906 Georgia Street - The Meadows Area - Key West

Just listed, but not by me, 906 Georgia Street located in the Meadows Area of Key West.  The listing broker describes this lovely home this way:

"The Gardenia House, built in 1936, is a 3 bedroom, 3 bath historic home located in the Meadows neighborhood of Old Town. A classic home filled with Dade Co. Pine and loads of light streaming in through many windows to the large open living and dining area with professional kitchen. Sold furnished; there are 2 bedrooms with baths ensuite adjacent to the living area. The newest addition contains the third bedroom and bath with a separate entrance. The private backyard has a deck with heated plunge pool complete with bench seating, spa jets and a water feature. The front porch is perfect to watch the world go by. The home is set back from the street on a large corner lot surrounded by tropical gardens with fruit and flowering trees and shrubs."

CLICK HERE for a Google Map aerial view of the location. Use the Google toggle switch to zoom in and out and also see a street view of the area. Georgia Street at this location is extra wide for some reason. Olivia Street to the north is a one way street as are all of the east or west streets in this area of town. The house is located a block north of Bayview Park so you can go walk the dog, play tennis, read a book, or participate in some community activity on a daily or on an as required basis. There are several gyms, Cuban sandwich shops, art galleries, and assorted shops located nearby.

The moment after you pass through the front gate that you may pause to smell the fragrant gardenia that welcomes you home. This home is a joy to show for many reasons including the beautiful garden entrance, the restful front porch, the one level living that's suited for all ages, the nicely sized bedrooms and bathrooms, and the gracious open living area. The garden is filled with different varieties of tropical foliage. Unlike a lot of homes in Key West that get overwhelmed by the plants and trees, the landscaping here has been kept in scale with the home. The front porch provides a wonderful perch from which you can watch the world go by.

The white picket fence and artfully decorated yard set off the simple architecture of the arts and crafts style bungalow. That architecture is typical of a good portion of The Meadows area which does have other more traditional Conch style houses as well. While many potential buyers love the the architecture of two story Conch houses, the reality of growing older and having to climb staircases all day long wears thin. All of this 1746 sq ft house is located on one level. No stairs.

When you pass through the front door you enter the large and very inviting great room that spans the living and dining areas into the chef's kitchen. The rooms have lots of windows so the interior has many views of the beautiful grounds on the outside. This place has so much cheer and beauty it is hard to imagine not liking it.

Three bedrooms and three very atypical bathrooms are located on the south side of the house. One bedroom at the front could alternatively be used as an office or study. The master bedroom with en-suite bath is adjacent to the living area while the third bedroom is located in the recent addition to the south. (It has it's own private entrance which allows guests to come and go at will.) The pool area is at the rear where the skies are large and create a wonderful background to contemplate life. CLICK HERE to view a slideshow of photos I took of this lovely home.

 The front bedroom (or den or study) has an ensuite bath

 

Master bedroom has an en-suite bath

The guest cottage bed and bath are pure genius

CLICK HERE to checkout the Key West Association of Realtors mls database on this property and to view more listing photos. This property is offered for sale at $1,150,000. I really think this house will appeal to buyers in my generation that want peace and quiet and lots of really nice living space on one level. There is room for the kids and grand kids and space for the dogs to lounge in Paradise. If you would like to see this property with me, Gary Thomas, please contact me at 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.

810 Georgia Street - The Meadows Area - Key West

It's a given that most people who think of buying a place in Key West first think of purchasing a home in the Old Town area. That's probably because the Old Town area is the part of town where they have spent the most time and where they fell in love with our fair city. I ought to know, it happened to me. The very first week I was in Key West I would go for my morning walks. I would traipse up and down the tree lined streets admiring the ever so cute old houses with white picket fences, palm trees, flowering trees, and those ancient mahoganies. I snapped pictures of the  houses, the storefronts on Duval, the seaport (it did not look then what it looks like now), the restaurants that served amazing food, and bars that were too much fun. I imagined what it would be like to live in such a glorious place. Even then I understood there was something a bit "different" about the locals as compared with where I came from. Everybody was welcome here. I liked what I saw. I was hooked. I knew I would buy a place here someday.

I often write about the other neighborhoods of Key West. Today's blog is about a really lovely home located at 810 Georgia Street in the Meadows Area of Key West.  Georgia Street runs parallel to White Street which is just one block west. Click GOOGLE MAP to see an aerial perspective of the area and then use the toggle switch for a street view. Do a GOOGLE walk around the neighborhood because the "street view" actually shows the wrong address.  You will see lots of house that appear similar to the houses in Old Town which is just one block away. If you take the time to do the walk you will see how really lovely this entire area is.

The listing Realtor describes the home this way:

"Tucked away behind lush tropical landscaping is this lovely four bedroom home located in the highly desirable Meadows of Old Town. Enter through a private walkway to this hidden slice of paradise. Open floor plan with glass doors leading to an amazing pool. High ceilings, central air conditioning, split bedroom floor plan with 2 bedrooms on first floor. Very large master suite upstairs with walk-in closet, room for king-size bed, desk, chairs and sitting area. Coveted 1/1 guest cottage and off-street parking round out the Trifecta of Key West Real Estate- pool, parking, and location. A Hidden Tropical Retreat for Tranquil Key West Living."

The house and guest cottage have a total of 2286 sq ft of living space under air.  (That's about twice as large as many of the cigar maker cottages that we all adore.) The 4087 sq ft lot is wide and deep. The house was built new in 1988 and embodies many of the features that were current at that time yet still has a old house look from the street.  When you enter the house your eyes are immediately drawn past the wall of glass to the pool and the cottage beyond. Then your eyes dart back inside the living room which is  quite a large space with vaulted ceiling. The kitchen is a step up from the living room elevation. There you have a better view of guests in the living area and the beautiful lagoon pool and cottage beyond.

There are two bedrooms located on this level. Both bedrooms are quite large. When you think about it, it only makes sense that something recently built would have good sized bedrooms rooms and baths unless it was a place built by a mass developer looking to squeeze every last inch out of an itty-bitty box. The house at 810 Georgia Street was custom built, so no need to worry about itty-bitty or mundane.

 The master suite is located on the second floor. The space is enormous, especially when you compare it to so many older Key West houses that did not even have closets.

This home is as clean as a whistle. No need to do any repairs either. However, the home is about 25 years old and it is starting to show a little silver.


I saved the best pictures for last. The pool and garden cottage add so much to the property. The pool is just beautiful. We measured it: it's nearly 6.5 feet deep at the far end.

The garden cottage has a spacious bedroom and full bath. Your guests can come and go as they please and not even need enter the main house to get to the cottage which has a private gated entrance. The interior space rivals many of the pricey condos in Old Town.  And it is only the guest cottage.

CLICK HERE to view the Key West Association of Realtors mls datasheet and to view the listing photos.  810 Georgia Street is offered at $925,000. If you would like to see this home or any other property in Key West, please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Key West "Selling Season" - a Perspective

 For Sale By Owner in Key West

The traditional Key West Selling Season (the time period between Christmas and Easter) just closed. I realize that many contracts that were written before January 2012 actually closed after then and that contracts written in April may not close for another month or longer. This analysis looks at the total closed transactions between January 1, 2012 and May 1, 2012 in the single family and compares the results to the same time period in 2010 and 2011. I used the Key West Association of Realtors mls database which shows only transaction where Realtors represented one or both parties. Private sales were not included.  I also counted only sales from Key West to Stock Island as I do not consider the areas outside of Key West to be part of our market.  My analysis may look different from what other reports may tell you.

There were 85 single family home sales in Key West between January 1, 2012 to May 1, 2012. The median sales price was $600,443 with an average price per sq ft of $376.00. I then narrowed the focus to the core Old Town, Casa Marina, and Meadows areas. There were 37 sales in this target area in the same time period. The median sales price in this select group was $829,991 with a sales price of $537 on a per sq ft basis. 

During the same time period in 2011 there were 93 single family home sales that sold at the median price of $672,462 with an average price per sq ft of $370.  The core area of Old Town, Casa Marina, and the Meadows areas had 51 single family homes sales in this period with a median price of $757,873 and sold at $423 per sq ft.

I then went back to 2010 to find that there were 92 single family home sales in the January 1 to May 1 time period. The median price then was $598,313 and the average sales price on a per sq ft basis was $376.32. Next I zeroed in the core areas of Old Town, Casa Marina, and the Meadows where I found there were 41 single family home sales at the median price of $806,878 at an average price per sq ft of $482.

By mid March I was getting very bothered by what I considered the sparsity of single family homes sales in Key West. I could tell we were not selling as much as we had in previous years.  And then something happened. I don't know what it was or what caused it. Sales started popping.  Houses that sat on the market for months and months started to go under contact. Then near the end of the month some of the bigger houses, the more expensive homes, went under contract. Moreover, newly listed properties got a lot of attention and quick response from buyers who were looking for properties to buy. While some buyers ignored our supply of houses for months, other buyers pounced on new listings as if there might not be any new listings for a long time to come.

We are now headed to the slowest time of the year for selling homes in Key West. Hurricane season is approaching and that always bothers the real estate market in Key West.  We have Presidential election that is gearing up. Both sides are firing off salvos at the opposing side. Very little will likely get done in Washington and that will likely cause an already jittery economy to remain on the edge. Potential buyers who fear the future will hold off buying during the short term as they will perceive the market is too unsteady.  They expect a future decline. They could be right. However, buyers who see other peoples' fears of the future as a buying opportunity will look at the uncertainty as a reason to shop for bargains while others are shaking in their boots.

If you are not afraid of the future and want to find a place in Key West, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

  

1411 Petronia Street - The Meadows Area - Key West

Just listed, but not by me, is a newly completed renovation of an absolutely charming two bedroom two bath home in the quiet Meadows Area of Key West. I wrote about this property a couple of years ago when it was offered as a short sale. I even had a buyer who made an offer that was accepted and we went through months of negotiation with the prior owners' lender and eventually got the short sale approved. Then my buyer decided not to buy. The buyer did not do the inspection. The buyer got cold feet. So the very disappointed seller had to start the process over again. Months later the short sale was approved and a new owner bought the house. The floor plan was thoughtfully redesigned and spaces meticulously updated. When I walked into this house my jaw dropped!

I had stood in the middle sawtooth addition to the origninal small eyebrow house many times and told potential buyers what they might do to the property to make the space more functional. Buyers often imagine huge costs and horrendous contractor experiences (too much HGTV home remodel nightmares). The new owner did what I imagined and combined two smaller rooms (the old kitchen and a wrongly placed bathroom) into a lovely new kitchen with a captivating view of the lush tropical pool. Except my vision in no way conceived of how great the space could or would become. BRAVO!

The new owner fixed what had been the problem with the house for years by reassigning the use of the front two rooms in the house, both of which were ill conceived and non-functional bedrooms. The front door of the house opened into what was the original living room. A prior renovation added a stairway to the second floor which made the space clumsy and almost too small for a bed. Besides, who wants to enter a home by going in the bedroom? There was another small bedroom suitable for a crib or may usable as an office. The new owner redirected the stairway to the east side of the house where the main entry was relocated forevermore. The crib room became two new bathrooms. The front bath is en suite to the bedroom. A second guest bath has entry off the living room which is the main sawtooth addition in the middle. The former tiny kitchen with small under counter refrigerator and freezer and tiny dishwasher was ripped out. The adjacent bath was also removed. The wall between the two rooms was removed and the resultant large new space was outfitted with a deluxe new kitchen that screams panache!

The upstairs was tweaked and spaces that were funky became ever so inviting. I could not have ever imagined the bathroom in that house could look as wonderful as it became. The door in the middle of the bedroom opens out to the front second floor porch that overlooks quiet Petronia Street. I could just imagine how cook it would be to sit there late at night listening to not much of anything.

The new owner cleaned up years of neglect to the pool area. The deck was replaced and an awning added. New tropical plants were added. The two large coconut palms on either side of the pool and the large canopy of trees in the neighboring yard and new tropical foliage added to the rear yard make this space lush. It is picture perfect. I invited myself to sit down at the table and imagined drinking a Bloody Mary. Aah!


I took more photos which you can see if you CLICK HERE. 1411 Petronia Street is offered for sale at $895,000. CLICK HERE to view the Key West Association of Realtors mls datasheet and to view the listing photos. The house has just 1120 sq ft of living space so the asking price on a per sq ft basis may bother some people who shop for houses like they shop for body soap: they shop by the price of the bar. Some soaps smell great and cost a lot. Some soaps are cheap and do the job. Some soaps are a bit rough like Lifebuoy. Other soaps like Caress cost more but do more, like caress your skin.

1411 Petronia Street is located three blocks east of White Street. It's a long walk or a quick bike ride over to Duval Street or the Seaport. Most of the island's gyms and yoga places are located within a few blocks which makes it an easy walk to do your daily exercise routine. Bayview Park is a couple of blocks to the south. The city's bandstand and public tennis courts are located there. This is a very nice and comfortable neighborhood where most of the homes have been updated. While this home does not have off street parking, parking is not a problem here. Most of the houses are single family and there are no commercial activities competing for on street parking.

If you would like to see this nifty home, please contact me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. If you snooze on this, you will lose and that is a fact. This is a real buying opportunity.

That Was The Year That was in Key West Real Estate

The end is here in Key West

I thought it would be fun to recap some of the properties that I wrote about in 2011 to see the price that was paid. I did not sell these properties. A photo of each property appears immediately below the address which appears in a blue address link. Click the address link to the particular blog so you can see what I wrote.

1012 James Street was a delightful small house with a pool and off street parking located across the street from Keys Energy. Asked $625,000 to start and then reduced to $535,000 and sold at $475,000.

233 Southard Street in the President's Walk addition to Truman Annex as hot property from the day it got listed. I think I showed it three times and some other realtor was there each time I showed the place. It was offered at $599,000 and sold at $562,500.

212 Angela Street was another really hot property. I wish there were more houses like this, and I wish I could have got one of my buyers to act quickly enough to buy it. This property was listed for sale on February 6th for $450,000 and went under contract five days later. The sale closed on April15th for $445,000 or 99% of asking price. I had several email and phone conversations with potential buyers who said they would think about it or would wait to look when they finally made it down to Key West on their annual visit. I told them at the time this property would not be available that long.


I called 817 Pearl Street the Love Shack and named it so with the kindest intent. The place is small but ever so cute. It truly was a love nest if ever I saw one. A lucky buyer snapped up this adorable cottage that was offered at $250,000 for just $220,000.

I invited readers to become my neighbor by purchasing 1424 Whalton Street in the Casa Marina area. The property was listed at $1,475,000 and sold for $1,375,000 or 93% of asking price in just 67 days on the market.

I referred to 1107 Fleming Street as an "old house" because the interior spaces reminded me of the compartmentalization apparent in old homes built around the turn of the last century. I know that some present buyers won't even consider a really "old" house because of that factor. This particular place had a rich rich history, partly based on a former owner. The property was initially offered for sale in February 2010 at $1,750,000 and reduced to $1,250,000 and eventually sold in June 2011 for $980,000. This was a really big house and somebody got a great property for a very good price.


I loved 405 William Street the day I first saw it in 1987. I made a lame-brain offer on it and two adjacent properties that were owned by a previous owner. My offer was summarily rejected. A lesson learned on my part. Years later I am the listing agent on the same house which has been wonderfully updated. The asking price was $999,000 when first listed. It is now under contract and awaiting closing in February. The buyers considered a recently built home that looked like a Conch house and then declared they wanted the real thing and not a "fake Rolex knock-off". I have heard similar comments from other buyers looking for a neat old house who won't consider new houses that are built to look like the grand old Conch houses.

623 Grinnell Street oozes charm. I expected the newly remodeled house would go under contract right away and it did. Something happened and it was back on the market. A few months passed. The house was offered at $995,000 and sold at $925,000 or 93% of asking price ($571 per sq ft).


I thought the Bank Owned townhome unit at President's Walk would sell quickly, and it did. I prophetically wrote "He who waits to listen to the paint peel will not get this bargain priced bank owned unit. If you want to buy this place, you need to act sooner rather than later." The unit was fully furnished, had a transient license, and was offered at just $470,900. It sold for $533,333 or 113.25% of the asking price. Smart buyers need to seize the day to seize the bargain. 550 Porter Lane needed some fix-up work and it needed a nasty old tree out back removed. Otherwise, this was a money-maker.

1327 White Street was another Bank Owned property. This time it was a big Conch house with a lots of nice features, a large pool, off street parking, but it was missing kitchen appliances. The house was offered at $995,500 and sold for just $925,000 or $383 per sq ft. That was a bank robbery.

405 Olivia Street sits across the street from the Ernest Hemingway House. It was Bank Owned and was initially offered at $450,000 then reduced to $410,000. It sold at $381,000 or $276 per sq ft. It had a good sized lot but it needed a lot of work on the inside. I showed it several times and each time I did I gained an appreciation for the amount of work and money I thought it would take to fix the ills of this old place.

1505 Pine Street was one of several The Meadows of Key West homes which were listed by Preferred Properties. A lock bank foreclosed on all of the unsold homes. The homes were originally built to be sold at $1,695,000 to $1,995,000. All became Bank Owned. 1505 Pine Street was offered and sold at $825,000 or $505 per sq ft. These units were terrific buys. I think the buyers that bought here made very smart purchases.

I often write about homes in the Casa Marina area. The house at 1203 Von Phister had some of that special Key West magic that makes certain houses so damned interesting. This house was offered at $1,695,000 and sold for $1,550,000.

901 Thomas Street was one of three homes located in a small Key West compound offered for sale during the past year. The houses share a common pool and a small rear courtyard area. Otherwise, the houses are owned in fee simple. The house itself was adorable and had a successful history as a legal vacation rental. It was offered at $499,000 and sold at $450,000.

1001 United Street is a newer Key West house that needed a bit of updating. It was offered at $537,000 and sold for $500,007 or $316 per sq ft. The house was huge and a little different than what most buyers expect. The buyer got a good deal in my opinion.

One of my favorite houses to sell this past year was the former Bank Owned bungalow at 830 Simonton Street. A couple of Key Westers bought the place from a local bank. They did some necessary repairs, dolled the place up, and sold it for a profit. The sellers' asking price was $749,000. The property sold at $675,000 or $561 per sq ft for a lovely home. Great deal in my opinion.

The short sale at 735 Poorhouse Lane created a flurry of interest. The house was cute and had lots of potential. It needed some work but the asking price was certainly affordable: $469,000. The place sold at $415,000 or $409 per sq ft.

1114 Varela Street was another short sale, except it had something special that is not available in most homes: a transient rental license. This place was really cute and was initially offered at $700,000 and then reduced to $575,000. It sold at 550,000.

Another Bank Owned house at 912 Windsor Lane garnered lots of attention. The place was a royal mess. Still, I thought it was a terrific property for a buyer that wanted a fixer in a great location with lots of upside potential. The house was offered at $299,900 and sold for $310,000 or $238 per sq ft. Remember, this place needs major work!

911 Grinnell Street was yet another Bank Owned houses that was offered for sale at a terrific price: $399,900. I submitted an offer for a buyer. He did not get the property. He offered more for the same house a year earlier when it was a short sale. It sold for $450,100 0r 112.55% over the asking price or $347 per sq ft. The house has some locational issues but it is a great buy for a nice house with a pool in Old Town.

1006 Southard Street is a nice two bedroom two bath home located with a great location. Unfortunately, it sits behind another house, it has no parking, and it needed some work. It was on and off the market for several years and listed at varying prices - the top being $909,000 in 2007. After a succession of agents, it was listed at $575,000 and reduced to $499,000 and sold at $475,000.

319 Grinnell Street was another Bank Owned houses with lots of woes. I don't quite understand why so many would-be buyers think that bank owned is equivalent to 'good deal'. I used to manage bank owned real estate sales years ago. There is normally a good reason why properties become bank owned: either the property has something wrong with it or the owner has something wrong with his or her head and can't get a damned deal completed. Some owners are so pig-headed that they lose property that they think is so special. If it is ruining one's life it ain't special. It is a burden. The house at 319 Grinnell Street had lots of 'issues' that the City of Key West Code Enforcement should be aware of. The house was listed at $299,500 and sold at $308.059 or $326 per sq ft for a major fixer. The house and location have a lot of upside.


1025 Elgin Lane was such a good deal. It sold in a flash. It was a Bank Owned 'condo' offered at $249,900 and sold at $262,000 or about 105% of asking price. I had several potential buyers call on this. They wanted to offer less than the asking price to make the deal sweeter. I explained that the property was a condo by legal definition because of some shared common areas but the other condo was a similar single family home that was converted into a condominium to share the common outside area. I managed to get one buyer to finally offer full price. It was like pulling teeth. He did not get this great deal. Deals like this often have multiple offers and it is usually the buyer who offers the highest price and who has the least contingencies that gets a deal like this.


731 Waddell Avenue created quite a stir. The owner purchased it a year earlier as a short sale for $900,000 in October 2010. He got a wonderful new house at a bargain basis price. Opportunities became available away from Key West, and the owner put the house on the market in October 2011 for $1,425,000 and sold it in 21 days for $1,200,000. That is a $300,000 in exactly one year of ownership.


The little Bank Owned cottage at 626 Samaritan Lane was another big hit as far as interest goes. It was offered for sale at just $119,00. There were more than 10 full price or higher cash offers. The property sold for $165,000 or $308 per sq ft or 136% of asking price. The place had no kitchen, no bath, nor any finished interior space. It is located behind the Bourbon Street Pub which means I hope the new owner has ear plugs.

I wrote about 507 Amelia Street a couple of times over the past two years. I think it was initially way over priced when listed for $1,025,000 in 2008. The house had an extra large and sunny lot, off street parking for two cars, and excellent location just off Duval Street, and it was zoned to accept a value transient rental license. Smart buyers pounced when it was repriced at just $479,000 in July 2011. It sold for only $401,000.


Last month I wrote about six new condo listings at 616 Caroline Street. A smart one bedroom offered at $425,000 just closed at $415,000. Two other units are under contract. Three more are left. This, in my opinion, is the best buy in Key West right now for the buyer that wants a turn key place that can be rented occassionally to make a few bucks to help defray ownership costs. It beats the competition big time.

In the past couple of weeks I wrote about 811 Carey Lane, 920 Cornish Lane, and 1025 Thompson Lane. All three are now under contract.

People are buying houses again. And not just short sales or bank owned properties. Local banks have money to lend. Interest rates are still at historic lows. There is not a lot of inventory of houses for sale. If you see a place you really want to own, don't make a lame-brain offer that has no chance of being accepted. Make as clean an offer with the least number of contingencies to make your offer more acceptable to a seller.

If you are hoping to buy a place in Key West please consider working with me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me help you find your place in Paradise.