627-629 Eaton Street - Old Town Key West Landmark For Sale

My friends at Prudential Knight and Gardner Realty in Key West recently listed one of the last untouched Old Town landmarks in Key West. Dear Readers, this property located at 627-629 Eaton Street might just be your dream property. Think I'm a little wacko?  Read on.

I searched the old Sanborn Fire Maps for Key West and found this building on the 1889 map which means it was built some time prior to that date. The Monroe County Property Appraiser's official records show the construction date as being 1929. (I think the Sanborn Map is more correct, but the official record is the official record.)  In any case, the building is ancient and has the crow's feet and wrinkles to prove it.  I dug deep into the old shoe box and found a photo taken back in 1965 shown immediately below. The back of the photo shows the downstairs as being a launderette and dentist's office. The upstairs presumably were apartments. I took a similar photo to compare the old versus current facades. I think the old girl looked a bit better back in the day, but this is one solid building which ought to respond to a keen renovation. 

 The listing Realtor describes 627-629 Eaton Street this way:

"This historic concrete block building consists of two commercial spaces downstairs and two residential units upstairs. One commercial space is empty, the other tenant is a laundromat. Each residential unit has it's own staircase and entrance. One unit is a one bedroom, one bath, the other unit is a two bedroom, one bath."

The listing Realtor shows the building as having 3627 sq ft of interior space divided between the two floors. The building sets on a rectangular lot of 2201 sq ft (55.5' X 39.67') at the corner of Eaton and Elizabeth Streets. The building itself measures 50' X 38' plus the covered ground floor walkway and second floor porch that run 50' X 38' to the east rear. The building is built literally to the rear and side lot lines. There is no room for a pool, hot tub, or parking.

The downstairs east commercial space has been a self-service laundry ever since I moved to Key West in 1993. The writing on the 1965 photo suggests that it has been a laundry for a much longer time period. The adjacent space is not currently rented which opens lots of possibilities for a new owner. There are two second floor one bedroom apartments. The photos below show how they currently look. 

If I bought this property as an end user I would takeover the second floor apartments when the leases expire and undertake a renovation to combine the two units into one single living space of about 1740 sq ft plus the 9' X 50' second floor covered front porch. The interior spaces would be all new except for the historic Dade County Pine a new owner would presumably retain. The old jalousie windows wood probably be replaced with period correct wood windows.  I guess I liken what could be done here with what is done in old loft buildings across America. Except this space is located two blocks from Duval Street and two blocks from the Historic Key West Seaport.

The asking price on this property is $775,000 or just $213 per sq ft. If you have been looking for a residential property in Old Town you will understand the price per sq ft is very low compared to other properties. Moreover, if you are an artist, merchant, or professional the vacant commercial space on the ground floor might work for your business. If not, you could continue to rent the ground floor commercial space for years to come. The income would help defray part of your cost of ownership. And that is what a lot of second home owners want:  income to help pay some portion of the cost of ownership. CLICK HERE to view the Key West mls datasheet on this property.

Please contact me, Gary Thomas, 305-766-2642 to see this really intriguing Key West property. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.

New Life into Old Buildings - Key West

1111 Duval Street Key West built in 1889 as photographed in 1965

A few years ago the building was home to Charest Weinberg Gallery

1n 2011 Edwin Swift III took this pic of the same property

August 2013 

This property is not for sale.
If you are looking to purchase a house or a commercial space in Key West and want to turn potential into something real, please call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com.  I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Key West Recovery...and not from a Hangover!

I awoke very early this morning. I live in the Casa Marina area of Key West which is normally uber quiet. Some bozo continued to set off firecrackers to celebrate the new year into the wee hours of January first. So I got up and had my coffee, looked for emails (I actually had some from late yesterday), and decided I would go to the office to work on my blog. I made the annual trek up to Bourbon Street Pub to view the havoc left on the street.

Duval Street was impassible when I tried to drive past the bar. There were dozens of workers with wind blowers moving confetti, plastic cups, and beer bottles around so that big street sweepers could pick up the tons of trash the merry-makers created.  I took my pics and as I turned to go across Duval for a close-up of the bar which was featured on CNN after the Times Square drop, I noticed an old derelict lying on the sidewalk.  I could tell from his heavy snoring, disheveled clothing, and offensive odor that he was used to sleeping in public.  I'm not so sure he celebrated last night as much as he tolerated all of the zanies who came to Duval Street to welcome the new year. The partiers will have today to recover from their merry-making. 

Key West, on the other hand, I am happy to report has already made a remarkable recovery from the downturn that affected the national economy for the past several years.  Buyers have spent the past year buying up the stale inventory of unsold houses and then started buying up new listings as though the past five or six years never happened. The Old Town and Casa Marina areas continued to lead the way as far as sales for Key West go.  There were 29 sales of single family homes priced between $1,000,000 to $1,999,999. This sale count is up one from the 2011 sales total of 28 homes that sold in this price range. And in 2012 there were 6 sales of houses priced over $2,000,000. I was surprised to see that there were 7 homes priced over $2 million that sold in 2011. So Key West lagged in that price point this year.  A total of 262 single family homes were sold in Key West (mile marker 0 to Shark Key but nothing beyond).  As I looked over the houses that did sell I noted many that had been on the market for over a couple of years. 

Key West had several commercial real estate sales that were also worthy of note. Among those were the separate sales of Seascape Guest House ($2,000,000), Coral Tree Inn ($2,100,000), Cypress House ($3,850,000),  Oasis and Coconut Grove Guest Houses ($7,200,000). Three commercial buidings on Duval Street also sold including 526-528 Duval Street ($4,500,000), 117 Duval Street ($5,500,000) and 400-408 Duval Street ($19,130,000).  I am advised of a couple of large assemblages that will close in 2013 which will then be redeveloped.

Buyers that are awaiting the market to recover might want to accept the premise that the recovery has already occurred.  I had some buyers in town a couple of weeks ago who remained skeptical of the strength of our real estate market. One gent expected the market to decline again. I have no way of predicting the future any more than anyone else.  But I do believe past performance is a good indication of what will happen in the future.  I have been selling houses (and a couple of guest houses) since 1997. Prior to the down turn, houses in Key West tended to appreciate in value between 10 to 13% per year.  I pointed out to my buyer that not all other areas in Florida share the Key West sub-tropical climate. Areas like Miami and Ft Lauderdale, Naples and Sarasota do not have the kinds of restrictions on growth that Key West has.  These restrictions prevent Key West from increasing the number of living units or in making buildings taller to accommodate more people.  It simply cannot happen. As a result our managed non-growth tends to force prices higher to keep pace with the demands of more and more people who dream of eventually owning a place here. 

Labor Day Suggestion: Quit Your Job And Move To Key West

 

My niece and her husband recently visited me. It was their first trip to Key West, and they both fell in love with the place. A couple of weeks ago she sent me an email that said, in part,

"Bill thinks he could drive a pedi-car and I saw a job opening in a tourist shop with paid vacation and full benefits package."

It's amazing the number of stories I have heard over the years about people who come here for a vacation and then decide not to return back home. They found a new home. They looked and found a new job.  They found where they wanted to spend the rest of their lives.

I have written before about how I have quit a couple of jobs. I have a low tolerance level for jerks. Me, I let it fester until I could not take it any longer and then abruptly left. People with cash or an alternate source of income can do things like that. Some people can just suck it up better than others. 

I moved here to open and operate the Eaton Lodge Guest House which was located just off Duval Street on Eaton. The place was foreclosed upon by the SBA. I purchased it at a public auction in October 1993. I took possession Christmas week that year. I placed a couple of HELP WANTED ads in the Key West Citizen and had several applicants within a couple of days. The property had been boarded up for about two years. I needed to get the place cleaned up and ready for business. I learned quickly that it is easy to find workers in Key West. One of the first people I hired as a recent arrival from Connecticut. He had been a Wall Street trader who lost his job and said screw it. He had a yacht which he, his wife and kids sailed to Key West where he took up odd jobs until he could find a more permanent position.  He stayed a week or two doing chores for me and then found something a little better and that did not involve as much work.

It was easy to find replacement workers. There is an endless supply of people who come here looking to live life to the fullest in Paradise. Many find out after they move here that they need two or more jobs to pay the rent and their bar tab at their favorite watering hole. Don't get me wrong, there are good jobs. I have found that for some reason good people with good intentions move here and then catch the Keys Disease. They start not showing up for work on time or missing work altogether.  

Others, however, hold down several jobs and make it to work on time each and every day. Many of the people who work in the hospitality business and construction trades are from Eastern Europe and Latin America. They come to Key West where they have two or more jobs, save their money, and send money back home. They can make more money in Key West in six months than they can in their native lands all year.  And Key West is much prettier and probably less repressive than most places in the world, on that we can all agree. 

In case you did not know it, some of the hotels do not actually employ the housekeepers or maintenance people. Instead, the hotel contracts with a labor provider who supplies the workers as "independent contractors". By using contract labor the hotels don't have to comply with FICA and other federal or state requirements which helps keep operating costs down. Sometimes the "independent contractors" live in housing provided by the labor contractor who takes a portion of the pay for the right to live in company owned hell holes.  Most of these people are living on the edge. Who are they going to complain to? And if they complain, they won't be around to testify in some far off hearing. Free Enterprise at work.

If you are reading this blog the chances are you are not going to end up working for a labor provider. You may, instead, look for business which you could run. Maybe you could do as I did and buy a guesthouse or a small business.  CLICK HERE to search the Key West mls commercial listings.  Maybe you can find a reason to tell your boss "I quit, and I'm never coming back"!

Have a wonderful day off work this Labor Day.  If you have a job, be thankful and show up for work on time on Tuesday. But it you decide to tell your boss to take a hike and decide to move to Key West to buy a guest house like I did, please consider contacting me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Key West.  Let me help you find your place in Paradise.

  

Hop on this Key West Investment

3416 North Roosevelt Boulevard - Key West, Florida

Just listed, but not by me, the real estate only a special purpose building located on the main thoroughfare into Key West. The listing broker describes the property this way:

"This is a real estate only purchase with a fantastic, stable true triple net long term lease in place. Family owned since the building was purpose built in 1971 for IHOP, lease has been in place with the same franchise company since the beginning. NOI is estimated to be about $100,000 for the year ending May 2012. Was $93,512. for the year ending May 2011. There are NO expenses to the property owner,just a $4000 check every month and an annual check for 7.5% of the gross receipts. In the past, these leases have been renewed. The base lease currently in place runs through April 2020, and the possible extensions carry the cash flow through to 2050."

I went out to the property to take photos last night just before sunset. The traffic was still quite heavy. It took me about ten minutes to take the photos and then find a safe gap so I could walk back across Roosevelt Boulevard. While I was there I noticed folks who I assumed were staying in nearby motels walk to the IHOP. Others walked past and went further west. The thought occurred to me that is why this inexpensive eatery is located where it is. It's probably why Denny's and MacDonald's which are located a few blocks further east. There is a huge concentration of motel rooms in this section of town. Then I remembered something I found while searching for online photos of IHOP in Key West. I decided not to "borrow" the family photo I found, but the sunset pic he took is shown below along with his comment about his family's experience at the Key West IHOP.

Free Sunsets across from the IHOP

"Yes, our first supper on Key West was at IHOP. But at least the building is on N. Roosevelt Blvd., right across from the Gulf, and we saw a beautiful sunset from right there. At the famed Mallory Square -- sunset-watchers' Mecca -- you watch the sun set over filthy-rich peoples' houses on another island (at least at this time of year). Whoop-dee-ding! You can see the same island in my sunset shots here from the NE side of Key West, but it's not nearly so annoyingly close."

And I got it. I got what that photographer was writing about and how he and his family could see our wonderful sunset across beautiful waters undisturbed by the performers, the souvenir hawkers, or the "filthy-rich peoples' houses".

Not all of the people that stay in the motels in this area of Key West want to spend $18 for an appetizer, $39 for a steak or an extra $9 for some French fries in some upscale Old Town restaurant. Especially if they have little kids. Places like the Outback Steak House and TGI Fridays also located on North Roosevelt are almost always crammed with tourists and locals that are looking for good food at non-Duval Street prices. Of course, they don't have the water views available at the IHOP or MacDonald's. All of the North Roosevelt restaurants serve food that a big segment of the tourist population (and locals) want.

The IHOP property at 3416 North Roosevelt Boulevard is offered at $1,975,000. CLICK HERE to view the Key West Association of Realtors mls datasheet on this property. Remember, this is a true triple net investment with a guaranteed monthly payment of $4,000 plus an annual check for 7.5% of the gross receipts. The lessee is the same operator for whom this special purpose building was built in 19971. The check comes in each month like clockwork according to the listing broker.

If you would like more information on this property or any other property in Key West, please contact me, Gary Thomas, 305-76-2642 or send me an email at kw1101v@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

829 Simonton Street - Key West - Historic Investment Property

I distinctly remember going inside the old building at 829 Simonton Street on Superbowl Sunday (January 25, 1987). The place was a sandwich shop called "La Bodega". I had spent the afternoon at Atlantic Shores and wanted to grab a sandwich. The place was near and the food was good. My needs were met. Fast forward 24 years and the building looks pretty much the same.

The unpainted facade looks pretty much today like it did when the two photos below were taken.

829 Simonton Street Key West May 2011

The building was called The Square Deal Market when the photo above was taken in 1965 by the Monroe County Property Appraiser. The appraiser says the building was built circa 1974. The sign at the street advertises "STEAK 89 cents lb." and "Homo Milk".

The pic above was taken in 1970 before Key West got gentrified.

The 4662 square foot building (listing agent provided) which is located on a 51' x 106' (5353 sq ft) lot near the top of Solares Hill and just one block south of Truman Avenue. The listing Realtor describes this investment property this way:

Exquisite mixed use piece of property- Historically renovated with exceptional eye to detail. The downstairs of this property consists of two commercial bays each with about 998 square feet. The upstairs is made up of two residential units. One unit is a 2br/2ba with 1678 square feet. The other is a 1br/1ba affordable housing unit with 463 square feet.It features 7 off-street parking spots."

The property has been renovated a couple of times in the past ten years. The most recent renovation converted the front downstairs space into offices which are now used as a real estate office. The photo above was taken from the large parking lot located on Olivia Street. Listing agent says there is parking for seven vehicles. Note the beautiful Royal Poinciana Tree that frames the lot.

The asking price on the investment property at 829 Simonton Street was just reduced from $1,600,000 to $1,200,000. If you are interested in this property, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. This is not my listing. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

829 Simonton Street - Old Town - Key West - Historic Investment Property

I distinctly remember going inside the old building at 829 Simonton Street on Superbowl Sunday (January 25, 1987). The place was a sandwich shop called "La Bodega". I had spent the afternoon at Atlantic Shores and wanted to grab a sandwhich. The place was near and the food was good. My needs were met. Fast forward 24 years and the building looks pretty much the same.

The unpainted facade looks pretty much today like it did when the two photos below were taken.

829 Simonton Street Key West May 2011

The building was called The Square Deal Market when the photo above was taken in 1965 by the Monroe County Property Appraiser. The appraiser says the building was built circa 1974. The sign at the street advertises "STEAK 89 cents lb." and "Homo Milk".

The pic above was taken in 1970 before Key West got gentrified.

The 4662 square foot building (listing agent provided) which is located on a 51' x 106' (5353 sq ft) lot near the top of Solares Hill and just one block south of Truman Avenue. The listing Realtor describes this investment property this way:

Exquisite mixed use piece of property- Historically renovated with exceptional eye to detail. The downstairs of this property consists of two commercial bays each with about 998 square feet. The upstairs is made up of two residential units. One unit is a 2br/2ba with 1678 square feet. The other is a 1br/1ba affordable housing unit with 463 square feet.It features 7 off-street parking spots."

The property has been renovated a couple of times in the past ten years. The most recent renovation converted the front downstairs space into offices which are now used as a real estate office. The photo above was taken from the large parking lot located on Olivia Street. Listing agent says there is parking for seven vehicles. Note the beautiful Royal Poinciana Tree that frames the lot.

The asking price on the investment property at 829 Simonton Street is $1,600,000. If you are interested in 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 Realty, Inc. in Key West.