701 Elizabeth Heart of Old Town Key West

You know the house because of its unique design. You know the house because of its prime location. And know you know it is a deal waiting to be had. The seller just reduced the asking pirce on this unique property to only $879,000 or $443 per sq ft.

This is how the listing broker describes this property: "Live at the highest point in Key West, atop Solares Hill, a premier Old Town location. The main home includes 2 bedrooms, 2 baths, river recovered heart pine floors and 10 foot ceilings. Beautiful French doors lead out to your private deck, heated pool and outdoor shower. The second floor boasts cathedral ceilings creating a soaring master bedroom. The over sized windows feature louvered shutters adding to the architectural features of the home. This custom home also includes parking and a guest apartment featuring 1 bedroom and 1 bath with kitchen, laundry, French doors and deck. A quality home designed by Tom Pope and built by Erik DeBoer." What he does not tell you is that Tom Pope is one of Key West's most noted architects. He also does not mention that Pope and de Boer collaborated on several major Key West projects including the Marquesa Hotel. The pool area of the Elizabeth house was later adapted to the new rooms added to the Marquesa Hotel in 1995. Pope & deBoer used similar louvered shutters on several projects including major homes in the Truman Annex and The Meadows Area.

There is a legal three story one bed one bath duplex unit that could be incorported into the main part of the house. That unit has an opening that soars from the ground floor all the way to the ceiling of the third floor and could become a dramatic foyer into the house.

No need to worry about flooding here. This house sits at the highest point on the Island of Key West. Speaking of which, the views from the second floor are really great. And there is off street parking.This house ws built in 1984. Some features may seem a little dated. Everything works. Maybe in our new economy we will learn to use rather than replace things that work.

This is a very nice house in a very good location that was built thoughtfully by a good contractor. It has what most second home owners want in a Key West property. I'd love to show you this house and take you by some of the other properties the architect and contractor later copied in much more expensive versions. Please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com.

1110 Curry Lane Old Town Key West

Right after I started this blog about Key West Properties I wrote a piece called Life in the Slow Lane CLICK HERE to read. I mused about the virtues of living on one of the slow lanes in Old Town Key West.

This Old Town gem is tucked away on one of Key West's slow lanes between Frances and White Streets. The cottage has been lovingly restored to maintain all the character and charm you'd expect to find such as Dade County Pine walls, Georgia Heart Pine floors and thoughtful attention to detail. The floor plan is open and spacious and offers indoor/outdoor living amid tropical privacy. There are two bedrooms and two full baths plus a chef friendly kitchen with soapstone counter-tops and Viking stainless steel appliances. Enjoy the outdoor shower and lounge beside the river rock lagoon pool. Relax on the front porch with a cool beverage and a good book. Off-street parking for one small car.

1110 Curry Lane is offered at the price of $999,500 or $828 per sq ft for this 1207 sq ft treasure that sits on a 2321 sq ft lot. If you bought this house you could walk to Duval within 5-7 minutes. Same for the Historic Seaport. Or your job if you have one and it is located in Old Town. There are two convenience stores within a two minute walk as well. But neither you nor your friends would know how convenient this house is because it is tucked away so nicely. You won't hear the noise of Harleys roaring down your street, because their drivers don't have a clue that Curry Lane exists. Even your creditors will have difficulty finding you. You see, life on a slow lane isn't bad at all.

CLICK HERE for more info and pictures of 1110 Curry Lane.

There are lots of nice little house on the many little lanes in Key West. If you have some spare time CLICK HERE and search the Key West mls to search for your new home in Paradise and then please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com for more information.

Out of Business

Those of you who come to Key West know the Pegasus Hotel at the corner of Southard and Duval Streets. There are several store front shops on the Southard Street side including the now Out of Business Psychic. The Psychic of all people should have seen the downside--you'd think.

It's that time of the month again. Time to recap what happened in the Key West real estate market for the month of September 2008 and to compare it with the same time for previous years.

I've said before I am not a numbers guy. I guess I'm in the wrong business because numbers are really important in real estate. Anyway, in 2005 there were 23 single family home sales in Key West totaling $27,454,266. The number dropped to 14 sales in September 2006 with sales of $9,730,000, and fell further to 5 sales in 2007 for only $4,386,500. In 2008 we had 20 sales totaling $12,026,000. We are improving, right? Yes and no. Our sales are up over 2006 and 2007 but they are only 44% of what they were in 2005. Five of the 20 single family home sales were bank foreclosures and 5 were short sales. So one half of our market was distressed property. And I think several of the remaining sales were distressed but not characterized that way because of the way they were marketed.

In 2005 there were 12 condo and town house sales that totaled $8,326,000. That number fell to only 6 sales in 2006 with sales of just $2,728,000. In 2007 the number bounced back to 11 sales of $9,421,000. 2008 produced 11 sales of $3,414,000. Looks bad, right? Maybe. Maybe not. Six units at the high end Key West Beachside Resort closed in September 2007 and that drove prices very high. If those sales are eliminated, there were five market sales of condos totaling just $1,885,000. So it sort of looks like we improved over condo and town home sales over years 2006 and 2007 this year, but we are near the number of sales for the year 2005. But our sales price are off by 59% over what they were in 2005. Out of the 11 condo and town home sales we had in September 2008 3 were bank foreclosures and 3 were short sales. So, again, distressed properties made up at least half of that segment of the market again.

I just checked the Key West Association of Realtors website. There are 1116 residential units for sale in the Key West area. That number does not include timeshares. There are still plenty of people looking to buy in Key West. I know some have decided to hold off doing anything until the uncertainty in Washington and Wall Street clears. As if that is ever going to really change. If the Psychic who went out of business across the street from our office is any indicator of predictor of what the future holds, don't believe anybody who tells you what the future beholds. They don't know. But past behavior is a good predictor of future behavior.

We have been improving year over year. We will not go back to the price levels of 2005 for some period of time. But our sales volume in terms of numbers of units sold is progressing to the same level. That is encouraging even if prices are down. But down prices are good for buyers who got sold out of the pricier market. So now some people who missed the earlier price ride are in on the ground floor of what may become another rise in prices. Who knows? The Psychic is Out of Business.

408 William Street - Old Town - Key West

Just Listed (but not by me) 408 William Street, Old Town, Key West,Florida. This historically important home known as the Richard Roberts House was brought to Key West from Green Turtle Cay in 1847, and settled into its current home on one of the best streets in Old Town. It has received numerous Local and State historic preservation awards. Currently it is configured with 3 Bedrooms 3 Baths, 2 offices, large living and dining rooms, and FOUR covered porches, two on each side of the house and on both floors. Interior walls are wood and the floors are heart pine. The kitchen cabinets are gorgeous Dade pine and the kitchen has new appliances. Most of the interior rooms open onto shady porches, and the living room has a wall of glass doors that lead to the deck and spa. CLICK HERE for more discussion of the house when it was located in the Bahamas.

I had the good fortune to show this house on Sunday and I was taken by the delicate splendor of this painted lady. It is just beautiful. There is a newer addition at the rear of the house where the living room and a bathroom are located on the ground floor. But the original house is just so precious. I have written before about houses that have everything "up to the minute". This house is the antithesis. The treads on the exterior stairway between the first and second floors are not rickety but strong and worn. The show decades of use. Today treads would be replaced to look new. But the treads here ares a testament to the "soles" of those who climbed these stairs for years and years.

The house is divided into living areas on three levels. The spacious new living room is located at the rear of the house on the main level. It has French doors that look out onto the deck. The updated kitchen sits in the middle of the house and one of two offices is located at the front. The second floor has two bedrooms and a bath, and the third floor has a third bedroom and another office. All rooms have windows and or doors to provide natural ventilation (there were no air conditioners in the mid 1800s). But the house is air conditioned today. 408 William Street is offered at $1,075,000 or $573 per sq ft. That is a modest price for such a beautiful property. It will not last long.

There are two drawbacks that will affect certain buyers. First, there is no off street parking. So if you absolutely positively must have off street parking, look elsewhere. Second, there is a spa located on the good sized deck area just off the living room. There may be room for a small pool. But there is not room for a medium sized pool. That's not going to happen. But if you are a buyer that does not require either a pool and parking, you must see this house.

You could not ask for a better location. The house is a five minute walk to Duval Street or the Historic Key West Seaport.

CLICK HERE for more information and photos of 408 William Street. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com for more information on this house or any other Key West listing.

707 Washington -- Key West -- Short Sale

Just Listed: 707 Washington Street Key West, Florida. This great two home property is a legal duplex but it is actually two separate houses on the same lot and it is located on one of the best locations in the Casa Marina area.

This property was constructed in 2004. I live a couple of blocks away and I remember riding my bike past the property during the lengthy construction. I was excited to see the interiors once the houses were completed. Each property is distinct, but they share a common design theme. The rooms are large and the bedrooms on the second floor of each residence soar. This property would be great for a buyer with lots of friends or relatives that you really like. There is plenty of room for lots of people.

The property is just a stone's throw to Louie's Backyard and Dog Beach. The newly renovated Reach Resort is within walking distance. Duval Street is just a 5 minute walk. 707 Washington has 4 bedrooms, 5 baths, two kitchens, two living rooms, a big pool, and a great Casa Marina location. The house has 3257 sq ft of living space and sits on a 5300 sq ft lot. It is offered at the Short Sale price of $2,150,000 or $660 per sq ft.

CLICK HERE for more information on 707 Washington Street. Then please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com for more information.

chutzpa

"chutzpa" noun
(Yiddish) unbelievable gall; insolence; audacity

The house at 1224 Duval Street was just listed at $5.9 million. I don't know who has more chutzpa the owner or the listing Realtor. I watched the renovation of this house since 2003. It was a long and arduous process. The property appears from the street and the attached photos to be very special. But I cannot fathom how anyone could justify an asking price of $2,657.66 per square foot for a house on Duval. CLICK HERE for the full details.

These are the facts as told by the listing office "Stately home with transient license on world famous Duval Street, just completely restored to its former grandeur. Viva on Duval also includes two homes, 1227 and 1229 Duval Street, one, is a two bedroom two bath with transient license and the 2nd on the corner of United and Duval, is a commercial space, with possible conversion to a home with two bedrooms, two baths and transient license. This grand property is being offered turnkey with all new well appointed furniture/furnishings and the web site for Viva on Duval. Two pools, lots of off street parking, and a separate office with storage complete this is a one of a kind property in Old Town Key West."

There are bunch of photos at VIVA ON DUVAL.

Back on January 16th I wrote about Home Ego-Nomics Key West Style. I think what I wrote back then is right on when you look at the price for this property. I'd love to sell you or anybody else this property. The commission would be great. But there is no rational way to justify this kind of price for a single family home on a busy street that may be used for transient rental purposes. If you have $6 million that you want to spend, give me a call.