Buying Opportunity - 1104-1106 Thompson Street in Key West Florida

 The listing agent on 1104 - 1106 Thompson Street describes this incredible property this way:
"Fantastic Deal And A Great Location! Would Be Perfect For An Investor Or Someone Who Could See The Potential Of This Property. Home Sits On Two Lots. It Is A 3 Bedroom 2 Bathroom 1,000.00 Sqft. Brick Cottage That Needs Tlc. Seller Is An Architect And Is Willing To Draw Plans If Buyer Wishes To Build A New Home Or To Re-design The Current Home. Bring All Offers."

The site is located on the corner of Thompson and Catherine Streets.The property consists of a 1000 square foot CBS and stucco home that sits in the middle of two separate lots. The owner had a building permit and plans for the construction of a 428 square foot accessory unit. The city would allow a 600 square foot accessory unit if anew owner wants. A developer might even consider tearing down existing house and build constructing two new homes - one on each lot or build a large single family home. Alternatively and much less expensive would be to gut the kitchen and baths and redo, add a pool and new outdoor living space.  You would end up with a lot of space, an incredible beautiful tropical lot in Key West for about the same price as a low priced 680 square foot condo in Truman Annex. Now that, Dear Readers, is a bargain.

According to the Monroe County Property Appraiser the existing house is 999 sq ft in size. That figure does not include, in my opinion, the semi-enclosed Florida room that adds another 200 sq ft or more to quality living space. The house itself has three bedrooms and two baths. The house was built in 1954 (59 years ago). A lot of 59 year olds get face lifts. It's time this house got one. A new owner would likely gut the interior and redo the kitchen and baths. If I bought the house I would add wind impact resistant windows and doors to reduce long term wind storm insurance premiums.

The lot is extra large - 94' x 101' or 9397 sq ft. The house is located about 20 feet from Thompson and about the same from Catherine. The yard on both sides is densely landscaped with tropical foliage.   The entire lot needs a good haircut.  Potential buyers need to understand the value that the existing trees adds so this property.  If you hired a landscaper to go up to Homestead to buy, haul, and replant a 9397 sq ft lot you would spend thousands of dollars in design, purchase, and planting costs.

west side yard

gate to west side yard

west side yard from rear of house looking toward Catherine St.

east or front yard includes a ramp to deck off master bedroom

north side or back yard

The lot is obviously in need of some major clearing and pruning.  I might even add new trees to the back and west sides to add more privacy from the adjacent public school. I would add a pool at the rear, however, there may be room for a pool on the south (Catherine Street) side of the property. The listing agent told me the school building on the north side houses administrative offices for the school. 

Here is the best part - the asking price on 1104-1106 Thompson Street was just reduced from $449,900 to $385,000. CLICK HERE to view the Key West Association of Realtors mls datasheet and listing photos.  Please contact me, Gary Thomas, 305-766-2642  or send me an email at kw1101v@aol.com to schedule a showing or for more information on this unique buying opportunity in Key West. (I have more photos that I can send to you.) I am a buyers agent and a full time Realtor at Preferred Properties Key West. I think this could make a wonderful Key West tropical haven for the person who wants a tropical forest and no neighbors.

1104 - 1106 Thompson Street - Key West - Buying Opportunity

 The listing agent on 1104 - 1106 Thompson Street describes this incredible property this way:
"Fantastic Deal And A Great Location! Would Be Perfect For An Investor Or Someone Who Could See The Potential Of This Property. Home Sits On Two Lots. It Is A 3 Bedroom 2 Bathroom 1,000.00 Sqft. Brick Cottage That Needs Tlc." 

I could not agree more. There will be some nay-sayers that will counsel to never buy a house located near a school (which this is) or near a church.  They would be wrong at least in this instance. Read further to find out why I say this.

According to the Monroe County Property Appraiser the existing house is 999 sq ft in size. That figure does not include, in my opinion, the semi-enclosed Florida room that adds another 200 sq ft or more to quality living space. The house itself has three bedrooms and two baths. The house was built in 1954 (59 years ago). A lot of 59 year olds get face lifts. It's time this house got one. A new owner would likely gut the interior and redo the kitchen and baths. If I bought the house I would add wind impact resistant windows and doors to reduce long term wind storm insurance premiums.

The lot is extra large - 94' x 101' or 9397 sq ft.  The lot is located at the corner of Catherine and Thompson Street.The house is located about 20 feet from Thompson and about the same from Catherine. The yard on both sides is densely landscaped with tropical foliage.   

west side yard

gate to west side yard

west side yard from rear of house looking toward Catherine St.

east or front yard includes a ramp to deck off master bedroom

north side or back yard

The lot is obviously in need of some major clearing and pruning.  That's easy. I suggest that a buyer consider the added added value of the mature palms located on this property. I might even add new trees to the back and west sides to add more privacy where I would probably install a pool. The two storey building on the north side is administrative offices for the school.

1104 - 1106 Thompson Street is offered at $449,900. CLICK HERE to view the Key West Association of Realtors mls datasheet and listing photos.  Please contact me, Gary Thomas, 305-766-2642 to schedule a showing or for more information on this unique buying opportunity in Key West. I am a buyers agent and a full time Realtor at Preferred Properties Key West. I think this could make a wonderful Key West tropical haven for the person who wants a tropical forest and no neighbors.

701 Washington Street - The Casa Marina Area - Key West

The asking price on 701 Washington Street in the premier Casa Marina Area was just reduced to $1,980,000. The listing Realtor describes this new buying opportunity thus:

"Motivated Seller just reduced the price of this sprawling Mission-style home, located in the desirable Casa Marina Area, near Louie's Back Yard and Dog Beach. Each bedroom suite has uniquely-styled bathrooms. The master suite has an adjoining sitting room and small office. The state-of-the-arts kitchen connects seamlessly with a butler's pantry and laundry room. In addition to a spacious living room and dining area, there is a magnificent wing, slated for billiards and entertainment, that overlooks the expansive salt-water pool that is heated and cooled. The grounds of the property feature specimen tropicals and Key West natives. A spiral staircase leads to a roof top deck for sunning and observation. Possible seller financing."

Buyers looking for a big house at a great price in a wonderful location should read on. The original home was built in 1959. The home was totally renovated over a two year period and was completed in 2009.

The renovation included all new natural stone and hardwood floors (except where original Cuban Tile was retained). Each of the four en-suite baths plus guest bath feature marble, granite, or onyx and designer bath fixtures. Suntubes were introduced to provide natural lighting into many areas of the home. Custom made eight foot mahogany bi-fold doors were added to the new game room which opens out to the pool area. Mahogany doors and windows, iron gates, and custom lighting were added throughout the house. The result is a gracious Spanish style home with with 3488 sq feet of indoor living space that sits on a 10,600 square foot lot just one block from the Atlantic Ocean.

There are several living areas including a formal living room, game room with vaulted ceiling, and a family room that is adjacent to the kitchen. The mahogany windows and doors in the living areas were custom made in Honduras and offer windstorm protection to to 155 mph. This will result in a huge discount for windstorm insurance.

Custom made mahogany windows and doors

The master bedroom suite is at the rear and includes a separate sitting room, office, bedroom and en-suite bath with sunken tub, shower, a regular closet and a cedar lined closet, and the necessities. The master suite is larger and much more plus than many condos near Old Town. A door opens from the master suite to a spa located just outside the door-the perfect spot for late night relaxation.

 Master Suite with sitting room

 One of the three guest bedrooms with en-suite bath

The house has a total of four bedrooms and five bathrooms. Each bedroom is large and unique in design. The bathrooms feature a variety of high bath fixtures, tiles, marble and other hard surface materials, and dramatic light fixtures.

The extra large and very sunny pool runs north and south and can be entered from the game room to the east, the family room to the west, or the master suite to the north. A spiral staircase provides access to the rooftop sundeck.

CLICK HERE to view a slideshow of photos of this wonderful Casa Marina home.

 Spa located off master suite

View from sundeck

 Vintage photo of Casa Marina Hotel

While they still may not putt on the grounds at the Casa Marina, the hotel is still an integral part of life in Key West. You can purchase a membership to the Casa Marina beach club and use the gym, spa, and beach as often as you want. I recently sold a home in the area to a doctor and his family who joined the club. They are delighted with the decision because it enhances the easy living lifestyle in the Casa Marina area.

If belonging to a club isn't your thing, nearby Higg's Beach is free. Doggie Beach and Louie's Backyard and the After Deck Bar one block away from 701 Washington Street. Salute` on the Beach is a much cheaper place to eat, and the views are always interesting. You can even walk over to Duval Street, it's just a couple of blocks to the west. Being able to go wherever you want whenever you want is priceless.

 Louie's Backyard and Doggie Beach

Higg's Beach

 Salute` on the Beach

CLICK HERE to view the Key West mls datasheet and view listing photographs. If you would like to see this property please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Reality, Inc. I live in the Casa Marina area and know how easy living can be there. Take the time to find out for yourself.

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1126 Washington Street - Casa Marina Area - Key West - Bank Owned - Buying Opportunity

This is a RAH RAH moment. I have been waiting for this one for a long time. The foreclosure took forever. The house at 1126 Washington Street in the Casa Marina Area of Key West is now Bank Owned. I am particularly interested in this property because I live nearby. This house has been an eyesore for at least 15 years, and now some new owner gets the chance to buy a real fixer with a huge lot in a truly great neighborhood at a great price.

Longtime Readers know I don't jump up and down about new listings very often. This is the exception! This is one of those times when buyers who want a really good deal need to act quickly. 1126 Washington Street is offered at just $369,000. I predict it will go under contract within a matter of a few days. The price, location, and ability to re-do or to create a new house in a great location make this property worthy of serious consideration.

There are two prime areas in Key West - Old Town and Casa Marina. Everybody knows Old Town because of the quaint old houses and nearness to dining and cultural events. Casa Marina is known for its proximity to the Atlantic Ocean (a five minute walk) and the extra large lots and larger homes - most of which are valued over the one million dollar mark. Some of the houses in the Casa Marina Area that have not been renovated may qualify to be razed because they are not located on historic maps. (You basically can't tear down in Old Town and must renovate-often on small lots.) Additionally, homes that are unsafe may be approved for demolition on their own right. The house at 1126 Washington Street is a likely candidate for demolition in my opinion. It is a nasty old mess that needs torn down, or it needs a really gifted architect and contractor to turn this old house into something special. CLICK HERE to view photos I took of this house for an out of town buyer.

1126 Washington Street as it looked in 1965

Exterior photo May 2011

Garage and huge parking area

East side of house has large yard and immense decks

Steel Posts and Beams added to Prevent Ceiling Collapse

Forget about how bad the house 1t 1126 Washington Street may look now and instead focus on the location, lot size, and ability to create your own private paradise on the 8304 sq ft lot (89' x 94'). While the size may not seem like a large lot up north, it is a very big lot by Key West standards. The Monroe County Property Appraiser says the house was built in 1938 and has 1539 sq ft of living space. I suggest that you consider the asking price of the land value which is offered at $44 per sq ft. Compare that price to the lot at nearby 1426 Reynolds Street which sold April 12th at $70 per sq ft (11,500 sq ft). The Reynolds property has an excellent location closer to the beach but it is also located across from the Casa Marina Hotel. CLICK HERE to read what I wrote about that property. I think most Readers would agree that $44 is better than $70 any day of the week. Of course there are pluses and minuses for any property and each offering or sale must be judged on its own merits.

I counted five different floor levels in this house and numerous kinds of windows, doors, air conditioning units, fans, odd light fixtures, glass block walls and mirrored walls in the bathrooms. There is no cohesive style. There are orange warning cones and yellow tape to warn of potential hazards. Since costs of renovation can often be much higher than new construction, I suggest that a new owner raze this old house and build a new two story house and take advantage of the large lot to create a wonderful pool and garden area.

If you are looking for a project property in Key West, give this listing serious and prompt consideration. If you are not working with another agent, please consider calling me, Gary Thomas, 305-766-2642, or contact me by email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Don't wait too long!