912 Fleming Street, Key West - Price Reduction

The asking price on 912 Fleming Street, Key West, one of the most beautiful homes in the Historic District, was just reduced to $2,495,000. The iconic Revival Style home has 3228 square feet of living space under air plus front and rear decks giving the home 4245 gross square feet. The lot measures 50' X113' for a total of 5650 sq ft.

CLICK HERE to view the Key West MLS datasheet and listing photos and then please call Gary Thomas, listing agent, to schedule a private showing to see all of the inside. Of course you will be immediately be drawn to the pool. That always happens. You will be pleasantly surprised. 305-766-2642. Preferred Properties Key West. 

Key West Real Estate Horror Story No. 17

Many moons ago I emailed a new single family home listing located in Old Town to a buyer who had previously purchased several properties from me. The property was a dump but it had a large clean lot with no trees, and a great location. My buyer emailed back, asked a few questions. Then he texted me and later made a sight unseen offer for my. It was a good cash offer with no inspection issues - he knew the building was in horrible condition and that the project would be a total renovation from foundation to the roof. After some back-and-forth with the seller, a deal was agreed to and we closed - still sight unseen. I never actually spoke with the buyer in person or on the phone while making this deal. 

A few months later that I met with buyer's architect at the property. He had done some exploratory demolition to see what could be saved. He said "Gary you've got to see this!" whereupon we went into a shed that had slyly become a bedroom at the side of the house. This happened decades earlier. The filth and dust was decades old.

As I entered the room the architect warned to watch my step. The entire wood floor had been removed. All that remained were some rotting joists. The architect said the wood floor had been laid over a wall to wall shag carpet. The carpet was laid over crumbling old floor system with a big hole in the middle. The carpet in essence was supporting the wood floor. The photo below demonstrates the hole, but is not from this house.While this is scary, it is not why I consider this house a Key West horror story. Read on.

As we left the house a neighbor approached and asked if we were the new owners. I explained who we were and what we were doing. The neighbor had questions about what would happen to the dump and invited us inside to see their house.  The neighbor's house was was totally restored and amazing.

We spoke for ten minutes or longer about the area and the new owner's intentions.  Then the neighbor asked if we were aware that four men had died in the recently purchased house. No. The neighbor said the house had been a drug den for years. The deaths were accidental - probably overdoses. Florida law does not require Realtors or owners to disclosure of death on the sale of any house. Such a disclosure would not have impacted my buyer's purchase. Still it would have been nice to know this.

I was actually shocked to learn about the deaths. On the other hand, I see crazy stuff all the time in this little town located on an island out in the middle of the ocean. I write this story today because of a phone conversation I recently had with a different client who has also bought a couple of properties from me. He told me the story of him visiting a man's home in located in Bahama Village. He described a tropical paradise surrounding the house which had no air conditioning.  Instead the windows were left open like in olden days. This house, he said, also had a big hole in the floor.

Key West Real Estate Market Timer - Mr. Smarty Pants

Some lessons in life are learned the hard way. Some are learned the easy way. Before Google maps, guys like me would drive by intuition. I would head a direction assuming my destination would appear.  Eventually I would stop at a gas station or someplace and ask someone how to get to where I intended to go. I know I am not the only guy who did that.

Thirty years ago I took a road trip from Denver to Palm Springs, Los Angeles, and back.  I rented a car so as to not put all that many miles on my Mercedes. It was near sunset when I drove through Las Vegas. The gas gauge was showing that I was getting low on fuel. I was on a big four lane road when I saw a turn-off at a huge gas station complex. As I approached I saw what seemed like dozens of cars waiting in line to buy gas. I decided to get back on the highway and go to another station. I drove and drove. There were fewer and fewer cars. Darkness set in. Forward I drove occasionally looking at the gas gauge.  It got really dark and there were fewer cars. I don't recall anybody passing me. I was on a large divided highway with a concreted median lined by huge trees on either side. The inevitable happened. The car slowed down and then stopped. I had been having discussions with my self as well as my Ex who kept reminding me that I could have bought gas in Las Vegas but was too impatient.

I started walking forward. We had been driving well over an hour. I had no idea where I was or how long it would take to reach civilization. And then my luck changed. There was a light on the opposite side of the highway. As I got close I realized it was a gas station.  I thanked God, looked both ways, and crossed the median. I explained my plight to the gas station attendant who sold me gas and took a big deposit on an ancient gas can that held about one gallon of gas.

I returned to my rental car. The gas can did not have a nozzle.  I broke the fat end of a large vodka bottle thinking I could insert the bottle into the gas tank opening. That didn't work and I didn't have any vodka to drink either. Then I decide to use the Rand McNally road atlas. (I didn't need it. I drove by intuition anyway.) The covers were thick. I wound the paper into a funnel shape and was able to pour the gas into the hole. The car started. We drove past the gas station several miles before I found a place to turn around to go back to fill the car. Then I had to go back toward Las Vegas many miles before I could turn around to head toward Denver.   I recall that night very well. Even thirty years later.

I tell you this story because I deal with people all the time who think they know what is ahead of us in life.  Most of the people I deal with are very smart. Really smart. I have written that statement many times and have almost always noted that is why they have the money to buy a second home in a place as expensive as Key West.

There is a lot of information available on the internet about Key West real estate. A lot of that information comes from Zillow which in turn extracts and repackages information it gets from our Multiple Listing Service and other governmental and technological websites.  I have worked with several buyers that have created very sophisticated computer programs and files to help them analyze the market. I think they think that data is the key to understanding the Key West real estate market.

I also need to report that a lot of Realtors have been discussing the state of the Key West real estate market and are asking the same questions I hear from potential buyers:  what do you think is going on?  I think we have all perceived a slow down in sales and an increase in prices. Lately we have witnessed a large number of price reductions. Then in the past two weeks we had a very large number of new homes listed for sale. One successful agent with multiple annual sales of million dollar plus houses suggested the public is scared by the government shutdown and Trumps' trade war with China. Other agents have expressed general concern over Washington in general. Some say we are headed toward a recession. Everyone has an opinion. No one knows the future. That is for sure.

I just checked the Key West MLS. We have 22 single family homes under contract in the Old Town, Casa Marina, Meadows, Truman Annex, and Sunset Key areas of Key West. We have a glut of very expensive homes and not enough lower priced homes listed for sale. Lower priced houses in the Old Town and surrounding areas are more likely need new money to make them habitable to the standards of our community which often times makes our lower priced homes very expensive compared to other parts of the country. But our weather and quality of life is probably better than most parts of the country.

I represent three of the twenty-two home buyers with properties under contract. My buyers are buying houses in a high demand but limited supply market. They chose to buy now rather than wait for the market to do whatever it will do. We really don't know what that new market will be or when it will be. But we do know what now is. 

If I had known there was not another gas station for miles and miles, I would have never gone down that lonesome highway driving on gas vapors. I made a bad decision based on a false assumption that there would be another gas station. That is one mistake I will never make again. I would rather stand in line or to pay too much for gas than to get stranded on a roadside in the wilderness. 

Mr. Smarty Pants might be wise to take advantage of the general apprehension in our real estate market. We know what is available now. We can try to negotiate the best deal now. Sellers should share the apprehension of the future. No one knows what tomorrow will bring. Cash now is better than less cash tomorrow or more cash three years from now after you have died of a heart attack.

1325 Whitehead Street, Key West

Millions of tourists come to the Southernmost Point in the USA to take photos of themselves to remember their brief visit to Key West. Many of them stand at that point and dream that little dream of someday moving to Key West where they could leave the rat race back home and live in Paradise. A few years ago I wrote a blog about The Residences at Southernmost Point, the new development being built near the point. Now the project is nearing completion. I intentionally mention the multitudes that come to the Southernmost Point because the volume of tourists might lead buyers to assume the tourists hangout there all the time. Not true. The tourists start to disappear before 5:00 PM when the trolley cars and conch trains go back to the barns as they head to their hotels to prepare for sunset and cocktails.

 Only one unit remains: 1325 Whitehead Street which is located at the left rear of the compound of seven newly built single family homes. It has just one abutting neighbor and the neighbor to the rear is the Butterfly Conservancy. Like the other houses, this one has a stunning rooftop view of the Atlantic Ocean. The photos below are of a similar unit.

These homes were built subject Florida's tough construction code and include Hardiboard siding and impact windows and doors. This home has four bedrooms, three baths, cathedral ceilings on second floor, walk-in closets, private pool, and third level rooftop deck. Offered at $1,399,000.

CLICK HERE to view the Key West MLS datasheet then please call me, Gary Thomas, 305-766-2642, to set up a showing of this home. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

713 Eaton Street, Key West - Price Reduced

The asking price on 713 Eaton Street in Old Town Key West was just reduced to $1,300,000. This truly is an historic home based not only on its historic construction also on its renovation by the iconic designer Angelo Donghia who personally resided here at the beginning of the Key West cultural and housing renaissance.   The listing broker describes this home as follow

"The house is a simple one story six room Conch house which was owned and renovated by Angelo Donghia,  I did not see the house before it was renovated, but I have seen so many old homes that I am pretty sure the original house was constructed the same as others which would have included beaver board like panels applied over the original Dade County Pine walls. This material looks similar to a dense cardboard which could be painted. Beaverboard is flexible and can move a bit during a wind storm without cracking like plaster. I believe that Donghia removed the beaverboard to expose the Dade Count Pine walls and ceiling and added a clear coat of polyurethane which gives the current day walls and ceiling a grayish patina. The wood floors have the look of a well worn shoe - comfortable. The last thing one should do is refinish the floors: they are wonderful. They are like the walls, a canvas upon which to create art. In this instance, add a great rug."

 Upon his death in 1985 The New York Times referred to Angelo Donghia as one of America's most influential designers and distinguished two of his personal homes writing "a much-publicized Manhattan town house and a turn-of-the century Victorian house in Key West, Fla. The town house espoused a sophisticated, formal look; the Key West house had a more casual point of view that highlighted renovation and preservation." That home sits today the same way as when he sold it in 1980. It has not been touched. Buyers seeking an historic home may want to consider this property.

The front door opens into the living room and dining area on the right side. This is a big impressive space. Extra large crown molding and baseboards frame this space. The custom milled white trim sets off the windows and door.

This home which first appeared in the 1889 Sanborn Fire Map. At that time a small grocery store was partially located in the right front yard and extended out into where the sidewalk is today. That appendage appeared in each successive map until 1912.

When you enter the kitchen the same wood is employed. But the room is decidedly different. The room is even thous visible from inside the more "formal" living room is less formal by purpose and also by design. There is no crown molding or baseboard. The pine cabinets are the same pine on the walls which are aligned of the same plain. The kitchen shelves dial down the sophistication one more notch. Simplicity of design reflects the intended use of this space - food preparation.  The kitchen door opens out to Peacon Lane, formerly known as Gruntbone Alley where there is a bricked off street parking spot. 

The master bedroom is located at the right front of the house. While I did not see the house as it was being renovated, I am certain Donghia re-built the front wall that now includes closets on either side of a built-in bench  

There are two bedrooms at the rear. The bedroom below is currently used as a den. Both bedrooms have closets. And both have French doors which open out to the pool.

There is an outdoor shower on the west or right side of the house. All bedrooms have access to it as do people using the pool.

One of the real estate agents in my office told me he used to go to parties in the Donghia house back in the day while Donghia still lived there. He talked about the famous (and infamous) people from New York and Key West who attended the parties. He said the house was different then - furnished with designer furniture and art and famous people. The house itself has not changed. In fact, the passage of forty years have given that Donghia design a patina that only comes from age. If you are a fan of Antiques Road Show like I am, you know not to do something stupid by trying to clean or brush away patina. 

Eaton Street at Peacon Lane,  1937

Peacon Lane current
 

 I sat for several minutes on this front porch waiting to go inside for a showing.  Tourists were walking past on their way in both directions looking around at the houses on either side of the street commenting on the architecture and how wonderful it must be to live in such a town as this. I sat back on the cane chair in the cool of the afternoon shade behind the fan palms that made me invisible.

I can see why out of all the old houses for sale forty some years ago Donghia bought 712 Eaton (across the street) and also 713 Eaton Street. He renovated 712 Eaton and sold it to Calvin Klein. He kept 713 Eaton for himself. The simple facade of 713 is the opposite of the octagon house which is way fussy. It's better to look at fussy than to be fussy. People talk about fussy people but they admire the beautiful and unpretentious. That's what 713 Eaton Street is.  And it will stay that way as long as nobody messes with it.

713 Eaton Street is now offered for sale by Preferred Properties Key West at the reduced price of $1,300,000. Please CLICK HERE to view the Key West MLS datasheet. Then call me, Gary Thomas, 305-766-2642, to set up a personal showing. Days and times are limited. I am a buyers agent and a full time Realtor at Preferred Properties Key West.