Suprising Luxury Home Sales Surge in Key West

I wrote about the house below located at 1026 Von Phister Street in Key West on August 2nd. I know that property very well - I live across the street. I was totally surprised when it went under contract the next day. The moving truck was there this past weekend. Listed for $3,295,000. It closed yesterday for $3,195,000 or 96.96% of asking. It was an arm's length transaction involving two separate brokerages. That sale is among many recent luxury home sales over two million dollars. I wanted to make sense of what is going on. I went to my MLS platform to search recent sales for the locations most in demand by second home and luxury home buyers.

Casa Marina Area

2019 - 4 Single Family Homes

• Average Sales Price $2,325,000
• Average Sales Price Per Sq Ft  $937

2018 - 5 Single Family Home Sale

• Average Sales Price $3,000,000
• Average Sales Price Per Sq  Ft $1,008

Old Town - The Historic District 

(Strict adherence to White Street as eastern boundary and United Street at northern boundary. Includes sales in Truman Annex but not Sunset Key).

2019 - 21 Single Family Homes Sales

• Average Sales Price $2,367,500
• Average Sales Price Per Sq Ft $1,099

2018 - 10 Single Family Home Sales

• Average Sales Price $2,225,000
• Average Sales Price Per Sq Ft $817

I noticed what I thought was a surprising number of single family home sales over $3,000,000. I searched the MLS and compared to 2018 to confirm my suspicion.

2019 - 7 Single Family Home Sales

• Average Sales Price $3,295,000
• Average Sales Price Per Sq Ft $983

2018 - 5 Single Family Home Sales

• Average Sales Price $3,225,000
• Average Sales Price Per Sq Ft $833

Three of the $3,000,000 plus sales were located in Truman Annex and four were located on Fleming Street.

There were two single family homes which sold in excess of $5,000,000 in 2019. There was only one sale in excess of $5 million during the same time period in 2018 and it was located on Sunset Key which is not a part of my consideration.

908 Fleming Street sold for $5,000,000 or $1,953 Per Sq Ft. This was no ordinary 2560 Sq Ft home. It was an extraordinary home plus cottage, zen cottage, dining pavilion overlooking lake-like pool sitting on a 10,681 Sq Ft lot in the heart of Old Town.

101 Admirals Lane was located in Truman Annex. It was built new in 1994. It was 3,173 Sq Ft main house plus master bedroom cottage, pool and grounds totaling 14,183 Sq Ft.  It sold at $5,870,000 or $1,850 Per Sq Ft.


Unlike the talking heads on television that know everything, I am trying to make sense of what is really going on in our local market. A couple of years ago I sold a big house to a former attorney-created a lot of money by selling an internet company he created. He felt Trump was too unpredictable and might cause the stock market to crash. He took some cash out of stocks to spread his risk into real estate. This risk aversion may be the explanation for what we are seeing in the Key West real estate market. There were many more multi-million dollar sales that I did not count because they are located outside Old Town and Casa Marina. I was surprised to see how many of those there have been as well.
  

1416 Catherine Street, Key West - Catherine The Great!

Just Listed, but not by me, 1416 Catherine Street, Key West, Florida. The listing Realtor describes the property this way:

"Spectacular historic home located on the edge of Old Town! Built in the early 1900's, this impressive 4 bedroom 2 bath gem checks all of the boxes. From the moment you enter you will see the historic detail and character that together with the abundant square footage makes this a truly remarkable place. Filled with coveted dade county pine, the spacious interior is designed to take advantage of Key West living. Bright and open, the living room, dining room and updated kitchen open to the zen-like oasis with sparkling heated saltwater pool. Multiple outdoor areas set up for entertaining including outdoor dining, built-in seating, covered conversation space, as well as lounge area to soak up the sun. As a bonus, the outdoor space also includes an outdoor shower shaded in a canopy of blooming jasmine and a detached garden shed. Inside on the lower level you will also find 2 bedrooms, a separate office space, laundry, full bath, and a large walk-in pantry. Upstairs there are 2 bedrooms, including the master suite with private deck overlooking the stunning back yard haven and pool area. Too many to list other amenities include huge front porch to enjoy the passersby, large side yards for bike/scooters etc., plenty of space for guests/entertaining, lots of storage for all your gear, fully fenced and beautifully landscaped yard with irrigation, updated kitchen with stainless appliances, a great location, and to top it all off this beauty includes off-street parking. There is nothing missing! This is the one, call today for your showing."

The listing Realtor invited me to take a look at this property so that I could write about it in my blog. I sold three nearby houses in recent years and feel very comfortable with this neighborhood. The former home of Tennessee Williams is located one block to the east. Bayview Park is one block north. From the street this house appeared to be a simple one story Key West vernacular. Boy was I surprised.

The front porch sets the tone for this place. The porch is wide and fairly deep. A new but old fashioned looking hanging swing with beverage rack provides a nice shady spot to sit on an early Spring day. Once inside I was taken by abundant Dade County Pine located nearly everywhere except the kitchen.

The front door was opened when I arrived. At first I saw the abundant Dade Counpt Pine walls, ceiling and floor. My eyes were immediately drawn through the house to the bright newly installed kitchen and beyond that to the rear garden. I am used to seeing a lot of wood in our historic homes. In this instance the view was interrupted about midway through the house where the about one-half the ceiling was vaulted to provide stairway access to the second level which in previous times was an attic. During the renovation new wind impact resistant window and doors were added at the rear. I had to step outside to see what was there. .

I stood by the post for a good ten to fifteen minutes taking in everything the owners had done. I could see all of the thoughtful planning that went into creating these spaces. A backyard like this does not just happen. The component parts include a new deck a part of which includes a second level porch off the master bedroom overlooking the pool and garden. The new pool includes a water feature and sitting area inside the pool. A new shower was tucked in under the eaves of the old shed. There is shaded sitting area under the porch and an alternate sitting area under the  Royal Poinciana tree on the west side. That area also has a fire pit for taking the chill off on those few nights the temperature dips a bit. There is whimsy everywhere.

There are two bedrooms on the main floor located off the living room. A home office and bath are also located on this side. The laundry room is located just off the bathroom. I stood in the bedroom with the two twin beds and marveled at the whimsy of this space. Unlike houses renovated by flippers, this house uses color and whimsy to make the place come alive.

There is a third bedroom at the front of the second floor. The bath on this floor is shared by the guest bedroom and master bedroom which is located at the rear.

Can you imagine sleeping with the doors open in February and March hearing the waterfall from the pool below?  You could here. In a couple of months the Royal Poinciana tree will have a million red or orange flowers on it.  What a glorious site that must be. The flowers will last a couple of months and the tree will go mostly green and shade the area more than it is now. The cycle of sun and shade will repeat itself year after year.  I did not see the house at night but the photographer did. Enjoy a peek of how this home looks at night.

CLICK HERE to view more photos of this adorable home. You should also CLICK HERE to view the Key West MLS datasheet on 1416 Catherine Street. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.  The logo below is an artistic fantasy of Tennessee Williams' house located around the corner. This is a great little Key West neighborhood. You should check it out. You'll understand why I called it Catherine The Great!