Pelican Landing - Key West Condo

Pelican Landing Condominiums - Key West

I have written about Pelican Landing Condominiums before. A couple of years ago I wrote about a penthouse unit offered as a short sale, and earlier this year I penned a piece about a bank owned unit. The short sale unit is still available, but the bank owned unit was sold. 915 Eisenhower Drive Unit # 302 is not afflicted by the stigma of being bank owned nor is it a short sale. Instead, it is a very nicely furnished two bedroom, two bath unit with a boat slip and a transient license that is priced to sell at just $399,500.

Living room

Master bedroom with en-suite bath

Second bedroom with en-suite bath is also a lockout for easy rental

View from the deck of Unit 302

Pelican Landing Condo Unit #302 has 1215 sq ft of living space plus a large balcony that overlooks the pool and grounds below and the boat slips that are just a tiny part of the Garrison Bight. The transient licensed unit has the advantage of having a lockout so an owner could rent one bedroom and still use the remainder of the unit himself (or herself). That feature provides a usage not available in most Key West condos. There is an on site manager that can rent the condo, but an owner can use any property management company.


CLICK HERE to view a slide show of photos of this unit. You will see that the unit is nicely furnished. This place is clean and as well maintained as any I have seen. You could move right in and not do anything. And everything you see in the photos is included in the sales price. The building has covered parking, an elevator, pool, spa, and boat slips and piers. Boaters might find this place an affordable alternative to buying house or condo elsewhere and then buying or renting a boat slip.

Each unit has the use of a boat slip

I did a quick mls search to find a comparable value under $400,000 for units with comparable features. CLICK HERE to search the Key West Association of Realtors mls website and see for yourself how this unit compares to other properties. There are a couple of nice units with transient licenses on Coral Way on Stock Island, but they do not have boat slips. Some Seaside units with transient licenses are priced around $100,000 less, but they are located on the far east side of Key West. There are some nice units at the Key West golf club, but they do not have transient licenses. You might have to pay $449,000 to purchase the least expensive unit at 1800 Atlantic Condos that has a transient license. And the least expensive transient licensed unit at Shipyard Condominiums is $449,000, but that unit is only 680 sq ft and only has one bathroom. Compare for yourself.

This unit is not my listing, but I would be pleased to show it to you. Please call me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

Key West Waterfront Condo - Bank Owned!

People are always looking for bargains. I remember many days several years ago when I had 'floor duty' at another real estate office on Duval Street. Several times potentially interested buyers would come inside and ask me about 'bargains' and include the word "foreclosure" as if the two were synoninous. They aren't and there were none. When properties were selling at incredily high prices, it was easy to sell even crap because people wanted anything they could buy. They figured they would buy it, fix it, and use it or perhaps 'flip' it. Since everything sold so easily in a rising market, there just were no foreclosures. When the market collapsed, there were too many foreclosures. The condo unit at Pelican Landing I am discussing today is one of those.

A few years later the real estate market in Key West has been fiercely shaken. The good properties in good locations are as valuable today as they were a few years ago. They may cost less now, however, because the overall market has adjusted downward. The down turn in the market has created hundreds of short sales and foreclosures in the Key West area. That downward spiral has reduced to a trickle in Key West, but the unsold properties are still out there. (There will be new short sales and more bank owned assets listed in the future, but the number of new foreclosures and new bank owned properties has been significantly reduced.)

The asking price on the waterfront bank owned condo at Pelican Landing 915 Eisenhower Unit No. 101 has just been reduced to $394,694 or $292 per sq ft for this 1352 sq ft two bedroom, two bath unit which looks right out to the marina. The listing agent describes the property thus:

"Harbor And Pool Views Enhance This 2 Bedroom 2 Bath Unit. Located A Few Short Blocks From Old Town's Duval St. Unit Has Private Stairway To Pool Area And Marina With Use Of Boat Slip. Large Covered Balcony To Take In The Awesome View. Seller Will Credit Buyer Up To A Maximum 3% Of Sales Price Towards Closing Costs If Negotiated In Final Signed Counter Offer."

Sometimes I like to compare how a previous agent listing agent discussed the same property when it was marketed at a much higher asking price. One of the very best agents (year after year) listed this same property a couple of years ago when it was priced at $999,000 and described the very same unit this way:

" ...waterfront condo spacious 2BD/2BA, with docking privileges and licensed for transient use. Enjoy wonderful waterfront views from the bright and open living & dining room. Glass doors open onto a spacious covered patio, tile floors, heated pool, elevator, garage, covered parking and right in town!!!"

Dining and Living area followed by covered deck as they appeared in 2008

Photo of covered deck as it appeared when furnished in 2008

This unit has a Transient Rental License and which can be managed by the on site manager at Pelican Landing. The large living room opens onto the huge rear deck that overlooks the Garrison Bight Marina and the Pelican Landing boat slips below. The new owner will have the privilege of stunning early morning sunrise views every day. The furniture (shown in the photos above) is gone but the unit is pretty much the same. Except the asking price is only $364,694. CLICK HERE to checkout the Key West mls database and current listing photos.

Key West's beautiful Bay View Park is located across the street

Pelican Landing Condos are located at the eastern edge of Old Town. Bay View Park is across the street to the southwest. The on site manager at Pelican Landing provides a wealth of information on this property. I was surprised to learn that most of the transient rentals actually occur during the summer months because boaters return to Key West year after year for summer fishing and family outings. That means a potential owner could actually use the property during prime time winter months and still rent it during the summer.

If you are looking for a Key West waterfront property with a transient license (that you can use or not use-your choice), please contact me, Gary Thomas, 305.766.2642 or kw1101v@aolcom. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me help you find your place in Paradise.

Pelican Landing Penthouse - Key West Waterfront - Short Sale

The listing Realtor for the Pelican Landing Penthouse unit said it all when he wrote

"Current owner's loss is your gain! Here is your chance to buy a 4 bedroom waterfront income property on the edge of Old Town. This is a very large penthouse unit in a newly renovated building. Access to boat slips included! This is a potential short sale transaction that may be subject to third party approval."

The current owner purchased this property at the height of the real estate boom and paid $1,250,000 for the property. The market turned down and at about the same time the building underwent a major renovation (with jackhammers). Revenues were down and vacancies were up. That renovation was only recently completed.

The unit is located on the north side of the building so it is the furthest removed from the street traffic as it passes at the corner of Eisenhower at Truman. Pelican Landing is located across the street from Bayview Park, the main park for the City of Key West.
This unit would make a really nice permanent home for someone wanting a water view with a boat slip but it would also make a great getaway property for an investor that wants a waterfront property with a real water view with all the amenities I will mention below for a great price.

This unit has a transient license and is currently managed by the on site manager at Pelican Landing. The main floor area includes large living room with access to huge rear deck that overlooks the Garrison Bight Marina and the Pelican Landing boat slips below. Deep water access is at the back door and sunrises are available every morning from the living room and the very large master bedroom that also has the stunning early morning sunrise views. The kitchen and dinging area on the first floor. A second bedroom and bath have a "lockout" capability. There is an interior stairway that leads to two additional bedrooms and baths on the fifth floor. These two bedrooms have their own front balcony that provides an incredible view of Old Town, the Gulf of Mexico to the north and west and you can sort of see the Atlantic Ocean to the south. Al fresco tanning is added gratis.

If you are a buyer with a large family or you have a lot of friends, this may be the place for you. There is a nice sunny pool at ground level that overlooks the marina. Each unit has access to the boat slip and boat slips may be rented separately to provide income when guests or owners are using them. The lockout provides ability to rent the single bedroom nightly even while the owner is using the rest of this very large unit.

This property is priced offered at $650,000. The seller is obligated to pay about $70,000 for an unpaid special assessment to cover its proportionate share of renovation costs. This amount will be passed on to any new owner. CLICK HERE for more detailed info on this unit and to view listing photos.

If this sounds like a property that you would like to own, please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com for more info. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. .