Key West : Buildable Lots and Renovation Properties

Summer is nearly over. Fall is on the way. This is always the worst time of the year to sell a house in Key West. It is the same way every year. 2017 isn't special in that regard. Many shop owners and restaurants will close for vacation during September. There's no reason to have a crew working if nobody is buying t0shirts or trinkets, eating over-priced food, or sleeping in hotel rooms. Ten weeks from now, however, Fantasy Fest will begin and throngs of thongs will parade on Duval Street. Money will flow like crazy once again. The super boat races follow in November and then Christmas ushers in season when the serious real estate buyers return. Like it or not, our real estate market is still "hot" and prices continue to appreciate year after year.

Potential buyers in the Key West should appreciate the limitations of our real estate market. Unlike many parts of Florida where cities can expand into vacant areas or build skyscraper condominiums near a beach, Key West has a limited land mass and numerous governmental restrictions which severely limit new construction. The Old Town area of Key West has strict rules which disallow taking down historic older houses and impose standards on how existing homes may be renovated. As a result most of our construction involves the renovation of existing properties in Old Town and/or razing non-historic properties in other parts of our island city.

The Key West MLS has a few "vacant lot" a few properties with an existing structure which could be razed or renovated. Building a new house or renovating and expanding an existing property will tax any marriage, but if done correctly, the rewards could be astounding. A new owner will end up with the house of his or her dreams.  Let's take a look.

317 Virginia Street, Key West

317 Virginia Street is located in the Bahama Village area of Key West. It is  a vacant and cleared lot which measures 25.25' X 86.92' or  2195 sq ft lot offered at $369,000. CLICK HERE to view the Key West MLS datasheet.This lot is located a little over two blocks west of Duval Street and about three blocks east of the soon to be completed Truman Annex Waterfront Park. I think there will be a surge in demand for homes in the Bahama Village area soon after the park opens and the public sees how easy it will be to get to the park.

323 Angela Street, Key West

323 Angela Street has an existing 840 sq ft home plus loft situated on a 4,824 sq ft lot (48' X 100.5') offered for sale at $724,500. This house is located a little over one block west of Duval Street in Bahama Village. A new one and one-half story house is being built right now next door to the west.   CLICK HERE to view the Key West MLS datasheet.

622 Mickens Lane Key West (vacant lot only)

622 Mickens Lane is a 27.5'  90' vacant lot offered for sale at $381,000. If it were purchased along with 624 Mickens Lane (below) the combined site would be a 4,500 sq ft renovation property located in the X-flood zone just a block and one-half off Duval Street. CLICK HERE to view the Key West MLS datasheet.

624 Mickens Lane Key West

624 Mickens Lane has an existing 948 sq ft wood frame home sitting on a 90' X 23' lot which is offered for sale at $575,000. CLICK HERE to view the Key West MLS datasheet.

903 Eaton Street, Key West

903 Eaton Street has an existing 761 sq ft non-historic concrete block house which can be taken down and a new house built on the 5,300 sq ft lot which measures 50' X 103'. This is the largest lot for sale in the Old Town area where a new house can be built. The photo only shows the front 1/2 of the lot. The existing house and even larger lot is located behind the wood fence. CLICK HERE to view the Key West MLS datasheet. The existing house two bedroom one bath house would probably rent in excess of $2500 per month. A new owner might rent parking spaces in front to locals who do not have off street parking for $150 a month or more creating an additional $450 or more in rent.

26 Floral Avenue, Key West

 

Gulf of Mexico

26 Floral Avenue is located in the Key Haven addition to nearby Stock Island just five miles east from Duval Street. This is a 60' X 100' (6,000 sq ft) lot with seawall on a canal which leads to deep ocean water. This lot is nestled between other homes added to the area in the past fifteen years. Those homes are typically two story located over covered ground parking. The houses on Floral Avenue all have first and second floor views of the Gulf of Mexico across the street and water views of the canal at the rear. Owners in this part of town are most often young professionals as well as retired locals who moved here when Key Haven became an upscale bedroom community for locals displaced from Old Town. It's super easy to go out to the boat after a day at the office, grab a beer, and take the boat out for a couple of hours. CLICK HERE to view the Key West MLS datasheet.

These are the active listings. One might assume there are many other large lots in the Old Town area that might become available in the future. I doubt it. Most of Old Town is tightly developed. Vacant lots and buildable lots are the exception to the norm. Scarcity creates value. I think an investor could buy any one of the above lots and sit on it for five to six years and probably double the value. 

If you are a buyer who wants to build a new house in the Old Town or nearby area please give me, Gary Thomas, 305-766-2642, a phone call. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me take you on a short tour of these particular properties and discuss the possibilities they offer to you. 

903 Eaton Street, Key West - Open House Today

You are looking at the front yard of 903 Eaton Street located in the Old Town area of Key West. A big front yard is not that big of a deal in many parts of the United States, but in Key West it is a mighty big deal especially when the lot is 50 feet wide by 106 feet deep or 5300 square feet.

The existing CBS home is a 2/1 with 761 square feet of move-in ready living space. Everything is nice and clean. The lot is so large you cannot see the house from the street. During previous open houses passers-by have commented "I did not know there was a house here."    

Here is the best part: this is the largest lot in Old Town currently listed for sale which may be legally torn down and where a new home may be constructed using new building materials such as impact windows and doors and Hardiboard siding which are typically not permitted in renovations in the historic district.

You can't beat the location. Two of the best bakeries in town are located within two blocks,  the historic seaport is a three minute walk, numerous neighborhood gyms, yoga studios, and even fine dining restaurants are also located within easy walking distance.World famous Duval Street is a short four blocks to the west.

OPEN HOUSE

903 Eaton Street

12:00 to 2:00 PM

903 Eaton Street, Key West - Potential Renovation and More

Just Listed by yours truly, 903 Eaton Street in Key West, Florida. If you look at the above photos you may see a big open lot and maybe that's all. Maybe you see the beautiful home across the street and think maybe this is a good location where you might build an equally beautiful home. It's what you cannot see from the street that may make this property more interesting to you because there is an existing two bedroom, one bath home located at the rear of the property.

One of the great features of 903 Eaton Street is the lot size which is quite large for a home located in the Historic District of Key West known as Old Town. It measures 50' X 106' or 5300 square feet. Many of the homes in Old Town are located on lots of 2500 square feet or less. As a general rule houses in the Historic District must be renovated and may not be razed.  The second or perhaps the primary feature is the potential to take down the existing CBS house (concrete block structure) which is not a contributing structure. Given the lot size and land use regulations, a new owner might be able to construct a new fairly large house on this lot with a pool, gardens, and off street parking. If you are familiar with what is for sale in the Key West real estate market today, you should appreciate this property offers more opportunity at a better price and a better location than the competition.

 The existing house is 761 square feet and was built in 1954. It sits at the rear of the immense lot but there is still about ten feet of space behind the lot which is decked. A covered laundry room and store room takes up about 20% of the rear area and is built to the property line. Inside you will see highly desirable Cuban Tile Floors. The period kitchen is simple, but it is clean as a whistle and more important it is functional. Also note the new mini-split air conditioners throughout the house. The electric bills went down when these went up. They are whisper quite to operate and keep the house cool and comfy!

CLICK HERE to view more photos of this property. The owners created a sweet garden area hidden from view. There is a large covered carport and storage area. So many potential buyers worry about where they can park their car and store their bikes and toys when they are away. This place has the space to do just that. Moreover, you should appreciate the location of this home which is within easy walking distance to the seaport and Duval Street. Cole's Peace Bakery is two blocks to the east. Old Town Bakery is across the street at the corner of Margret Street. There are many great restaurants located within a five minute walk in multiple directions.

Please CLICK HERE to review the Key West MLS for 903 Eaton Street and then call me, Gary Thomas, 305-766-2642, to set up a private showing.  I am a full time Realtor at Preferred Properties Key West. Let's look and you decide how you might turn this place into your private Paradise.