PRICE REDUCTION - 611 Southard Street #5, Key West Florida

Years ago, when I owned what was then called Eaton Lodge (guest house on Eaton Street in Key West), a potential visitor called to inquire about making reservations. She asked "Is the island surrounded by water?"

A few weeks ago I wrote 611 Southard Street #5  located at the Hollinshed House Condominiums just one block from Duval Street in Key West. The unit has a highly desired transient rental license which means the unit can be rented nightly without any limitation as to the number of days or weeks that a vacationer might want to spend. The original list price was $525,000. The unit just had an $85,000 price reduction. Now it is priced at $440,000  or more than a 16% lower than the original price. I think this creates a real buying opportunity for a buyer who wants a place in Key West that he or she or they can come visit but that can also earn enough money to pay for itself through legal vacation rentals. The city is cracking down on illegal rentals and imposing extremely high fines to owners who violate rental laws.

This historic eyebrow house was built circa 1874. If you look up a the windows at the top of the house you will understand how the term eyebrow house came to be used to describe homes like this. These old homes were built before air conditioning and even electricity came into use. Back in the old days, houses were cooled through the use of natural ventilation and shading. Windows and doors were left open to allow breezes to flow through the home. The roof overhung the third rooms in this eyebrow house which allowed the windows to remain open in rainstorms. The photo below shows the inside of this unit with the windows shut. Today this space is air conditioned. The charm of the old house gleams through the painted Dade County Pine walls and ceiling. Guests who stay here step back into time just a bit. They pick places like this for a reason - they don't want to stay in a Motel 6 or a Hilton. They want character.

The Hollinshed House Condominiums are located at the tip-top of Solaris Hill in Old Town Key West. The main living area is the top floor of the of the original house. The old building was expanded years ago where the bedroom and bathroom exist just beyond the door at the rear of the kitchen. There is a small balcony off the sitting area at the livng room which is actually the rear fire escape. The views up there are great and totally private. The entrance is located at the top of the two story wrap-around balcony.

Three additional units are located next door at 609 Southard Street. The property has a nice pool in the large courtyard. There are two off street parking spots available on a first come basis. There is also a coin operated laundry for guests.

I just did a quick search of active transient licensed one bedroom condominiums in the Old Town (including Truman Annex) area and found there are six units with an average square footage of 432 1/2 sq ft. The average list price is $485,750.  The average price per sq ft of all units is $1,329. The Hollinshed unit is offered at $652 per sq ft. Three of the units do not have a pool.  The Truman Annex unit is restricted to 25 weekly transient rentals.

CLICK HERE to view the Key West mls datasheet and listing photos of 611 Southard Street #5. Then please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise. And, yes, Key West is surrounded by water. That's why it is called an island.

611 Southard Street #5, Key West - Transient Licensed Condo in Old Town

Just Listed 611 Southard Street Unit #5, Key West, Florida. A total of eight unique units make up the historic Hollinshed House Condominiums located at the tip-top of Solaris Hill in Key West. This 577 sq ft third floor garret is one of five units in this building. There are three additional units located next door at 609 Southard Street. The historic building was built circa 1874.  The unit is an unpretentious one bedroom with lots of space for relaxed living. It has all of the modern amenities but retains the charm of the historic house.  And it has a very valuable asset that few condominiums on Old Town have - a transient rental license which allows an owner to rent the unit on a daily every day of the year.

611 Southard St as it appeared in 1965

The listing Realtor describes this property thus:

"Great opportunity to own an Old Town well established transient licensed apartment. The Hollinsed House (circa 1880's) was converted to 8 condominiums many years ago and has been well maintained and managed since then. Unit #5 is a large one bedroom unit on the third floor of the property. It has a queen bed, sleeper sofa, dining area, and private porch. Hollinsed House has a heated pool and lovely patio area and is conveniently located near the corner of Southard and Simonton St."

If you take a couple of moments to study the photos above you'll soon discover that the building is a Key West eyebrow house. Look back at the top photo of today's blog. See the multiple sets of windows located above the French doors on the second floor front porch. Those windows permitted the occupants of the historic house to have ventilation in the days way before air conditioning and probably before electric ceiling fans were invented. The covered porch allowed air to move about while still keeping water from getting inside the space. They also shaded the interior which otherwise might get warm.

Notice also the Dade County Pine walls and ceiling. So many places today have been gussied up so much with drywall, crown moldings, and engineered floors that we forget how quaint the old houses really are. Their simple beauty is what attracts many returning guests to come back to Key West year after year. I know a lot of people like the amenities offered at luxury hotels, but there are those other travelers who prefer to stay in a place that is unapologeticaly simple. This unit is for that owner or that traveler.

The bedroom is located in the rear addition of the building.  Skylights were added to bring light into this space. The guest closet is located at the side rear and the owner's lockout closet is at the far rear.

The living room has a little niche off to the left where French doors open out to the rear "deck". This is the emergency exit but it is also a really private space for gathering one's thoughts.

CLICK HERE to view more photos that I took of this unit and the grounds.  The bricked courtyard includes a small semi-covered area with a bar-b-que, access to the laundry, plus two first come first served off street parking spaces.

611 Southard Street #5 is offered for sale at $525,000. CLICK HERE to view the Key West mls datasheet and listing photos. Then please call me, Gary Thomas, 305-766-2642, to set up a private showing of this transiently licensed condo located near everything. You just cannot ask for a more convenient location. I am a buyers agent and a full time Realtor at Preferred Properties Key West.