Sales in the City

I have received e-mails and phone calls from potential buyers asking about specific properties I have mentioned here as being buying opportunities. Two separate properties just closed that I had written about, so I decided to let you see how the market acted.

1103 Virginia was wild. It was a bank foreclosure and was listed at $499,900. GO HERE to read what I wrote about the property. What I did not write is that I showed it to several potential buyers, two of which were interested. I told each buyer to go to the City offices to investigate how the City would respond to certain legal issues that affect that property. The prior owner allegedly renovated large parts of the house without building permits and the City had imposed a huge fine on the property. There was also a theoretical possibility that the City would require that the covered parking be removed since it was constructed without permit and in violation of HARC rules that disallows such structures in HARC areas. I also did not write about my observation of building code violations regarding the structure itself. I'm no contractor, but there were many problems with the work the prior owner did. And I questioned how difficult it would be to obtain a certificate of occupancy given those problems.

The listing broker told me she had 5 or 6 written offers within the first few days the property was listed. The property went contingent 14 days from the listing date. It listed for $499,900 and sold for $606,500--$106,600 more than the listing price.
The sales price could be real sweet, or it could be problematic.

831 Johnson Lane is a totally different property. What a beautiful group of cottages that make up such a delightful place to call home. The property was listed at $1,295,000, reduced to $1,195,000, and just sold for $1,100,000 or $556 per sq ft. The property is not typical of Key West, yet nothing is. But the price may be a good benchmark for future sales of quaint homes with pools. Works for me. CLICK HERE to read what I wrote about the house before it sold.

If you snooze you lose. The nice houses are gonna get purchased. The dogs are gonna get purchased as well. Somebody will buy everything. For a price. Someday the market will return. And new millions will be made off of the losses of others.

831 Johnson Lane Old Town Key West, Fl

Are you tired of everything being just perfect? Everything "Up to the minute"? Want to go back to a quieter, gentler time when time did not matter? When perfect was not de rigeur?

When you open the white picket fence and cross the threshold at 831 Johnson Lane in Old Town, Key West you pass gently into such a place and time. It is magical.

The house at 831 Johnson Lane is actually a combination of three separate buildings plus a couple of out buildings. All of the living areas open onto the rear pool and gardens. And by "gardens" I mean gardens plural. There is a 33' lap pool framed by palms and orchids and myriad of other plants and trees. The buildings provide shelter from the elements, but it is the elements that make this house so inviting because the outside is a part of the inside. The living areas have vaulted ceilings and the walls are works of art in themselves. The Dade County Pine walls and ceilings have been artistically enhanced and the result is inspiring.

The tones and colors and textures compliment each other and blend so well with the environment. The rooms are built to human scale, so you won't feel like you are rambling around some big bawdy warehouse. But you also will not feel cramped. The rooms are proportional. The two bed two bath main house with an 11' x 11' studio was renovated within the past 5 years. The house and cottage provide 1977 sq ft of living space. And there are two off street parking spaces. There is a separate 780 sq ft artist studio with its own vaulted ceiling and bath. There are two wells to provide additional water for the gardens. You get all of this for $1,195,000 or $604 per sq ft. You can look around this island and find a lot less for a lot more. CLICK HERE for more info and photos.

I really don't think the cute will ever wear out on this place. It reminds me so much of what so many Key West properties used to be before so many got all gentrified. This little place is fine just as is. Want to see it? Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.