719 Chapman Lane - Bank Owned - Key West

719 Chapman Lane - Key West - May 2011

The newly listed Bank Owned single family house at 719 Chapman Lane in the Bahama Village area of Old Town Key West was just listed for $499,100 or $237 per sq ft. The house has been bank owned since since September 30, 2010 but was just listed in the Key West mls on Friday.

The same house was listed for sale in the go-go years at $1,200,000 (2005) and later $1,099,000 in 2006. It did not sell. The house was built new (not renovated) in 1999. It has 2108 sq ft of living space on three floors. It sits on a 27' x 98' (2646 sq ft) lot. See the diagram and photo below that show the house layout and how it it looked in 2006.

2006

Above is a current listing photo of the same area

The Monroe County Property Appraiser took the above photo in 1965 but notes the house at 719 Chapman Lane was razed in 1967. Proof that the new house really is a new house.

For comparison purposes the house next door to the south (721 Chapman Lane) SOLD on March 29, 2011 for $370,000 or $195 per sq ft. (It sold 18 days after being listed at $425,000.) I wrote about that house when it was also a bank owned property. I even did a broker's price opinion on that property and pegged the probable sales price at $375,000. My estimate was pretty close. That house was livable but I felt it needed some work. It certainly needed cleaned and painted. It had a pool, but the front yard had a pretty white picket fence instead of parking.

Two years ago I wrote about the then short sale at 710 Chapman Lane. I loved that house. It was a renovated single family with 1200 sq ft of living space, a white picket fence, and room for a pool. It ended up selling for $385,000 or $321 per sq ft.

710 Chapman Lane is located across the street. It sold last year.

This Chapman Lane house did not sell and is not for sale.
It is just damned beautiful!

All three houses are located on Chapman Lane which is three blocks from Duval between Petronia Street to the south and Angela Street to the north. One block long and most of the houses have been renovated. If that block were located three blocks east of Duval, we would not be writing about any of these houses at selling or being offered for sale as such low prices.

The City of Key West is nearing final approval on the redevelopment of the Truman Annex marina and park. It is located just a couple of blocks further west of Chapman Lane. Angela Street is supposed to provide a walking lane type entrance into that area. When the redevelopment is completed, I believe that property values in the immediate area will increase dramatically.

Breakfast at La Creperie

Dinner in Heaven

Spend the day at Ft Zach

In the meantime if you owned the house at 719 Chapman Lane you could walk a little over one block to have breakfast at La Creperie or dinner at Blue Heaven or maybe do tapas at Santiago's La Bodega. You could ride your bike over to Ft Zach Taylor beach and work on that Key West tan. Or you could do any manner of things people in Key West do every day. This block is populated mostly by full time homeowners but there are a few second homes located here as well. After the Truman Annex is completed I expect there will be a shift between full time and second home ownership.

If you are looking for a newer home in Key West and want the convenience of being located near major Key West attractions but don't want to pay the high cost of ownership by being located on the supposed best street, you should really take a serious look at 719 Chapman Lane. Understand that a similar house on a more sought after block in Old Town will cost about $500,000 more. Please call me, Gary Thomas, 305-766-2642 to schedule your visit. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

706 Chapman Lane - Key West

Just listed, but not by me, 706 Chapman Lane at the asking price of $491,000 or $673 per sq ft. Although this listing is "new" to the listing agent, this property has been on the market for some time. I have shown it on numerous occasions. The new agent describes the property this way:

"Ideal vacation or retirement home for the couple who lives for the simple pleasures of Key West! Enjoy your large fenced spacious deck with hot tub and plenty of room to entertain. This home features Off-Street Parking,central a/c, generator, shutters and Dade County Pine. Walk, bike or scooter to all of Old Town."

This place is so very private. The tall white picket fence, dense tropical foliage and trees prevent the casual passer-by from seeing how cute this little house is. The photos above show the street view and the adjacent off-street parking space. Once inside get ready for a big surprise. This place is captivating. The place evokes an old house done-up feeling. By that I mean the old place has been brought forward to today's expectations but not overly done. There are many whimsical features that immediately make you feel at ease.

There are two bedrooms on either side of the front entry. A center hallway takes you to the back one-half of the house. There is a drop down stairway at that point that provides access to a third loft-style bedroom on the second level. This would be a perfect place for little kids or guests that you don't want to stay too long. Kids don't mind neat spaces like that. Adults will get the clue that staying in a hotel may not be such a bad idea.

Second level loft bedroom

The living room and kitchen share the back half of the house. The ceiling is vaulted and the space seems quite large and ever so friendly. One really ingenious feature of the kitchen in the rear "window" which is actually one half of a French door laid on its side. That window swings up to provide a neat pass thru to guests sitting on the other side of the bar with a very nice and large deck. The outside area has a nice awning to provide protection from the sun. CLICK HERE to checkout the mls listing info.




The rear yard is quite large. There is an existing hot tub and I think there is adequate room for a decent size pool.

This property has been used as a vacation rental in the past. Duval Street is just two blocks to the east. Blue Heaven and La Creperie are only a block away. Ft.Zach beach is a few block walk or bike ride. One of these days the City of Key West will get the final plans for the Truman Annex redevelopment completed. That property is just a couple of blocks west of 706 Chapman Lane. I think the redevelopment will bring new life and add a lot of value to homes in this neighborhood.

If you are looking for a small place in Key West that is in move-in condition and don't want to spend more than $500,000, please call me and let's take a look at 706 Champan Lane. Call Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

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903 Thomas Street - Key West Charmer !

903 Thomas Street Key West - Classic Eyebrow House

The outdoor living area at 903 Thomas Street overlooks the cool pool !

This is what I refer to as the Cool Pool !

Vaulted ceiling in the bright and cheery kitchen that overlooks the cool pool as well

As soon as you cross the threshold and enter the Eyebrow house at 903 Thomas Street, you know you have walked into a home that was restored with love and attention to detail. This is no cookie cutter, could be located anywhere house. This is a true Key West classic. This is how the listing Realtor describes this home:

"PRICE REDUCED on this charming renovated cottage in the heart of Old Town. This 3 bedroom/2 bath plus den/office classic eyebrow home is in a compound with three single family homes lushly landscaped with an outdoor shower, shared pool with waterfall, off street parking, all new plumbing, electric, and HVAC. A tropical paradise not to be missed."

I had not been inside of this home for several years. I forgot how captivating this place is. The owner did the restoration himself several years ago. But the place looks as fresh today as it did then. The house is layed out like many Key West houses with the bedrooms at the front and the living area at the rear overlooking the pool and garden area.

Downstairs there are two bedrooms on either side in front. The bedroom on the left has an armoire built into the wall. What a beautiful piece of furniture and an equally novel way to use it. This was an OMG for me. The bedroom on the right is bright and cheery. The center hall leads back towards the kitchen with a vaulted ceiling. Unfortunately, the photo I took of the kitchen does not show the height or equally clever use of space. Rats!!! Just to the left is a separate office area (not a bedroom) and the downstairs bath. The dining area and living room wrap around the kitchen which is open to the living room. But the real kicker is the covered outdoor room that overlooks the cool pool with its adjacent bar and grill area to the north. There is a private garden and outdoor shower area on the right side of the house. Since this is an eyebrow house, there is a second floor where the owner located the master bedroom and bath. Everywhere you look, outside, inside, first floor, second floor or just the stairway, you can tell that his home was lovingly restored and made better than before.

This house is technically a condominium because the pool and some of the rear area are owned in common with the two other cottages that are adjacently located. But each of those houses have their own separate private spaces as well. Here each homeowner maintains his/her own residence as in "fee simple" ownership. The common areas (including pool and deck) are maintained the the association. There are many similar type of condominium, townhome, and compounds in the Old Town area of Key West. This just happens to be one very precious home that is oh so charming and that is now priced to sell. And 903 Thomas Street has its own private parking space. This home is offered at $599,000.

903 Thomas Street is located two blocks from Duval Street and just one block west of the Ernest Hemingway House at 901 Whitehead Street. If you watched Friday nights episode of JEOPARDY, you would have known that address. One block to the north you will find two competing eateries, Blue Heaven and La Creperie which is a new addition to the corner of Thomas and Petronia. I had bruch at La Creperie with friends last Sunday. So nice. Santiago's Bodega is one block further west on Petronia. Ft. Zachary Taylor State Park and the coolest beach in Key West is a five minute bike ride.

CLICK HERE to view the mls listing information and to view 15 photos of this home. Better yet, call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. 903 Thomas Street is a lot of house for the money. You owe it to yourself to take a look - with me!