The Best Buy in Old Town - Key West !

I have written several times about the house at 916 Fleming Street on Millionaire's Row in Old Town Key West. I wrote about this house before when it was offered pre-foreclosure at the original asking price of $3.4 million. This property is now Bank Owned. The local "bank" is in fact a local credit union that is itself in a "Conservatorship". The bank must sell this REO asset quickly. This property was reduced to just $1,550,000 on Friday. That is not a typo. That is why I say this is the Best Buy in Old Town.

This is how the listing Broker describes this truly beautiful Old Town renovation:

"Bank owned & Drastically reduced! Designer Old Town Home with 4 bedrooms plus an office and 4 full bathrooms & 2 half baths. State of the art amenities include beautiful coffered ceilings, wood walls, sophisticated gourmet kitchen, wet bar, detached pool house/office & a full finished attic. Enjoy your pool & waterfall from your Indoor/outdoor living room finished in rich Ipe wood. Unsurpassed craftsmanship & custom designer materials grace this home including walnut countertops, built in's galore, bamboo & sea grass treatments, plantation shutters & wired for a generator. Home is currently vacant, not as photographed."

The house has got everything a discriminating owner could dream of owning. The former owner spared no cost in renovating this "ultimate" home. (Perhaps that was his downfall.) I can tell you this, you would have to spend a lot more today to replicate this house. But it would be very, very difficult to find a better location in Old Town. CLICK HERE to read the mls listing data and to see more photos of the house.

You may recall that I previously wrote about two of the estate homes located on this block that sold a couple of years back. The house across the street sold in 2007 for $4,340 million. The house two doors to the west sold for $3.6 million in 2006. All of the houses on this block are million dollar babies. Make no mistake about that!

If you follow me on TWITTER you can see some photos I took a couple of months ago that reflect the current condition of the house, except that the pool is nice and sparkly clean again. The lights and air conditioning are on and the place looks superior to just about any house in Key West.

If you have the cash to make a deal happen quickly, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. This is a genuine buying opportunity for a cash buyer that wants the best house at the best price in Old Town Key West. Don't wait until Monday because Monday may be too late. Gossip and give-away prices on great houses spread like wildfire in Key West.

916 Fleming Street - Bank Owned - Millionaire Row

916 Fleming Street Key West Bank Owned $1,720,000

Master suite with separate sitting area followed by bedroom at rear

Dramatic master bedroom suite

Coffered ceiling in downstairs study with adjoining bath

Downstairs study with adjoining bath - could be guest room as well

Photo when house was price at $3.4 million same house today!

Photo when house was listed at $3.4 million

Photo when house was offered at $3.4 million - same house today- better price today!

Just Listed, 916 Fleming Street on Millionaire's Row in Old Town Key West. I wrote about this house before when it was offered pre-foreclosure at the original asking price of $3.4 million. That is not a typo! This property is now Bank Owned and it is priced to sell quickly at $1,720,000 or $652 per sq ft.

This is how the listing broker describes 916 Fleming:

"Bank owned & Drastically reduced! Designer Old Town Home with 4 bedrooms plus an office and 4 full bathrooms & 2 half baths. State of the art amenities include beautiful coffered ceilings, wood walls, sophisticated gourmet kitchen, wet bar, detached pool house/office & a full finished attic. Enjoy your pool & waterfall from your Indoor/outdoor living room finished in rich Ipe wood. Unsurpassed craftsmanship & custom designer materials grace this home including walnut countertops, built in's galore, bamboo & sea grass treatments, plantation shutters & wired for a generator. Home is currently vacant, not as photographed."

I acknowledge that the real estate market in Key West has changed dramatically in the past five years and that the prices some buyers paid then may not be reflective of what they would pay today, but the intrinsic value of certain houses and certain locations has not diminished. Location is always a critical factor in determining value. When I wrote about 916 Fleming Street way back in 2008 I said "The home two doors west at 908 Fleming recently sold for $3,600,000 ($1,158 per square foot) and is undergoing a massive remodel. That house is huge and sits on a huge lot. The house across the street at 911 Fleming sold in 2007 after 120 days on the market for $4,340,000 or $1401 per sq ft." The owner of one of those houses has been purchasing other houses in the immediate area after the initial purchase. That owner definitely knows the value of this particular block.

I have shown a lot of houses in the $1.7 million price range. The house at 916 Fleming Street has to be at the top of the homes in this price range. CLICK HERE to see the mls listing info and to view photos. The former owners put a lot of money into building this house. It has features you just do not see in a property priced at $1.7 million-and higher! Somebody is going to get a terrific deal on this.

If you are interested in discussing this house, please call me, Gary Thomas, 305-76-2642 or send me an email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. I may be really wrong on my prediction, but I think this house is going to sell very quickly.

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912 Fleming Street - Old Town - Key West

912 Fleming Street is a really big house with a beautiful pool on a big lot on a great street with really expensive neighbors. And it is priced to sell.

Here's the skinny. The previous owner was a designer who renovated numerous properties in Key West for himself and clients for several years. He purchased and renovated 912 Fleming in the late 1990s. Later he purchased the house next door at 916 Fleming and was renovating it when he passed away in early 2006. His estate sold the project house at 916 Fleming for $1.5 million (the house was gutted and was basically a very expensive "shell" situated in a first class location).

The house at 912 Fleming is fairly large for Old Town. It has 4 licenses. The owner rented two apartments located at the front of the home and he lived in the rear--most of which was newly constructed by him during his renovation in 1997-98.

The home is perfectly livable "as is", but a new purchaser may want to eliminate the rentals and expand the living space to include the entire house. And here is why: the neighborhood.

The purchaser of the 916 Fleming Street property completed a masterful renovation of that property. 916 Fleming that is now offered for sale at $2,900,000. CLICK HERE to see the listing information and photos on 916 Fleming. It is stunning!)

The house next door at 908 Fleming sold in May 2006 for $3,600,000 ($1,158 per square foot) and is undergoing a massive remodel. That house is huge and has a huge lot. And the new house at 906 Fleming sold in May 2008 for $1,500,000 or $781 per sq ft. (It was not as large a house or as significant a structure.) The house across the street at 911 Fleming sold after 120 days on the market for $4,340,000 or $1401 per sq ft. That house also is huge and has a huge lot. See the trend: big houses and big bucks being spent.

912 Fleming Street is a stately, early 1900's home in the Key West Historic District, which is said to have the greatest and most important concentration of wooden structures in Florida. This is a stunning and unusual property - a wonderful two story owner's home with three bedrooms and 2.5 baths, and a wide veranda overlooking the delicious garden, spa and incredible pool. The front of this large house consists of 2 nice apartments - a 2 bedroom up and a 1 bedroom plus a small office down - either could easily be incorporated into the owner's home. Covered off-street parking. The listing agent says this house has 3228 Sq ft of living space and sits on a very large 5650 sq ft lot (50' wide X 113' deep). The asking price is now $1,499,000 or $664 per sq ft. CLICK HERE for more detailed information and photos of 912 Fleming Street.

I guess you can tell I really like 912 Fleming Street. I think it is a great buy even in today's down market because the house has so many positive features going for it. And the house next door at 916 Fleming Street is just extraordinary. If you would like to see either of the two houses mentioned, please call me, Gary Thomas. You can reach me at 305-766-2642 or by e-mail at kw1101v@aol.com. Let me help you find our new home in Paradise.

Just Listed: 916 Fleming Street Old Town Key West

Just Listed: 916 Fleming Street, Old Town, Key West, Florida. No it is not my listing. But if you have the glue, you need to checkout this stunning new addition to one of the best streets in Key West.

Two years ago a friend who owned the house next door at 912 Fleming was in the process of starting the renovation of 916 Fleming when he passed away. His estate sold the property very quickly at a very good price at the time. The new owner completed the demolition of the interior of 916 Fleming and created his own vision of how to redevelop the property. For years the property had been known as the Baker House and all I can say is that it wasn't pretty. CLICK HERE and CLICK HERE to see pics of what the property looked like before renovation.

Fast Forward to today and the revelation of an exquisite designer Old Town Home offered turnkey, stunning furnishings with state of the art amenities included. Dramatic great room welcomes you with coffered ceilings, wood walls, sophisticated gourmet kitchen, wet bar & beautifully appointed living & dining area. Indoor/outdoor living room finished in IPE flooring, pool, waterfall & new guest house. Unsurpassed craftsmanship & custom designer materials grace this home including walnut counter tops, marble selections, bamboo & sea grass treatments, plantation shutters, generator. This gem comes fully furnished with 9 flat screen T.V.'s, all accessories, most of the art & linens. A Truly impeccable work of art to be appreciated by the most discriminating buyer. Offered at $3,400,000 or $1063 per sq ft. CLICK HERE for more photos and additional information on this home.

The home two doors west at 908 Fleming recently sold for $3,600,000 ($1,158 per square foot) and is undergoing a massive remodel. That house is huge and sits on a huge lot. The house across the street at 911 Fleming sold in 2007 after 120 days on the market for $4,340,000 or $1401 per sq ft. The other homes on the block are not as expensive, but they are very attractive and share what I consider to be an excellent location. The homes are a short 5 minute walk to Duval Street and an equally short walk to the Historic Key West Seaport.

Of course if you are looking for a house that is perhaps just a wee bit smaller and maybe not quite as expensive, there are several available in all price ranges--even in Old Town. CLICK HERE to do your own search of the Key West mls database to find your new home in Paradise. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to schedule a showing of 916 Fleming or some other great property.