1316 Whalton Street - Key West Short Sale!

I first wrote about 1316 and 1315 1/2 Whalton Street in May 2009 when it was offered for sale as a Short Sale property. I re-read that blog and decided I did a pretty good job in describing the property, the location, and the intrinsic value of this property. So I opted to re-post some of what I previously wrote to help potential buyers to see what this property offers for the asking price of just $575,000.

We are getting to a difficult point in real estate pricing in Key West. Many of the bargain properties are gone (not all). Many of the properties that remain are either located in bad locations (you decide what that means) or the properties seem over-priced (we all know what that means).

I am fortunate enough to have some active buyers that want nice houses priced just under one million. They want a good neighborhood, good neighbors, and a very nice house. You would think for a million bucks that would be easy. It isn't. Not in Key West. That's not to say we can't make it happen, but there are not a lot of properties priced to sell at that magic number.

In the 1980's and 1990's industrious buyers sometimes bought neglected properties and renovated them to get create the Key West treasure they wanted. As Key West became more popular and the price of real property increased, the cost of doing renovations or new construction has skyrocketed. This ocurred as a function of more city oversight of development plans and construction; higher priced development properties, increased construction costs from contractors and subcontractors, and higher materials cost as a result of inflation and or in the higher quality materials used, and delivery costs to Key West.

In 2009 I wrote "There are individual properties in Old Town and Casa Marina that I think a serious buyer should consider as an option to buying a house already completely 'done'." I need to update that observation by saying that today there just are not that many properties actively offered for sale in any price range. The stagnant market of 2008 - 2011 is long gone. The values from that era no longer exist. However, this new listing of 1316 Whalton Street is a genuine throwback buying opportunity with a price that relates back to what one could have paid six years ago for this highly sought after location.

1316 Whalton Street is located between Seminary Street and South Street just one block west of White Street. Click GOOGLE MAP for an aerial perspective of the location which I mention because many locals don't even know where Whalton Street is located. Think of Whalton Street as an extension of Frances Street on the south side of Truman because that is what it is. It's a five minute walk to Higg's Beach, a three to five minute walk to most of the gyms and yoga studios, and even a short stroll to upper Duval Street.

CLICK HERE to view the Key West mls datasheet which let's us know there are two separate homes located on two adjacent lots which are offered for sale as one property which could be renovated into two separate homes or alternatively both houses could be razed, the lots combined into one new lot that measures 55' X 90' that is located in the X 500 flood zone. This property is a Short Sale meaning the asking price is less than the amount the seller owes to the lenders and that the sale is conditional on the lenders agreeing to accept the offer price. Since I wrote about this property six years ago, I have had numerous phone calls from prospective buyers who have seen the property pop up on non-Key West mls websites that gave the false impression the property was available for purchase. While it had been listed, it went under contract right away. I mention this because there will be a huge number of buyers who know this property and the value of this location. I would anticipate many offers being made on this property.

In my opinion the highest and best value of this property is to take down the old houses and build new. The photo immediately above was taken this morning on the front step of the existing house. You will note the breadth of the lot and the swaying palms in this neighborhood. The classic bungalow house next door to the north has a huge Royal Poinciana Tree with a canopy that drapes the north side of this lot. That tree will explode in May and June with millions of tiny red flowers that will make this lot pop with color. There are numerous houses within a one block radius of this home valued at over $1.5 and higher. The property behind this on Grinnell Street was featured in Architectural Digest a couple of years ago.

Higg's Beach and Salute on the Beach are a few minutes away. You can walk to Louie's Backyard in the same amount of time. Both are great Key West eateries, but one is decidedly less expensive and has the same awesome ocean views.

Please call me, Gary Thomas, 305-766-2642 to discuss making an offer on this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you grab this real buying opportunity.

 

1320 South Street, Key West - Bank Owned Home

The newly listed Bank Owned property at 1320 South Street certainly is something to cheer about if you are in the market for a large home located in a superior Key West neighborhood,  This home was built new in 2008 and replaced a much smaller home that previously occupied the 4939 sq ft lot. I dug around and found a photo of the old house. The new place looks nothing like it. The neighborhood as a whole has changed as well. Most, but not all, of the smaller mid-century houses that dot this area have been replaced. The Thompson Estate is located across the street and to the west. Thompson was a buddy of Ernest Hemingway.  I remember showing the Thompson property many years ago and marveling at the huge animal trophies on the walls.

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The 3220 sq ft home sits on a 4939 sq ft lot. The facade looks like two houses were joined together to make one large home. There are three bedrooms each with en-suite bath plus a fourth bath on main floor. The great room is extra large and has doors that open out to the pool and rear deck. The adjacent family room with wet bar also opens out to the pool. Rich Tiger Wood floors are located on both floors of the house. 

 The custom kitchen has about every high-end kitchen appliance that Viking makes including a gigantic range, double door refrigerator, ice maker, dishwasher, and wine cooler. There is abundant storage everywhere. The back side of the kitchen island is extra high and provides a nice place for casual dining.

The main floor bathroom is adjacent to the wet bar in the family room. The full bath also includes hook-ups for washer and dryer. There is a second washer and dryer on the second floor. The house is wired for stereo throughout and there is also a central vacuum system.

The house has Hardiboard siding, 2 zone central A/Ca/c, house generator, impact windows/doors, custom built pool and waterfall with grotto surrounded by IPE decking and built-in custom bench. The yard is fully fenced and accessed via large electronically gate.

Both guest bedrooms are very large. Each has a large walk-in closet located adjacent to the en-suite bath. The hallway between the two bedrooms is lined with more closet space. A second floor laundry is tucked away behind one set of doors.

This house appears to be in really good condition. I did not notice any deferred maintenance or see anything that was broken. The house is painted white throughout. That's probably the one thing a new owner might want to change. It's easy. It's fun. And it's not very expensive. CLICK HERE to see more photos I took of this lovely home.

1320 South Street is offered for sale at $1,199,999 or $372 per sq ft. Most homes in this area sell at a much higher price. CLICK HERE to view the Key West mls datasheet and listing photos. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this home. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

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42 Spoonbill Way, Key West - Key West Golf Club Community

I had the opportunity to preview 42 Spoonbill Way located at the Key West Golf Club for an out of town buyer a couple of days ago. I thought I would share my thoughts on this home which I feel is good buying opportunity.  CLICK HERE to see an aerial view of the house which is located near the end of a dog-leg extension off Spoonbill Way. That means there is very little traffic to interrupt the peace and quiet of this little neighborhood. You will also note that the house has great views of the golf course from the rear. 

As you approach the house you immediately appreciate the modern day re-imagining of the Key West Conch house set back from the sidewalk by a white picket fence. The house has first and second floor porches on the front and rear. You can probably just imagine sitting on the porch watching not much of anything happening. Even on a rainy day, like the day I took my photos, the front entry looks inviting.

The listing Realtor describes 42 Spoonbill Way this way:

"Rare opportunity Golf Club 3 Bedroom 3 Bath with one bedroom and full bath on the first level. Master kitchen with top of the line stainless appliances, large living room, plenty of space for a dining table.screened deck off of the living room and master bedroom offering picturesque Golf Course Views, full wet bar, large bedrooms with vast closet space and a deck on both floors front and back are just some of the features of this great home. A resort style pool with seating in both the sun and shade, a smaller more private pool and fitness center make this the perfect location set alongside a Reese Jones designed Championship Golf Course. Priced to sell this home won't last long. Arrange to a viewing before someone beats you to it."

When I entered this home I immediately felt "at home". I have been inside many similar homes, but each place is always a little different from the next. The kitchen is located up front. It opens up to the rest of the living area. Double sliders at the rear open out to the covered and screen enclosed rear porch. I went out in the sprinkling rain to take in the view. Even if you are not a golfer, chances are pretty good you love looking at big blue skies and rolling green turf. On this day the skies were gray and the links were soaked with water. Birds were sampling the newly formed water ponds to see if the water was any different than the nearby lake water.

The above pic shows the third bedroom, den, or home office which is located up front opposite the kitchen. There is an adjacent full bath.  There is enough space here for a queen bed and dresser or an owner might opt for a sofa sleeper or Murphy bed with daytime desk and bookshelves.

Just because I tagged the front bedroom as being the master bedroom does not make it so. The large bathroom has dual sinks and space enough for two people at the same time. The bedroom is fairly good sized. The vaulted ceiling and French doors that open out to covered front porch give this space a sense of importance in my book. 

Even on a rainy day the rear bedroom and covered deck were very appealing. Imagine how pretty the views are at early morning before the golfers show up and after the last golfers depart at days end when sunset approaches.

Monthly homeowner association fees are $380 which includes Cable TV, manned security at the front entrance, pool maintenance, and common area maintenance. If you have ever driven through the golf course you may agree with me that the tree lined streets and grounds are just beautiful. I love driving through this area at Christmas when so many of the homes are decorated for the holidays. CLICK HERE to view more photos I took of 42 Spoonbill Way which is located within a four minute walk to the large community pool and community center.

CLICK HERE to view the Key West mls datasheet on this home. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this lovely home that is offered at $495,999. I am a buyers agent and a full time Realtor at Preferred Properties Key West.