201 Virgina Street - Approved Short Sale - Key West

Here is a short sale that some will give some readers something to really cheer about. 201 Virginia Street is a large three bedroom home with a pool and off street parking that was built in 2005. It has been offered for sale at various price points since 2008. The property was just listed as an approved short sale at the price of $519,000 which is only $230 per square foot.  The listing Realtor describes the property this way:

"Please drive by the property prior to scheduling an appointment to see the interior. This is a short sale and is listed at the approved list price by the lender. Recent built (2005) two story conch style home with three bedrooms, three baths, pool and offstreet parking. All window and doors are wind resistant glass. Kitchen has stainless steel appliances and granite countertops, hardwood floors throughout and widows walk with incredible views of Key West and the gulf."

This house was built to sell for a lot more money at a time when the real estate market in Key West was bounding upward. The house is located in the Bahama Village area of Key West and specifically across the street from some public housing.  I think the public housing probably dissuaded some potential buyers from even considering looking at this house let alone making an offer to buy it. That would be a mistake. This house has so much to offer.

Downstairs you will find a large open living room and dining area that meets the large kitchen at the rear of the home. French doors open out to the covered rear deck and the large pool area. A good sized bedroom and bath is located opposite the living room. There are two very good sized bedrooms on the second floor, both of which have private en-suite baths. The second bedroom has a stair case that leads to the roof top widow's walk where you can see the Atlantic Ocean and Gulf of Mexico.

 
The house is located on the corner of Virginia and Emma Streets. There is off street parking in front of the house and plenty of parking on Emma Street.  There are empty lots adjacent to the house on Virgina Street and behind the house on Julia Street. It is fair to assume new single family homes will be built on these two large lots sometime in the future.

I took the exterior photos this morning.  I remembered driving past this property a few weeks ago and recalled thinking the house needed a new paint job. I was mistaken. The house is constructed of Hardiboard siding which is a man made material that holds up very well to Key West weather and our wonderful year around sunshine.  The white picket fence, however, needs a fresh coat of paint. I also noticed some of the stiles on the widow's walk need replaced and a couple of the decorative shutters look like the need repaired or replaced. Other than that this place looks great.

The house has 2250 sq ft of living space on the two floors. The room sizes and layouts meet the needs of modern day Americans as opposed to the sometimes tiny and often compartmentalized rooms we see in old Key West houses. Families who want lots of space for Mom and Dad and the kids (or guests) will like the size and privacy that these rooms provide.

The house has a traditional Key West facade complete with the required front porch for people watching. The rear of the house has a two level back porch which overlooks the pool below. And the space around the pool offers more outdoor living area as well.  CLICK HERE to view the Key West Association of Realtors mls datasheet and listing photos of this property.

I really think this house offers a great buying opportunity for a buyer looking for a lot of space at an affordable price (by Key West standards).  Consider this house as the counterpart to a similar grand house located at the Sanctuary in the Key West golf club community. Except here you don't have to drive ten minutes to reach Duval Street. You can walk there from your home in about two minutes. Or you can get on your bike and go to Ft Zachary Taylor Beach.

The Truman Annex waterfront will get completed someday when all of the political intrigue gets resolved. The waterfront area will be much easier to reach then than it is now. I think that houses like 201 Virginia Street will be worth a helluva lot more money when that day comes.

If you would like to see 201 Virginia Street or any other property in Key West 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. in Key West.

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.

1420 White Street - Bank Approved Short Sale - Key West

1420 White Street Key West

I wrote about 1420 White Street a few months ago. It needs a second look by serious home buyers looking for value in Key West and specifically in the Casa Marina area. The "asking price" on this short sale has already been approved by the lender. So the what ifs as to the price on this property are eliminated. There are other issues addressed below that still will require resolution, but I am optimistic they can also be resolved successfully.

I have only been inside the grand Conch House at 1420 White Street once, and that was several years ago when it was offered for sale at the price of $2,695,000. The inside had been carved up. The interior stairway between the main floor and second floor was removed so that the upstairs could be used as a separate apartment which has an exterior stairway entrance. The large side yard on the north was sold off and different owner built a beautiful new home.

The garage at the back had been made into an apartment years earlier, and that parcel was legally separated from the main house. The property was sold to a totally different owner for an outrageous price.

Despite the loss of the side yard and garage properties, the main house still stands as an anchor in the Casa Marina Area of Key West. It is now offered for sale at the short sale price of $470,000 or $190 per sq ft.

This is how the listing Realtor describes 1420 White Street:

"Casa Marina Area! This 2-story 5 bedroom, 3 bath home has over 2600 SF of living area. It sits on a large corner lot and is within walking distance of the beach. The separate guest quarters on the second floor of the house is not currently accessible but could be renovated to make the house one grand home again. This is a potential short sale that may be subject to third party approval. Property is being sold AS-IS. The utilities of the adjacent property at 1133 Von Phister are connected to the subject property. It will be the Buyer's responsibility to resolve that situation. Bank approved$470,000."

But that's not the end of the story. The garage at 1133 Von Phister Street (rear of 1420 White Street) became a "cottage" and was sold to a different purchaser in May 2005 for $749,000. That 648 sq ft building has two bedrooms, one bath, a nice little kitchen and living room. There is a second smaller building located behind the main "cottage" that could possibly be incorporated into living space in some way or perhaps be demolished to make room for a pool. Or demolish both buildings and use the existing car pad on Von Phister Street for off street parking and use the remaining space for a new pool and garden. That would be my preference. 1133 Von Phister Street is now offered for sale as a short sale at the asking price of $299,000. This building does not have its own electric, water or sewer services. It will cost about $20,000 +/- to put in new utilities to the property.

1133 Von Phister Street Key West - Existing off street parking

These two properties are located a couple of blocks from Higg's Beach and Rest Beach. Imagine walking your dog each morning in the wonderful Key West weather or walking a couple of blocks north to get your cafe con leche at Sandy's. You'll flip over life in Key West!

If you would like to take a look at either or both of these properties, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty,Inc. in Key West, Florida. I live in this area and love it.