1424 Petronia Street, Key West - Short Sale

Sometimes you have to look a little harder and search a bit further to find one of those hidden deals that makes real estate buying so challenging in Key West. 1424 Petronia Street, Key West, is a case on point. It is a rare Short Sale and a rare Legal Two Unit property.  It sits behind a six foot fence at the corner of  Pearl and Petronia Streets in the Meadows Area of Key West. Many of the neighboring homes have been updated.

The Monroe County Property Appraiser records show the lot as measuring an irregular 74.25 feet deep by 36.6 feet wide. The house has 2459 square feet of living space. The living space was previously described this way:  Downstairs has an open feel with a large kitchen/living room.This opens out to a private covered patio and pool area. There are 2 new mini split ductless ac units installed in January 2016 downstairs. A bedroom/office area with full bath, and a 2nd large bedroom and bath are downstairs, with a 3rd bedroom/bath upstairs in the loft . The 2nd apartment space has an airy 1 bedroom, 1 bath, with a 2nd sleeping area in the loft, and a private deck, off of the living room.

When I stood in the street taking photos of the house I imagined all kinds of things I could do if I were to make this place back into a single family home.  I personally think the highest and best use would be to convert the house back into a single family home. I might eliminate part of the structure in favor of a more open living area.  The simple deed of replacing the front six foot fence with a proper white picket fence would make this house so much more inviting.

CLICK HERE to view the Key West MLS datasheet then please call me, Gary Thomas, 305-766-2642.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. The tenants require 24 hour notice before showings. Short Sales can be tedious but buyers who bide their time often get good bargains in the end.  

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. 

1316 Whalton Street - Key West Short Sale!

I first wrote about 1316 and 1315 1/2 Whalton Street in May 2009 when it was offered for sale as a Short Sale property. I re-read that blog and decided I did a pretty good job in describing the property, the location, and the intrinsic value of this property. So I opted to re-post some of what I previously wrote to help potential buyers to see what this property offers for the asking price of just $575,000.

We are getting to a difficult point in real estate pricing in Key West. Many of the bargain properties are gone (not all). Many of the properties that remain are either located in bad locations (you decide what that means) or the properties seem over-priced (we all know what that means).

I am fortunate enough to have some active buyers that want nice houses priced just under one million. They want a good neighborhood, good neighbors, and a very nice house. You would think for a million bucks that would be easy. It isn't. Not in Key West. That's not to say we can't make it happen, but there are not a lot of properties priced to sell at that magic number.

In the 1980's and 1990's industrious buyers sometimes bought neglected properties and renovated them to get create the Key West treasure they wanted. As Key West became more popular and the price of real property increased, the cost of doing renovations or new construction has skyrocketed. This ocurred as a function of more city oversight of development plans and construction; higher priced development properties, increased construction costs from contractors and subcontractors, and higher materials cost as a result of inflation and or in the higher quality materials used, and delivery costs to Key West.

In 2009 I wrote "There are individual properties in Old Town and Casa Marina that I think a serious buyer should consider as an option to buying a house already completely 'done'." I need to update that observation by saying that today there just are not that many properties actively offered for sale in any price range. The stagnant market of 2008 - 2011 is long gone. The values from that era no longer exist. However, this new listing of 1316 Whalton Street is a genuine throwback buying opportunity with a price that relates back to what one could have paid six years ago for this highly sought after location.

1316 Whalton Street is located between Seminary Street and South Street just one block west of White Street. Click GOOGLE MAP for an aerial perspective of the location which I mention because many locals don't even know where Whalton Street is located. Think of Whalton Street as an extension of Frances Street on the south side of Truman because that is what it is. It's a five minute walk to Higg's Beach, a three to five minute walk to most of the gyms and yoga studios, and even a short stroll to upper Duval Street.

CLICK HERE to view the Key West mls datasheet which let's us know there are two separate homes located on two adjacent lots which are offered for sale as one property which could be renovated into two separate homes or alternatively both houses could be razed, the lots combined into one new lot that measures 55' X 90' that is located in the X 500 flood zone. This property is a Short Sale meaning the asking price is less than the amount the seller owes to the lenders and that the sale is conditional on the lenders agreeing to accept the offer price. Since I wrote about this property six years ago, I have had numerous phone calls from prospective buyers who have seen the property pop up on non-Key West mls websites that gave the false impression the property was available for purchase. While it had been listed, it went under contract right away. I mention this because there will be a huge number of buyers who know this property and the value of this location. I would anticipate many offers being made on this property.

In my opinion the highest and best value of this property is to take down the old houses and build new. The photo immediately above was taken this morning on the front step of the existing house. You will note the breadth of the lot and the swaying palms in this neighborhood. The classic bungalow house next door to the north has a huge Royal Poinciana Tree with a canopy that drapes the north side of this lot. That tree will explode in May and June with millions of tiny red flowers that will make this lot pop with color. There are numerous houses within a one block radius of this home valued at over $1.5 and higher. The property behind this on Grinnell Street was featured in Architectural Digest a couple of years ago.

Higg's Beach and Salute on the Beach are a few minutes away. You can walk to Louie's Backyard in the same amount of time. Both are great Key West eateries, but one is decidedly less expensive and has the same awesome ocean views.

Please call me, Gary Thomas, 305-766-2642 to discuss making an offer on this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you grab this real buying opportunity.

 

1211 Grinnell Street, Key West - Key West Short Sale

If you've been sitting around patiently looking for a buying opportunity in Key West now is the time to pounce on 1211 Grinnell Street. The listing Realtor describes this two story  1360 sq ft home this way:

"Beautiful fee simple home in wonderful Grinnell Gardens compound, a unique compound consisting of 7 units with a large shared pool. Built in 1994 & in great shape, this attached home has two spacious bedrooms & two and one-half baths. Enjoy an open & lovely great room, a kitchen with granite counters & stainless steel appliances & wood floors throughout. The master suite has cathedral ceilings, Jacuzzi bath tub, a loft and a large balcony overlooking the pool. Venetian painted walls, private back porch and a yard complete the picture. Close to the beaches and Duval Street. This is a potential short sale transaction subject to lender approval. Buyer to pay 1.5% short sale negotiator fee. Bring Offers!"

 It's been a while since we've had a short sale in Old Town. Most of the bargain short sale deals got gobbled up a few years back. This property is being offered for sale at a price which is less than the owner owes to creditors. This property was previously under contract and a recent appraisal was obtained. In my opinion the property is appropriately priced and ought to sell at the asking price. Let me take you through the property.

 1211 Grinnell Street is located near the pool. I have shown several of the Grinnell Garden homes over the years and learned that three of the homes actually have private pools. All home owners share in the costs of maintaining the common areas and the pool, but common sense suggests that only four of the owners actually use the pool. The pool view is pretty enticing no matter from which home it is viewed.

You will notice that the homes in the Grinnell Gardens compound copy the revival style architecture found in many Old Town homes. All of the homes are two story residences with first and second floor porches except the one story building located behind the community pool. Each unit has a rear deck or patio.  While each home looks similar to the others, the homes have been modified by their respective owners since the properties were built in 1994.  This owner used a painting technique called Venetian Plaster to paint the interior walls and ceilings.  The owner purchased this home per-construction and added additional insulation between the party wall and floors to provide more sound insulation. There is a half-bath plus storage tucked under the staircase. French doors at the rear lead to the private rear deck and yard.

Home next door treats the loft space a little differently

Both second floor bedrooms are pretty good size. There is a third level "loft" in the master bedroom which is accessed with a ladder. I found a photo of the loft space in the house next door where the space is treated differently.  That owner also replaced the original kitchen cabinets and counter tops. If I bought 1211 Grinnell I would probably paint the interiors a more neutral tone and stain the wood floors a dark color to play against the lighter painted walls and crispy white trim. I would remove the glass blocks from the loft area. These inexpensive fixes would give this home a much more traditional look.

Each unit has its own dedicated off street parking spot. The common area is fenced and is accessed via a gated entry.

Click GOOGLE MAP to see where 1211 Grinnell Street is located. This property is located in the South of Truman area  of Old Town. The beaches are located about six blocks to the south. Upper Duval Street is a five minute walk to the west. The shops and restaurants in the arts district around White Street are a five minute walk to the east. While most of the units are owner occupied, it is legally permissible to rent this unit as a monthly vacation rental.


CLICK HERE to view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. It's time to bring Tabby inside from the heat and settle down in a new house.