Pelican Landing Penthouse - Key West Waterfront - Short Sale

The listing Realtor for the Pelican Landing Penthouse unit said it all when he wrote

"Current owner's loss is your gain! Here is your chance to buy a 4 bedroom waterfront income property on the edge of Old Town. This is a very large penthouse unit in a newly renovated building. Access to boat slips included! This is a potential short sale transaction that may be subject to third party approval."

The current owner purchased this property at the height of the real estate boom and paid $1,250,000 for the property. The market turned down and at about the same time the building underwent a major renovation (with jackhammers). Revenues were down and vacancies were up. That renovation was only recently completed.

The unit is located on the north side of the building so it is the furthest removed from the street traffic as it passes at the corner of Eisenhower at Truman. Pelican Landing is located across the street from Bayview Park, the main park for the City of Key West.
This unit would make a really nice permanent home for someone wanting a water view with a boat slip but it would also make a great getaway property for an investor that wants a waterfront property with a real water view with all the amenities I will mention below for a great price.

This unit has a transient license and is currently managed by the on site manager at Pelican Landing. The main floor area includes large living room with access to huge rear deck that overlooks the Garrison Bight Marina and the Pelican Landing boat slips below. Deep water access is at the back door and sunrises are available every morning from the living room and the very large master bedroom that also has the stunning early morning sunrise views. The kitchen and dinging area on the first floor. A second bedroom and bath have a "lockout" capability. There is an interior stairway that leads to two additional bedrooms and baths on the fifth floor. These two bedrooms have their own front balcony that provides an incredible view of Old Town, the Gulf of Mexico to the north and west and you can sort of see the Atlantic Ocean to the south. Al fresco tanning is added gratis.

If you are a buyer with a large family or you have a lot of friends, this may be the place for you. There is a nice sunny pool at ground level that overlooks the marina. Each unit has access to the boat slip and boat slips may be rented separately to provide income when guests or owners are using them. The lockout provides ability to rent the single bedroom nightly even while the owner is using the rest of this very large unit.

This property is priced offered at $650,000. The seller is obligated to pay about $70,000 for an unpaid special assessment to cover its proportionate share of renovation costs. This amount will be passed on to any new owner. CLICK HERE for more detailed info on this unit and to view listing photos.

If this sounds like a property that you would like to own, please call me, Gary Thomas, 305-766-2642 or email me at garythomaskw@yahoo.com for more info. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Don't wait too long. This will not last now that the cat is out of the bag.

1445 South Roosevelt - Coconut Mallory Penthouse - Key West

Unit 201 is located top floor right with parking below. Only 2 units per floor.

I have written about this particular property twice before. I think this particular condominium has a lot to offer a potential second home buyer looking for a place that can be legally rented to help defray part of the cost of ownership.

This is how the listing broker describes Unit 201 at Coconut Mallory Resort and Marina, a condominium located on the eastern edge of Key West:

" Boat slip & transient license! Second floor unit boasting an open floor plan with water views. Elevator access from pool area to private wrap around balcony accessed from living area and bedrooms. Recently renovated kitchen and baths. Offered fully furnished ready to move in today or start earning rental income. Dock Fees associated with the boat slip are $1,140.00 paid one time annually. Condominium Fees paid monthly include all utilities, electric, water, sewer garbage & cable along with exterior insurance and building/common area maintenance.

This unit sits on the top floor and has water views of the Cow Key Channel that separates Key
West from its nearest neighbor, Stock Island. This channel provides instant deep water access to boaters and fishermen. There are only two units on the second floor and they each have large wraparound balconies on three sides. The views from this unit include the adults only pool to the north, the water to the east, and the timeshare units to the south. There is a second family pool and spa plus a really cute playground for the kids on the opposite side of the timeshare buildings. There are two units on the floor below and covered designated parking at ground level.
Coconut Mallory has 1126 square feet of newly remodeled interior space and wrap around covered lanais. The living room and both bedrooms have immediate access to the lanais and this makes the interior spaces seem even larger. The are no neighbors across the courtyard or next door to watch your every move. The only "neighbor" occupies the west one-half of the floor and that unit has no view. The neighbors to the south, east, and north are open skies, some palm trees, and the waterfront where the Coconut Mallory Marina is located CLICK HERE and CLICK HERE.

This unit has a real killer view of the adults only pool just to the north. (There is another pool that does permit children. That pool is secluded and surrounded by palm trees.)
Unit 201 has a large covered parking space with easy access to the enclosed stairway or elevator. That means you do not need to get beat up by the occasional rainstorm or blistering heat when you are bringing in the groceries. There are no bowling alley long hallways or tourists to dodge on scooters zooming around the parking lot. When you are home, you are home.

The interiors were very recently tastefully renovated to provide both utility and style. The space was designed for a lot of potential use but it looks great. I will be happy to send interested buyers more photos. Email me at kw1101v@aol.com.

Everything is new.CLICK HERE to read the details on Unit 201 and view more mls photos. The new owner can rent the unit or not as he or she decides. But on-site management is available. CLICK HERE to look at the snazzy property management website and take a look at the photos of the amenities offered. Then you will get an idea why I really like this property.

This unit was originally priced at $550,000 and it is now offered at $425,000 or $377 per sq ft. But keep in mind that the price includes a valuable TRANSIENT RENTAL LICENSE and a BOAT SLIP. I did a quick search of other two bedroom condos and townhomes priced at or under $425,000 to see what else is available for comparison sake. CLICK HERE to compare.

Please give me, Gary Thomas, 305-766-2642 a call to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in beautiful Key West, Florida.

Waterfront - Transient Licensed - Key West

The Coconut Mallory Condominiums are located at the far east end of the Island of Key West. They sit at the edge of Cow Key Channel and provide immediate deep water access.
There are three units left unsold. Two of the units are one bedrooms that are priced at $250,000 and $260,000. Each has a transient license and a boat slip. But the one I want to tell you about is a two bedroom two bath unit on the top floor (the building only has two floors). It occupies one-half of that floor and has the premium water view. This unit is offered at $450,000 or $400 per sq. ft. Like the other condominiums at Coconut Mallory, it has a transient license and a boat slip. It comes fully furnished and ready perhaps to turn Cow Key Channel into a cash cow for the new owner.

The listing Realtor describes Unit 201 this way:

"Boat slip & transient license! Second floor unit boasting an open floor plan with water views. Elevator access from pol area to private wrap around balcony accessed from living area and bedrooms. Recently renovated kitchen and baths. Offered fully furnished ready to move in today or start earning rental income. Dock Fees associated with the boat slip are $1,140.00 paid one time annually. Condominium Fees paid monthly include all utilities, electric, water, sewer garbage & cable along with exterior insurance and building/common area maintenance."

CLICK HERE to see the detailed listing information on this unit and to view many photos. Note the monthly maintenance fees are $795 and cover Cable, Sewer, Exterminating, Water, Trash Removal, Bldg Exterior Maintenance, Building Insurance, Common Area Maintenance.

There are many condos offered for sale right now in Key West that have transient licenses that are priced similarly to this unit. You might be able to buy a Shipyard Unit in Truman Annex with two bedrooms and one bath unit with 680 square feet for around $450,000. Shipyard is very popular with returning vacationers because of its easy walking access to everything in Old Town. The units with transient licenses have some restrictions not applicable to Coconut Mallory. The Shipyard location is a valuable asset indeed. On the other hand, you might be able to purchase a 1380 square foot unit with two bedrooms and two baths with a transient license at 1800 Atlantic. 1800 Atlantic is located directly on the ocean and has beach access, tennis courts, a huge spa, and a huge pool. Many returning vacationers prefer the 1800 Atlantic location over Old Town because of the waterfront amenities and larger sized units. Units with transient licenses at 1800 Atlantic do not have any restriction on the number of days per year a unit may be rented.

Unit No. 201 at Coconut Mallory has 1126 square feet of newly remodeled interior space and wrap around covered lanais. The living room and both bedrooms have immediate access to the lanais and this makes the interior spaces seem even larger. The are no neighbors across the courtyard or next door to watch your every move. The only "neighbor" occupies the west one-half of the floor and that unit has no view. The neighbors to the south, east, and north are open skies, some palm trees, and the waterfront where the Coconut Mallory Marina is located CLICK HERE and CLICK HERE.
This unit has a real killer view of the adults only pool just to the north. (There is another pool that does permit children. That pool is secluded and surrounded by palm trees.)

Unit 201 has a large covered parking space with easy access to the enclosed stairway or elevator. That means you do not need to get beat up by the occasional rainstorm or blistering heat when you are bringing in the groceries. There are no bowling alley long hallways or tourists to dodge on scooters zooming around the parking lot. When you are home, you are home.

The interiors were very recently tastefully renovated to provide both utility and style. The space was designed for a lot of potential use but it looks great. I recently took some interior photos. CLICK HERE, CLICK HERE,CLICK HERE,CLICK HERE,CLICK HERE.

Life is full of choices. If you want a place in Key West to make your permanent home or that you can rent out to help pay for itself, there are many options available in the mid $400,000 price range. Unit No. 201 at Coconut Mallory is one of them. Please give me, Gary Thomas, 305-766-2642 a call to schedule a showing. These units cannot be showed when they are occupied. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in beautiful Key West, Florida. If you lived here you would not need to be fretting about the coming snow storms and high heating bills.

Conch Harbor Boatslips - Key West - Priced to Sell!

One of the interesting things about Key West real estate is the continued development of boat slips in the Key West area. The Historic Seaport "Conch Harbor" was re-vitalized a few years back and it looks great. It has great new facilities including pool, showers, restaurants, and businesses that meet the needs of boaters.

CLICK HERE to read what the listing Realtor has to say about Boat slip No. 12 at Conch Harbor Marina that was JUST LISTED and PRICED TO SELL at $325,000. This is a 45' slip. It is part of an association whose monthly fee of $553.82 includes electric, water, and cable. Owners have full use of the facilities at the Conch Harbor Marina including showers, pool, restaurants, and other fun stuff. Taxes are presently $3150.43.

There are two other new boat slip listings.

Boat slip No. 15 CLICK HERE is a 50' slip and it is offered at $399,000. The monthly condo fee of $714.56 includes electric, water and cable. Current taxes on this slip are $3150.43.


Boat slip No. 21 CLICK HERE is a 60' slip. It is offered at $499,000. The monthly condo fee of $964.80 includes electric, water and cable. The current taxes on this slip are $4201.00. This slip is located at near the outside entrance to the marina for easy entry.

I took some photos of the area this morning before the birds woke up. This place is so quiet right now. Wait till Fantasy Fest in October and the boat races in November. This place will be a madhouse of activity very shortly. CLICK HERE to see the photos.

CLICK HERE to do your own personal search of Key West Association of Realtors mls database. If you see a property you like, whether it is a boat slip, a little Key West Cottage or a big old house, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

Key West - Bank Owned - Sunset Marina Condo

Two Bank Owned units at the Key West Sunset Marina were listed for sale on the exact same day last week. Both are on the same floor but each is located in a different building in the same complex and one is slightly larger than the other. I'll leave to the reader to decide if you find either of the two Bank Owned properties to be a "deal". I know some reader is already to proclaim nothing is a deal in Key West. But for those willing to look and consider, your opinion may be different.

Sunset Marina is located on the western edge of Stock Island, the island just before Key West if you are traveling by car. Stock Island has trailer parks, tattoo parlors, a Burger King, a great Mexican restaurant, a community golf course, a bunch of cheap condos, the County Jail, a trash transfer station, the impressive Sunset Marina itself with slips both small and large, and four relatively new and structurally solid condominiums developed in conjunction with the marina.

The four buildings were built in 2001. The private entry is gated and beautifully landscaped. All units are accessed for an exterior open air balcony that looks towards what locals call "Mount Trashmor". That is a now defunct landfill that has been landscaped. It is there forever and if that bothers you, don't read further.

The units are all pretty much the same as far as layout and size. Units located higher in the building or further toward the west tend to be priced higher. But pricing of real estate is pretty much a locational consideration in most sales isn't it.

5603 College Road, Unit 303 C is bank owned and is offered at $479,900 or $449 per sq ft. CLICK HERE to see more photos and info on this unit. Don't let the photos dissuade you from looking. The views are incredible.

5601 College Road, Unit C 303 is also bank owned. It has 1024 sq ft and is offered at $399,000 or $390 per sq ft. CLICK HERE for more info on this unit. Sorry, the listing Realtor forgot to include photos.

CLICK HERE to take a quick look at all of the units currently available at Sunset Marina Condominiums. If you are looking for a deal, perhaps one of the two bank owned units may work for you. Another unit is offered as a short sale, so you might get lucky and get a sweet deal on that unit. But there are a couple of penthouse units that may lure you to the top floor. The views at Sunset Marina are what would-be buyers dream about. The complex has a beautiful pool, a clubhouse, covered parking for your car and golf cart. That comes in handy because the Key West golf course is located right across the street. But your house doesn't get hit by errant golf balls. If you have a boat, the marina is the perfect Key West spot to make your second home.

If you would like to see one of the bank owned units (or any other property), please call me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com.

Key West Hole in the Water For Sale: Not Cheap

I don't own a boat so I have no idea what I am writing about except that I have heard this phrase used many times: "the happiest day of a boat owner's life is the day they buy the boat and the day they sell it." I guess anything you love can end up being expensive if you do it right or do it up "big".

Two days ago I wrote about the new Steamplant Condos that overlook the Conch Harbor Marina on the Historic Key West Seaport. That area as a whole is referred to as the Key West Bight. Click the black and white photo to the right and it enlarge to provide a better view of all the marinas in that immediate area.

The dazzling moonlight photo is taken from the Galleon Marina looking toward the Steamplant. That photo is a couple of years old and shows the Steamplant's steel skeleton.

If you own a boat and want to buy a hole in the water in Key West I have prepared a short list of boatslips that are for sale. CLICK HERE to preview the list. There are numerous new boatslips available on Stock Island at Sunset Marina, the Pennisular Marina, and Kings Point Marina. There are only a few available at the Galleon or Conch Harbor Marinas. Location plays just as big a roll in the pricing of boatslips as it does in homes. The slips located at the Bight are the ones most in demand because of their prime location. And it seems that boatslips have held there value relatively well during the past two years.

Let me help you buy a hole in the water. Call Gary Thomas, 305-766-2642, or e-mail me at kw1101v@aol.com for more info on other boatslips or other property

Where do you park your Yacht?

One of the interesting things about Key West real estate is the continued development of boat slips in the Key West area. The Historic Seaport :"Conch Harbor" was re-vitalized a few years back and it looks great. It has great new facilities including pool, showers, restaurants, and businesses that meet the needs of boaters. Not too far away is the Galleon Marina that is located next to the famous A&B Restaurant. The yacht pictured to the right is located at the Westin Resort Marina. A mile or so east you will find the Garrison Bight Marina and not too far from that is City Marina and then the Key West Yacht Club.

When you cross over Cow Key Bridge and go on Stock Island there are a bunch of new marinas in existence or in the process of being built. On the Gulf of Mexico side you will find the Sunset Marina. Classy and it has deep water access. The Sunset Key Condominiums are right next door (some even come with their own deeded boat slips). And those condos are just across the street from the Key West Golf Club. You can park your yacht at your back door and drive your golf cart across the street to play 18 holes of golf.



The Atlantic Ocean side is where all of the new action is. Major development is going on there with expansion of existing marinas to the creation of new ones. One particular boat slip that may attract your attention is the 50' slip at Ocean Side Marina CLICK HERE. It is priced at $450,000.


CLICK HERE for an aerial map that shows the location of each marina mentioned above. Use your mouse and drag to get "up close" aerial images of each marina. This may help you if you are in the market for a boat slip in the Key West area.

There is a boat slip available in just about every length, and prices vary depending on location and amenities. CLICK HERE to checkout all current Boat slips in the Key West area.

CLICK HERE to checkout all current mls listings in the lower Florida Keys. Then give me a call for more information. Gary Thomas 1-305-766-2642.

Is the Island Surrounded by Water?

"Is the Island Surrounded by Water?"


I mentioned that I used to own Eaton Lodge Guesthouse and the question cited above is an actual question I got when a potential guest called to reserve a room.


Recently a friend from Atlanta asked me to pick-up a couple of his friends who were in Key West on a cruise ship and show them around Old Town. They asked how all the cars got here.

The answer to both questions is simple. Key West is a real island in the middle of the Atlantic Ocean (or sea or bay or whatever body of water you think). It is accessed by driving down U.S. 1 from Miami over a series of Keys ("cays" or islands) that are connected by bridges, the longest of which is the famous seven mile bridge. The other two means of getting here are via airplane or water.

Since we are surrounded by water, many potential home buyers think that they can purchase a waterfront home or condo. That's next to impossible on the Island of Key West. There are only a handful of properties actually on the water here and because of that, they are normally among the most expensive properties in Key West.

If a water view can be substituted for "waterfront", there are many more potential properties available. And if proximity to water is the criteria instead of "water view", the list becomes even wider.

During the past 5 years several new developments have been built with "water views" in Key West and on Stock Island, Key West's nearest neighbor. Most of these properties are condominiums and some even come with boat slips or having boat slips available. And because of the recent downturn in the real estate market these properties are priced more affordable than ever. The Impossible just became more affordable.

Checkout the above link to search for your new home in Key West-- water view or not and please give me a call (toll free) 1-877-295-7099.