916 Fleming Street ~ Old Town ~ Key West

I just did a price comparison among the fine large homes located on Fleming Street in Old Town Key West and learned that  916 Fleming Street is the least expensive on a price per square foot basis ($617.98 to be precise). Now since I have written about some of these other houses before I don't want today's blog to appear that I am disparaging any of those houses because I am not. But I am suggesting that a bargain shopper might want to do some comparison shopping. 

916 Fleming Street is located on millionaires row where you will find some of the finest homes in Old Town. This stately home has been dramatically renovated and has all of the amenities a discerning home buyer could ask for.

The Monroe County property records show the house was built in the 1930s but we all know the old court house burned down and the property records were destroyed. I found an old photo that says the house was built in the 1920s.  Like many of the older homes, 916 Fleming Street was substantially rebuilt and added onto. The most recent renovation expanded the size to 2637 sq ft. The house now has four bedrooms, four full bathrooms and two half baths. The house sits on a 3870 sq ft lot (43' x 90').  The house has a bricked off street parking space. Note the two story front porches which are great for people watching - the second most popular sport in Key West.

The home has a formal entry which leads to the open living area at the rear.  The house is designed for informal Key West living, but it still comes with lots of style and grace. The living area opens out to the outdoor living room which has a wonderful view of the pool and guest cottage.

The master suite takes up one half of the second floor and includes the bedroom with vaulted ceiling, dressing room, en-suite bath and walk-in closet.

There are two large guest bedrooms with en-suite baths on this floor as well. Also located on this floor is a large cedar lined closet and laundry closet. There is also access to the third floor via electric stairway access.

The main floor has a withdrawing room (a "man cave" for the more sophisticated gent) that is just awesome.

The pool has a seductive allure as do most pools in Key West. Except this one is part of an incredible property that can yours at the asking price of $1,650,000. CLICK HERE to view the Key West mls datasheet for more particulars on this new listing.

Guest Cottage with bath

CLICK HERE to view more photos of 916 Fleming Street. And then please call me, Gary Thomas, 305-766-2642 to schedule a showing of this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.  Let me help you find your dream home in Paradise.

August Sales Results for Key West

Some statistics for those who like to keep track of what is happening. There were 14 single family home sales in Key West (Key West to Shark Key to be exact) for the month of August. The least expensive home was a 1 bed, 1 bath 735 sq. ft. listed at $429,900 that sold for $417,500. The average home was 3 bedrooms, 2.29 baths with 1,660 sq. ft. listed at $923,329 and that sold for $815,472. The highest priced home was a 4 bed, 4 bath home in Truman Annex with ocean views. It originally was listed at $2,495,000 and was reduced to $1,895,000. It sold for $1,650,000 or $938 per sq. ft.

In August 2006 there were 13 single family sales with the lowest home priced at $450,000 that sold for $395,000 after 31 days on the market. The average home was a 3 bed, 2 bath with 1122 sq. ft that was listed at $743,608 and sold at$685,231. The highest priced home was another Truman Annex plaza located on Admirals Lane. It had 4 beds, 3 baths, 1920 sq. ft. and was originally listed at $2,499,000. It sold for $2,150,000 or $2,120 per sq. ft.

But in 2005 (two months before Hurricane Wilma) there were 21 sales. The least expensive home was a 2 bed 1 bath 756 sq.ft. listed at $599,000 that sold in 9 days for $590,000. The average home was a 3/2 1,874 sq. ft listed at $1,245,424 and that sold for $1,174,831. The most expensive home was a 5 bed,7 bath home on Sunset Key (just off Mallory Square) that was listed for and sold for $2,500,000 after only 27 days on the market. Oh, for the good old days!

In August there were a total of 4 condo sales recorded in Key West with a combined sales price of only $1,772,000. In August 2005 there were 16 condo sales with sales totaling $14,024,612. That is quite a significant drop in sales volume.

I have told prospective buyers for years that the best time to buy a home or condo in Key West is the late summer through October because sales are traditionally slower than other times of the years. Since prices in Key West are down significantly from previous years and since the demand for homes and condos is down, it will be interesting to see how many buyers take advantage of this new buying opportunity.

I was in Homestead, Florida yesterday driving around the wholesale nurseries located there. Lots and lots of nurseries up there. And the funny thing was that at least half of them have a "For Sale" sign posted out front. I asked the guy I was working with why so many of the properties were for sale and he said that many of the properties were purchased with funny money financing that had adjustable rate mortgages that were maturing. We drove for miles and miles and all I could see was "For Sale" signs. It is very frightening. Something is very wrong with our economy. Key West is not an aberration.

Read this blog next week for more info on the building pictured to the right.