831 Georgia Street, Key West - New Home in The Meadows

Just Listed, but not by me, 831 Georgia Street, Key West. This is a brand new home located in The Meadows area of Key West. I was surprised to learn that the lot was the side yard to an adjacent home and  had never been built upon before. While I have been photographing the exterior for several months during construction, this past weekend was the first time I got to see the inside. I was impressed. The black and white photo below shows the empty lot in 1965.

The front porch is the perfect perch to people watch in this single family home neighborhood. There are not any guest houses or commercial businesses in the area. A few of the large older homes were converted to condominiums several years ago, but the character remains single family. I don't think this house is on the Conch Train route, but you should expect to see an eager tourist on bike every once in a while. 

The listing Realtor describes the home this way:

"Brand New Construction Now Complete. Nestled on the Corner of Georgia & Olivia, this Meadows Stunner offers Pure Luxury and is sure to please the most discerning buyer. Designed with a Coastal Flair with Nickel Grooved Walls, stunning hard wood floors. coffered Ceilings featuring Dade County Pine & Impact Windows and Doors. Spectacular Chef's Kitchen with Quartz countertops & Viking Appliance Package expands out to exquisite Pool with waterfall and Separate Guest Cottage through Large Pocket Sliders. All 4 Bedrooms are en-suite with custom walk in closets and stunning bathrooms finished with Marble, Quartz and iridescent tile. Exterior is finished with decorative shutters, irrigation, lighting, tropical landscaping, composite decking, Chicago Brick Walkways & Off Street Parking. X-Zone."

While the house may look old on the outside, everything on the inside looks and smells like new - brand new. Of course the interiors pay homage to yesteryear but are planned for modern living.

Just to the right off the front entry is a good sized guest bedroom with en-suite bath. Note the stylish new Nickle Grooved Walls contrasted by Dade County Pine walls and clear hardwood flooring.There are window views to the front and side. Unlike some of the renovated houses in Old Town, the ceilings are high, the room size is actual comfortable living space.

I am presenting this house to my reders the same way I saw it. I checked out the first floor buest bedroom and moved toward the open living area. I sensed how large the house is, then notice the coffered ceilings in the living room, a feature I did not recall from the MLS. Two competing features called for my attention - the pool and bright white kitchen, I confess I walked out side, looked at the pool, parking, and guest cottage. I stood at the edge of gthe pool and looked at the side and rear of thehouse. I was impressed more than before. Viking Kitchen Package include. The real range is on the way.

Looking at the photos of the front and rear rooflines I think I can see some HARC interference in the design of this home. HARC likes builders to contrast renovations and new construction from historic so that the public is not tricked into thinking a property is historic when it is not. HARC also does not want to introduce a full two story house in an area where there were none. The dormer look achieves the second story to a point. The photos show the ease oc moving  between indoor and outdoor living. 

The fourth bedroom and bath are located in the guest cottage. While the guest bath is on the wee side, it has all the facilities.The second floor guest bedroom continues the use of modern design materials. Look closely and you will see the implied recess to this room being a dormer. It is not. It was placed and gracefully executed. En-suite bath too. The windows and doors throughout the house are wind resistant impact glass. Ajd the house is located in the X-Zone. Both features will greatly reduce insurance rates.

The second guest bedroom with en-suite is located at the front of the second floor. HARC has this disposition to disallow full two story homes in area where they are not predominate. Here, the allowed the designed to create the fiction this new house looks like a house where front and rear dormers were added to increase living space. This bedroom is located iin the front fake dormer. The height and size are not effected.

The master suite takes up more than half  of the second floor, or so it appears. The bedroom is huge. the two chairs seem dwarfed in real life. Imagine that space with lush rugs on the floors and art on the walls. The ceiling height in all rooms, but especially here, is welcoming to a tall man. So many of the renovations in Old Town require tall men to duck when moving about and to kneel a bit when taking a shower. Not so here. The bath is located in the "rear" dormer. It is huge. Dual sinks, WC, shower, bath, and outfitted closet plus windows to let the light of the outside world in.

CLICK HERE to view the Key West MLS datasheet and more listing photos of 831 Georgia Street, offered at $2,295,000. Then please call me, Gary Thomas, 305-766-2642, to schedule a showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

1509 Pine Street, Key West - The Meadows Price Reduction

 I've been selling homes in Key West since 1996. Experience has taught me that the home at 1509 Pine Street in the quiet Meadows Area offers so many of the features home buyers seek in a Key West property. I am certain when any potential buyer sits on the front porch they will immediately and deeply fall in love with this location and this home because it is the epitome of what a Key West house ought to be. 

The listing Realtor describes 1509 Pine Street, Key West, as

"This beautiful 3/3.5 home looks historic but was built in 2008 with important modern elements such as hurricane rated doors and windows. There are dramatic 11 foot ceilings and high end finishes plus a gourmet kitchen with granite counters & stainless appliances. A private heated pool and spa are accessed through 8 ft glass doors and surrounded by foliage.Covered private carport and storage. Each bedroom is en suite and the master has a vaulted ceiling plus a private balcony. There is two zone central air, hard wood and travertine floors, solid wood doors, high ceilings on both floors, crown molding and high end fixtures used throughout the home. This home is in pristine move in condition and will delight the most discerning buyer. Private parking is accessed through electric gates at both ends of the driveway. Great Meadows location near everything Key West has to offer. Easy to see!"

The Meadows of Key West was designed to be and is the epitome of design and high-end construction in Key West. The homes were built to with stand the challenges of our sub-tropical climate and sunny days. The Hardiboard siding and impact windows and doors will keep long term maintenance and insurance costs down as opposed to other stick built homes in our area. Each home has a private pool and carport which is accessed via private rear driveway which is managed by the home owner association whose sole function is to maintain the limited common areas. Just like in your home up north, you as homeowner of this home would be responsible for the upkeep and maintenance of your front and rear yards and pool.

Like many of the Grand Conch Houses of Old Town, this home has a covered front porch located off the master suite.  The ceiling in the master bedroom is vaulted which really adds dimension to this space that includes a good-sized walk in closet and en-suite bath. Readers should study the architectural detain in the second floor porch. You just won't find this kind of quality at this price in a similarly sized historic home in Old Town - at least not at this price. You might for a million dollars more. But not at this price. And if you find one, your maintenance costs and insurance costs will still be higher.

There are two additional bedrooms on the second floor both of which have private en-suite baths and ample closets. The rear bedroom (pictured above) is locate above the carport. I guess you could refer to it as a carriage house of sorts. Note that both guest bedrooms have tray ceilings, crown molding, recessed lights, and many more design feature.

 CLICK HERE to view the Key West MLS datasheet and to view more listing photos of 1509 Pine Street now offered at $1,269,000.  Then please call me, Gary Thomas, 305-766-2642, to schedule a Private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Key West Real Estate Sales Report - First Half of 2015

I thought it would be interesting to look at the real estate sales for Key West for the first six months of 2015. I used the Key West mls database for the geographic areas of Key West and Stock Island but did not include any sales east of Stock Island. This geographic area most potential buyers consider to be "Key West" even though our mls database reaches property sales which extend ten miles east of Mile Marker 0. 

620 Eaton Street, Key West

There were a total of 231 single family home sales in Key West between January 1, 2015 and July 1. The highest priced sale was 620 Eaton Street (above) which sold at $4,495,000. The least expensive house sold at $225,500. The median priced home sold at $635,000. The listed properties sold on average at 95.71% of the list price. This figure is important for potential new buyers to understand. It is not a "rule" that houses must sell in this range, but this range is very suggestive of where typical deals are actually struck. A couple of years ago the spread was at 92%. The reduced amount of inventory and the higher sales prices have inched the margin upward. The prices for the broader market include home sales in the Mid town and New town areas of Key West which have been sluggish because of rising windstorm and flood insurance rates.

There were several sales which I thought were very interesting and worth mentioning.  I wrote about some of these properties in my blog.  1441 Thompson Street (below) was a bank owned property which I wrote about. I got more phone calls and emails from potential buyers on this than any other property that I wrote about during the past six months. The asking price was just $360,900.  It sold for $380,100. The new owners have already begun cleaning out the tropical over-growth. I can't wait to see what they do to this Bargain!

The house at 1105 Washington Street (not pictured) in the Casa Marina Area of Key West got snapped up on day one it was listed. The new owner paid just $1,000 over asking price of $499,000. It's been spiffed up a bit and back on the market at $795,000.

 I wrote about the house at 1711 Atlantic Boulevard three times. I showed the home several times to many different potential buyers who had a variety of ideas as how they might use or develop this 1950's home. The house sits on an elevated lot across the street from a nature preserve with mangrove that abuts the Atlantic Ocean. The property was originally listed at $680,000. The price was reduced to $590,000. It sold for just $540,000. I think this is a great deal for the buyer. The lot is worth the price and it will continue to go up in value as market prices increase in Key West. It is the location that trumps all. The existing house is elevated five feet above the street. Key West recently approved new heights for homes which may give the owner of this particular property the ability to build a new house which could have water views that look out over the mangroves in the foreground.

I showed 530 Grinnell Street ( above) in Old Town several times. This very pretty and very small home was superbly renovated and decorated.  The original asking price was $975,000 plus $50,000 for the furniture. It sold fully furnished at $750,000 or $937.50 per sq ft.  I had two very serious buyers who loved the house but refused to consider making an offer even after the price was reduced to $799,000. My buyers rejected the idea that any house that small, no matter how cute, could be worth nearly a $1,000 per sq ft. I told both couples I thought it should sell at $750,000 furnished. The seller was never going to move that custom furniture to some other place. That made no sense whatsoever. I was right on price and strategy.  Both couples I represented lost a terrific property in my opinion. I mention this house because buyers seem to get the jitters when they think about spending $1,000 per sq ft for a house in Key West. I have a news flash for my Dear Readers. Prices are going to continue to go up over the years. Prices that are being paid for quality homes now will seem like bargains in five to ten years.

527 Margaret Street was a major rebuild of what remained of the front wall frame of the old home. The city allowed the owner to take down the original house to the front wall studs and then build an all new structure to the rear. The result was an amazing new two bedroom home in a great Old Town location. This property sold for just $1,125,000 or $803 per sq ft for this 1400 sq ft 2/2 1/2 bath home with pool.  The interiors in this home are incredible.

813 Waddell Avenue is located in the Casa Marina Area near the Atlantic Ocean. Although there was a home on the 10,500 sq ft lot, the property was sold for the value of the land which had two ROGO units. That means a new owner could separate the large lot into two smaller lots and build tow houses in this upscale neighborhood. The property sold for $1,175,000 or $608.70 for the land value. Most of the homes in the Old Town area and many in the Casa Marina Area come within the purview of Key West's Architectural Review Commission.  Most of the homes cannot be taken down. This is a property that may be razed or renovated. It was the lot size and options to do build two homes that made this property so valuable. Readers need to appreciate the lack of buildable lots in the desirable areas of Key West. Buildable lots give a new owner opportunities that most property owners can not get.

1111 Packer Street (above) is located in the Old Town area South of Truman. This home had a successful multi-year vacation rental history. It sold at full asking price of $1,175,000 or $818.25 per sq ft. This home was thoughtfully designed and professionally maintained. Many buyers think they can buy an old house, do some fix-up like the see on an HGTV program, decorate the place, and put it on VRBO and have vacationers pay for the place.  Real life is more challenging than that - especially in Key West where construction costs are high and governmental over sight is challenging.  A property like this makes it much more likely that a new owner will continue to earn steady income over the course of home ownership.  I "get" why this sold at full price. It was worth it!

Located in the Heart of Old Town but tucked away and hidden from view is 6 Pinder Lane, an enchanting home and secret garden that once belonged to author Nancy Friday. The home seems to rise from the garden with a wrap-around-porch and broad deck that circles the nearby pool and spa. This very private home has three bedrooms and two baths including the treetop master bedroom with private bath. I listed this home at $1,549,000 or $1,072 per sq ft. It sold at the asking price. I thought the home was perfect as is. The new owner is going to renovate the house and redo the garden and pool. The existing house and garden are magical. I am sure the renovated home and garden will be spectacular. There are fewer and fewer totally private locations like this in Old Town. If you are a buyer who wants privacy or a property that is really special in some sort of way, the better thing to do is to buy it. Because someone else will buy it. And you may regret listening to that cheap angel that sits on your shoulder.

1026 Von Phister Street (above) is a 2233 sq ft home located on a beautifully landscaped 9603 sq ft corner lot in the Casa Marina Area of Key West. The new owner paid $1,800,000 for this "fixer" property which will be upgraded.  I can't wait to see what happens. I live across the street and see the property values going up and up when fixer houses are purchased at this price point.

1013 Southard Street is located in one of the very best blocks in Old Town. Several of the most beautiful homes in Old Town are located in this block. This home sold at 100% of asking price, $1,900,000, in one day.

The photo above was taken from the bank owned top floor unit at 107 Front Street Units 317 - 318 Harbour Place in Truman Annex. This property was listed for $1,326,000. It sold at $1,920,000. I submitted two offers for two different potential buyers. Neither was the successful buyer. I told both buyers that this is a true one-of-a-kind property. I think the buyer who got this property felt the same about it as I did. Congratulations!

I then did a quick sales price comparison by location.

OLD TOWN.  This is the area most potential new buyers think they would want to live in. There is definitely an advantage of living within an easy walking distance to restaurants, theaters, galleries, gyms, night spots, and places you go every day.  There were 84 single family home sales in Old Town in the first six months of 2015.  The average price per sq ft was $639.41. The median sales price was $953,516. The sales price ratio to list price was 95.20%.  620 Eaton Street was the most expensive home that sold - $4,495,000. A little fixer located across the street from the cemetery was the least expensive home - it sold at $327,500.

1311 Truman Avenue - The Meadows Area

THE MEADOWS. Seven homes in this area traded hands in the past six months. The average price paid per sq ft was $617.11 - slightly less than Old Town. The median sales price was $835,496. The sales price ratio was higher than Old Town - 96.52%.  The biggest sale in this area was 1311 Truman Avenue which sold for $1,900,000. The least expensive home was a cute as can be small cottage style home at 1416 Pine Street that sold at $598,400 in just five days.

901 Washington St, Casa Marina Area

CASA MARINA AREA. There were 12 single family home sales in the Casa Marina Area between January and July. The average price per sq ft was $688.49 - higher than The Meadows and Old Town. The median sales price was $1,409,375. That trumps Old Town by $455,859.  The lots are typically larger and the houses are more eclectic than Old Town. There are still a couple of blocks of houses that were built in the 1960s that remain pretty much the same as they were when built.  Buyers seem to snap up anything in the Casa Area if it is priced under one million dollars. Houses with large lots in good locations that may be razed to build an all new house can be very valuable.

I encourage prospective key West buyers to look at homes and the few available lots for sale with an open mind. I know that prices are high compared to other places. Many destinations are easier to get to and have less expensive lodging and food than Key West. Housing prices may be considerably less. These locations may have as many or maybe even more fun things to do than we have in Key West. Maybe the weather is better in those other places as well.  Maybe you can walk from your home to most of the fun things you do in your daily life. Maybe. But doubtful on all points.