421 William Street - Old Town - Key West

The listing Realtor, not me, aptly describes 421 William Street as a Grand Dame.  They don't get much more grand nor much larger than this imposing (3392 sq ft) home located near the corner of William and Fleming Street in Old Town Key West. The Realtor more fully describes this new listing thus:

"Luxurious and elegant historic home located on prestigious William Street in the heart of Old Town Key West. Large 4 bedroom, 4.5 bath home, fully renovated with Dade County Pine walls, high ceilings and spacious, open-floor plan family room. Gorgeous chef's kitchen with wood cabinets, granite countertops and stainless steel Viking appliances. Large master bedroom suite with soaring cathedral ceilings and ensuite bathroom. Spacious guest bedrooms and comfortable guest suite with kitchenette and living room with separate entrance for privacy. Off-street parking, nice tropical yard with heated pool. High quality finishes throughout with wide moldings and beautiful wood floors. A Historic Grande Dame For The Discerning Buyer."

The original home was built in 1889.  I found an old photo of this home taken in 1965. The side stairway is not shown in that photo. The listing agent's remarks about the "comfortable guest suite with kitchenette and living room with separate entrance for privacy" explains the appearance of the side stairway. 

When this home was updated the formal entry was maintained but the opening to the front parlor was likely enlarged from a single door or parlor doors to a wider and more permanent opening.  The stairway proceeds on the left hand side of the front entry to the second floor landing. The parlor has Dade County Pine walls, crown moldings and a crystal chandelier that is reminiscent of a more grand style of living two centuries ago.

The formal dining room hearkens back two centuries as well. The parlor, dining room and entry hall are all part of the original house. A substantial addition was built at the rear where the informal living area and kitchen now exist.

All three bedrooms are located on the second floor. The master bedroom with cathedral ceiling and  en-suite bath are located at the rear of the house in the recent two story addition to the home. The master bedroom has a rear balcony that cantilevers over the pool and deck below. The other two bedrooms and baths are in the front part of the original home.

CLICK HERE to view the Key West mls datasheet and to view listing photos. May I suggest that if you are a serious buyer and are looking for a most impressive property that you contact me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. 

2013 Key West "Selling Season" Results

 The 2013 Key West real estate selling season just closed. The selling season runs from Christmas through April of the following year. Most buyers come to Key West during these months to buy their dream homes. Most sales will have closed by now. I realize that there are still some properties that were put under contract that have not yet closed.  This analysis looks at the total closed transactions between January 1, 2013 and May 1, 2013 in the single family sales and compares the results to the same time period in 2010,  2011, and 2012.  I used the Key West Association of Realtors mls database which shows only transaction where Realtors represented one or both parties. Private sales were not included.  I also counted only real estate sales from Key West to Shark Key as I do not consider the areas outside of Key West to be part of our market. 

There were a total of 117 single family homes that sold in the Key West area in the first four months of 2013. The median sales price on the group was $429 per sq ft. Since most buyers that read my blog are looking for a home in the Old Town, Casa Marina, and Meadows areas, I carved out those locations for separate analysis. That core area had a total of 68 sales with an average sales price of $839,000 or $501 per sq ft.

There were 25 single family homes sales that sold in excess of $1,000,000. The median sales price of that group was $1,691,840. The houses sold for an average of $611 per sq ft.  Six of the 25 sales were located in Key Haven, Shark Key, or Sunset Key.  

In 2012 there were a total of 85 sales for all homes in the Key West area with a median sales price of $600,443 or $376 per sq ft.  There were 37 sales in this core area in the same time period. The median sales price in this select group was $829,991 with a sales price of $537 on a per sq ft basis.

During the same time period in 2011 there were 93 single family home sales that sold at the median price of $672,462 with an average price per sq ft of $370.  The core area of Old Town, Casa Marina, and the Meadows areas had 51 single family homes sales in this period with a median price of $757,873 and sold at $423 per sq ft.

I then went back to 2010 to find that there were 92 single family home sales in the January 1 to May 1 time period. The median price then was $598,313 and the average sales price on a per sq ft basis was $376.32. Next I zeroed in the core areas of Old Town, Casa Marina, and the Meadows where I found there were 41 single family home sales at the median price of $806,878 at an average price per sq ft of $482.

The Old Town, Meadows, and Casa Marina "core areas" continue to dominate Key West real estate sales. These are the areas where most first time buyers look to purchase. These are the areas with which these buyers are most familiar as these are typically the areas where they stay in hotels, guest houses, or vacation rentals.  Many, but not all, potential buyers look to purchasing a home in these areas because they hope to do some vacation rentals to help pay some of the home ownership costs.

 I guess it was sometime in March that I realized the real estate market in Key West was "on fire".  There just was not enough inventory of houses to satisfy the demand for houses. Buyers were buying as if there would be no tomorrow.

There were a couple of interesting sales which you may find interesting. 527 Bahama Drive (located one half block east of Duval between Fleming and Southard Streets) finally sold after being on the market as a short sale for a total of 2563 days. It sold at $225,000.  Drive or walk by sometime so you can see what you can get for $225,000 in Key West. While you are out, walk by 707 Southard Street which is a charming little Key West cottage that sold for $948 per sq ft.  It's little sales like these which mess with my mind when trying to explain that per square foot average sales prices really do not matter in Key West. Our market is made up of such diverse properties and differing locations that statistical models really fail to help us compare prices.  

707 Southard Street - $948 per sq ft

If you are still hoping to buy a little cottage, a big house, or something in between, rest assured that there will be new listings. People are always dying, getting divorced, or moving away for a job or for some other reason. We do have a limited supply of houses and condos, however. We have an imposed limit on new construction and a height and density limit imposed by local government. The fact that we are located on an island means we cannot expand to other undeveloped areas because there are none. The other islands are not "Key West". I see these two factors as positives for buyers. There will be more houses for sale in the future and they will probably cost more in the future. That's a positive if you want your present investment to be worth more in the future.

The uncertainty in Washington continues to put a chill on the overall economy in my opinion. We have had a lot of cheap long term money available that has helped make purchasing a second home in Key West an affordable proposition. Let's hope the FED does not change things for a while. We are doing great as it sits right now.

If you are looking to purchase a place in Key West, please contact me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. Let me help you find your place in Paradise.

 

809 Eaton Street - Old Town - Key West

Just Listed by Preferred Properties, that's where I work but this is not my listing, 809 Eaton Street in Old Town Key West.  The original house dates back to circa 1840 when it was built for Henry Lowe. The house was totally restored and expanded in 2005 when it was featured in the Old Island Foundation House Tour.  The house is typical of other Bahamian styled homes of that era located in the immediate neighborhood.

Many of the Key West's founding fathers were expatriates from the Bahamas. They brought with them the architectural style and construction techniques with which they were familiar.  Bahamian styled houses were placed on piers and had wood frames, tall ceilings and large windows with Bahama shutters which permitted wind to circulate through the house for natural cooling. The houses were built with wood clapboard siding.

I dug deep into the old shoebox and found a photo of the roof of 809 Eaton Street (black and white photo immediately below) that was taken in 1914.  I just love the look of Key West back in the day. You can see that the Historic Seaport is only a couple of blocks away. Note all of the smaller buildings which back then were cook houses or privies.  I found another photo of 809 Eaton Street that was taken in 1965 (black and white photo second below). The house would have been about 125 years old when that pic was taken. Forty-eight years later 809 Eaton Street still looks great (color photo below taken February 2013).

 

 
The listing Realtor describes 809 Eaton Street this way:

"Classic 1800's Old Town property which is a combination of the Henry Lowe House and the Samuel Kemp House, built in 1840. This 5 bedroom / 4.5 bath 3 story home with 1 bedroom / 1 bathroom guest cottage has all the amenities you're looking for! This historic home offers a spacious living area with large open kitchen which is great for entertaining. Additional features include large porches throughout, high ceilings, Dade County Pine, hardwood flooring, large covered deck, fantastic pool and jacuzzi and off-street parking. Converted cistern as wine cellar. There is also a 60,000 watt generator so you're never in the dark. On the National Registry of Historic Places."

 This house has 4712 sq ft of living space in the main house and guest cottage. The lot is an irregular rectangle of of 6079 sq ft (approximately 57' x 125'). The main level includes a spacious living room, dining room, family room and extra large kitchen and pantry. The master bedroom with en-suite bath is also located on the main floor at the left rear of the home.  Multiple sets of French doors line the back of the house and open onto a rear loggia that overlooks the pool.

A gracious staircase leads to the second floor where there are two large bedrooms and baths. These bedrooms open onto the wrap-around second floor porch. A smaller staircase leads to the third floor which has a dormitory style bedroom plus a wonderful bath at the rear which as a view looking toward the Gulf of Mexico. You can see the pool, guest cottage, and garden.This is the kind of view that  people who accomplished great things get to enjoy.

The interior finishes and materials are all of the highest quality. While the house is rich in history and the house itself has several formal living spaces, most of the living areas on the inside and outside are quite relaxed. The combined family room and kitchen provide area for family and friends to enjoy this incredible home.

It is the outdoor living area that will probably entice that special buyer to select this home. The covered rear deck overlooks the lengthy pool and spa which is surrounded by bricked walkways and sunning areas. The guest cottage on the west side was built as part of the 2005 restoration and expansion. The cottage has a separate designer kitchen and bath plus bedroom each of which looks out to the pool. (Your guests will never leave.)    

The property has two off street parking spots: one adjacent to the front entrance and a second at the rear.  The whole house generator will provide electricity to keep you comfortable and cozy in the event of power failure elsewhere on the island. CLICK HERE to view a slide show of photos of this incredible Key West property.

CLICK HERE to view the Key West mls datasheet and listing photos of this special Key West home which is offered at $2,850,000. If you area qualified buyer and would like to see this special home, please call me, Gary Thomas 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Key West. This is a home not to be missed.

719 Windsor Lane (The Key West Writer's Compound)

During the past few years I have written about a couple of the lovely homes located in the Key West Writer's Compound. Today I am adding to that list by discussing the the lovely home tucked away at the back of the compound - 719 Windsor Lane Rear. The assortment of restored shacks, shanties, cottages, and houses were once winter homes for writers such as Pulitzer Prize–winning poet Richard Wilbur; "Divine Comedy" translator John Ciardi; John Hersey author of "A Bell for Adano" and "Hiroshima", and Ralph Ellison who wrote #The Invisible Man".  The compound is located on Windsor Lane near the top of Solares Hill, the highest point in Key West. All of the houses in the compound sit behind a large privacy fence. Each house sits on its individually owned lot which is accessed via common area walkways. Also included in the common area is a beautiful pool and stunning gardens.  I don't reckon there is a more beautiful setting in any shared community in all of Key West.

The listing Realtor describes 719 Windsor Lane Rear this way:

"Writer's retreat at Windsor Village, a secluded community of 11 homes reserved for those who enjoy peaceful living and are 55 years of age or older. Wonderfully located atop Solares Hill on a quiet one way street in the heart of Old Town Key West. Featuring three bedrooms and two baths with high end updates. French doors lead you to the light and airy great room with open floor plan. Spectacular new kitchen with beautiful cabinetry, custom lighting and stunning granite countertops and backsplash. Your private patio overlooks the shared pool surrounded by mature gardens and bricked pathways."

This 1268 sq ft home has three bedrooms and two baths. The front bedroom is currently being used as a den or office. That room and the living room (both pictured below) have beautiful French doors that open out to a private terrace that wraps around to the side where the private outdoor dining area is located.

All of the interiors are smartly decorated and crispy clean.  Both the master bedroom with en-suite bath and the second bedroom (with shared bath with third bedroom or den) have built in closets to provide civilized storage.  Everything about this home is tailored to meet the needs of a discriminating owner.

The open living area provides lots of space for gracious living.  The French doors and windows allow the perfect amount of light into the space.

The pool is located nearby. In the many times I have shown homes here I have only seen one person using the pool.  And that is a shame because this pool is so inviting.  Tall trees and lush tropical vegetation surround the cottages and provide a bit of shade on one side of the pool.The opposite side of the pool is bright and sunny. CLICK HERE to view a slide show of photos of this home and the other homes that make up this compound.

If you or your mate is at least 55 years of age and are seeking a carefree place for a permanent Key West residence or a getaway, this property might be just what you have been looking for. It is priced right at just $655,000. CLICK HERE to view the Key West mls datasheet on this home. Please contact me, Gary Thomas, 305-766-2642 to schedule a showing. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

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