Open House - Sunday - 1502 Petronia St. - Key West

1502 Petronia Street - The Meadows - Key West
Open Sunday 1:00 pm to 3:00 pm

Originally Priced $1,795,000 Now $975,000

1502 Petronia Street is priced at $975,000 or $568 per sq ft for this 1717 sq ft home. It is owned by a local bank in Key West. Come by and compare what you can get for your money. This property is one of eight completed in 2007. Four units are currently available. This unit is the only two bedroom unit available, and it is a doozy! This home is located on the corner and it has a lot of privacy and great view from the second floor front porch where you can sit and watch the incredible Key West sunsets every night. Only One house sits across the street. That house takes up the entire block. It is priced at $4,795,000. Nice neighborhood! (You will not need to worry about declining property values!)

The home at 1502 Petronia Street is part of The Meadows condo association which is comprised of eight homes. Each home is owned in fee simple and sits on an individually owned lot. The association exists to provide access to rear parking via gated driveway and storm water runoff.

The homes were newly built in 2007 with top of the line materials and craftsmanship. This home features soaring 11' ceilings in the living area and kitchen. The kitchen has top of the line stainless steel appliances, beautiful granite and solid wood cabinets. The kitchen area includes the lower portion of a two story turret. The turret portion of the kitchen is configured as an office or nook area of sorts. There are lots of windows in the kitchen so your cooking will not be a chore but a dream. There is also a wet bar in the living room. The floors on the first floor are travertine marble. The stairway and second floor bedrooms have wood floors. The master bedroom features a second turet. The ceiling is vaulted so that room has an especially large feel, yet the turret makes the space so very special. The master bath is just opulent. I challenge you to find any more luxurious bath in Key West for less than $2 million. You won't find one.

Architectural details including crown molding, high ceilings, porches and solid wood doors. The wood doors on the first and second floor front are massive and of the highest quality. The 8' sliding doors that separate the living area from the pool are hurricane impact resistant to 155 mph that open wide to let the outside become part of the inside. A private, gated drive leads to the carport and a separate entry to the private pool and spa area. Each home is completely fenced and beautifully landscaped. CLICK HERE to see more photos and listing information on 1502 Petronia Street.

This home is located in the Meadows area of Key West. Bayview Park, complete with an old fashioned bandstand and public tennis courts, is located three blocks to the south. The White Street arts district is a five minute walk. The Garrison Bight Marina is located one half block away. Duval Street and the Historic Seaport are each a five minute bike ride. The three large shopping centers (large by Key West standards) are five minutes by car. The Key West International Airport is five to seven minutes depending on traffic.



I think empty nesters or a gay couple would find this home to be just about perfect. Stop by on Sunday to check it out.

CLICK HERE to view a list of of town homes and condos with similar features that were built about the same time. Compare the prices (and the size, amenities, and location) to see why I think 1502 Petronia Street is such a really good buy.

Key West - Bank Owned - Open House - Today

Open House - Sunday - 1:00 to 3:00 PM
1502 Petronia Street The Meadows Key West
Originally $1,795,000 Now $975,000

1502 Petronia Street Key West

1502 Petronia Street is priced at $975,000 or $568 per sq ft for this 1717 sq ft home. It is owned by a local bank in Key West. Come by and compare what you can get for your money. This property is one of eight completed in 2007. Four units are currently available. This unit is the only two bedroom unit available, and it is a doozy! This home is located on the corner and it has a lot of privacy and great view from the second floor front porch where you can sit and watch the incredible Key West sunsets every night. Only One house sits across the street. That house takes up the entire block. It is priced at $4,795,000. Nice neighborhood!

This stunning home is part of The Meadows condo association. Each home is owned in fee simple and sits on an individually owned lot. The association is exists to provide access to rear parking via gated driveway and storm water runoff. The homes were newly built in 2007 with top of the line materials and craftsmanship. This home features soaring 11' ceilings in the living area and kitchen. The kitchen is top of the line with stainless steel appliances, beautiful granite and solid wood cabinets. The kitchen area includes the lower portion of a two story turret. The turret portion of the kitchen is configured as an office or nook area of sorts. Lots of windows in the kitchen so your cooking will not be a chore but a dream. There is also a wet bar in the living room. The floors on the first floor are travertine marble. And the stairway and second bedroom floors are wood. The bedrooms have en-suite baths. The master bath is just incredible. I challenge you to find any more luxurious bath in Key West for less than $2 million. You won't find one.

Architectural details including crown molding, high ceilings, porches and solid wood doors. The wood doors on the first and second floor front are massive and of the highest quality. The 8' sliding doors that separate the living area from the pool are hurricane impact resistant to 155 mph that open wide to let the outside become part of the inside. A private, gated drive leads to the carport and a separate entry to the private pool and spa area. Each home is completely fenced and beautifully landscaped. CLICK HERE to see more photos and listing information.

This home is located in the Meadows area of Key West. Bayview Park, complete with an old fashioned bandstand and public tennis courts, is two blocks to the south. The White Street arts district is a five minute walk. The Garrison Bight Marina is located one half block away. Duval Street and the Historic Seaport are each a five minute bike ride. The big (f0r Key West they are big) shopping centers are five minutes by car to the east. The Key West International Airport is five to seven minutes depending on traffic.

This home would be great as second home for someone who wants everything that is done just right and only requires room for an occasional visitor. The second bedroom is just beautiful and would work great for a family of three, but I think empty nesters or a gay couple would find this place just about perfect. Stop by today and check it out.

CLICK HERE to view a list of of town homes and condos with similar features that were built about the same time. Compare the prices (and size, amenities, and location) to see why I think this property is such a really good buy. Nothing constructed then is priced lower than these units.

Key West - Bank Owned - Open House

1502 Petronia Street, Key West, Florida

I am hosting an Open House on Sunday, January 3rd between 1:00 to 3:00 PM at 1502 Petronia Street in the Meadows Area of Key West. CLICK HERE to see the mls listing info and to view photos of this unit. This property is Bank Owned and it is priced aggressively to sell at $975,000 or $568 per sq ft. This property is a listing of our office and the listing broker describes the property this way:

"This stunning home is part of The Meadows condo association. Newly built in 2007 with top of the line materials and craftsmanship, this home features soaring 14' ceilings in the living area. The kitchen is top of the line with s/s appliances, beautiful granite and solid wood cabinets plus a wet bar in the living room. The bedrooms are en suite with impressive architectural details including crown molding, high ceilings, porches and solid wood doors. A private, gated drive leads to the carport and a separate entry to the pool area. Completely fenced and beautifully landscaped, this home is also perfectly located."

I created two comparison samples so that potential buyers can compare this property to other similarly priced and located properties. CLICK HERE to see that list

The second comparison was created to compare this property with similar units that were constructed about the same time (or later) but that are priced much higher. Nothing constructed then is priced lower than these units. CLICK HERE to view those properties.

Key West - The Meadows Town Homes - Now Bank Owned

Preferred Properties is now the Listing Broker for The Meadows Townhomes in Key West. I have written about these beautiful properties before. Eight units were designed and built to sell just below the $2 million price point. They came onto the market a little after the Key West real estate market started its decline.

Each of the remaining units is now priced at our under $975,000. Each unit has hardwood floors on the second level and travertine floors on the ground floor. The stunning interiors were designed by by Pascal Delisse. The rooms are spacious and provide utility,quality workmanship, and top of the line finishes. The buyers I have shown The Meadows drop their jaws when they walk into the master bath in the two bedroom unit. Each unit has over 2000 square feet of living space plus a private pool, spa, patio and a second floor porch. Of course each unit has a "gourmet kitchen with custom cabinetry and stainless steel appliances. The front and rear of each unit has indigenous landscapes by Scott Montgomery. Each unit has a covered private carport that is accessed through a secured and gated driveway.

These units are now bank owned and have been priced to sell. The uber-luxurious 2 bedroom is priced at $975,000 or $568 per sq ft. The 3 bedroom units are each priced at $925,000 or $568 per sq ft. If you are a buyer that looked at The Meadows before but were hesitant to buy, now is th etime to take a second look.

Please click any of the addresses below to see the listing information on that specific unit.

1505 Pine Street

1509 Pine Street

1502 Petronia Street

1506 Petronia Street

These properties have all of the features second home-owners want in a vacation home without the stress of having to do any expensive or time consuming remodeling. If you are looking for a second home in Key West, place call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to schedule an appointment to see any of these units. Preferred Properties Coastal Realty, Inc. is an affiliate of Christie's Great Estates.

1209 Olivia Street - Back on the Market - Again!

This is the second time that 1209 Olivia Street has been returned to the market after the lender was unwilling to accept the short sale price negotiated between the seller and buyer. If you are among the many people who saw this house and got frustrated that you did not get to submit an offer, you just got a new chance to own a place in Paradise.

The new asking price is a price that the lender will agree to accept: $610,000. This is what you will get for your money: Desirable Meadows single family home totaling 2 bedrooms/ 2 bathrooms plus small pool house. Heated concrete pool, off-street parking, resurfaced wood floors, new bathrooms, central a/c, Chicago brick patio, newer decking around pool. The house has sat vacant for several months, so it smells a bit. There is also a spiral staircase in the living room that provides access to the second floor bedroom and bath. The pool is green these days, and there are deal palm fronds all over the yard. Each of those negatives can be remedied. But at $610,000 you get a 1522 sq. ft. house on a good sized 3589 sq. ft. lot in a desirable location for $401 per sq. ft. The waiting time on approval should be minimal since the lender has already approved the price.

CLICK HERE for more information and photos of 1209 Olivia Street. Please note: the photos in this blog are old photos. They do not represent the present condition of the property.

If you would like to see 1209 Olivia Street, please call me, Gary Thomas, 305-766-2642 to schedule a showing. The house is vacant so it is easy to see. But please see it with me.

Kid Friendly in Key West

Thanks to all the readers who made such nice comments on yesterday's blog "You do the Math". I appreciate it when my shills are awake. Your checks will be arriving soon.

Diana, the reader that prompted all the comments,was looking for kid friendly area other than pricey Old Town that her family could afford. They are in that under one million threshold. I just created a list CLICK HERE of houses in the Meadows and Casa Marina areas that are priced under the one million mark. I think all prices are negotiable these days, so don't let the asking price on any property prevent you from looking at it.

I eliminated houses that are on busy streets. Some are affordably priced, but kids do run into streets. I think locals are pretty careful about driving on side streets. But you need to watch out for tourists. I did leave in houses on South Street. I know it gets traffic, but it also has some real nice houses at great asking prices and I think they may sell even lower.

1217 Varela Street is located right next door to the Montessori School. It's neat and clean, has room for a pool, and it has off street parking. The other houses on the block are much more expensive. The house across the street was featured in HGTV's House Hunters Key West episode last week. It's priced over $2.7 million. Nice house, great block, kid friendly, what more do you need?

1019 Flagler Avenue was left in because it could be a great family home. It's going to take some money and a good designer to do it, but the value is there. The rear yard once was incredible and it can be again. The house two doors away once belonged to R.J. Reynolds. It was recently redone and it is now offered just under $4 million. Same street folks.

1116 Seminary Street is a short sale. I wrote about it before. It is a great house and is located across the street from the Glen Archer Elementary School. Seminary gets local traffic from moms dropping the kids off and picking them up from school. And occasional locals like me who ride on the street on a bike.

1217 Petronia Street is in a dense area of the Meadows. Houses are closer together than houses in the Casa Marina area. But this house is priced very competitively.

The city government and many of the service groups are always doing something to make the lives of kids and families with kids more enjoyable. The city commissioners take pains to make sure that they provide good clean wholesome things for families to do that are apart from the craziness that happens on Duval Street.

The top photos is of a house in the 1000 block of Washington in Casa Marina. The next photo is located next door to 1116 Seminary mentioned above. The school is the Glen Archer Elementary School on the corner of White between Seminary and United Streets. It was the original Key West High School. Oh, I forgot to mention, there is even a Dairy Queen located nearby.

If you are considering the move to Key West, please consider working with me, Gary Thomas. I am a full time Realtor at Preferred Properties, an affiliate of Christie's Great Estates. Call me at 305.766.2642 or e-mail me at kw1101v@aol.com.

Class Warfare - Key West

Class. As an adjective it means "of high quality, integrity, status, or style". I assume we all know class when we see it. I know that I usually prefer to spend more money to get a higher quality product rather than buying a cheaper product that may be of inferior quality,construction, or design. Objectivity gets skewed in favor of higher price. But then I try to find the highest quality product at the cheapest price and so that I can feel like I made money on the transaction.

I have written before about the great difficulty in comparing real estate in Key West based simply on price per square foot, yet I seem to mention that fact in almost every blog entry I write. Price is but one (very!) important element in evaluating real estate--especially in Key West. Other important elements are location, quality of construction, design, and livability. I am a firm believer that if you are looking to buy a house in Key West you must consider each of those elements. If the location sucks you better get the house for a really good price. If the house is in a good location and you can buy it cheaply, you may be able to remodel it and make it worth your while if you are willing to live through a couple of years of contractor hell.

A couple of months ago I wrote about the dramatic price reduction on the houses at The Meadows. Technically, the property is described as a condominium because each property shares in the common area maintenance, exterior building maintenance, building insurance, and pool maintenance. But each building is a free standing structure with one "party wall" which is only a second floor rear bedroom on either unit. Other than that, the properties are totally separate. The three bedroom units were reduced in price from a high of $1,795,000 and the two bedroom units were reduced from a high of $1,895,000.

CLICK HERE to checkout the single family houses, condos, and townhomes in Old Town and The Meadows area priced between $950,000 to $1,075,000. This price range is not entry level housing in most places in the U.S. but it is in the mid-range for second home buyers in Key West. I did not include houses south of Truman because I don't consider that area Old Town. And the fact is most second home buyers want to be in Old Town. (Many don't realize there are other very nice areas, but that's fodder for another blog.)

It is not appropriate for me to make negative comments about specific listings. But you can compare the prices, locations, architectural features and amenities between the properties and decide for yourself which properties appeal to your sense of class, style, value, or whatever.

I have shown about one half of the houses listed above. Some are listings of our office. If you are looking for an Class A property, I urge you to checkout the houses at 1509 Pine Street (CLICK HERE) & 1513 Pine Street (CLICK HERE) and 1502 Petronia Street (CLICK HERE) & 1506 Petronia Street (CLICK HERE)--The Meadows. I think these four houses kill the competition on quality of construction and amenities. I realize that some buyers will view the distance from Duval Street as a detriment. Well, that's why God created bikes, cabs, and feet. It's a 12 to 15 minute walk to Duval. If you plan on living your life on Duval, you should look for a place much closer.

But if you compare The Meadows houses to the nearby competition that is priced much higher, such as 719 Eisenhower (CLICK HERE) (across the street from 1506 Petronia) you will get an appreciation for the huge price difference. Granted Eishenhower is larger and has a boat slip, but it also costs and extra $1,350,000. Extra!!! Two other units cost more and one cost less. Also CLICK HERE to see the major Key West house directly across from 1502 and 1506 Petronia. It was listed for sale in 2008 for $4,975,000. Those houses would be your neighbors for sales comparison in years to come.

If you are in Key West or are coming soon and you are looking for a second home in the one million dollar price range, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to schedule a showing of not only the houses at The Meadows but also some of the similarly priced houses listed above. Let the Class Warfare begin.

Just Listed 1212 Olivia Street - Key West

Just Listed -- well, last week it was. This unusual property was the carriage house that was part of a much larger home adjacent to the east. This property was listed in 2008 at $1,375,000. CLICK HERE to see what it looked like then. It did not sell. The bank foreclosed and now this property is Bank Owned. The new asking price is $599,900 or $358 per sq ft.

The property is located at 1212 Olivia Street in The Meadows Area. It is just a step away from White Street to help out of town buyers place it. The house has 1676 sq feet of space and sits on a large lot of 4275 sq ft. The house has 3 bedrooms (none of which are large, but they are not small either). There are two bathrooms, but they are definitely not as large as we are custom to seeing in new renovations. The kitchen pictured above in the photos when the house was listed last year is missing. Somehow the the appliances went away. The bathroom vanity is gone from one bath and the sink is missing from another. The pool pump and air conditioner and all of the light fixtures are missing as well. Some of the exterior shutters are gone for good.

But if you get past the things that are wrong with the design or things that are missing, you still see a good sized house in a very good location with a terrific pool and rear yard, an interesting design, and a cute front yard with off street parking. The house next door is for sale and it is offered at well over $4 million. The neighbor to the west is an apartment building that fronts onto White. But the block and location is great nonetheless.

This property would be a good project property for someone with design and construction skills. CLICK HERE to read what the listing realtor says about the house and view more photos.

It is easy to see this house at 1212 Olivia. Please call me, Gary Thomas, 305-766-2642.

1209 Olivia Street - The Meadows - Key West - Short Sale

Back on the market: 1209 Olivia Street located in The Meadows Area of Key West, Florida. The new and reduced asking price is now just $749,000 for this 1522 sq ft story and one-half 2 bedroom 2 bath home with a pool and off-street parking. There is even a small pool side cottage to boot. The lot is 3589 sq ft. The house sits on a block with some very nice (and expensive neighbors). The house across the street is on the market for $4,490,000. CLICK HERE, HERE, & HERE to see photos of the neighboring homes.

This is how the listing Realtor describes the house at 1209 Olivia now: "Desirable Meadows single family home totalling 2 bedrooms/ 2 bathrooms plus small pool house. Heated concrete pool, off-street parking, resurfaced wood floors, new bathrooms, central a/c, Chicago brick patio, new decking around pool & recently painted both inside and out. Enjoy covered outdoor dining, laundry room/ pantry off updated kitchen and an open floor plan. Strong monthly vacation rental history at $6300.00 per month. Property needs some TLC as house has been vacant for several months."

1209 Olivia is priced at $492 per sq ft. I can report that a nearby bank owned house sold in August 2008 for $576 per sq ft. It was a smaller house and was nowhere as near as nice as this house. So I think the pricing on 1209 Olivia ought to entice some bargain hunter. CLICK HERE to see more photos and written info from the listing Realtor on this house.

If you would like to see 1209 Olivia Street, please call me, Gary Thomas, 305-766-2642 to schedule a showing. The house is vacant so it is easy to see. But please see it with me.

Dirty Pool -- Bank Foreclosure

Before you accuse me of Dirty Pool, read the rest of today's blog. The little house at 1310 Olivia Street in the Meadows Area of Key West is another example of a Bank Foreclosure that takes a bad deal and only makes it worse. Here's why: the pics to the right are of the property two years ago when it was still owner occupied. This is how the former owners' realtor described the property before the foreclosure: "Excellent Meadows location! Very private 2BD, 2BA home in a very tropical setting, fully fenced on a quiet street with off-street parking. Open, airy & bright, freshly updated, hardwood floors throughout, new 25 ft pool, entertaining decks and a wonderful large covered 419 Sq Ft porch." CLICK HERE to read the description of the property by the listing realtor for the bank owner and look at the pics the realtor provide of the house. Doesn't look or sound like the same place does it!

I've been telling possible buyers to look at this house. I showed it several times right after it was renovated back in 2004. The house is CBS (concrete block structure) that has been stuccoed. That eliminates a huge universe of potential buyers who are fixated on owing a charming wood cottage with the same features. The prior owner purchased the house in 2004 for the sum of $799,000. The bank now owns the house and it is presently priced at $699,900 or $761 per sq ft. That's high for today's market.

The pool is dirty. I looked at it yesterday. And there is some mold growing on the exterior trim. No big deal. But that's what happens when you neglect property. Weeds grow, pools become stagnant, houses develop a musty odor. But the good thing is that most of the things that detract from the appeal of the house are fixable--often times without a huge expenditure of money.

My first real estate purchase in Key West was Eaton Lodge (guest house) at 511 Eaton Street. It was foreclosed upon by the SBA and sat boarded up for two years. I bought it at public auction in October 1993 and moved in three months later. CLICK HERE to see a pic of some of the junk we threw out of the property immediately after taking possession. A little bit of paint and elbow grease can work wonders on bank foreclosures.

If you want to see 1310 Olivia Street please give me, Gary Thomas, a call at 305-766-2642. Somebody is going to see the underlying value of this house and make a fare offer and end up getting a pretty good house in a pretty good location.

Georgia On My Mind--Key West Version

Folks who are familiar with Key West know that it has many unique neighborhoods. The Meadows area is one of those. It is located just east of Old Town and is bounded by U.S. Navy housing to the north, the Garrison Bight Marina to the east, and Truman Avenue to the south. The area is primarily made up of traditional cigar maker cottages, eyebrow houses, two story conch homes, and there is a smattering of buildings that have been condominiumized or made into apartments. There is no commercial activity in the interior parts of The Meadows, but there are commercial operations on the perimeter. I estimate that about 80% of the homes have been renovated at least once during the past 20 years. Unlike Old Town, most of the homes here are owner occupied. The streets tend to be more narrow than the streets in Old Town, so most are one way. (The exception is Georgia Street that is extra broad.)

The compound at 1110-1112 Georgia Street is a 2 bedroom,2 bath home plus a guest house cottage with 1 bedroom and 1 bath plus a detached office structure. The compound is situated on two lots and has off-street parking. Features include a bright Florida room with French doors that open onto a beautiful heated pool & waterfall. The cottage has its own kitchen & living room, tucked away with Dade County Pine walls, hardwood & tile floors and vaulted ceilings. Special details that complete the tropical charm includes brick walkways, private outdoor shower, beautiful covered porches and complete privacy with fencing & lush tropical foliage all located in a wonderful neighborhood.

This lovely 1693 square foot property on a 7197 square foot lot was just listed at $1,395,000 or $806 per square foot. CLICK HERE for more information on this home.

And if you are interested in searching for a home in the Key West or Lower Florida Keys area CLICK HERE to search our mls website. Then give me a call at 305-766-2642 to schedule a showing.






4

Something New under the Sun

Scarcity creates value. That's why I think real estate in Key West is such a great value--even at today's prices because you can't grow the island any bigger than it is. Or can you?

Key West enacted an amendment to the city charter to restrict growth by limiting height and density of construction and renovation. There has been a big legal battle over redevelopment of the Jabour Trailer Park into waterfront condominiums. A similar battle was waged over redevelopment of the Atlantic Shores Resort into high-end ocean front condominiums. That case went to the Circuit Court of Appeals that reversed a ruling of the Monroe County District Court that misinterpreted the city ordinance.

But any time somebody wants to build something to increase the present use of a big piece of property it is almost assured that someone else will get their nose out of joint and want to interfere in the process. Not being judgemental. Just stating the facts.

Over the next couple of weeks I am going to mention several new development projects in Key West that may appeal to a variety of potential buyers.

Today's entry are eight new Victorian homes situated in the Heart of the Meadows in the 1500 blocks of Petronia and Pine Street. The Meadows is located within easy walking distance to Duval (about a 15 minute walk.) Each home is different is size, design, and price. Prices range from $1,695,000 to $1,995,000. This is a secure and gated community with private carports & indigenous landscaping. Pascal Delisse Interior Designs has created stunning interior schemes and will provide endless custom options with early purchase. Features include vaulted ceilings, hardwood & travertine floors, chefs kitchen with custom cabinetry & granite counters, luxurious master suite, dramatic custom lighting, impact windows, breathtaking patios & porches and individual private pools. The neighborhood itself is getting quite a makeover. A separate waterfront development is going on across the street (Eisenhower Drive). And the home directly across the street to the north has just been completed renovated. That house takes up 1/2 the city block and will add value to all homes around it. That my friends is a given in real estate.

Click the tile above Something New under the Sun for more information on these homes.