Old Town Key West Price Reductions - Time to Buy

I typically tell buyers and sellers that the Key West "selling season" runs from Christmas Week and ends around May first or thereabouts. This is the time of the year when most sellers place their homes on the market thinking that more buyers will be here during those months. The stable base of full time residents in Key West has been about 25,000 for decades. Locals don't leave on May first.  They have housing needs all year long. And since Key West has become a full time destination resort, visitors come here all year long which has driven the demand for more hotel rooms, restaurant seats, and bike rentals. This is turn drives the demand for workers to make beds, prepare and serve food, and provide other tourist related services. The Key West economy is robust. Prices are high and moving higher. But the reality also is there are several houses which have been listed for sale sale that have been on the market for several months which have not sold.

I've been representing buyers of houses in Key West for twenty years. I have learned that most are buyers of houses in Key West are "pretty smart cookies".  After all most are looking to spend over $500,000 to buy a place here (any place here costs about that much and probably a lot more). The come prepared to buy a place with knowledge of our market and our past sales. They know houses that have been on the market for a prolonged period of time are either over-priced or that there is something wrong with the house or the location. Houses that don't pass the smell test often ignored by potential buyers and equally often by real estate agents. 

1216 Varela Street is a cute 2/2 single family home with a private pool located in Old Town Key West. The listing Realtor describes the home this way: "Perfect property in an excellent location for either a working couple living full time in Key West or as a “pied-a-terre” for owners wanting a problem free home to use seasonally as a “lock n’ leave”. Large master with two closets and a balcony overlooking the private pool. Wonderful kitchen with granite counters, wine cooler and a dual fuel range. X flood zone and shutters all around making insurance affordable. All reasonable offers encouraged.  Originally priced at $799,000 now reduced to $760,000. CLICK HERE for more info.

923 Angela Street has appeared in my blog several times over the past ten years. We have a limited supply of houses in Key West. We tend to sell and re-sell the same inventory over and over again. This time this house is much different than before. This time this house has been totally renovated and had a pool added. There are two factors that challenge most potential buyers who consider this house - lack of an off street parking space and location across the street from the Key West cemetery.  There is usually on street parking within 75 feet or less. The cemetery is what it is. The neighbors don't party at night. CLICK HERE for more information on this home which is now offered at $1,128,000.

The asking price on 629 Elizabeth Street was recently reduced by $100,000 to $1,599,000. This home is basically all new even though described as a renovation. Everything is perfect on this 3/3 located at the top of Solares Hill, the highest point on the island of Key West. CLICK HERE for more info.

The listing Realtor describes 816 Ashe Street as "This historic gem has been in the same family since being built in 1923. Featuring Dade County Pine, heart pine floors, first floor master bedroom, & attached laundry room/workshop. Two spacious front porches provide the perfect setting to relax and enjoy the quiet pace of Old Town Key West life. Off street parking & flood zone X. A perfect historic renovation project". This is a property for a buyer who wants to be creative and do a nice renovation to a great old house.  CLICK HERE to view MLS info on his home now offered at $795,000.

514 Elizabeth Street is another house that has appeared in my blog several times over the years. This is the first house I sold when I got my real estate license in 1996. The house had been updated by the family who had owned the house for generations. My buyers put in the pool, deck, and a small out building They have used the home and also rented it as a monthly vacation rental. Reduced asking price is now reduced to $1,350,000. CLICK HERE for more info.

1106 Grinnell Street is livable as is, but it offers a new owner all kinds of possibilities as a renovation project. Other homes in the area continue to become a part of the surge in renovations in the south of Truman area of Old Town. CLICK HERE to view MLS on this home now reduced to $490,000.

The listing Realtor describes 812 Fleming Street #5 this way: "Price Reduced!! Superb location! Here is your chance to own a top floor unit at the Seafoam Condominium on an iconic street in Old Town. Dade County pine covers the walls and floors in this 613 sq ft, 1 bedroom, 1 bath unit. Recent updates includes new, stainless appliances, fresh paint throughout, all new fixtures, and more. The 200 sq ft balcony overlooking Fleming St." Now offered at $550,000. CLICK HERE for info. 

1509 Pine Street has everything that second home buyers want accept two things - it is newer construction and it is not located in Old Town proper. The home is one of eight built in 2008, each of which has a private pool and covered off street parking. This home has three bedrooms and 3.5 baths. And it is gorgeous. Now offered at reduced price of $1,299,000. CLICK HERE to view MLS. 

There is nothing odorous about any of these homes. They are seasoned and ready to be purchased. There are over 100 single family, condominiums, and town homes under contract and pending closing in Key West. Some lucky buyers still have really nice homes like these that are available for purchase. Please contact me, Gary Thomas, 305-766-2642, to set up private showings. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

11 Nassau Lane, Key West - Come See the Paradise

The power of social media is amazing.  Last Sunday I held an impromptu open house at my new listing at 11 Nassau Lane in Old Town Key West. I did not have time to place an ad in our local paper. I posted an open house notice in my blog, INSTAGRAM, and FACEBOOK. Then I put up one OPEN HOUSE sign on Fleming Street between Grinnell and Frances and another in front of this little Garden of Eden located about 150 feet down Nassau Lane. Passersby walked down the lane to see what might be - about 100 of them. And they all fell in love with this magical little gem. 

Come see the paradise. Take a look at this simple little cottage 2/2 with a second floor tree house bedroom overlooking the orchid garden. You won't be disappointed. I promise.  You may fall in love and make this your little love nest.

1007 Eaton Street, Key West - Just Listed!

Just Listed 1007 Eaton Street, Key West, Florida. Better act quickly on this lovely three bedroom two bath home located in Old Town. What you can't see from the front is exactly why you will want to grab this place ASAP.This house sits on a very deep 107 foot lot which has two off street parking spaces entered off Thompson Lane. The rear yard currently has a large deck and garden with room for a pool.

I dug into my old shoebox and found the above black and white photo which shows 1007 Eaton Street when it was photographed in 1965.  Notice the louvered door on the first floor. If you look carefully you also will see the intricate porch rails that still exist today.

This is a single family house with one bedroom and one bath on the first plus plus a large living, kitchen, and dining area. French doors at the rear open out to a sizable wood deck. The laundry area is tucked into a shed off the deck area.

There are two off street parking spaces located behind the rear property line fence.  I believe there is plenty of room for a pool behind the home. CLICK HERE to view more photos of the home and grounds.

There are two good sized bedrooms on the second floor which share the renovated bath. A door from the bath opens out to the second floor rear deck which an added bonus to this home. Another door opens from the rear bedroom onto the deck. Bring your creativity and see how you might recreate this space. Note that this house has a new roof and skylights in the rear bedroom and bathroom. These add nice light.

CLICK HERE to view the Key West MLS datasheet and then call me, Gary Thomas, 305-766-2642. I am the listing Realtor on this 1368 sq ft Old Town home which is vacant and easy to show. Offered at $649,000.

1216 Varela Street, Key West - Story Book Cottage Just Listed!

Just Listed: 1216 Varela Street, Key West a story book cottage complete with a pool Offered at $798,000. The listing Realtor describes this property this way:

"Wonderfully maintained property in a great location. Remodeled in 2007 including footings and both electrical and plumbing on the first floor. Large master bedroom with two walk-in closets and outside balcony overlooking the pool. Newer kitchen with granite counters, gas range and duel fuel range. Nice large pantry. Second bath is on the first floor with a Jacuzzi tub. X flood zone."

I checked the historic Sanborn Fire Maps and learned that 39 Frances Street existed as of the 1899 map. 39 Frances became 1216 Varela Street on the 1899 map. (Varela Street ends at United Street and becomes Whalton Street at Seminary Street. The Conchs love to make cab drivers crazy.) The above black and white photo was taken in 1965 and shows how 1216 Varela Street looked over fifty years ago. It looks like 1216 Varela a small addition was added to the front along with a substantial two story addition at the rear.  Interestingly, the houses on either side were also enlarged over the years. 1218 Varela Street sold in July 2013 for $1,600,000 cash. 1214 Varela Street (located next door to the right) sold or $2,555,000 in April 2016.  Both homes are much larger in size and sit on much larger lots. But they share the same basic location which bodes well for the new owner of the 1216 Varela Street.  

This 1,409 sq ft house has two bedrooms, two bathrooms and sits on a slightly irregular rectangle lot measuring 21.2' X 90.56' slightly irregular rectangle lot. The front of the house sits close to the sidewalk and has a small bricked entry way in front plus a small side yard with shrubs on the south. The doorway shown in the top two photos leads to the separately owned cottage at the far rear of 1216 Varela Street which is not owned by this seller nor offered for sale. 

You enter the house into a small entry way and then proceed into the kitchen then the great room.The charming old looking exterior belies the modern interior living spaces. Instead of having smaller rooms with doors and passageway, the living area on the main floor is very open. Glass sliders at the rear open out to the covered rear porch and pool. 

The next to the last photo above shows a rear stairway which provides midnight access from the second floor master bedroom to the pool for a quick dip before bed.

The two bedrooms share a bath. There is a second bath located on the main floor at the front adjacent to the kitchen.

1216 Varela Street is located at the southernmost end of Old Town which abuts the Casa Marina Area. The Atlantic Ocean is located about seven blocks to the south where you will find Higgs Beach, the Key West Garden Club, Bocce courts, public tennis courts, children's playground,and two dog parks. The White Streets Arts District is located one block to the east. Faustos Food Palace (grocery store with a real old fashioned meat counter where the butcher really does butcher meat) is located in that area along with several small eateries, yoga studios, three gyms, a couple of hair salons, and a gas station that serves the best fried chicken in town 24 hours a day. Bayview Park, the largest city park, is located one block east of White Street. You can also walk to upper Duval Street in about five minutes.

CLICK HERE to view the Key West MLS datasheet and listing photos for 1216 Varela Street. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing. I am a buyer's agent and a full time Realtor at Preferred Properties Key West. This is one of just a few Old Town homes with a private pool priced under one million dollars. Don't miss the chance to see this storybook cottage.