728 Windsor Lane - Key West - Price Reduction

728 Windsor Lane in 2010

728 Windsor Lane in 1965

I think the little cottage at 728 Windsor Lane is one of the best buys in Old Town Key West. The seller just reduced the asking price from $260,,000 to $229,900. This house is still livable as is for a few years, but it really needs a redo. When I show a house like this I tell my buyers not to consider what it looks like now on the inside or the outside because when to redo is done, you won't be able to recognize the place. The good thing about a redo like this is that you don't have to worry about small rooms or inefficient layouts or lack of closets. All of those ills should be fixed in the renovation.

The house currently has two bedrooms, one bath, a living room and dining room, a small kitchen and separate laundry area accessed from the rear deck. The listing agent says the house has 654 sq ft of space under roof and it sits on a 1279 sq ft 1/2 block from the top of Solares Hill, the highest point on the Island of Key West and one block from the tippy top of Solares Hill. MAP. Many of the other properties on this block are of similar size. Many of those have been renovated. Most share the common dilemma this house faces: small building, small lot, no off street parking. Those three factors and the high cost of renovation in Key West have scared away many potential buyers from a place like this. I understand this but I think I have a somewhat good alternative on how to approach this property.

The red X marks the location of 728 Windsor Lane on Solares Hill in Key West

Key West Cemetery

Top of Solares Hill is one block to the west

Small neighborhood park is just around the corner at the end of William Street

Americans have gotten spoiled into requiring big rooms and grand spaces. Even when buyers are seeking bargain properties, most want to make something bigger and better out of what exists. Well, sometimes you can't get everything you want. Sometimes you must accept a little less to get most of what you want. I spoke to one contractor who looked at this house as a possible renovation project for a buyer. That buyer wanted so reconfigure the existing house and add a partial second floor at the rear. That buyer decided not to do the project because he couldn't make the house grow big enough.

The Key West Historic Architectural Review Commission (HARC) and the Planning Department for the City of Key West must approve such projects. All kinds of rules, building code requirements, and density restrictions must go into approving projects like this. A small house like this can take as much time to move through the bureaucratic jungle as a big project and some decide that the small house does not justify the investment of so much time and money if the end result is still just a small cottage.

What is wrong with a small cottage? Why does someone have to mess with something so quaint? Why not do something a little less daring and probably more certain of getting approval?

I'm not a designer or contractor but I came up with a plausible plan to renovate this house in such a way as to keep the historic facade intact but that would allow a new owner to totally redo the inside to create new living spaces that meet today's lifestyle.

My idea is to remove all existing interior walls, doors, and windows. Repair the foundation as necessary and reconfigure the house with a large bedroom with ensuite bath at the front. Create a new side entrance on the west side of the house with entry into the new living-dining-kitchen areas at the rear. A door off the kitchen would permit guests to use the bath without going into the bedroom area. The existing structure is a double sawtooth with an addition at the rear. I would remove the existing ceilings and create new vaulted ceilings throughout. New French doors would be added to the rear of the house that would open onto the rear deck and pool. I have seen similarly sized and styled homes have been renovated in similar fashion. Local contractors have done lots of houses like this. I cannot say everything I suggest will work or would get approved by HARC or the city planning department. And I cannot guarantee the price of the work. But this only a 650 sq ft property. I just have difficulty believing construction could go beyond $150,000.

Notice the double sawtooth roof

If a buyer purchased this property at the asking price and put $150,000 into it, that buyer would have a virtually "new" cottage style home in a great Old Town Key West location for about $380,000 or $581 per sq ft. What the buyer would not have is off street parking. But a lot of Old Town owners do not have it either. And the new owner would not have a guest room for all of his or her family and friends. I bet that it would be cheaper for a buyer to put his freeloading family and friends up at the Eden House on Fleming Street every year than it would be to add a second floor guest bedroom.

728 Windsor Lane is not a big house for starters, and you can't grow the house much larger. But you could immensely improve the structure and the space. The location is great. There is a neighborhood grocery 1/2 block away. Duval Street is three blocks to the west and the Historic Seaport is five blocks to the north. You could walk to just about any spot in Old Town in about ten minutes or less.

CLICK HERE to see the listing info sheet on this property. This property is rented and advance showing notice of at least 24 hours is required. Please call me, Gary Thomas, 305-766-2642 to schedule a showing of this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

728 Windsor Lane - Old Town Renovation Project - Key West

728 Windsor Lane - Old Town - Key West

Room for a pool behind 728 Windsor Lane

728 Windsor Lane as it appeared in 1965 (above) and today (below)

728 Windsor Lane - Old Town - Key West

Similar home on Petronia Street undergoing remodel today

Similar home (but larger in size and with pool) on Carey Lane that is priced at $1,150,000

The listing Realtor describes 728 Windsor Lane thus:

"If you are a ready-to-act buyer who has been waiting for the chance to live in the charm district of Key West, this may be the house that causes you to take immediate action. While small, it is difficult to find a home in this area for under $300,000. The house has a great private shady yard with room for a small pool. On the weekends, you can look forward to Operation Recharge. Sleep in on Saturday morning, drink your coffee, and relax. In the afternoon, jump on your bike and ride around and enjoy the tropical ambiance. It's thrilling to live so close to the heart of Key West music and entertaining district. There is some work to be done but for the size the price is a fit!"

This two bedroom house has 654 sq ft of living space and sits on a 1279 sq ft lot 1/2 block from the top of Solares Hill, the highest point on the Island of Key West. 728 Windsor Lane is offered at $260,000 or $398 per sq ft. The property is tenant occupied and we need at least 24 hours advance notice to see this property. I'm neither an architect nor builder, but I came up with a plausible plan to renovate this house in such as keep the historic facade intact but that would allow a new owner to totally redo the inside to create new living spaces that meet today's lifestyle.

My idea is to remove all existing interior walls, doors, and windows. Repair the foundation as necessary and reconfigure the house with a large bedroom with ensuite bath at the front. Create a new side entrance on the west side of the house with entry into the new living-dining-kitchen areas at the rear. A door off the kitchen would permit guests to use the bath without going into the bedroom area. The existing structure is a double sawtooth with an addition at the rear. I would remove the existing ceiling and create new vaulted ceilings throughout. New French doors would be added to the rear of the house that would open onto the rear deck and pool. I have seen similarly sized and styled homes have been renovated in similar fashion. Local contractors have done lots of houses like this. I cannot say everything I suggest will work or would get approved by HARC or the city planning department. And I cannot guarantee the price of the work. But this only a 650 sq ft property. I just have difficulty believing construction could go beyond $150,000.

728 Windsor Lane is not a big house for starters, and you can't grow the house much larger. But you could immensely improve the structure and the space. The location is great. There is a neighborhood grocery 1/2 block away. Duval Street is three blocks to the west and the Historic Seaport is five blocks to the north. You could walk to just about any spot in Old Town in about ten minutes or less. There are two other houses in the Old Town area priced under $260,000. GO HERE to compare all three. Those two houses are both short sales. 728 Windsor Lane is not. That means you will know that you are getting the house for the price you negotiate and that you will not need months of waiting for some "negotiator" or should I say "procastinator" to decide if you get to buy your place in Paradise.

I did another comparison of single family homes under 800 sq ft in Old Town. I did not put any price limit on my search, but I did look for houses that have been renovated and that have pools. The only one is a house I wrote about a week ago at 812 Johnson Lane. CLICK HERE to see what you can get for $499,000.

The Red "X" marks the spot where 728 Windsor Lane is located

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CLICK HERE to read more about 728 Windsor Lane. Please call me, Gary Thomas, 305-766-2642 to arrange a showing on this special little house. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

728 Windsor Lane - Old Town - Key West

If you are a potential buyer that is looking for a "small" project house, I may have found the house you are looking for. You may have driven by or walked by this house before and thought "cute" but decided it is too small or needs "too much work". Let me suggest that any buyer that wants a small house in Old Town with a pool keep an open mind and consider 728 Windsor Lane.

The listing Realtor describes 728 Windsor Lane this way:

"If you are a ready-to-act buyer who has been waiting for the chance to live in the charm district of Key West, this may be the house that causes you to take immediate action. While small, it is difficult to find a home in this area for under $300,000. The house has a great private shady yard. On the weekends, you can look forward to Operation Recharge. Sleep in on Saturday morning, drink your coffee, and relax. In the afternoon, jump on your bike and ride around and enjoy the tropical ambiance. As the sunsets,take a stroll down to Mallory Square and witnesses Key West's most famous sunsets!It's thrilling to live so close to the heart of KW music and entertaining district.There is some work to be done but for the size the price is a fit!"

CLICK HERE to read the listing info and view photos of the house. The house is only 654 sq ft. It presently has a living room,2 bedrooms, one bath and a kitchen. I guess you could call this a modified "eyebrow" house with a sawtooth addition. CLICK HERE. There is a recent addition to the rear that houses the laundry area. The lot is 1279 sq ft. 728 Windsor Lane is offered at $270,000 or $413 per sq ft.

A house like this will likely require total renovation. I'm no builder but I would expect the house to need some pier replacement, new joists, demolition and total renovation of the interior, new windows and doors, new electric, plumbing, and HVAC. The good thing is that the small size ought to keep the renovation costs somewhat contained.

The rear yard is surprisingly large. There is room for a real pool. The seller owns the adjacent property and will provide easy access for a backhoe to remove dirt and coral to keep the pool construction costs economical. CLICK HERE and CLICK HERE to see photos of the rear yard as it presently exists.

I have been in several old houses like this over the years. I always tell buyers to forget about what the inside structure or room configuration looks like today. Your architect and builder are going to rip it apart and will come up with a new house designed for today's living and put it inside of the four walls that presently exist. They'll probably wrap a pretty bow on the outside and end up getting a historic preservation award. Little gems like this mean so much and become so valuable once all the hard work is over.

728 Windsor Lane sits on Solares Hill in the Old Town area of Key West. The location is about a five minute walk to the shops and restaurants on Duval Street. The Historic Seaport is an equal distance walk. There is one little corner grocery about one half block to the east. And if you are afraid of cemeteries, the Key West cemetery is one block to the east. Windsor Lane at this location is a one way street that gets its share of lost tourist traffic. Most traffic is from locals and bicyclists. 728 Windsor Lane sits across the street from the Key West Writers' Compound which I have written about before. The former inhabitants of the Writers' Compound didn't settle on this location by accident. The red "X" on the aerial photo (above) marks the location of 728 Windsor Lane.

Please call me, Gary Thomas, 305-766-2642, if you would like to schedule an appointment to see this little cottage. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.