Valentine's Day Open Houses Key West

419 Porter Lane - $929,000

511 Frances Street - $1,575,000

1502 Petronia Street - The Meadows - Key West

626 Grinnell Street - $1,575,000

304 Julia Street - $575,000

905 Elizabeth Street - $ $1,695,000

Preferred Properties Coastal Realty, Inc. is hosting six Open Houses on Valentine's Day, Sunday, February 14th from 1:00 to 3:00 PM. Please stop by one or all of the homes. Who knows you and your special sweetie may find the Perfect Place in Paradise. For more info on each home, CLICK the address below.

626 Grinnell Street offered at $1,395,000 hosted by Frank Kirwin

511 Frances Street offered at $1,595,000 hosted by Cory Held

905 Elizabeth Street offered at $1,695,000 hosted by Everett Watkins

419 Porter Lane offered at $929,000 hosted by Terri Riley

304 Julia Street offered at $575,000 hosted by Dan Skahen

1502 Petronia Street offered at $975,000 hosted by me, Gary Thomas

Preferred Properties Coastal Realty, Inc. is the Exclusive Lower Florida Keys affiliate of Christie's Great Estates.

730 Southard Street - Back on the Market - New Lower Price - Old Town - Key West

730 Southard Street Old Town Key West

Imagine opening your front door to that view every day!

This may be your last chance to grab an iconic Key West property at a reasonable price. The one of a kind property located at 730 Southard Street (which had been under contract) is back on the market and is now offered at $1,100,000 or $388 per sq ft. This is how the listing Realtor describes the property:

" Right in the heart of Old Town Key West sits this jewel of an original Conch home built in the 1800's awaiting your special touch. The history behind this home spans several generations of just one family. The rooms are large, the ceilings are high and everything is original in this two story home including Dade County pine throughout. There's over 2800 square feet of living space including the large master and guest bedrooms upstairs plus the living room, den, study, dining room and kitchen downstairs. The standup attic runs the length of the building with access to the widows walk allowing for a bird's eye view of Old Town. All this plus room for a pool in the back."

The most recent resident was born in and lived in that house for nearly ninety years. She passed away a couple of years ago. Many of her possessions are still located in place throughout the house. The house almost shows like a museum of a life in another distant time. The outside of the house looks ragged and forlorn. But the inside of the house is quite different. Read on.

The house has wonderful wraparound porches on the first and second floors, and there are rear porches on both levels as well. Those porches provide potentially dramatic openings from the historic French doors that open onto the porches. That includes the rear second floor porch just off the master bedroom. The porches all need replaced. Some of the shutters need replaced. But the French doors appeared to be in fine condition and properly located.

Master bedroom in on second floor right

Any renovation of the house would entail all new electric, plumbing, and air conditioning. The house is very large. A local architect told me that he believes three buildings were brought together to make one large structure. (That would explain the two separate formal living rooms on the first floor.) The third floor attic is gigantic. The architect commented that the attic would provide excellent space for location of HVAC.

The Attic is larger and more spacious than many Key West Cottages

The existing bathrooms are very old and very dated. I think there is more than enough room for a creative architect to carve out some very useful bathrooms that meet our modern needs and still preserve the dignity the present structure.

The kitchen is located in a separate building just off the grand dining room. It has three sets of French doors that open onto the William Street side of the property. The room is very large and the ceiling could be vaulted to create a really dramatic area. The kitchen even has an existing fireplace that might become a feature in a renovation

.Kitchen is smaller one story building with 3 sets of French doors shown above

The dining room is likewise located just off the kitchen and next to the front parlor. The living room, on the other and, is a giant room located just to the west of the front door. The living room has French doors that overlook the rear grounds. The dining room, parlor, and living room each have French doors that open onto the wraparound porches on front and the rear as well. The layout is a bit formal for today but the space is entirely useful. Imagine the house re-fitted to meet the needs of 21st Century living complete with existing French doors that open from every room that would over looking the pool and gardens.

Parlor is located just off main entrance and adjacent to the formal dining room

The second floor has enough space for two great bedrooms and baths to compliment the huge master bedroom suite with front and rear balconies. The space for the master suite is just grand. I envision treating the very simple structure in an understated manner. The classic design elements are already there. It is just coming up with a good and useful design for today. There isn't a need to add, but there is a need to edit.

All of the interior has Dade County Pine walls, ceilings, and wood floors. Those rooms look as solid today at they were a hundred years ago. They have not been messed with.The building appeared seemed very structurally sound with the exception of some of the piers that will need to be repaired. (I am not a qualified inspector but I feel comfortable in commenting on things that are easily noticeable.) All of the plumbing and electric needs replaced. HVAC would be all new as it is non existent.

There is no pool. But there is room for a great pool and garden as well. The fence is dilapidated as is the widows walk on the top roof. But you should see the view from up there. You can see the Gulf of Mexico and all of the small homes for blocks and blocks. You could have a great sunrise view from the kitchen of dining room each morning. And in the early evening you could sit on the second floor front porch and watch the sunset.

Room for a large pool and beautiful gardens

View from the Widow's Walk of the Gulf of Mexico

730 Southard Street is a big house with 2838 sq ft of space under roof. It sits on a large 6853 sq ft lot (at the corner of William and Southard Streets) right in the smack dab middle of Old Town. CLICK HERE to read the listing Realtor's description of the property and to see some very good interior and exterior photos.

It's going to take probably a several months and quite a bit of cash to renovate the place. But in the end someone is going to own one of the great beauties of Key West. If you would like to see 730 Southard Street please call me, Gary Thomas, 305-766-2642. My email address is kw1101v@aol.com. I can send more photos to serious buyers. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Our office is the exclusive lower Florida Keys affiliate of Christie's Great Estates.

511 Frances Street - Old Town - Key West

Just listed by Preferred Properties (but not by yours truly), 511 Frances Street in Old Town Key West. The front porch is open and inviting. There is a chair on one side and a big swing on the opposite side. The porch provides a great view of the front yard with the white picket fence and the pretty houses that have been updated over the years.

CLICK HERE for an aerial view of 511 Frances Street. You will note it is located on the eastern edge of Old Town Key West. The 500 and 600 blocks of Frances have some of the most expensive and most photographed homes in Key West. The location is still within an easy walking distance to all of the attractions of Old Town but it is far removed from the zaniness. Maybe that it is why this location attracts buyers with money. You will note that 511 Frances Street abuts Carey Lane (one of the prettier little lanes in Old Town). The aerial view also shows the size of the lot which is pretty big for Old Town: 5,062 sq ft or 53' frontage X 97' depth.

This is how the listing Realtor describes 511 Frances Street:

"Built in 1983 is a true replica of a Key West old town home with the luxuries of today located on one of the very best blocks in Old Town. There are three large bedrooms separate from one another with unique style bathrooms, his and hers offices off the living room, and an a separate artist studio off the pool. There is a wonderful serene outdoor covered dining space for those large dinner parties surrounded by lush landscaping and gentle lighting. The interior is Dade County pine with vaulted ceilings and molding throughout. Located two blocks from the Seaport."

511 Frances Street is offered at $1,649,000 or $729 per sq ft. The house house has 2263 sq ft of interior living space. But it is the pool and rear deck where the real Key West style of living occurs. CLICK HERE for more detailed info and photos of this property.

If you would like to see 511 Frances Street, or any other house in Old Town, please call me,Gary Thomas, at 305.766.2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. We are the lower Florida Keys exclusive affiliated of Christie's Great Estates.

1021 Washington Street - Casa Marina Estate Property - Key West

In a place like Key West where there are so many "one of a kind" properties, it sometimes seems silly of me to tout a listing as being one of a kind. But I must on 1021 Washington Street which is located in the Casa Marina area of Key West. There is not another property like it.

Look at the photo above. Look at it. It just shouts "Old Florida!" Old Florida before the invasion of the hordes of snowbirds, the colonization of South Beach, the gayification of Fort Lauderdale, and the gentrification of Key West.

The pre-World War II architecture is so simple and elegant. The listing Realtor describes 1021 Washington Street this way:

"Remarkable Casa Marina Estate like no other! Stately historic residence situated on a massive 27,000 + sq. ft. of land, one of the largest residential estates in Key West, on the corner of Washington Street and Whalton Street. Beautifully maintained and lovingly cared for over the course of 74 years by the same family. Totaling 6 lots laid out in an L shape with 4 consecutive vacant lots facing Whalton Street that can be divided. 3 structures in total which include the main historic home, guest house and 3-car garage. Gorgeous meandering gardens and lush landscape manicured to perfection and irrigated by 6 wells. Rare opportunity with many possibilities for development or subdivision."

I live a half block from this house. I drive past it every day. It is like having a private park located across the street. Something pretty and graceful that has a timeless beauty never to be touched. But then the Realtor suggests the property could be "developed". Heavens No! There must be some buyer out there that will see this beautiful property for what it is and has the money to preserve it just as it is.

This CLICK HERE is a photo of the side yard at 1021 Washington that was taken from the house next door to the north. And CLICK HERE to read all of the listing information and view lots of interior and exterior photos of this great estate property.

I have written at least a gazillion times about the charm and convenience of living in the Casa Marina area. We are close to everything. But we are not living in the midst of it all. We are near the beaches. We are within walking distance (it's a 10 minute walk at least) to Old Town. We are five minutes to the Key West International Airport. And we are five minutes to any of the three shopping centers. There are several gyms, many galleries, the Dairy Queen, a pre-school and an elementary school within three blocks. Louies Backyard and Salute on the Beach are two minutes by foot. If you can afford this place, which is offered at $4,500,000, you might have a yacht (or at least a good sized boat). We got several convenient marinas that are also located nearby.

If you are looking for an estate property such as this, please call me, Gary Thomas, 305-766-2642, 0r e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. Our office is an affiliate of Christie's Great Estates. I live nearby and I would love to welcome you to the neighborhood.

Key West Bottom Feeders - Part Two

A year ago today I wrote about the month ending May 31, 2008. CLICK HERE to see what I wrote then in full. Everybody in town continues to be an expert on the state of Key West real estate sales and our local economy. I still use this blog to lure new buyers. And I still don't associate with Realtors during my time away from work.

There were 7 single family homes sales in all of Key West during the month of May 2009. Two were short sales and one was a bank owned property at 910 United Street. I showed that house at least a dozen times. That place had huge locational and structural issues in my opinion. The house was sagging terribly on one side and had the misfortune of having one hell of a tree in the yard which may prevent any owner from ever putting in a pool to take advantage of the otherwise enormous lot. Oh, it's on a busy street to boot. It sold for $488,000 or $221 per sq ft. Another house located at 1300 Seminary Street (originally priced $1,869,000 in 2005 and sporadically reduced) sold for $1,035,000 (or $524 per sq ft)after just 27 days on the market when it was offered at $1,188,000.

The least expensive house to sell went for $270,000. The most expensive maxed out at only $1,100,000. (I had a buyer that submitted a higher all cash offer on that place last fall. The Seller should have taken the bird in the hand offer rather than wait for more money. I remember an email I sent to the listing Realtor warning about the cost of holding that property [monthly mortgage payments, utilities, pool maintenance, etc. which I estimated to be around $7000 per month]. My buyer bought something else in a better location at a better price.) The average price per sq ft on single family homes in all of Key West in May was $370. But readers need to be aware of the marked disparity of properties and locations. That price per sq ft is not proof of anything.

There were 14 condo and townhome sales during May. Two of those were shown as short sales. But 7 were bank owned properties. None of the remaining 5 sales was anything to write home about. So at least 64% of the sales that closed were problem properties. The least expensive unit sold for $110,250 and the most expensive only sold for $405,000. The average price per sq ft for units sold was a mere $261.

Here is some food for thoughtfor you bottom feeders: there are 110 properties single family properties shown as contingent or contract pending. Ten of the properties are already bank owned. Sixty-five of the houses are officially designated as short sales. Ten that I counted are bank owned. That means at least 68% of the single family homes in Key West currently under contact are distress sales. The positive spin on that number is that 110 properties are under contract. Not all will close. But I have to think a great number will. Consider the alternative. Is Countrywide or any other big lender prepared to own that many houses in Key West to get a better deal? The short sale contract between the short sale owner and the short sale buyer may not get accepted by the short sale lender, but I cannot accept the big national lenders wanting to absorb more bank owned properties.

There are 104 condos and townhomes shown as contingent or contract pending. Fifteen of those are already bank owned and 70 are designated as short sales. That means 82% of the condos and townhomes are officially distress properties. But there is some good news about a couple of the contingent properties. Two luxury units at Harbour Place went under contract in May, and neither is a distress sale. There is also a unit with a full transient rental license at Beach Club under contract, and it is not a distress sale either.

We are working our way through the inventory of available homes, condos and townhomes. The inventory is shrinking. I can't definitively state we are at the bottom of the downturn, but we must be pretty close.

If you want to buy your place in Paradise before the big one eludes you forever, CLICK HERE to search the Key West Association of Realtors mls database. Nobody will track your movement on the Internet and your personal information will not be collected by me. If you see a property that interests you, please call me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. Our office is an affiliate of Christies Great Estates.

1018 Thomspon Lane - Old Town - Key West - Short Sale

Attention Bargain Hunters: At Home in Key West just listed 1018 Thompson Lane, Old Town, Key West, Florida at the asking price of $600,000 or $526 per sq ft for this 2 bed two bath 1140 sq ft house with a cocktail pool and off street parking. Best yet is the fact that this property is a Short Sale. A short sale means the seller is offering to sell the property for less than the amount the seller owes to lenders on condition that the lenders agree to accept the lesser amount as full payment on the amount owed.

Where, pray tell, is Thompson Lane? you ask. It runs parallel between Eaton and James Street (east-west) for one block. It intersects Grinnell Street on the west and Francis Street or the back end of Manley deBoer Lumber Company at the east. Thompson Lane is only one block long. It's a very narrow little lane that the tourists on Mopeds will surely miss. And no Conch Train will ever pass by this abode.

Finnegan's Wake is a mere 30 second stroll to the west. And the Historic Key West Seaport is maybe a two minute walk. The Waterfront Market is down there so you will never be short of fresh fish and veggies. Duval Street is a five minute walk so you can get to your favorite restaurant or other libation destination without having to drive a car or remember where you left your bike or scooter.

1018 Thompson Lane has been rented as a monthly vacation rental. So if you are looking to purchase a place that can legally be rented as such, this place may meet your needs. The website that offers this property as a monthly rental describes the property this way: "A little slice of paradise located only one block from the historic seaport and close enough to bike to all the sites and attractions of old town. The Key Lime Pie is located on a small narrow lane that is a secret from even many of the locals in Key West.
This house has been lovingly refurbished with updated kitchen cabinets, countertops, appliances, a brand new downstairs bathroom and new hardwood floors on the first floor. Also on the first floor you will find the living room, kitchen, bedroom and bathroom. On the second floor is the second bedroom and bathroom. Off of the living room is a cozy deck where you can bask in the swim-spa or relax reading a book. You will have one parking space for a smaller SUV or compact car. Sleeps 4."

CLICK HERE for more details and lots of pics of 1018 Thompson Lane.

If you are interested in seeing 1018 Thompson Lane or any other property in Key West please consider using me, Gary Thomas, to help you find just the right place. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. We are the exclusive Key West affiliate of Christie's Great Estates. Call me at 305-766-2642 or e-mail me at kw1101v@aol.com.

3533 Flagler Avenue - Bank Owned - Key West

This distinctive Mid Century house at 3533 Flagler Avenue is bank owned and it has been on the market for quite a while. It was previously listed with a real estate agent in Miami. I've carped about them carpetbaggers before coming down here and listing homes in Key West. They join one of the Monroe County association of Realtors and start to list houses as if one house is like another. Well, it did not sell and it was put in a national auction. It didn't sell there, either. It was recently listed by a local Realtor and this is what that Realtor says: "Great family or shared home in New Town.,Key West, Florida. Spacious 3/3 with dip pool. Downstairs are a bedroom and bath, laundry room, large kitchen/dining area and living room. Multiple French doors provide lots of light and great views leading to tropically landscaped side/rear yards. Upstairs there are two bedrooms each w/ private baths and a comfortable deck overlooking pool and gardens. Rear yard is very private with beautiful, mature palms. The dip pool is uniquely shaped and a perfect size to cool off with friends on a warm tropical afternoon. There is plenty of parking on street and off street, front yard is paved to allow for vehicles and play. Large front porch, sit & relax and watch the world go by. Repairs needed. Foreclosure."

CLICK HERE to read more of the info in the mls and see 22 photos of the house and grounds. The previous agent had one pic.

I think this house would make a great family home. The front, side, and rear yards are big. The lot is 5000 sq. ft. and that means room for the family to actually enjoy the outside. The rear yard and pool are dramatic and really sexy. The place needs some spiffing up, but it will come back. The prior owner obviously loved this house. They put in a new kitchen and made several nice improvements to the property. There is a Romeo & Juliet balcony off the master bedroom that looks down to the pool.

If you are looking for a good sized house (1658 sq. ft.) at a good price, $332,900 or only $201 per sq ft, checkout this Bank Owned property. Get out that pencil and sharpen it. You might actually get a pretty good deal on this one.

CLICK HERE to search the real Key West Association of Realtors mls database. No one will call you or track you on the Internet--not even me. Please call me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com, if you are interested in this house or any other property in Key West. I am a full time Realtor at Preferred Properties Coastal Realty, Inc., an affiliate of Christie's Great Estates.

Kid Friendly in Key West

Thanks to all the readers who made such nice comments on yesterday's blog "You do the Math". I appreciate it when my shills are awake. Your checks will be arriving soon.

Diana, the reader that prompted all the comments,was looking for kid friendly area other than pricey Old Town that her family could afford. They are in that under one million threshold. I just created a list CLICK HERE of houses in the Meadows and Casa Marina areas that are priced under the one million mark. I think all prices are negotiable these days, so don't let the asking price on any property prevent you from looking at it.

I eliminated houses that are on busy streets. Some are affordably priced, but kids do run into streets. I think locals are pretty careful about driving on side streets. But you need to watch out for tourists. I did leave in houses on South Street. I know it gets traffic, but it also has some real nice houses at great asking prices and I think they may sell even lower.

1217 Varela Street is located right next door to the Montessori School. It's neat and clean, has room for a pool, and it has off street parking. The other houses on the block are much more expensive. The house across the street was featured in HGTV's House Hunters Key West episode last week. It's priced over $2.7 million. Nice house, great block, kid friendly, what more do you need?

1019 Flagler Avenue was left in because it could be a great family home. It's going to take some money and a good designer to do it, but the value is there. The rear yard once was incredible and it can be again. The house two doors away once belonged to R.J. Reynolds. It was recently redone and it is now offered just under $4 million. Same street folks.

1116 Seminary Street is a short sale. I wrote about it before. It is a great house and is located across the street from the Glen Archer Elementary School. Seminary gets local traffic from moms dropping the kids off and picking them up from school. And occasional locals like me who ride on the street on a bike.

1217 Petronia Street is in a dense area of the Meadows. Houses are closer together than houses in the Casa Marina area. But this house is priced very competitively.

The city government and many of the service groups are always doing something to make the lives of kids and families with kids more enjoyable. The city commissioners take pains to make sure that they provide good clean wholesome things for families to do that are apart from the craziness that happens on Duval Street.

The top photos is of a house in the 1000 block of Washington in Casa Marina. The next photo is located next door to 1116 Seminary mentioned above. The school is the Glen Archer Elementary School on the corner of White between Seminary and United Streets. It was the original Key West High School. Oh, I forgot to mention, there is even a Dairy Queen located nearby.

If you are considering the move to Key West, please consider working with me, Gary Thomas. I am a full time Realtor at Preferred Properties, an affiliate of Christie's Great Estates. Call me at 305.766.2642 or e-mail me at kw1101v@aol.com.

Open House(s) Sunday - Key West

Attention Bargain Hunters: Preferred Properties Coastal Realty Inc. is holding another Big Open House Event on Sunday, March 8th between 1:00 PM to 3:00 PM. CLICK each of the addresses below to preview the homes you may want to visit.

1334 Atlantic Boulevard which is a specactular Ocean-front residence with its own pool. Offered at $2,495,000.

1015 Eaton Street in Old Town is charming Eyebrow house with 4 bedroom 3 bath home with a fireplace, new kitchen and baths, & private pool and spa. Unlike a lot of Eyebrow houses, this one has "real" bedrooms. They are large and have lots of headroom. This place is Done! Done! Done! This is a SHORT SALE Offered at $995,000.

807 Washington Street is a newly constructed three story town home featuring 3 bedrooms 3.5 baths, heated pool, & parking. All of this and located in the Casa Marina area but within walking distance to Duval and the beaches. Offered at $1,800,000.

1404 South Street in the Casa Marina area is offerd at $995,000. There are two master suites, a beautiful pool and tropical garden.

3509 Eagle Avenue is a spacious home on a large lot. The main house had 3 bedrooms 2 baths plus a guesthouse with one bedroom and one bath. Offered at $799,000.

I will be hosting the OPEN HOUSE at 1015 Eaton Street. Please stop by to say hello and keep me company. Actually, I'm expecting about 100 prospective buyers. There are lots of lookers in town.

If you are interested in buying a house, condo or town house in Key West and haven't found the right place at the right price, CLICK HERE to search the Key West MLS database. No Realtor will call or start sending you emails. It's your way to see what is available and at what price. Prices have dropped and sellers are being reasonable in their negotiations. If you see a property you like, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Who knows, you might end up owning a place in Paradise.

Fit for a Queen - 1215 Royal Street - Key West - Bank Owned!

Well, the economy sucks and the Queen needs to downsize and find something a little more affordable. The house at 1215 Royal Street is now Bank Owned.

This is how the listing Realtor describes the property: "Bank owned property. REO. Qualified Buyers may be eligible for Seller financing at below market rates, FHA and other incentives available where applicable. Fast response from bank. Renovated Old Town Key West home, vaulted ceilings, Saltillo tile, and French doors. Private rear deck/pool area. Great curb appeal. Lush tropical plants provide privacy in front; white picket fence gives it that Key West, Conch style look. Front porch was made for rocking. Driveway provides off street parking. Downstairs are two bedrooms and two baths and the large living/dining area which opens up to covered deck and pool. Upstairs is another bedroom, with skylight, bath, and plenty of storage. Walking distance to Duval St, beaches, restaurants, and more!">1215 Royal Street (three blocks east of upper Duval Street) might just work. The house is now BANK OWNED and it is priced at only $627,500 or $456 per sq ft.

This is how the listing Realtor describes this property: "Bank owned property. REO. Qualified Buyers may be eligible for Seller financing at below market rates, FHA and other incentives available where applicable. Fast response from bank. Renovated Old Town Key West home, vaulted ceilings, Saltillo tile, and French doors. Private rear deck/pool area. Great curb appeal. Lush tropical plants provide privacy in front; white picket fence gives it that Key West, Conch style look. Front porch was made for rocking. Driveway provides off street parking. Downstairs are two bedrooms and two baths and the large living/dining area which opens up to covered deck and pool. Upstairs is another bedroom, with skylight, bath, and plenty of storage. Walking distance to Duval St, beaches, restaurants, and more!" She did a pretty good job! CLICK HERE for more information and photos.


The new bank owner even just had the pool resurfaced. I think the Saltillo tiles look okay, but I would remove them and install either a really nice dark hardwood floor or travertine marble and extend the look out to the covered pool deck with either IPE wood or a non-porous tile that looks like travertine. The kitchen is small and needs updating, and so do the baths. They are both functional as is, but a few thousand dollars could make this place look great. I'm not a building or a home inspector, but I didn't see anything here that looks like an expensive fix.

The only negative about this house is the existence of a spiral staircase to the second floor where the third bedroom and bath are located. That's where you make your guests stay. That will assure they don't stay too long!

Any queens out there looking for a place in Key West? If so, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Straights are welcome to call me as well. Everybody is welcome in Key West. That's why we call it Paradise.

630 Elizabeth - Old Town - Key West - Bank Owned

630 Elizabeth Street in Old Town Key West sits at the top of Solares Hill. The public records show the house was built in 1933 but the house is much older than that. This Old House has seen better days, for sure. It has been used and abused and now it is Bank Owned. It went through that earlier Florida Real Estate Auction and went unsold. So now it is back on the market with a new listing Realtor and a new price.

This is how the listing Realtor describes 630 Elizabeth Street: "This historical building, located atop Solares Hill, was the Solares family General Store circa 1884. It sits on the corner of Elizabeth and Angela Streets just 2 blocks from Duval St. In addition to the excellent curb appeal and 2012 sq ft of living area, it has approximately 936 sq feet of bonus attic space. It is a duplex with infinite possibilities for renovation. The location and square footage make this property an investor's dream. Foreclosure."

I've shown this property a couple of times. It's gonna take some hard work and mucho denaro, but this place has possibilities of being transformed from a sow's ear into a spiffy place in a great location. Here's why. At the asking price of $321,900 this 3068 sq ft house is now affordable as a redo. The cost per sq ft is only $105 and that's incredible for Old Town. There is a crappy addition on the back that I would try to get permission to demolish and that would create space for a nice pool and deck. The house is so big that the loss of the small addition would really be a plus, not a minus. The property is such an eyesore that I bet HARC would work with a responsible buyer to restore this property.

CLICK HERE to view more detailed info and lots of photos of this property. I would suggest that you forget about what the interiors look like now and concentrate instead on tearing everything on the interior out. Think of re-inventing the inside the way it would work for you as a homeowner. Gear your plans toward Key West living with the main living area at the rear overlooking the pool and gardens. You will never have off street parking, so get over it.

This is a great neighborhood with some very expensive homes. The house is two blocks to Duval Street and three to the Historic Key West Seaport. CLICK HERE to see a photo of the area in 1970. The area has changed, but 630 Elizabeth looks like it just got a little more tired.

I can't promise that HARC or the City of Key West will let you do anything with this property should you buy it. I always suggest that prospective buyers consult with a local knowledagle architect and a builder before making any decision to buy a renovation project. But I do have good feelings that this house could be a good investment for a buyer who wants a project house in a good location at a good price.

If you are looking for a place in Paradise, please consider calling me, Gary Thomas, 305-766-2642 or send me an e-mail at kw1101v@aol.com. Someday you could be standing on that front porch looking down on the tiny little houses and rooftops in Old Town Key West. Turn this Bank Owned REO into Your Place in Paradise.

February Sales Report for Key West

I am no statistician and I am a firm believe that numbers lie and that liars use numbers. Season in Key West is half over. Season to me refers to the time tourists come here every year to enjoy our wonderful weather, to unwind and relax, to drink some booze and to eat at some of great restaurants. And, oh yeah, to dream about what it would be like to live in Key West. For Realtors, season means it is rime time to sell real estate.

These numbers are for sales that closed between February 1 through February 28, 2009. There were a total of 24 single family home sales in Key West during that time. CLICK HERE to see what sold. The Old Town area is the location most potential buyers care about, so here goes. There were 7 houses that sold during that time. One was a short sale; none were bank owned; and the average price per sq ft on the non-short sale properties was $657.87 per sq ft. If you add the short sale, the number is $599.58. That sale was a dump on Bahama Street just off Duval with about 20 people living in it. (Perhaps I exaggerate, but you wouldn't want them as your neighbors!) Nevertheless, somebody got a hell of a deal on that property.

There were no condo or townhomes located in the Old Town area (including Truman Annex) that sold during February.

During February there were just 11 townhome and condo sales for all of Key West (including Stock Island). Three of those sales were short sales and two were bank owned properties or 45%. One of the sales required (just a regular sale) required the buyer to pay the real estate commission.

As I have previously mentioned in my blog there is some confusion among Realtors about how to post the current market status of houses and condos that are short sales where the seller and buyer have an accepted contract but that has not yet been approved by the lender(s). So the number I am reporting for total number of units under contract that are classified either as "contingent" or "pending" may be an understatement. That being cautioned, there are 42 condos or townhomes in all of Key West shown as contingent or pending. There are 38 single family homes listed as contingent or pending. Twenty-five of the single family home sales (65%) are either short sale or bank owned properties.

There are 848 single family, condo or townhomes for sale in Key West and Stock Island.

You can make of those numbers what you want. Just about every Realtor I know is busy showing houses these days. There are lots of lookers and some buyers actually making deals. Prices are low (compared to previous years) and there are some absolute steals on some houses. I think a lot of sellers are keenly aware that season is half over and that if they are to sell their property, they need to make a deal in the next 45 days or so before the buyers head up north. That's why Joe Friday popped by to let you all in on The Facts. Steals and Deals.

If you want to take advantage of the current low prices in Key West real estate CLICK HERE to checkout the Key West MLS database (no realtor will hound you and you won't get any pop-ups either). If you see something that interests you, please give me, Gary Thomas, 305-766-2642 a call, or send me an e-mail kw1101v@aol.com. Let me help you find your place in Paradise.

615 Grinnell Strret (Rear) - Old Town - Key West

New Listing (but not mine) at 615 Grinnell Street (REAR)is a house that prospective second home buyers ought to take a look at. The one story house is located at the far end of a lane accessed just off Grinnell Street midway between Five Brothers on the north and the Key West Cemetery on the south. There are some very nice homes on this block. And it is located in a very quite area of Old Town. But it is located only a few minutes walk to Duval or the Historic Seaport. Those features ought to appeal to a wide audience of potential buyers.

This is how the listing Realtor describes 615 Grinnell Street: "Tucked away down a quiet Old Town lane is this lovely, fully renovated historic home. Three bedrooms plus a loft/office, high ceilings, quality finishes with an open floor plan for comfortable island living. Owner parks car in private alley in front of property. Lush tropical lot, inviting pool and porches make this a Hidden Island Oasis in one of the best neighborhoods of Old Town Key West." CLICK HERE for more detailed information and a lot of photos of this special house.

This place is totally hidden. It's another one of those hidden surprises that pop up every so often. You can't see the house from the street because it sits behind another house. But the lot itself is very large. There is a lot of outdoor space and sunlight amidst the century old homes and tropical gardens that surround it. The house itself is open from French doors on many sides. (The house is not a box. It has numerous additions that give it that Key West charm.) And then there is that pool and deck.

615 Grinnell Street (Rear) is offered at $795,000 or $624 per sq ft for this 1274 sq ft home on a generous 2985 sq ft lot.

If you would like to see 615 Grinnell Street or any other house in Old Town (that is for sale!), please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com.