525 Grinnell Street- Old Town - Key West - October 2010
525 Grinnell Street in 1965
525 Grinnell Street in 1965Just listed, but not by me, 525 Grinnell Street in Old Town Key West. This just might be that great little cottage you have been waiting for. It seems like so many would-be second home buyers want pretty much the same type of property, to wit: (1) Old Town; (2) two bedrooms; (3) priced right; (4) parking; (5) good condition but willing to do a little fix-up if required; and (6) pool as desirable but often not necessary.
You can't beat the location. One of the top real estate producers is redoing a big house a couple of doors away. He knows a thing or two about locations. He chose this street for a reason. A very famous recording artist lives across the street and down the lane and a former Washington very big wig lives doors away. More important than who you might have as neighbors is why the location is sought after. It is just two blocks to the Historic Key West Seaport and Duval Street is only four blocks west. Five Brothers is up on the corner on Southard, the Old Town Bakery is one long block away on Eaton, Azur, Michael's, and Mangia Mangia are two minutes away. The locations is convenient to everything but it is not in the middle of the action. CLICK MAP for an aerial view. And CLICK STREET VIEW to checkout the neighbors.
This 808 sq ft home was updated six years ago. It has two bedrooms, 1 1/2 baths, a new kitchen, and a very comfortable feeling. The master bedroom is fairly good sized and the second bedroom is good for a child, an occasional visitor, or it would make a great office.
The listing Realtor describes the property this way:
"Welcome to your Starter Home in Paradise. This sweet Conch house sits in the heart of Old Town, has 2 bedrooms and 1.5 baths. Located on the corner of Grinnell Street and Lowe Lane the home is within walking or biking distance of all the attractions and amenities that Duval Street and Old Town Key West has to offer. This is a potential short sale that may be subject to third party approval."
CLICK HERE to checkout the mls listing info where you will see the asking price (key requirement for so many second home buyers is affordable price) is just $275,000 or $340 per sq ft which sits on a 30' x 50' lot. (The lot ain't a lot of lot!) Remember this is a Short Sale. Lender approval will be required. But I think the seller's agent got the asking price right. There is some fix-up required and the place is small. That's why I think the price is on target for approval.
The photo above shows a big white privacy fence. That is where you could have off street parking. There is a curb cut in existence. The current owners use the space for outdoor living area, and I think that is the highest and best use for the space myself. This block is mostly single family homes. I have never had a problem finding a place to park when going to any home on this street. Off street parking here is an option but not a requirement.
The home was update in 2004. I'm not a contractor but I did notice a couple of things that need repaired including the French doors and air conditioner. But the house itself is in move in condition and ready for a new owner.
The sixth item on many buyers' wish list is a pool or the space to add a pool. Well, this lot is just too small. The Key West building code would not permit an in ground pool because of the setbacks and location issues. I have a solution, however. The Conch Harbor Marina is just two blocks away and there is a huge pool CLICK HERE located there. Go there and buy a few cocktails and lunch and save the cost of pool maintenance and electricity to run your own pool. You'll be money ahead and the tan will look the same as if you got it at your own pool.
I would probably ask the city for permission to remove the existing decorative concrete block front porch (see above photo) so that I could replace it with a more historically correct wood railed porch. I would also put in a white picket fence across the entire front space and add a gate to preserve the right to park a car at some future time. The front would look wonderful.
I don't see a new buyer as having to spend a lot of money to make this place really damned adorable. If you are a potential second home buyer and are looking for a place in Paradise, please call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. (That means I will be then when you need me. I won't be off fishing or boating or working someplace else. I'll be there when you need action.) Don't wait on this. I don't think it will last long.
