perhaps create a little interest in it.

507 Frances Street (above) in 1965 with suggested changes by me

507 Frances Street intersects with Curry Lane in 2011

I found the Black & White Photo (above) that shows how this property looked back in 1965. Compare that photo with the color photo immediately below. The place has not changed much. You will note that I added some text to the Black and White Photo to suggest possible changes to this house because I think change is exactly what is needed.

The Red Doors on Caroline Street

701 Southard Street Key West - January 2011

302 Angela Street

507 Frances Street is one of six double gable houses in Key West that I am aware of. The others are located in the Meadows area, Petronia Street, and two familiar properties (the Red Doors on Caroline Street and an apartment building at 701 Southard Street), and the Angelina Guest House at 302 Angela Street. If you study 507 Frances and compare it to either the Red Doors or 701 Southard you will immediately see that Frances Street architecture is basically the same. That is, there are two buildings seemingly joined at a common point with the resultant double gable roof. 507 Frances is different, however, since the porches on Frances Street were enclosed sometime in the past - at least pre-1965. (When I first moved to Key West I was told many of the larger old homes had the front porches enclosed during World War II to house military personnel stationed here. That may or may not be true.) But these four properties share another interesting feature: they are all site-situated right at or very near the sidewalk. There is no front yard or fence to set the building off from the sidewalk.

Imagine the front porch enclosures eliminated and the interior ceilings vaulted

Imagine the rear with a pool and French doors up and down with second floor cantilevered deck

507 Frances Street was built around 1870. The public records show the current building as having 2107 sq ft of living space that is situated on a 38' x 50' lot. The house abuts Curry Lane, one of the slow lanes of Key West.

CLICK HERE to view the Key West mls database on this property. Please contact me, Gary Thomas, 305-766-2642 or by email at kw1101v@aolcom to schedule a showing of this property. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

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507 Frances Street - Old Town - Key West

507 Frances Street is located on one of the best blocks in Old Town

You probably have strolled by, rode your bike past, or driven by 507 Frances Street and wondered what it is and then easily continued walking, riding, or driving. It gets noticed because of its atypical architecture, but then it gets ignored because of it. People can't figure out what it is or why it should interest them as a potential home in Key West. I'm here to shed some light on this property and perhaps create a little interest in it.

507 Frances Street (above) in 1965 with suggested changes by me

507 Frances Street intersects with Curry Lane in 2011

I found the Black & White Photo (above) that shows how this property looked back in 1965. Compare that photo with the color photo immediately below. The place has not changed much. You will note that I added some text to the Black and White Photo to suggest possible changes to this house because I think change is exactly what is needed.

The Red Doors on Caroline Street

701 Southard Street Key West - January 2011

302 Angela Street

507 Frances Street is one of six double gable houses in Key West that I am aware of. The others are located in the Meadows area, Petronia Street, and two familiar properties (the Red Doors on Caroline Street and an apartment building at 701 Southard Street), and the Angelina Guest House at 302 Angela Street. If you study 507 Frances and compare it to either the Red Doors or 701 Southard you will immediately see that Frances Street architecture is basically the same. That is, there are two buildings seemingly joined at a common point with the resultant double gable roof. 507 Frances is different, however, since the porches on Frances Street were enclosed sometime in the past - at least pre-1965. (When I first moved to Key West I was told many of the larger old homes had the front porches enclosed during World War II to house military personnel stationed here. That may or may not be true.) But these four properties share another interesting feature: they are all site-situated right at or very near the sidewalk. There is no front yard or fence to set the building off from the sidewalk.

Imagine the front porch enclosures eliminated and the interior ceilings vaulted

Imagine the rear with a pool and French doors up and down with second floor cantilevered deck

This building was built around 1870. The public records show the current building as having 2107 sq ft of living space that is situated on a 38' x 50' lot. The house abuts Curry Lane, one of the slow lanes of Key West.

The listing Realtor describes 507 Frances Street this way:

"This sturdy double gabled building is situated in a very nice area of Old Town Key West. Historically, it is said to have served as one of the early schoolhouses in Town, then later as a church. Presently in use as a 3-unit licensed year round rental producing total annual rent of $48,000, with the tenants paying utilities. The building could convert nicely to a fine single-family residence."

I showed this property in early 2010 but neglected to take any interior photos. The property is presently used as three rental units. The front porches are integral parts of the current usage. I recall the original exterior walls at front are still in place and doorways open onto the porches. An interior stairway provides access to the three units as currently configured. It works fine for the current usage but a new stairway could redefine the usage as a single family residence. The second floor units is very charming but it could be a wonderful master bedroom with en-suite bath and rear deck overlooking a new pool below. The ceilings could be vaulted and the whole interior spaces transformed into a very decent sized Old Town residence with a striking architectural style. Conversion of the enclosed porches to open porches would reduce the living area by about 300 sq ft but it would add a tremendous amount of charm to the facade.

CLICK HERE to checkout the Key West mls database and to view listing photos of the interior. This is not a short sale but I would advise the current owner purchased this property in 2006 at a much higher price than the current asking price of $599,000 or $273 per sq ft. A new owner could keep the property as is and collect rent or do some interesting renovations. I vote for the latter.

If you would like to see 507 Frances Street please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Our office is the listing office for this property.

507 Frances Street - Old Town - Key West

507 Frances Street is located on one of the best blocks in Old Town

Dismissed. That's what buyers have done to this interesting property at 507 Frances Street in Old Town Key West: they have dismissed it. They have ignored it. They can't figure out what it is or why it should interest them as a possible home in Key West. I'm here to shed some light on this property and perhaps create a little interest in it.

507 Frances Street (above) in 1965 with suggested changes by me

507 Frances Street intersects with Curry Lane - January 2011

I found the Black & White Photo (above) that shows how this property looked back in 1965. Compare that photo with the color photo just below. The place has not changed much. You will note that I added some text to the Black and White Photo to suggest possible changes to this house because I think change is exactly what is needed.

The Red Doors on Caroline Street

701 Southard Street Key West - January 2011

507 Frances Street is one of five double gable houses that I am aware of Key West. The others are located in the Meadows area, Petronia Street, and two familiar properties (the Red Doors on Caroline Street and an apartment building at 701 Southard Street). If you study 507 Frances and compare it to either the Red Doors or 701 Southard you will immediately see that Frances Street architecture is basically the same. That is, there are two buildings seemingly joined at a common point with the resultant double gable roof. Frances is different, however, since the porches on Frances Street were enclosed sometime in the past (at least pre-1965). But the three properties share another interesting feature: they are all site-situated right at or very near the sidewalk. There is no front yard or fence to set the building off from the sidewalk.

Imagine the front porch enclosures eliminated and the interior ceilings vaulted

Imagine the rear with a pool and French doors up and down with second floor cantilevered deck

The county records aren't much help on this property. They state the building was built around 1930 but that is the story of so many old properties. Many of the homes in the area are pre-1900s so it would be pure speculation to say one date over another. The records do show the current building as having 2107 sq ft of living space that is situated on a 38' x 50' lot. The house abuts Curry Lane, one of the most of the slow lanes of Key West.

The listing Realtor describes 507 Frances Street this way:

"This sturdy double gabled building is situated in a very nice area of Old Town Key West. Historically, it is said to have served as one of the early schoolhouses in Town, then later as a church. Presently in use as a 3-unit licensed year round rental producing total annual rent of $48,000, with the tenants paying utilities. The building could convert nicely to a fine single-family residence."

I showed this property in early 2010 but neglected to take any interior photos. The front porches are integral parts of the current usage. I recall the original exterior walls at front are still in place and doorways open onto the porches. An interior stairway provides access to the three units as currently configured. It works fine for the current usage but a new stairway could redefine the usage as a single family residence. The second floor units is very charming but it could be a wonderful master bedroom with en-suite bath and rear deck overlooking a new pool below. The ceilings could be vaulted and the whole interior spaces transformed into a very decent sized Old Town residence with a striking architectural style. Conversion of the enclosed porches to open porches would reduce the living area by about 300 sq ft but it would add a tremendous amount of charm to the facade.

CLICK HERE to checkout the Key West mls database and to view listing photos of the interior. This is not a short sale but I would advise the current owner purchased this property in 2006 at a much higher price than the current asking price of $599,000 or $273 per sq ft. Keep the property as is and collect rent or do some interesting renovations.

If you would like to see 507 Frances Street please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. To those that dismiss this property I say HOOEY!