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.

 

1127 Von Phister Street, Key West - Won't You be My Neighbor?

Good Morning, Neighbor.  Won't you be my neighbor?  You can if you buy the new listing at 1127 Von Phister Street located in the Casa Marina Area of Key West.  I live just a few houses to the west where I have lived 20 years. Let me tell you about the house and later the neighborhood.

1127 Von Phister Street is a classic two-story double galleried home that sits behind a white picket fence and amid a lush tropical garden. A bubbling fountain welcomes your guests as they walk up the bricked path to the welcoming old fashioned front porch. Once inside the classic style relaxes to Key West easy living accommodation. The spaces seem to merge together together, especially when the French doors in the dining area are opened out to the pool and rear garden.  The Viking kitchen with custom cabinetry and marble counter tops is a cook's dream.  There is a separate outdoor kitchen as well. 

There is a first floor bedroom and bath that can serve as a master suite when the day comes you don't want to climb the stairs to the second floor. Plus, it's closer to the kitchen.

There are two bedrooms on the second floor both of which have French doors that open out to the rear second floor balcony that is a great place for sunning.  There is a exterior staircase that leads down to the pool below. There is also a front balcony that looks down to the enclosed front yard.  The view from up here is just wonderful. You have the feeling that this place is just so exclusive - well, at least I get that feeling. CLICK HERE to view more photos of this property.

The pool area has all the features a luxury home owner would want including decent sized pool, outdoor lounge area, a real outdoor kitchen, dining area, and adjacent pool bath.  There's a storage area located under the stairs to the second floor balcony.

1127 Von Phister Street is located on one of the prettiest tree lined streets in Key West. The house is a five minute walk or take a bike ride to the Atlantic Ocean and the beach.You can walk or ride your bike to Duval Street in about five minutes. Or you could go to the shops on White Street like Faustos or go to the Island Gym (2 minutes) or you can grab a cafe con leche at any of the several neighborhood joints. You can be at the Historic Key West Seaport as fast on your bike as in your car (if you consider parking in your travel time) (5 minutes).  And you can be in the Key West suburbs at the shopping centers or leave on a jet plane (we got 'em) at the Key West International Airport (that name always cracks me up!) in about 5 to 7 minutes depending on traffic.

CLICK HERE to view the Key West mls datasheet on 1127 Von Phister Street which is offered for sale at $1,475,000.  Please call me Gary Thomas, 305-766-2642 to schedule a showing. I'll take you around the neighborhood. You'll fall in love. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

1416 White Street, Key West - An Elegant Casa Marina Home

 Longtime readers of my little blog know that I live in the Casa Marina Area of Key West because I am  always writing about houses in this part of town. I lived in Old Town during the first two years I lived here. I enjoyed the convenience of being able to walk to everything. Then I moved to the Casa Marina where I have lived for nearly twenty years. I love living here because there are fewer people, fewer houses, larger lots, bigger skies, taller palms, and a myriad of other reasons. Today I am writing about 1416 White Street, a home located a block or so from where I live.  I dug into my old shoebox and found a photo of 1420 White Street that dates back fifty years. 1420 White Street was once located on a huge lot that included a carriage house which later burned down. Instead of rebuilding the carriage house the owner built a simple garage behind the house. In 2002-2003 the owner did a lot split and carved out separate parcels for 1416 White Street, 1420 White Street, and 1133 Von Phister Street.  A local developer bought the 1416 White parcel.  The new owner hired Thomas Kelly as the architect to design the new house and engaged Bird Construction to build the 2976 sq ft house on the 3849 sq ft lot (42' X 117'). The first and only owner of 1416 White Street purchased the home during construction and added some personal touches. The home was a 2005 House and Garden tour participant and recipient of certificate of excellence for historic architectural design. (The garage at 1133 Von Phister Street sold in 2005 for $749,000 and was re-sold in 2012 as a short sale for $240,000. The new owner of the Von Phister property took down the garage and built a beautiful new two story home on that lot.)

As I walked through the front yard and approached 1416 White Street I noticed multiple round columns on the first and second floor porches which compliment the columns on the historic home next door at 1420 White. That house was built a century ago. The new house is an "L" shaped modern structure with a traditional symmetrical design on the first and second floors. There are dual front doors in the center of each floor with windows on either side. Vertical wood panels painted white were inserted under the windows to mimic the look of a Dutch door.  

When I entered the front door my eyes were immediately drawn to what I will describe as a coffered ceiling. Though not as deep as normal coffered ceilings, the geometry of this ceiling is solid and correct. My eyes then went downward to the cherry Brazilian floors. Extra large baseboards and wide trim are painted a crisp white and frame the windows and doors. Plantation shutters cover all the windows and doors in the house. The shutters in the living area are darkly stained and stand in sharp contrast to the white trim. Then I saw the staircase that almost looks feminine with its delicate white balusters that stand in contrast to darkly stained treads and handrail. The center hall and staircase rise three floor to the office which can also be used as fourth bedroom. 

The first room I photographed is the den. Note the chair-rail and crown molding. Pocket doors can close this space off from the rest of the home. The TV rises out of the cabinet.  

The kitchen really is the heart of this home. It is located opposite the semi-formal dining area. A hallway on the side leads to the main level second master suite and a door opposite the center island/breakfast bar opens out to the rear deck and pool area for alfresco dining. This kitchen was custom built for this home. Top of the line appliances, lots of cupboards and drawers, marble counter tops, under counter and recessed lighting make this a true dream kitchen.

If you are nearing retirement you might find the main level second master suite an interesting feature of this home. Not everybody will have trouble doing stairs, but enough people do that having a wonderful bedroom on the main floor is a dream come true. This particular room has a vaulted ceiling that gives the space some dramatic flair. French doors open out to the pool for an early morning dip or a late night soak in the spa. The bathroom might be the pretties of the five in this house. The opaque glass counter top and vessel sink sit upon a one-of-a-kind basin with built in towel storage. It's little features like this that are special to this house that together make this house very special indeed! (There's a darling powder room located in the hallway just off the kitchen.)

There are two bedrooms on the second floor. The front bedroom has access to the second floor front balcony. That balcony provides a great place to sit and watch people on their way to Higg's Beach which is located three blocks to the south. This bedroom also has a large en-suite bath.

The second floor master suite is located on the back side of the house. The bath is extra luxurious with its graceful vanity and dual sinks, soaking tub, and shower plus additional closet space. The bedroom has a set of French doors that open out to the rear deck that overlooks the pool below. What a nice place that must be to sit late at night appreciating all that you have done in life that allowed you and your mate to end up in such a wonderful island home far from the cold and craziness of the world up north.

The delicate staircase rises to the third floor where the current owner uses this space as an office. There is a separate bath up here as well. This would be a great place for your unemployed brother in law to spend his lengthy visits. CLICK HERE to view all the photos I took of this beautiful home.

1416 White Street comes with a private oasis that includes a spa, steps that seem to cascade down into the pool with waterfall, and rear garden. What more could you want - a whole house generator perhaps? This house has one of those as well.

CLICK HERE to view the Key West mls datasheet and to view listing photos of 1416 White Street offered at $1,998,975. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this gracious home. If you appreciate the finer things in life, you will certainly appreciate this lovely home. I am a buyers agent and a full time Realtor at Preferred Properties Key West.