1730 Bahma Drive - Bank Owned - Fixer - Key West

1730 Bahama Drive - Key West

Once there was a really lovely yard. It can be again.

Hurricane Impact Resistant Windows and Doors throughout

Combined Living and Kitchen Areas

The bank owned house at 1730 Bahama Drive in the easternmost part of Key West, Florida just got a bit more attractive when price was reduced to $261,500 or $119 per sq ft for this 2187 sq ft ranch home located on a large 8016 sq ft lot. CLICK HERE to view the Key West mls datasheet and to see more photos of this property.

The house needs a lot of work. Any potential buyer will want to have a knowledgeable contractor look at the property before making an offer because there are a lot of issues that affect this particular home. While I am not a contractor, there are certain things I can see that I know a new owner will either want or need to do to make this home habitable including replacing the roof ; removing and replacing most of the drywall and insulation; mold remediation  throughout the house; paint the inside and exterior of the home; repair or replace the swimming pool that 'popped' out of the ground; and refurbish the extensive landscaping.That all being said, I think it will take more than a handyman to do all the things necessary to make this house a home again.

If you are looking for a real fixer, please contact me, Gary Thomas, 305-766-2642, to arrange a showing of this bank owned property. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

718 Olivia Street - Old Town - Key West

718 Olivia Street - Old Town- Key West

If you are looking for a "project house" on a big lot and situated in a good Old Town location, you may want to take a look at 718 Olivia Street which was just listed at the asking price of $679,000. The listing Realtor describes the property thus:

"A grande historic house built between 1899 and 1912. 5 bedrooms. 2 bathrooms. Large LR, DR and kitchen. Beautiful hardwood floors. High ceilings and 23 large windows create a steady flow of light and air. 9401 sqft lot with BIG 85' x 65' back yard. Easy walk or pedal to anywhere in Old Town."

The listing Realtor states "Sanborn Insurance map shows house built btwn (between) 1899 and 1912". I found a photo of the house from half a century ago that shows the house without all of the current trees and assorted foliage.

Photo from 1965

Photo from 2011 - note the cinder block front fence

Photo from January 2012

A huge Royal Poinciana tree dominates the front yard today. The front porch today still has the same wrought iron posts as shown in the 1960s vintage photo as well as the jalousie windows and the concrete block front fence.

East side of the property

CLICK HERE to view the Key West Association of Realtors mls datasheet and listing photos of this home. You will note that the listing states this house has 1538 sq ft of living space. The property site is much larger than the photos suggest. The front parcel (where the house is located) occupies only about 2600 sq ft of the entire 9401 sq ft lot. The remaining lot is located at the west rear of the front parcel. That is the space where one would likely add a pool and/0r guest quarters.

If you are looking for a renovation project in the Old Town Key West area this may be the house you have been searching for. The house certainly has street appeal and the yard space is just huge. Creating a viable plan for the property as a whole is the key to making a project like this work. We have several knowledgeable local architects that could help a buyer develop a winning concept for this one of a kind property.

I sold the beautiful home next door at 716 Olivia Street a couple of years ago. Before it was recently updated 716 Olivia looked similar to the way it appeared for decades as shown in the old black and white photo.

716 Olivia Street as it looked in 1965

716 Olivia Street as it appears in January 2012

What could you do to improve 718 Olivia Street? Please call me, Gary Thomas, 305-766-2642, to schedule a view of this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

The "Good" Samaritan - 626 Samaritan Lane - Bank Owned - Key West

626 Samaritan Lane - Bank Owned - Key West

Just listed, but not by me, 626 Samaritan Lane in Key West. This BANK OWNED property ought to sell in a flash because it is priced at just $119,000 or $222 per sq ft. The listing Realtor describes the property thus:

"This home is a hallow shell, all of the plumbing and electrical has been removed. There are no interior walls, ceiling, floors, bedrooms, bath or kitchen. This will give you the opportunity to design your own layout and finish this home with your own personal touches. Home is located in a very private drive in down town Key West and is 1/2 block away from the very famous Duval Street."

The house is located on Samaritan Lane which is accessed off Southard Street just behind the rear of Mangoes Restaurant. The lane makes a right hand turn and ends up on Whitehead Street. Most readers probably never heard of the lane and more never walked down it. The house and lot are further removed from view as they sit behind another property which fronts on Samaritan Lane.

The property is landlocked but has access via deeded walkway. The neighbor to the south and east is Bourbon Street Pub which fronts on Duval Street. bourbon Street Pub''s garden bar is the neighbor for the Samaritan Lane property. That means you may hear music and some commotion at night. Click GOOGLE MAP for an aerial perspective of this property.

Maybe enough room for a pool?

The listing remarks refer to the house as being a shell. It is. But it's nice shell. It looks to me as the house has almost all new novelty siding, new windows, and new doors. The house needs new electric, plumbing, HVAC, interior drywall, etc. to complete the little house. CLICK HERE to view the Key West mls datasheet.

Interior is ready for completion

If you would like more information on this interesting bank owned property, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw11101v@aol.com. I have more photos to share with an interested buyer. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

1230 5th Street - Bank Owned - Key West

1230 5th Street - Bank Owned - Key West

If you are looking for a "Fixer Upper" may I suggest that you consider the new listing at 1230 5th Street in the midtown section of Key West. I showed the property last week one day after it was listed. My buyer was looking for a place he could fluff and make all nice. The challenges this property presented were more than my buyer anticipated.


The listing Realtor describes the 5th Street property this way:

"Spacious 4 Bedroom 3 Bathroom 2 story home on a large corner lot. Huge pool w Guest cottage in back with a one bedroom one bath living area. Bank owned."

The pool area as it appeared in 2005

This property sold in 2005 for $715,000. Nude Greek statues adorned the e pool area at that time. Two years later in March 2007 it was listed for $997,000 as a "A very large single family two story home located two blocks from the Gulf." When I showed it last week the property was divided into at least three living units with separate entrances, kitchens, and bath facilities. The pool was covered by a contraption to prevent accidental drowning and the Greek statutes were gone. It had all the earmarks of a bank owned property. Today the offering price is $331,500 or $129 per sq ft.

The pool today

The house has 2573 sq ft of living space based on the info on the Monroe County Property Appraiser's website. That site does not include the guest cottage so the actual size may be a bit larger. The house is located on a 50' x 100' lot at the corner of Fogarty Avenue at 5th Street. That's a feeder street for this part of town. Click GOOGLE MAP for an aerial view.

Main level bedroom opens out to pool

Entrance to main floor north bedroom

I entered the downstairs unit and first walked into an odd little foyer and then into the kitchen. This level had several different floor surfaces and floor levels. It was as if someone kept adding or altering spaces to provide more living space and used whatever cheap building materials were available. CLICK HERE to take a slide show photo tour of the property.

There is a steep and narrow interior stairway to the second floor. It looks like there was some water damage in one of the rooms as the wood floors there are quite warped. Again, there are multiple floor levels and multiple small rooms.

Second floor kitchen

I think a smart buyer would go inside this large property and demolish the interior walls and establish floor levels for the main floor and second floor and then build new interiors to the needs of the new owner. It would be silly to try to re-use the small and dysfunctional spaces. This property has a lot going for it, but not based on its current configuration. It will take a knowledgeable builder to fix this place. No amateurs should apply. But it is fixable and it could be once again a nice large home with a sunny pool and guest cottage.

If you would like to see 1230 5th Street 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.

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31 Blue Water Drive - Near Key West

31 Blue Water Drive is located about Mile Marker 15 on Saddlebunch Key. CLICK HERE for a GOOGLE aerial view. It's a bit of a wreck right now. A new buyer will likely have trouble getting a mortgage as there is no existing kitchen, and that is normally a prerequisite to getting a mortgage. But it you have a saw and hammer and good design and building skills, this could be the little Florida Keys Dream Home you have been dreaming about. It is offered for sale at just $250,000.

The listing Realtor describes this property like this:

"Open water views from this canal front home. Fantastic renovation project. Approximately 68ft seawall in place. Build or renovate your perfect Florida Keys dream home on this waterfront lot. This property is exempted from the FEMA insurance injunction because the structure was in existence as of 9/12/2005."

The present house has 2 bedrooms, 1 bath, no kitchen, 1044 sq ft of interior living space, a carport and a rear deck that overlooks and incredible canal that opens out in the great Atlantic Ocean. I can't overstate how damned beautiful that view is. It is stunning.

View of existing enclosed rear porch with canal

An RV resort is located on opposite side of canal

31 Blue Water Drive is located just feet away from the Great Atlantic Ocean

It needs a "facelift"

Interior needs total remodel but the end product could be spectacular

This is the type of property better suited to a cash buyer with some construction skills or access to additional money to fund renovation costs. The property is located in Monroe County so county building code applies, not Key West. CLICK HERE to view the Key West mls datasheet on this property.

Several of the other houses in the neighborhood have been updated with second story additions. I think this place could be expanded or kept its small size and keep the renovation costs quite manageable. Whatever course a new owner decides, the view from the rear of this property is worth the investment in my opinion. And the location is only a 15 minute drive from Key West. So you can have your dream house all the time and nearness to Key West. CLICK HERE to view a slide show of photos of this property.

If you would like to see 31 Blue Water Driver 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, Florida.

Non-Bargain Properties in Key West

405 Frances Street before Renovation

405 Frances Street nearly completed in May 2011

I sometimes get emails from Readers asking about "low priced" properties that I have never written about. They ask me what I think. I usually reply with some awful story about the property. Many potential buyers often equate low price with value. They are mistaken.

Low Price and Value are not synonymous-especially in a place like Key West where asking prices are typically higher on a per square foot basis than most locations in the United States.

While I was away a property I have showed a few times had a price reduction. Under normal circumstances I would have written about that property before and maybe encouraged potential buyers to consider it. But that place is not normal. I remember showing that same house maybe ten years ago when it was as cute as a button-the perfect Key West hideaway located in a charming compound of other similar cute cottage style homes. The present owner loves cats and has maybe a dozen of them that roam freely. The cats have overtaken the place and it reeks of cat pee.

I remember a similar house that I showed a few times in 1996. It was owned by a writer who loved cats. I recall that owner had about 19 furry felines in his house. The eventual buyer bought a great house at a good price because most buyers refused to consider it. The new owner told me the floors were sanded and refinished but the odor would not go away. The new owner had to rip out the original floors and install new floors and some drywall. The house is fine now. But the cost was unexpected and the bargain price ended up costing much more than anticipated.

I have not written about another current low priced listing that has limited access with no on site and no street parking. What looks like a nice place on the Internet is something quite different in real life.

I have not written about low priced houses located near popular restaurants because the odors and congestion are something a new owner would have to deal with every day for eternity. Why would I want to subject a potential buyer to something like that? Cheap, yes. Value, no.

There are some small properties located in Old Town that may appear to be affordably priced. Buyers with an itch to do a remodel might consider them. I expect most will require extensive renovation and that the eventual cost on a per square foot basis is just too high to justify the expense for even a small property unless the property has a great location or in an architectural gem.

I have shown some properties that have undergone what I call staple gun renovation. I remember one place a few years ago that looked really sharp. It had a nice new kitchen with granite counter tops, stainless steel appliances, cute Italian light fixtures but also uneven floors laid over an old concrete slab. I remember showing the house and looking at the front double door entry. I could see daylight coming in under one of the doors. I looked up at a newly installed accent window. Daylight showed through a gap on one side. I pointed out the noticeable flaws to my buyer and told her not to consider the place. It sold for a lot of money during the height of the market. But not to my customer.

The photos at top of today's blog show 405 Frances Street as it appeared after it sold for the bargain price of $216,500. It underwent a dramatic renovation process which I will write about and share photos of someday after the project is complete. You can probably buy a really nice house in most parts of the United States for $216,500. In Key West you can buy a fixer. Some properties and some locations are worth spending money on because the resultant house (after expensive renovation) justifies the investment of time and money.

CLICK HERE to search the Key West mls database. You do not need to fill out any forms or become the captive of some real estate agent to search the mls.

If you see something that interests you, please consider contacting me, Gary Thomas, 305-766-2642 or by 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. Let me help you find your place in Paradise. I'll do my best to help you find a real bargain and avoid buying somebody else's nightmare.

1207 Georgia on "Your" Mind

1207 Georgia Street - April 2011 - Key West

As soon as I saw the new listing at 1207 Georgia Street in the Key West Arts District hit the Key West mls I knew I had to write about it. Long time Readers may remember when I wrote about it before - in May 2009. It wasn't listed with a Realtor. Instead, there were two signs that beckoned would be buyers to the bargain. See below.

May 2009

I used the signs and preposterous price to divert readers to properties that were actually listed for sale in the mls which were priced less expensively where I might actually get a buyer. CLICK HERE to read what I wrote then. I actually did get a buyer for the John Hersey house mentioned in that blog.

But the potential seller at 1207 Georgia Street did have a point about the attraction of that property. The lot is an almost perfect square of 87' x 90' (7830 sq ft) situated at the corners of Catherine Street and Georgia Street. Click GOOGLE MAP for a great aerial perspective of the area. Use the toggle switch to move closer to the lot and to get a street view of the area.

The lot is the blank canvas on which a new owner can construct a great living space. The existing house is 1254 sq ft and sits on the south side of the lot towards the front. There is a shed at the rear and that space might be convertible to some upgraded use in a potential renovation. The magnificence of the lot are the two giant mahogany trees plus an equally large mahogany across the street. They frame this lot so gracefully.

This photo gives some perspective as to the size of this large lot - by Key West standards

I found two photos that show the same house in prior years. The photo below was taken in 1965.

The next photo below was taken in the 1980s

The update wasn't quite perfect IMO

Oh, I found the pic below from the 1980s as well. Not everything done then survived gracefully.

The listing Realtor describes 1207 Georgia Street which is now offered at 82% off the original $1.5 million price at just $275,000 like this:

"Unbelievable opportunity.Conch family decides it is time to sell. Almost 8,000 SF double lot shaded by beautiful canopy of mahogany trees. Dated wood frame house with good bones. Priced right."

Forget what the house looks like now and let your mind imagine what you could do with the property. This is a place that will sell very quickly at the asking price because it will be an easy redo from many perspectives. If you are looking for a fixer, do not over-think this buying opportunity. CLICK HERE for more photos I took early this morning.

If you want to see this house or any other property in Key West, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.