25 Sea Lore Lane, Key West - Price Reduction on Waterfront Home

The newly announced price reduction of 25 Sea Lore Lane on Shark Island Key is something for bargain shoppers to consider. Now the new price of $899,000 is still outside the reach of many would be buyers, but it is bargain as far as I am concerned because of the size, price per square foot, and highly desired location of this once elegant home. I say once elegant for two simple reasons. First the house is now 22 years old and is a victim of the passage of time and the change in what is popular in kitchen and bath design and style. Second, the house is Bank Owned and needs some sprucing up which I will discuss later.

Shark Key in 1997 before most of  homes were built

Shark Key is a small island which extends off US 1 into Florida Bay on the Gulf of Mexico side of the Florida Keys. Shark Key is a gated community with 74 waterfront lots about half of which are actually built. There is a large swimming lagoon, tennis courts, and community center surrounded by lush tropical foliage, flowering trees, and magnificent specimen palms. Most of the homes on this island sanctuary are large villas compared to the small cigar maker cottages and conch homes located about seven miles down the road in Key West. After passing the gated entrance the single lane roadway spits into two roads which pass on either side of a large lagoon. Sea Lore Lane is located on the east side of the lagoon. Click GOOGLE MAP for an aerial perspective. Use the toggle switch to move around the area to view the other homes in the area. You will see the community center, tennis courts, and sandy swim beach located about six houses north of 25 Sea Lore Lane.

The listing Broker describes this Bank Owned waterfront home this way:

"Wonderful location, facing the Easterly breezes in this unique and upscale gated, waterfront community. Shark Key is a peninsula jotting out from US-Hi Way 1 into the Gulf of Mexico. Enjoy the gorgeous sunrises and romantic moon rises with star filled nights from your private deck & heated pool. Tropical, mature landscaping all around home provides privacy and pleasant views from every window. For your vehicles there is a brick paved driveway, 3 car garage, and plenty of additional off street parking. A spacious Clubhouse with kitchen, tables & chairs and wide wrap around, covered decks facing the waterfront is available to residents. Enjoy the covered picnic area by the Swimming Lagoon, it is a beautiful setting. The two tennis courts are adjacent to Clubhouse. Shark Key is located 11 miles from down town Key West, it's the best of two worlds, a private island bursting with tropical landscaping, lagoon, beautiful waterfront homes and a short drive to Key West." 

I had the opportunity to show this home to potential buyers soon after it was listed. While it did not meet their needs, it may be of interest to someone reading this blog. The 3023 sq ft home is situated on a large 14,968 sq ft lot over looking the open waters of Florida Bay. The house has 4 bedrooms and three baths. The master bedroom is located on the first floor next to the living area and shares part of the deck that looks out to open water. The view is ever changing with the passage of time and weather fronts.

Front entry proceeds to the great room. Sliding doors open out to the covered deck.

Pool views from the great room with open water to the rear

Dining area located adjacent to the living area with kitchen in foreground

Master suite located behind the mirrored wall

The great room, kitchen-dining area, and the master suite are all located on the east side of the home where each area has great water viewing opportunities.  The deck traverses the entire back side of the home. About half the deck is covered while the remaining spaces provide areas for sunbathing or entertaining. 

There are three tiki huts on the grounds with two located near water's edge and one in the front off the gated private entry. The tiki huts add to the tropical allure of this home. I am confident this once grand home can be easily be restored to its former self. The interiors will need painted, the decks will need some sprucing up, and the landscaping will need some judicious pruning. But when the work is done, the inside and the outside will look just great.

This is a really big house by Key West standards.  It will provide a new owner with four good sized bedrooms to meet the needs of a real family with growing kids. The first floor guest room would make a great living space for an older parent living with the family. That bedroom is located above the two are garage and is set off by itself which provides additional privacy. The kitchen is really large and will provide abundant work space for food preparation and clean-up. The outdoor area will give adults and children alternate places to enjoy their time outside.

As the listing broker pointed out, this is a gated community of exclusive waterfront homes which share the usage of the private swimming lagoon, tennis courts, and clubhouse. There is a key pad operated gated entry. The beautiful private roadway is maintained by the home owner association. The monthly hoa fees are $400 and cover common area maintenance, security, and management.

CLICK HERE to view the Key West mls datasheet and listing photos of 25 Sea Lore Lane on Shark Key which is offered at just $899,000. Other active listings on Shark Key run from $1,775,000 to $2,995,000. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing of this bank owned home.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. This truly is a buying opportunity.   

1717 South Street, Key West - Bank Owned and Price Reduced!

If you have been hoping to  buy a fixer-upper, you might want to consider taking a look at  1717 South Street in Key West. It is Bank Owned. This is the third price reduction on this property.  The listing broker, not me, describes this home this way:

"Location, Location, Location! This oversized lot with a privacy fence that currently has a main house with 3 bedrooms and 2 bathrooms and a mother-in-law 1 bedroom with 1 bath. Property has a large pool and back yard great for entertaining."

The house and detached mother-in-law cottage total 1900 sq ft and sit on what used to be a very beautifully landscaped 8531 sq ft lot (93.5' X 94').  The grounds and house are hidden from view behind a tall privacy fence. imagine how beautiful this home once was and could be again.

The house has a pretty impressive formal entry for such a relaxed home. A pergola spans much of the front facade on columns of carved stone. Similar columns are located at the rear where there is an huge pool and gardens.

The master bedroom and bath are located to the left of the living room while the two guest bedrooms and share hall bath are located to the right side of the living room. This arrangement would work well for a family to provide privacy for the parents for a few moments of the day. Note the terrazzo floor  in the original parts of the house.

The kitchen and laundry room are the the target of most new home owners. There is a really sweet rear pergola off the dining room and kitchen. I am sure a creative mind could re-invent this space into something even more magical.

You can clearly see that a portion of the drywall was moved in that area. There are a couple of holes in other rooms were drywall was also removed. The bank owner has treated the house for termites. The dining room and adjacent den have saltillo tile floors. The front entry and the rear garden area also have saltillo tiles.

The garden area must have been breath-taking. It still is to some extent. The pool sits quietly under the canopies of several beautiful trees that have created a little Eden of sorts. I found an old photo of the pool in its glory days. The lush garden could be replanted. The gardens would thrive in no time. CLICK HERE to view more photos I took of this property.

There are two gated entrances for cars. The one on the right is electrically operated. The long driveway terminates where the mother-in-law cottage begins. The rear yard seems boundless from the west border. The former owners created an outdoor kitchen to the south of the what was the den. The pool equipment and A/C are hidden from view on the far side of the outdoor kitchen.

1717 South Street in Key West is offered for sale at the asking price of $499,900 or just $294 per sq ft. CLICK HERE to view the Key West mls datasheet. Then please call ma, Gary Thomas, 305-766-2642 to set up a private showing of this remarkable property.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your home in Paradise.