903 Eaton Street, Key West - OPEN HOUSE

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903 Eaton Street, Key West

Development Potential 50 foot X 106 foot deep lot - 5300 sq ft

Existing two bedroom one bath home is in move-in condition.

The existing house can be razed!  

Walk the Lot. Admire the neighboring homes. 

Imagine what you create.

Someone is going to buy this place and create something new.

Could that someone be you?

CLICK HERE to view the KEY WEST MLS datasheet on 903 Eaton Street offered at $795,000 by Gary Thomas at Preferred Properties Key West. Phone 305-766-2642 Email kw1101v@aol.com

2312 North Roosevelt Blvd. Key West - Deveopment Opportunity!

Just Listed by Preferred Properties - 2312 North Roosevelt Boulevard in Key West, Florida. This nearly 20,000 sq ft lot irregularly shaped rectangle (102' X 194') frontage on US 1 as it makes its way into the Old Town corridor. It is located opposite the Key West Yacht Club.

I dug into my old shoebox and found an aerial photo from the not too distant pass taken by Ty Symroski and Wendy Tucker.  I have added arrows to point out the location of 2312 N. Roosevelt which is shown just opposite the Yacht Club. The small Hilton Haven enclave is located on the backside of the Yacht Club.

2312 N. Roosevelt Blvd. Photo in 1999

The two year long widening and enhancement of  US 1 from its entrance onto the Island of Key West to White Street was completed in 2014. Within the next few months the four hotel renovations at the US1 gateway onto to the island of Key West will be compete. They will join in the renaissance that is transforming North Roosevelt Boulevard as it winds its way alongside the Gulf of Mexico toward Old Town. The black and white photo above was taken back in 1965. It shows nearby 1704 N. Roosevelt Blvd. back in 1964. The old Dairy Freeze is history now. Today there is a modern office building in that location. The vast open area behind it is now the athletic field at the Horace O'Bryant Middle School. Some smart buyer will purchase 2312 N. Roosevelt and give that parcel new life and new purpose. 

I walked this lot while I was taking photos. The width and depth of the space is much larger in person than it appears in these photos.  The 102' ft depth is equal to two large modular homes. The frontage is equal to nearly four modulars. I use the modular concept because most of us are familiar with that size. This is a really big parcel. Consider the possibilities if a new commercial space were built at ground level and completed with multiple residential components on the second floor.

CLICK HERE to view the Key West Association of Realtors mls datasheet on this property. Please call me, Gary Thomas, 305-766-2642, for more information. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

1600 Sirugo Avenue - Key West

If you have been looking for a perfect place to build a major new residence in Key West free of restrictions from restrictions imposed in our Old Town area, may I offer for your consideration 1600 Sirugo Avenue - just one block north of the Higg's Beach and the Atlantic Ocean.  

The grounds were designed by Raymond Jungles Design. The garden as currently configured includes an allee of specimen palms on either side of the interior lawn. The ten foot waterfall and pool anchor this portion of the lot. Just out of sight is an equally large terrace with bandstand and service entrance. The lot measures 110' X 117.5' or 11,750 sq ft. It is zoned SF-1 - single family. This property is currently part of 1617 White Street. The Seller will divide for closing.

This unique parcel is offered for sale at $1,595,000.  CLICK HERE to view the Key West mls datasheet on this property. Then please call me, Gary Thomas, 305-766-2642 to arrange a personal visit to view the grounds. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.

921-923 Johnson Street - Casa Marina Area - Key West

I frequently write about this or that property being located on one of the best lots in Old Town because most new "second home" buyers want a house in the Old Town area. That is the area with which they are most familiar.  I often write about homes in the Meadows Area or Casa Marina Area as differing locations worthy of consideration.  The listing at 921-923 Johnson Street is located in the Casa Marina Area.  It is probably not what second home buyers envision unless they are looking for a large lot with development potential in a terrific location where the property values should substantially increase.  If that fits your potential buyer profile, please keep reading.

The listing Realtor describes 921-923 Johnson Street this way:

"This is the last re-developed corner lot at Johnson Street and Grinnell in the highly desirable Casa Marina/Higgs Beach neighborhood of Key West. Currently metered and rented as a triplex, the property could serve as a long term investment or new home site for a Buyer's dream home on its 10,000 square foot lot. There are three addresses currently used (921 & 923 Johnson and 1506 Grinnell) and each unit is occupied by renters."

 The location at the intersection of Johnson and Grinnell Streets helps explain the asking price on this development parcel - this is one of the very best sites in Key West.  The lot is 100' x 100' or 10,000 sq ft. Houses on the other three corners are multi-million dollar homes. Nearby homes on Grinnell Street, Casa Marina Court, and Johnson Street are also valued in the million dollar plus price range.  The nearby homes are valuable for many reasons including proximity near the beaches, extra large lot sizes, unique architectural design and superior construction. CLICK HERE to view more photos of the site and the nearby homes.

The existing buildings were built in 1953 and are now used as three rental units.  According to the Monroe County Property Appraiser the current buildings total 2,345 sq ft.  CLICK HERE to view the Key West mls datasheet and to view listing photos. This property is offered at $1,650,000. (or $165 per sq ft for land value)

A few months ago I wrote about a similar home located two blocks east at 1119 Johnson Street. That property was a vintage 1963 split level home that sat on a 7500 sq ft lot on a block of multi-million dollar homes. It sold $1,300,000 (or $173 per sq ft for land value) and is being razed to construct a new contemporary residence for the new owners.  CLICK HERE to see sold price.

Public tennis courts and the beaches one block south

I have long wondered when the owner was going to sell this parcel and when some new buyer would seize the opportunity to create a great new residence at this dynamic location one block away from the Casa Marina Resort and the nearby beaches.  If you are that buyer please contact me, Gary Thomas, 305-766-2642, to discuss this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.  

2800 Flagler Avenue - Development Parcel - Short Sale - Key West

2800 Flagler Avenue, Key West, Florida

If you are a potential developer or an investor interested in buying a land play in Key West, you might want to take a look at the new short sale offering of 2800 Flagler Avenue. The listing Realtor describes this large property this way:

"Over 4 acres of canal front property with over 1.76 acres of upland land available on Flagler Avenue in Key West. Preliminarily approved plans called for a 6,500 SF religious building on site with 35 parking spaces which would comply with zoning requirements. Conceptual preliminary plans have also been drawn for up to 10 affordable homes on the parcel with ample parking and surrounding space. If a market rate rogo is secured, this could also be a fine residential compound with privacy and water access to the canal. The site contains 480 feet of frontage on Flagler Avenue and Riviera canal. This is a short sale and the Seller is motivated to look at offers which would require bank approval."

A previous listing agent described the same parcel a bit differently when he wrote "There is nothing like this in Key West.(Emphasis added by me.) Zoning allows for up to 14 dwelling units and requires over 2 acres remain open space. Also allows for group homes with less than or equal to six residents. Conditional uses allow two-family residential dwellings (duplexes), educational institutions and day care, parks and recreation, active or passive, places of worship, protective services, public and private utilities." You decide which description whets your appetite the best.

480' Frontage along Flagler Avenue - Key West

I have been to the site a few times and have walked the frontage along Flagler Avenue and down 11th Street which runs two blocks from Flager to the Riviera Canal where there is a public boat ramp. The boat ramp gets a lot of use by locals who launch their boats on the weekends. The houses on either side of the Riviera Canal site to the west and down the canal one mile to the east where the canal feeds into the Atlantic Ocean probably all had scrub mangroves like exist at this site. Having potential waterfront access makes this property worthy of serious consideration. I am not saying a new owner could unequivocally bulldoze the mangrove and use all of the space, but I do think a good land planner and a good local real estate attorney could make a credible case for development of the parcel.

11th Street at Riviera Canal Public Boat Ramp

CLICK HERE to view a slide show of photos of this property which is offered at the asking price of $699,000 or $3.78 per sq ft. They aren't making any new land in Key West. This is a very large parcel by Key West standards. A potential investor might decide to buy and hold a property like this until the market recovers.

If you would like more information on this property 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.

Strip Center - 1200 White Street - Key West

1200 White Street Strip Center Key West Florida in 1965

The same strip center in 2010

The strip center shown above is located at 1200-1206 White Street in Key West. Locals know the building by sight. Ugly sight. A sight that needs razed and rebuilt or renovated into something befitting the location. The asking price has been reduced to $999,000. CLICK HERE for more info and photos.

This is how the listing Realtor describes this property:

"A rare, mixed use strip center with adjacent parking lot on busy White Street in Key West. There are three commercial units and two residential units on this property. Property was formerly used as a bakery and has the potential to be opened under a similar use. White Street is the fastest growing commercial corridor in Key West, acting as a border of Old Town and New Town Key West.Owners may consider owner financing package. Included in sale 1212 White Street."

The property sits in the last block of commercial property in the 1200 block of White Street. All of the remaining properties situated to the south lead to the Atlantic Ocean and the beaches except for two small churches and a doctor's office that is located in a house. The commercial enterprises in the immediate vicinity include the Island Gym, a real estate office, a super expensive hamburger joint, a hand job car wash, Island Tile, Dog 30, a real estate appraiser's office, several yoga places, two gas stations that sell very expensive gas (must be imported or something), several art galleries and antique stores, several hair clip joints, a very confusing French restaurant, more art galleries, a travel agency, a few guesthouses, and Faustos Grocery. The National Weather Service is located one block to the south across the street from the old Key West High School that is used as an elementary school today.

Two parcels that are for sale that have a total square footage of 8147 sq ft according to the listing Realtor. The two properties have approximately 153'.26" frontage on White Street. The lots are 51'9" deep per the Monroe County Appraiser's website.

The adjacent parking lot at 1212 White Street is included in the offering

1223 White Street Key West Florida in 1965

The same location but all new and really attractive mixed use development in 2010

Cars enter on United St and exit on White Street

Look a the three photos immediately above. The black and white pic was taken in the 1960s and shows a one story CBS building (concrete block structure) that was used as a pizza parlor. That structure was razed and a new commercial /residential building with parking was erected in 2007. The new building is mixed use of commercial office space on ground level and residential apartments on the second. A nice bricked parking area and landscaping complete the parcel development. The property at 1200 White has about 40' less frontage but the lots are just about equal in depth. I think that a structure somewhat akin to the building above might work for 1200 White Street. The 1200 White Street lot size is smaller and a new building could not be as large as the one pictured.

There is a real need for nice new office space with parking in the Old Town and Mid Town areas. If you are an investor or developer looking to acquire a development parcel such as this, please call me, Gary Thomas, 305-766-2642 or Phil Wilson, 305-394-4105. We are both full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Phil Wilson has extensive commercial sales and leasing experience. Together, let us help you find your investment opportunity in Paradise.

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