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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Misconception - Key West Real Estate

As I get older the more I thought I knew becomes blurred. Partly because my memory isn't what it used to be (true), and because things that I grew up believing are true no more. I really did believe in the Tooth Fairy. I really believed in Santa Clause despite the protestations of my big brother otherwise. When Officer Goody came to my grade school and told my classmates about safety, I believed all policemen were good. I believed, for example, that my government would never lie to me. Life taught me that sometimes others say things that are not true: some say things that are not true with good intentions; some make untrue statements because they know not better; some say falsehoods because it suits their needs. The mind is a fertile place to plant a seed of misconception.

The talking heads on TV, the people that write the gibberish we see on our Internet service provider email home page, the blog writers that pontificate TAO of anything, all say things that are not true, sometimes. They plant the seed of misconceived truth in our minds and we let it grow and sometimes turn it into a truism that governs how we look at the world.

I never got mad at my parents for deceiving me about the Tooth Fairy. I still recall the excitement of going to bed at night waiting with expectation that the Tooth Fairy would come and take my old tooth and leave me a dime. Maybe I would wake up and see Her. What a present!

Besides telling me there was no Santa Claus, my big brother told me I was adopted. If one were true, the other must be true as well. I thought. I idolized my big brother. Why would someone I trusted so much tell me something that was not true? I questioned. This is not an insignificant matter for a child or an adult.

It seems like every TV channel has some guru that spouts politics, sports, lifestyle, or news 'information'. We listen. We believe what they say is true because they are on TV.

The big newspapers are now online and many of the great and not so great writers have blogs where they discuss issues of the day in more depth. News and Opinion get blurred. What someone writes in the New York Times or The Wall Street Journal must be true, mustn't it?

I recently learned that school text book authors pen educational texts based on the preferences of local school boards. I guess science and history aren't viewed the same these days as they were when I was a kid. Classics like Huckleberry Finn get revised with the hurtful word 'nigger' removed. Revising the words revised the intent of those words and that changes the context of the book. Maybe it makes the old south and the way white people treated black people not seem so bad. Maybe there are two sides to everything. Or maybe not.

I worked for the Resolution Trust Corporation from 1990 to December 22, 1993 when I moved to Key West. The RTC was the short lived government agency that cleaned up the savings and loan debacle of the first George Bush administration. Every month, quarter end, and year end we would all scramble to put together numbers to show how productive we had been. Government agencies (even like the RTC that had its sunset destiny determined when it was created) have to justify their existence. Statistics theoretically prove progress so part of our ongoing job was to create statistics. I worked with some really smart (I mean really! smart people) and I loved my job. I worked with some incredibly incompetent fools as well. Many of those fools were 'lifers' at the FDIC that were on loan to RTC. They brought their governmental largess with them. They relied on rules and procedures and resisted flexibility and speed. The smart guys won and the statistical accomplishments were noted. Since I was a part of the information gathering, I can say that I doubt if all the information that was disseminated was totally accurate. Later, others would use those statistics to make a political point about what had (or had not occurred). Seeds of misconception were planted. I am sure the last George Bush administration and the current Obama administration required or requires government employees to create statistical data to support whatever it is that the administration wants to prove.

Today we watch TV or read news items or blogs that discuss the housing market or real estate. Some stories on TV or in the press or blogosphere focus on specific locations like Las Vegas, Sacramento, Detroit, or Miami. Other times talking heads on TV and writers of all ilk write about the housing market as a whole. They regurgitate the government generated statistics about sales or new construction starts as an indication of a national trend. People who listen or read may conceive that what they hear or read is also what is happening nationally and where they live or maybe where they may want to buy a place, like Key West.

A state official recently spoke to the Key West Association of Realtors and mentioned the 'shadow' inventory of un-foreclosed mortgages the banks are withholding. I watch TV and I read that dribble. At least one elected official bought into it. Maybe there are two or three or maybe hundreds or even thousands of elected officials believe it. Perhaps millions of normal everyday people believe it. Where is the source of this information and how reliable is that source? And if the statement that banks are withholding filing massive numbers of new foreclosures is true, are those foreclosures spread out across the country or are there specific areas that may be more forcefully impacted by lots of new bank owned properties? The mind can conger up all kinds of scenarios about what could happen.

I have written several blogs that discuss the local Key West sales statistics and the number of new bank foreclosure filings that start the process of taking a house away from its owner. Sometimes the foreclosure process takes just a few months. Sometimes it can take a few years depending on whether the owner hires an attorney and files an answer denying the mortgage is in default. A foreclosure action filed in August 2011 may not be resolved until 2013 or later. Or it could be over with in early 2012. The legal system takes its time to adjudicate each and every foreclosure. That means we will continue to see new bank owned properties hit the Key West mls for several years. Again, it does not mean we are experiencing a continuing calamity. Instead, it is a logical end to a process that was started either months or even years earlier. Don't let your misconception of the process control your understanding of present day reality.

The same is true for short sale listings. Even though the Key West real estate market has begun a recovery, there are individuals who can't take the pressure any more and have decided it is time to sell. Many good houses are now available at greatly reduced prices from the mid 2000's. Some short sales get concluded within a matter of a few months. Some banks are getting very proficient in getting problem loans off their books. Other short sales drag out for months on end. Often the failure to get a short sale approved is a function of a seller or short sale negotiator that does not provide timely or correct information to a lender. Furthermore, there are now loan sharks that bought second mortgages at huge discounts that are demanding sometimes outrageous amounts to approve short sales on mortgages they would never foreclose. Their aim is to create havoc to get what they want. They often achieve their goal and drive up the price of a short sale just enough to piss off everybody. The short sale as a process will be around for quite a while despite a recovering market. It does not mean the market is deteriorating; it reflects the reality of dealing with properties not being worth as much in the present day as when they were purchased.

I think most of us have our share of misconceptions about a lot of things in life. Sometimes people tell us things in the media that may be true or partially true or false. We may believe what we read or hear based on the source of the information. If we can't have universal facts about science or history in the text books or revisionist literature that teach our children, how can we avoid developing misconceptions about 'facts' that get disseminated via the media and the Internet? My only suggestion is to have an open mind and question what you hear and read.

Bank Owned Unit - Key West by the Sea

The asking price on this 1221 sq ft three bedroom two bath bank owned condominium unit at Key West by the Sea just got a lot better, just $264,300. The listing agent describes the unit like this:

"BANK-OWNED! Spacious ground floor three bedrooms,two bath unit with private patio ready for your personal touch. The unit is completely tiled. View from living room opens to lawn and pool. Key west By The Sea is located on 8 acres, across from Smathers Beach, with two large swimming pools, one heated, two tennis courts and club house. Just minutes to airport and Duval St."

Southernmost Pool at Key West by the Sea

As foreclosed units go, this falls into the mid-range. It needs some cleaning and a fresh paint job. But other than that, it looks ready to move into. A new owner might want to update the kitchen and replace the tiled floor and maybe landscape the private patio. But neither is necessary.

Patio faces the pool which is about 100 feet away

One of many Orchids on a trellis near the big north pool

Units at Key West by the Sea come in various sizes and different locations. This is a ground floor unit at the far north end of the complex. It has south facing views from the living room and two of the three bedrooms. The back (or entry side) is located just off the parking lot. The assigned parking space is just a few feet from the door. You won't get a sunburn in the hot sun or soaked in a rainstorm walking the few feet from your car to your home. And the largest of the two huge pools is located perhaps 100 feet further to the south. If you have a little dog, the location is perfect for you and your pet. You can get your tanning and other business done without having to use the stairs or elevator.

This is the pool closest to the unit

Parking just steps from your door

Key West by the Sea is meticulously maintained. There is an on site manager. There are beautiful walkways between the buildings, the pools and other common areas. I spotted hanging orchids all over the place. There is plenty of security as well. All entries are gated and locked. Oh, and the Atlantic Ocean is across the street. World famous Smather's Beach is across the street.

CLICK HERE to view a slide show of photos I recently took of this unit. And you can CLICK HERE to view the Key West mls database on this unit.

Monthly fees are $457.48 and include building insurance, building exterior maintenance, common area maintenance, pool maintenance, security, exterminating, and cable tv.

If you would like to see this unit or any other property in Key West, 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.

319 Grinnell Street - Bank Owned - Key West

319 Grinnell Street - Old Town - Key West - Bank Owned

Just listed, but not by me, 319 Grinnell Street near the Historic Key West Seaport. This house is Bank Owned. I expect multiple offers on this very interesting property because of its low offering price of just $299,500, and the fact that it has three key features most second home buyers want in a Key West house: (1) style, (2) pool, and off street parking. The listing Realtor describes this house this way:

"Fantastic Location In Key West! Walk To The Water, Water Activities, Shops, And Entertainment. Boasting 944 Sq Ft This Two Bedroom Two Bathroom Single Family Home Sits On A 3220 Sq Ft Lot. Quaint And Cozy. This Fannie Mae Property Is Approved For A Homepath Renovation Mortgage. Owner Occupants Close By October 31 2011 And Request Up To 3.5% In Seller Paid Closing Costs. Restrictions Apply."

319 Grinnell Street in Old Town Key West as it appeared in 1965

319 Grinnell Street in September 2011

The Monroe County Property Appraiser's property card on this house says it was built in 1924 and that it has 944 sq ft of living space. I question both the year of construction and size. This house has design and structural elements that suggest it is much older, probably in the late 1880s. It is located a little over a block away from the seaport near other houses built in the 1880s which have similar features. I did the math and checked the square footage using the Appraiser's house map and found the square footage was actually 1594 sq ft vs the 944 sq ft shown on the property card. If my 'math' on the square footage is correct, the asking price on a sq ft basis would be $187 per sq ft instead of $317. The lot is 40'x80.5' or 3220 sq ft. I mention the size not to question the listing Realtor's data because it is automatically extracted from the Property Appraiser's database. Instead, I use the size to alert Readers that this house is bigger than the data suggests and warrants serious consideration. CLICK HERE to compare the architectural elements and construction date of a very similar house also just listed and located only a couple of blocks to the west at 311 William Street . It was constructed in 1852. (The dormers on 311 William Street are not original to the house. And 311 William Street has been meticulously renovated to the highest of standards. Otherwise, the similarities between the two houses are remarkable.)


Here's the bad news. This house has been screwed around with by some past owner that carved the house into three living units. The main floor has a very interesting Victoriana front room with a kitchen located at the end. The front room and the adjacent bedroom have Dade County Pine walls, ceiling, and floor. A bathroom is tucked off to the side. It has a glass block walled shower and disassociated hippie 'style' elements. Someone created a passage way by removing drywall to enter into a second living space at the rear. This space is one big living area more typical of a studio apartment. It has a large newer kitchen and an open living area with lots of windows and doors that look out to the pool at the rear. Oh, it has a functional toilet that sits in the corner, but there is no sink or shower. Nor is there any walls or partition to provide any privacy. A third living space is accessed from a side doorway located on the north side of the house. The stairway is narrow and steep and probably not constructed to code. It looks like this space was another studio apartment with a mini-kitchen, bath, and bedroom. Two scuttles on either side of the bedroom date this space to pre-1924 vintage construction in my opinion.

I mentioned that this house has a pool. It does. The pool has 'hippie roots' if ever I saw one. It sits out of the ground a bit. I doubt that a building permit was pulled on the pool when it was built. In fact I doubt any permits were pulled when any of the 'renovations' were done to this house when it was carved into three living units. Because of this I suspect much if not all of the electric and plumbing will need to be replaced to bring this house to code. There is no air conditioning. I can tell you I was sweating when I took photos you can see if you CLICK HERE.

The hippie pool

If you think I am suggesting that potential buyers avoid this house the answer is I am not. I think this is a great project house. It needs new windows and doors. The old roof looks great but a new roof would mean lower windstorm insurance rates. The clapboard siding looks pretty solid but needs some repairs. The windows need replaced. And the HVAC needs checked out. I suspect all will need replaced. The front could be dolled up by replacing the odd concrete front porch and adding shutters. A white picket fence and editing the overgrown foliage would sharpen the look of this place. The back yard could be wonderful. I would eliminate the pool and put a new one in but that is a matter of choice. There is an old out building that could become the new laundry room or maybe a pool house bar. There is an old fish pond that looks intriguing as do some huge tropical plants. This space could become something very special. Oh, there is off street parking on the side.

If you are interested in buying a place like this, please consider working with 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 Reatly, Inc. in Key West. Don't dilly dally on this because you will lose out. Don't make a mistake and try to get this place on the cheap. I expect the house will sell quickly and above the asking price.

213 Truman Avenue #C- Old Town - Key West

Entry to 213 Truman Avenue #C

213 Truman Avenue #C is Bank Owned

The very cute little house at 213 Truman Avenue #C sits to the rear of the white picket fence in a compound of four Key West houses that share a simple gated pathway. 213 Truman Avenue #C was built new in 2007. Now it is Bank Owned and looking for new owners. The listing Realtor describes this little charmer like this:

"Brand new in 2007. The home is in great condition. Two bdrms and two full baths up. 1/2 bath down with open kitchen/living area opening to a wonderful large private deck. Wood floors through out. Central a/c. This home is located in a compound of 4 single family. REO property. Offers responded to within 24 to 48 hours homes."

The house sits at the rear of a four unit compound. This property is the largest of the four units, and it is the only two bedroom unit. Each house is owned in fee simple (owner owns the house and land upon which the house is located. They share only a common walkway.) The three other units are one bedroom homes with approximately 580 sq ft of living space in each unit. The houses are basically arranged two up front and two to the rear. This property sits at the left rear. The neighbor to the rear is the Hutchinson Lane Compound, a compound of four Old Key West houses that share a combined common area. CLICK HERE to view the Key West mls datasheet for this property.

213 Truman #C has 1083 sq ft of living space. The living space on the main floor is very open. There are windows on either side and French doors at the rear which gives the living space an open feeling. The two bedrooms are located on the second floor. The front bedroom has an en-suite bath and large walk-in closet. The second bedroom is located at the rear. It has a separate full bath. Both bedrooms have dramatic vaulted ceilings as you can see if you CLICK HERE and to view a small slideshow of this property. There are nice views from the windows on the second floor.

The rear deck is large and spacious. The neighbors to the rear are further removed from the property than the photo below shows. This is a nice sized outdoor private space with plenty of room and lots of sunshine. Having outdoor space is one of the main reasons people buy a place in Key West. Imagine what you could do with this space.


213 Truman #C is offered for sale at just $340,000. That is just $314 per sq ft for new construction-not remodeled. If this house were located on the east side of Duval Street it would be priced much higher. You know that and I know that. If you are looking for a bargain in a Bank Owned property, this may be the place you have been looking for. Please call me, Gary Thomas, 305-766-2642 to schedule a showing of this great property. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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Key West Golf Course - Bank Owned - Great Price

Newly listed, but not by me, Key West Golf Club two bedroom town home with a great view. This 780 sq ft town home is bank owned and priced to sell at $199,900 or $256 per sq ft. That is the lowest price per sq ft on a non-short sale property.


Downstairs you will find the small but efficient kitchen and open living and dining area that flows out to the deck which has great golf course views. Upstairs there are two bedrooms with vaulted ceilings that share a bath. This house has storm shutters for all windows and doors. There is a big side yard on the west side of the house. Both the side yard and back yard have a sprinkler system.


This place needs a fresh paint job and the stairway and bedroom carpet replaced. Other than that, the place looks pretty much ready to move into.

If you are looking for an affordable starter home in Key West, you might just want to take a look at this property with me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

173 Golf Club Drive - Bank Owned - Key West

173 Golf Club Drive - Bank Owned - Key West

The cute little 806 sq ft two bedroom townhome at 173 Golf Club Drive at the Key West Golf Club is back on the market, but it will probably not be there for long. The listing broker describes the property this Bank Owned way:

"This 2 bedroom / 1.5 bath townhome is located towards the end of Golf Club Drive closest to the Club House. Home has newer laminate floors in the bedrooms and staircase with tile in the main living area. Property has a front porch and back porches with an upper balcony that overlooks the front yard. This listing is move in ready and priced right."

The first floor space combines the kitchen, dining, and living areas. A half bath is located on this level. A large rear deck overlooks the small backyard. This is a good space for someone who does not want a yard to maintain. Upstairs there are two good sized bedrooms, both of which have vaulted ceilings. They share a single bath. There is a very nice second floor balcony off the master bedroom at the front. It has views of the fairway across the street. This unit is the second to last unit before entering The Sanctuary. That means you will not be hearing traffic all day long.

View from the front porch with partial view of fairway across the street

Master bedroom has vaulted ceiling and a balcony

I sold twelve units at the golf course in the past two years. I've seen some really nice properties and some that needed a lot of work. This unit looks pretty good to me with the exception that the exterior trim around the windows will need to be replaced and there is some minor drywall repair that needs completed. Otherwise, this is a nice little property that is priced to sell at just $192,299 or $23954 per sq ft. CLICK HERE to view the Key West mls datasheet on this unit.

I took photos of this unit yesterday. You may view a slide show if you CLICK HERE. I did note features on the photos that need attention. But you can see for yourself how darned cute this place could be if decorated. The unit won't work for you if you need a grand golf course view because the view from the back is only of trees. But that view probably is the reason this unit is priced so low in comparison to other units at the golf course.

If you are interested in seeing 173 Golf Club Drive or any other unit at the golf course, please call 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. Be 'fore' warned, this unit will go quickly.