6800 Maloney Ave #56, Key West - Price Reduced

The asking price on 6800 Maloney Avenue #56 in Key West has been reduced to $375,000. I wrote about the property when it was first listed. I liked it so much I thought about buying it myself. Seriously!  That same day a different brokerage listed two boat slips located in the nearby Oceanside Marina. Boat slip measures 40' X 14' and is offered at $262,000. The second boat slip measures 80' X 25' and is offered at $325,000. When I saw that I knew what I originally wrote about the value of 6800 Maloney was absolutely on point. Today's blog is an update on price.  A few days ago a different realtor listed a 60' X 25' boat slip at Safe Harbour Marina is offered at $360,000. They are offering water. This listing is offering a home and a water view of the same body of water.

A lot of people dream about buying a little place in the Florida Keys where they can get away from it all. Most of these dreamers don't mind if the place isn't "perfect". In fact, many prefer that it is not. That way they can fix what needs to be fixed and create their version of the perfect getaway cottage. Many of these dreamers really want a place on the water with a nice view - a place they can catch a few fish or play around on jet skis or take the boat out on open water. And the impossible dreamers hope to find such a place in or near Key West which can be purchased for not a lot of money. 

6800 Maloney Avenue #56 is located in the Harbor Shores Condominiums about 300 feet or so from the new Oceans Edge Key West Hotel and Marina. That hotel has become an instant "hit" because of its waterfront location, multiple pools, and proximity to Duval Street four miles down US1.  This is a manufactured home which sits on a fee simple lot (just like a stick built home up in Peoria or Pittsburgh). Here the property owner owns the house and the land but is also a member of a land based condominium association which owns the common streets and amenities including the boat docks.

The lot is an irregular shaped rectangle measuring 35 feet wide by about 100 feet long or 2753 square feet (which accounts for the irregular shape). There is a concrete seawall which extends about fifteen feet from the home. The water is pretty shallow in this location. An owner might be able to use a flat boat here and certainly could use personal watercraft.  Deep water access is available via the channel on the opposite side of this small bay.

Each of the homes in Harbor Shores is different. Some are trailers, some are modular homes, and there are several newly built stilt homes. This particular Palm Harbor home is a two bedroom two bath with 888 square feet of living space plus screened porch overlooking the water. There is an adjacent storage building also included.

The floors are primarily wall to wall carpet plus tile in the kitchen and baths. The kitchen cabinets are in good shape as are the bathrooms. The place is painted white and needs to be re-painted. A new owner might replace the windows and doors with impact glass which would reduce wind insurance and make it a snap for a seasonal owner to lock and leave. The listing agent told me she thinks a new owner could spend $20,000 and turn this place into something really charming.

CLICK HERE to view more photos of this home and the Harbor Shores development. This home has a parking space at front. Guest parking is located across the street. There is abundant boat dock age about fifty feet to the north. A fortunate few owners (like #56) are located directly on the water.  A couple of owners have replaced older homes with new stilt homes. I added a photo so that readers can see the kind of replacement property could be added to this site.

I found an aerial photo of the area as it appeared in 2012. The marina still exists but the old covered boat storage was taken down and new hotel and pools were built. Harbor Shores is located just above the once-standing Oceanside Marina boat barn. I think this photo demonstrates the lure of this location. In the past couple of years about half a billion dollars has been spent on several new developments on Stock Island. Locals and returning visitors know that Hog Fish restaurant and Roostica are located nearby. More restaurants are being added.

Duval Street is located four miles to the west. There is always something to do there. That's why I feel buyers who dream of having a little place in the Keys will find this place so appealing.CLICK HERE to view the Key West MLS datasheet for 6800 Maloney Avenue #56 then call me, Gary Thomas, 305-766-2642, to set up a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West (listing broker for this property). Remember to click the photo link above as well.

2016 That Was the Year That Was in Key West Real Estate

Each year I like to look back to see what was sold and select what I think were the outstanding sales for our little island paradise. Most of my customers are buyers.  Most of my buyers are folks from up north in America who are seeking either a getaway place or a potential retirement home. As a result I have been inside a lot of the houses that were sold in the past year and have a pretty good sense of what constitutes a good price, a good location, or just a really good all around value.

I wrote about 1435 Flagler Avenue a few months back. This home was typical of many places in Key West that had been occupied by locals for multiple years. The home needed updated and had some issues but overall it was a solid home in quality area.  It had once beautiful yard and pool that will be brought back.  I liked this place a lot. 

9 Gerome Avenue sold for $465,000. It is located on a walking lane near the Chevron gas station on Truman Avenue. It was a mix of an historic house that had been updated years ago but was also a place that would benefit from a new update. If this house had been located on an easier location to get to and if it had parking, it would have sold closer to a million dollars. And for the buyer who wants to be away from everything, the added value just may be the isolation.

I showed 1116 Varela Street on many occasions and had even more phone and email conversations with potential buyers. While the house pictured above may not look like much, the value with this property was the enormous lot not visible from the street nor the ability to add a pool and re-build an existing out building at the rear. This place sold for $475,000.

1518 Rose Street is a mid-century three bedroom, two bath home with a pool located in the mid-town area of Key West. It needed some updating but it was a solidly built home with a large pool and nice private yard. Buyers looking for homes now will probably have to pay more money to get something not as large or as nice and probably not get a pool.

1717 South Street presented a big challenge to the bank that owned this very large and once magnificent house. The 1900 sq ft home also had a guest cottage, pool, and sat on an 8531 sq ft lot. The place sat vacant and not maintained for several years. There was both water intrusion and termite damage that scared a lot of potential buyers. The people I showed the house to were overwhelmed by the amount of work that was required to fix up the place or the prospect of tearing down and building a new house on a glorious lot. I would have gone of the tear down and rebuild route myself. This place sold at $460,000.  Big Bargain despite the cost to renovate or rebuild. The lot by itself was worth more than the sales price.

1107 Southard Street is located amid some of the nicest and most expensive homes in Old Town. The place as a family homestead for generations. The place will require extensive repairs and renovation but will be worth perhaps 150% more than the price paid to purchase this fixer - $492,000.

237 Golf Club Drive was my listing and sold in just two weeks on the market for $744,000. The house had been thoroughly updated and offered more interior and protected outdoor living space than any other house when listed and sat a much larger lot than any other home in the Sanctuary.  I have sold dozens of homes at the Key West Golf Club and consider the community to be one of the very best values in Key West.

The picture perfect cottage at 628 Frances Street sold at a huge discount to asking price - just $675,000. I wrote about the place in my blog a couple of times and showed it several.times. When the sold price got published, potential buyers told me they would have paid that amount. They just did not expect the seller would be willing to sell that low. This is a lesson a lot of people learn in Key West. Sellers and their agents should list houses at realistic asking prices and buyers should not be afraid to make offers at price points they believe more reflective or real market value irrespective of the asking price. 

The mid-century modern at 1611 Seminary Street received a clever renovation that totally transformed the old house into functional 21st century home with open living spaces. This home sold for $865,000. 

25 Sea Lore Lane was another bank owned property that lingered on the market for quite awhile. The 3,023 sq ft house sat on a 14,688 sq ft lot with great open water views. The house was built in 1994 but seemed a bit dated as the kitchen and bathrooms were typical of construction materials used then which is three decades ago.  This place sold for just $940,000. This was a bargain!

I have sold a couple of homes in the Key West Writer's Compound over the years including the former home of John Hersey. This year a two story cottage at 715 Windsor Lane Rear came onto the market and went under contract within days of being listed. It sold for $900,000 and was worth more. It was adorable. None of these homes have off street parking which pose a challenge for a lot of potential buyers who fear separation anxiety over not being able so know there car is outside the window like a puppy. And some people don't like the idea of sharing a pool. This is about the best walking location and one of the quietest places in Old Town. 

915 Washington Street is an adorable little cottage located on one of the best blocks in the Casa Marina Area. It sold at $1,095,000 in one day on the market. I wrote about it in my blog and sent emails to various potential buyers and talked to a couple of buyers on the phone. I understand when people located a thousand miles away may reticent about committing to spending $500,000 or a million dollars for a house on a sight un-seen basis.  However, I have sold houses for more than that where the buyers did not see the house until inspection. This is one house where a buyer could tell from the photos and good old GOOGLE MAPS what a great location this house enjoyed.

527 Margaret Street appeared in my blog a couple of times over the past few years including when the original beat down house still existed.  The old house was taken down to the front frame and totally rebuilt and then stylishly outfitted by a noted interior decorator. The new "old" house sold in a flash for $1,460,000.

1104 South Street also appeared in my blog a couple of times. This is another magical Casa Marina Area home. Local architect Matthew Stratton transformed the prior master bedroom into the new living room and re-purposed a legal apartment over the double garage into the new master quite. This stunning home sold for $1,800,000.

744 Windsor Lane was purchased by my buyer for $3,675,000. This was the highest priced home sold in Old Town this year. This is the fifth home this buyer has purchased from me. As of today there are 34 homes for sale in Key West offered at $1,800,000 or higher. And there are many priced under the $1.8 price point. I am a buyers agent and I would love to work assist anyone reading my blog in finding their perfect place in Paradise.

How to Win a Negotiation without Going Postal

I remember the time I had a few minutes to spare between showing appointments. I asked my buyer if he would like a cup of coffee. He said yes. So I drove over to Sandy's Cafe at the corner of White at Virginia Streets in Key West. I had been at Sandy's at about the same time the day before. The guy behind the counter who waited on me then was helping another customer. A new guy behind the counter asked me what I wanted.

I said "One small cafe con leche with two sugars and a decaf." He asked "Sugar?" and I said sugar in the con leche but not the decaf. He walks to the coffee machines and starts the laborious process of freshly brewing coffee just for me. He bangs the machine, cleans something, adds coffee, turns on the machine, grabs the machine and fiercely jerks it. He removes the small coffee brewer and pours hot coffee into a small white Styrofoam cup. He then added the milk and sugar and then put on a ilid. He placed the cup in front of me. He looked at me whereupon I asked where the decaf was. He said "We only have decaf for con leche decaf." I replied I did not want the decaf con leche, only the decaf. He removed the coffee can from the shelf over the coffee machines as if to prove to me that he did indeed have decaf coffee. But then he said they do not sell decaf coffee, only decaf con leche.

Since I ordered exactly the same thing the day before with no trouble at all, I was perplexed by my inability to get it a day later. I did not lose my cool. Instead, I remembered how Jack Nicholson dealt with a similar situation many years ago in the movie Five Easy Pieces.  Jack Nicholson's character (Dupea) was in a diner and tried to order plain wheat toast which wass not on the menu but which could easily be made.

Dupea:  I'd like a plain omelet, no potatoes, tomatoes instead, a cup of coffee, and wheat toast.

Waitress:  No substitutions.

Dupea:  What do you mean? You don't have any tomatoes?

Waitress:  Only what's on the menu. You can have a number two - a plain omelette. It comes with cottage fries and rolls.

Dupea:  Yeah, I know what it comes with. But it's not what I want.

Waitress:  Well, I'll come back when you make up your mind.

Dupea:  Wait a minute. I have made up my mind. I'd like a plain omelet, no potatoes on the plate, a cup of coffee, and a side order of wheat toast.

Waitress:  I'm sorry, we don't have any side orders of toast...an English muffin or a coffee roll.

Dupea:  What do you mean you don't make side orders of toast? You make sandwiches, don't you?

Waitress:  Would you like to talk to the manager?

Dupea:  ...You've got bread and a toaster of some kind?

Waitress:  I don't make the rules.

Dupea:  OK, I'll make it as easy for you as I can. I'd like an omelet, plain, and a chicken salad sandwich on wheat toast, no mayonnaise, no butter, no lettuce. And a cup of coffee.

Waitress:  A number two, chicken sal san, hold the butter, the lettuce and the mayonnaise. And a cup of coffee. Anything else?

Dupea:  Yeah. Now all you have to do is hold the chicken, bring me the toast, give me a check for the chicken salad sandwich, and you haven't broken any rules.

Waitress:  You want me to hold the chicken, huh?

Dupea:  I want you to hold it between your knees.

Waitress:  Do you see that sign, sir? Yes, you'll all have to leave. I'm not taking any more of your smartness and sarcasm.

Dupea:  You see this sign? [He sweeps all the water glasses and menus off the table]

I got the decaf without the con leche.  And I didn't have to postal.

812 Windsor Lane, Key West - Now a Short Sale Buying Opportunity

Loyal Readers may recognize this beautiful home located at 812 Windsor Lane in Key West as having been featured in my little blog a couple of times during the past couple of years. The house did not sell and is now offered as a short sale. 

The simple home at 812 Windsor Lane in Key West did not always look so neat and proper.  I remember driving past that house several years ago on repeated occasions when someone would ask "How much is that house?"  I would always respond "It's not for sale" to which they would reply something like "We'll I want to buy it when it is for sale." The house looked pretty rundown back then. The front yard was over-grown. The place looked like it had been abandoned. But then in 2008 the family who had owned this house since it was first built undertook the renovation of the original house and construction of a new cottage at the rear plus the addition of a pool.

812 Windsor Lane, Key West - 1965

 Today the property is available for the very first time to the buying public at the short sale asking price of $1,350,000.  The listing Realtor describes the property thus:

"Front of main house built in 1883. Rear cottage built and entire property beautifully renovated in 2005/6. Both buildings are 2Bed/2Full Bath with connecting covered breezeway. Kit, DR and LR in main house. 442 sq.ft unfinished attic space; clean, dry and open in main house is not part of the 1892 sq.ft. Finished Living Area. Pool, brick patio, lush tropical trees and bricked off-street parking. Interior is Dade County and knotty pine. Exterior is 85% hardyboard. Same family in property since 1912. Fully and nicely furnished. Heart of Old Town. This is a potential Short Sale subject to lender approval."

The front porch is just for show these days. The formal entry to the main house is located just beyond the fence at the end of the driveway.  You enter into the great room in the new rear addition to the historic house.  The living area is at the back of this house.  It has French doors that open out to the covered rear deck and which overlook the pool with waterfall.  The two front rooms are used as bedrooms. Both bedrooms have large bathrooms. The master bedroom has access to the old front porch which as a view of the Key West cemetery across the street. The Royal Poinciana Tree located directly across the street will be full bloom with a million red flowers come May.

The guest cottage at the rear has two very large bedrooms and baths. Both bedrooms have vaulted ceilings and ample closets. Each room has a loft inside for the grand kids to play or sleep.  A covered breezeway connects the guest cottage to the main house. 

The two houses have a combined living space of 1892 sq ft under air conditioning. This does not include any of the covered or non-covered deck areas or interior lofts. The lot is 5880 sq ft lot which  is quite large for the Old Town area. There is bricked off street parking for 2 cars. CLICK HERE to view the Key West mls data sheet.

The house needs a fresh coat of paint and some minor repairs which will make it all pretty again. I think a bit of fairy dust would do a heck of a lot of good myself. If I bought this home I might splurge and re-tile the baths and replace the dark granite counter tops with quartz or some more contemporary hard surface. The color schemes are okay but I think a new owner could pick colors that are less Caribbean and more chic. The pool, rear decks, and grounds need some new plantings which would make the spaces more welcoming.  None of the things I have suggested are expensive.  I believe they would make this property show so much better.

This home has a successful rental history as a vacation rental.  The property is located just a few short blocks to Duval Street. The historic Key West seaport is located six blocks to the north. Most of the gyms and yoga studios are within an easy walk as well. Repeat vacation renters love being within walking distance to the gym or yoga studio. Returning guests follow patterns of behavior by going to their favorite haunts year after year. This is an area of family homes with no nearby commercial activity. There is no parking on the opposite side of the street - ever. This location is central to just about everything. Guest and owners will always get a sound nights sleep here.

I view this property as a real buying opportunity because of the location, historic and contemporary architecture, the successful rental history as a monthly vacation rental, and the new pricing which is much lower than previously offered.

CLICK HERE to view more photos I took.  After you've viewed the photos and the mls datasheet, please call me, Gary Thomas, 305-766-2642 to set up a showing of this Key West home with lots of potential.  I am a buyers agent and a full time Realtor at Preferred Properties Key West.