31 Blue Water Drive - Near Key West

31 Blue Water Drive is located about Mile Marker 15 on Saddlebunch Key. CLICK HERE for a GOOGLE aerial view. It's a bit of a wreck right now. A new buyer will likely have trouble getting a mortgage as there is no existing kitchen, and that is normally a prerequisite to getting a mortgage. But it you have a saw and hammer and good design and building skills, this could be the little Florida Keys Dream Home you have been dreaming about. It is offered for sale at just $250,000.

The listing Realtor describes this property like this:

"Open water views from this canal front home. Fantastic renovation project. Approximately 68ft seawall in place. Build or renovate your perfect Florida Keys dream home on this waterfront lot. This property is exempted from the FEMA insurance injunction because the structure was in existence as of 9/12/2005."

The present house has 2 bedrooms, 1 bath, no kitchen, 1044 sq ft of interior living space, a carport and a rear deck that overlooks and incredible canal that opens out in the great Atlantic Ocean. I can't overstate how damned beautiful that view is. It is stunning.

View of existing enclosed rear porch with canal

An RV resort is located on opposite side of canal

31 Blue Water Drive is located just feet away from the Great Atlantic Ocean

It needs a "facelift"

Interior needs total remodel but the end product could be spectacular

This is the type of property better suited to a cash buyer with some construction skills or access to additional money to fund renovation costs. The property is located in Monroe County so county building code applies, not Key West. CLICK HERE to view the Key West mls datasheet on this property.

Several of the other houses in the neighborhood have been updated with second story additions. I think this place could be expanded or kept its small size and keep the renovation costs quite manageable. Whatever course a new owner decides, the view from the rear of this property is worth the investment in my opinion. And the location is only a 15 minute drive from Key West. So you can have your dream house all the time and nearness to Key West. CLICK HERE to view a slide show of photos of this property.

If you would like to see 31 Blue Water Driver please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

Water-Blogged in Key West

I was watching a new episode of HGTV's National Open House last night. The episode featured homes in Minneapolis, Charleston, S.C., and San Francisco, at price points of $250,000, $500,000, $750,000 and $1 million. CLICK HERE for more info on that episode. In the middle of the program there was a gay couple in Minneapolis that bought a home in a deteriorated neighbor hood about ten years ago. As I recall they paid somewhere around $100,000 for their home. They worked their magic on the house and made it absolutely shine. I was just amazed at what they accomplished without spending a helluva lot of money. I think the announced said that in today's market the house is worth $750,000. I may be wrong on the number, but that is not the point. The bought a good house in a somewhat bad neighborhood and turned it into a showcase that is now worth a lot of money.

The camera veered outside to show other houses on the block that were also re-vitalized. House after house had the gay flag flying. All the lawns were mowed and all the facades were crisp and clean. It made me think about what happens when gays move into an area. They play house. They build and re-build and decorate and re-decorate. Just like their heterosexual counterparts, they nest. Sometimes they just build more fancy nests.

When I bought my first house in Denver in the 1970's I decided to find one in the Capital Hill area. That part of town was the area developed after the first generation of miners settled in Denver. A couple blocks from my house you will find the Governor's Mansion and the home of the Unsinkable Molly Brown. But back in the 1970's a lot of the grand homes were split into apartments and many had deteriorated. The wealthy moved on to greener pastures. When that happened, prices went down. My generation of gay men and women did what the unthinkable in earlier times: they bought homes together. In fact the City of Denver had an ordinance which forbid unmarried people from owning homes together in specific areas of Denver. I remember looking a property one time and my Realtor told me "Gary, you know that you cannot buy here." I told her "Oh, yes, I can!" The city eventually abolished that arcane law. Denver's Capitol Hill area is now one of the toniest parts of town.

When prices were low gays moved in and bought the houses nobody else wanted and brought them back to their former glory -- just like the guys in Minneapolis in the National Open House episode last night. That made me think what may happen now that prices are returning to levels where normal people (as is not rich) can buy a permanent home or second home in Key West.

There are some good deals in the Old Town area as compared to prices from a few years ago. Prices are still high as compared to other areas of the U.S. But you cannot find the architecture or lifestyle that is Key West in Minneapolis or San Francisco. If you are gay you can find many gay neighborhoods. But you'll have to deal with other issues like having a real job, commuting, long lines, buying clothes to impress others, things like that.

I think the people that have homes on the market in Key West today really need to sell. So if you are a serious buyer and you want to buy a place in Key West you should spend some time and see if you can find a place that meets your needs. CLICK HERE to checkout single family homes in the Key West area on the water (canal to open water) that are priced between $700,000 to $900,000. You will be surprised what your money can buy today. And, remember, these are asking prices. If you see something you like call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

Mid-Life Crisis -- Short Sales in Key West

I don't think I am overstating anything when I say we are having a crisis of "short sales" with so many homes listed for sale in Key West. Many, many of the homes and condos are short sales. And some of the really cherry deals are offered not in Old Town, but in the Mid Town and New Town areas.

Most of the homes built in Mid Town and New Town were constructed in the 1960s and 1970s. They are typically ranch homes constructed of stucco over CBS (concrete block structures). The neighborhoods are family neighborhoods like you would find in most suburbs across the country built during the same time. Some of the homes are even located on canals that connect directly into the Atlantic Ocean.

CLICK HERE to checkout seven homes with three bedrooms and two baths priced under $540,000 that are listed as either short sales or bank owned foreclosures. Many of these properties were purchased between 2003 and later at prices significantly higher than the current asking price. And probably every house flooded during Hurricane Wilma. That was an aberration because these areas had not previously flooded during any hurricane. But they did flood. If you buy such a property you must inspect it and accept it in its present condition. Neither the seller nor the lender that releases the existing mortgage will give any warranty but will specifically disclaim any future liability with respect to the purchase of the property. These homes are "as is, where is" sales. That does not mean the houses are dangerous. It means you better know what you are doing before you do it.

And just like in regular real estate sales the buyer can offer as much or as little on a short sale or bank foreclosure as he or she wants. It is best to make an offer that is not contingent on obtaining financing or selling another property. Keep your offer as clean as possible. The asset managers at the banks have a narrow focus so it is best to keep it simple.

The photos to the left are of some of the homes on THIS LINK. Take your time and check them out. There may be a Key West home in your future, expect instead of being that charming little cottage on a secret Key West lane it may be a 1970s ranch on a cul de sac or located with a canal for a backyard.

If you see something you like please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Let somebody else's crisis be your windfall.

The Key West Riviera

I finally moved to Key West just a few days before Christmas in 1993. And a few days after Christmas I went on the Old Island Restoration Foundation's annual Christmas House tour. One of the homes was located on The Key West Riviera--actually Riviera Drive at the far eastern end of the island of Key West.

I needed directions to find the house since I had never even heard of the area. And was I in for a huge and very pleasant surprise. The house was on the north side of the Riviera Canal so the backyard of the house bounded the canal. But it was what was on the opposite side of the canal that amazed me: nothing. Nothing that is but mangroves. It was like being in a house in the wilderness. It was so peaceful, serene, and bucolic. I did not know that any such type of house existed in Key West. I thought every house was either old like the conch houses in Old Town or suburban like the cracker boxes in New Town. But the houses on the Rivera Canal were just amazing.

Key West also has homes on the Sunrise and Flagler Canals. And the prices of the homes on all three canals vary from affordable to very, very pricey. Most of the homes have docks so the owners can navigate their boats to sea for an evening cocktail cruise.

The pics on this blog are of a home located in the 3300 block of Riviera. It is a 3 bed, 3 bath home built in 1958 with 1891 square feet of living space on a larger (7375 square foot lot). It has a dreamy kitchen, a pool, two boat lifts, and a killer view of the wildlife preserve across the canal. There will never, ever be a house or condo across the canal. No noisy neighbors or prying eyes. Just the little animals, birds, and fish. And the price isn't all that bad: $1,499,000.

CLICK HERE to search for your new home on the Key West Riviera and then give me a call at 305-766-2642 to set up a private showing. I suggest we take the first peak around sunset. You won't believe how truly beautiful the setting will be.