Key West Guest House Sales Update

Bob Newhart and the Gang

I have written a couple of blogs about the issues involved in purchasing a guest house in Key West. While the lure of running such an establishment entices many would be Bob Newhart innkeepers, reality soon sets in when prospective buyers find out how expensive guest houses are to purchase and how difficult it can sometimes be to obtain bank financing.  I won't belabor that discussion today because I have some very good news to report on a couple of recent sales and two upcoming sales.

Coconut Grove and Oasis Guest Houses

Oasis Resort

 On Thursday November 15, 2012 the Oasis and Coconut Grove guest houses were sold for $7,200,000 or $200,000 per room for the 36 room guest house complex.  (The units sold at 91.14% of asking price of $7,900,000.)

Coral Tree Inn

The same Seller/Owner of Oasis put Coral Tree Inn located across the street at 822 Fleming under contract on November 1, 2012. The asking price on that property is $2,450,000 for this eleven unit guest house.

Pilot House Guest House

 On November 7th the Pilot House guest house and two nearby commercial buildings on Eaton Street also went under contract. The asking price on those properties is $ 7,600,000. The other buildings are currently used as any type of residential rental.

Seascape Tropical Inn

Finally, the Seascape Tropical Inn Guest House was also sold on November 15th. The asking price on Seascape was $2,450,000. It sold for $2,000,000 or
$285,714 per room for this seven unit guesthouse.

I am very excited about the recent sales that just concluded and the pending sales of the Coral Tree Inn and the Pilot House and associated properties. The Pilot House sale will be a very big deal in Key West.  It will revitalize the area.

There are still a couple of guest houses available for purchase in Key West. I used to own and operate a guest house in Key West and think I have a lot to offer a prospective buyer who wants to take the plunge and own this type of business in our little town.  If you are thinking about such an endeavor please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com.  I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. Let me help you find your place in Paradise.

The Artist House Key West -- For Sale

The Artist House

Located at 534 Eaton Street, The Artist House has what other innkeepers
wish they had: a magnificently appointed and truly historic property.

This seven unit property is located one-half block off famous Duval Street on Eaton Street--old Key West's millionaires row. Eaton Street is one of two main corridors that bring traffic in to the Old Town area. So this is a very high visibility location and because of its innate beauty, attracts many would-be lodgers who failed to make reservations in advance or who mistakenly booked a room at a huge motel on Roosevelt Boulevard.

(I used to own Eaton Lodge at 511 Eaton Street. I know the guest house business and I know the value of owning a beautiful and historic property on that particular block.)

The property was the home of Dr. Thomas Otto and was named for his artist son, hence the name "The Artist House".

The rooms are large and most feature original fireplaces, crown molding, high baseboards, and period finishes that transport the lodger back to a grander era.

The Artist House is priced at $2,599,000. It has six licensed guest rooms. This beautiful property could be yours and you could fulfill your dreams of being the next Bob Newhart--but you would just be living in Paradise instead of New England.

More info: Please call Gary Thomas 1-305-766-2642