The house at
512 Catherine Street, Key West sold this week for
$1,200,000. Krystal Thomas (no relation) of my office represented the buyer. My friend Suzanne Moore represented the seller. There have been numerous closed real estate deals in the past two months in all price ranges. I was both surprised and encouraged by this particular sale.
The surprise comes from the price paid and the condition of the house.
CLICK HERE to view the Key West MLS datasheet and listing photos. The house is definitely a fixer. The 1,800 sq ft house sits on a 5,082 sq ft lot less than one-half block off Duval Street. I dug down into my old shoebox and found a photo of the house taken 55 years ago. The front of the house has a newer brick facade and an extended porch. The building in the rear was an addition built prior to the 1965 photo. The house appeared in the 1889 Sanborn Fire Map. This block of Catherine Street had ten similar cigar maker cottages on the south side of the street. There was a house located at 510 Catherine Street which no longer exists and is now a part of 512 Catherine lot.
512 Catherine Street was the former home and studio of Mario Sanchez. Sanchez's folk art commands high prices in local galleries like the Greene Street Gallery. Sanchez created depictions of this neighborhood and the people who lived there. Much of the area has changed since my first visit to Key West in 1984. I stayed at LaTeDa and walked around the corner where Tomasita's Seafood stand stood and still does. Tomasita's is located opposite 512 Catherine.
Many of the nearby homes have been renovated and several have valuable transient licenses. 512 Catherine Street has been identified by the City of Key West as a
receiver site for a transient license. The city also recognizes this property as having
two legal residences. The original house could be renovated and perhaps the rear addition removed or relocated to the empty side of the lot. There may be room for one or two pools. Two smaller houses with transient rental licensees would be worth a minimum of $2.4 million and probably much more.
The fact that this sale occurred during the pandemic encourages me about the future of Key West. We need to embrace the future and not be afraid of it. Our economy will return. It will be different. Nobody knows exactly how everything will play out. I believe people who have come to Key West before will return. I think our location will lure many new visitors who may be reluctant to fly to Europe or Asia. Key West really is a little town in the middle of the ocean. It is picture postcard perfect.
If you are thinking of buying or selling property in Key West, please consider contacting me, Gary Thomas, Realtor at Preferred Properties Key West.
