2017 That Was the Year That Was in Key West Real Estate Sales

Some say Key West dodged the bullet when Hurricane Irma slapped our island home in September 2017.  We were fortunate that only a couple of our homes were severely damaged, but a lot of homes did have roof and fence damages, loss of trees, and loss of peace of mind for a few weeks living in the aftermath of the storm. Earlier in the year we experienced a brisk real estate sales market as dreamers bought houses in the Old Town and Casa Marina areas at higher than ever asking prices.

Some people were fearing that Key West might be in a housing bubble similar to the one that occurred in the two years preceding the national recession that occurred in 2008.  I will soon write a new blog giving the year end statistics on single family home sales in Key West. My lament, if any, is that we have few homes for sale as the 2018 selling season begins.


Listed below the real estate sales I believe were among the best of Key West in 2017.

712 Ashe Street. This house was a mess beyond repair, but it was located in a really great Old Town neighborhood far from all the hubbub of the Duval Street area. Sold for $475,000 after 489 days on the market.  It was then totally rebuilt and the new home placed on the market at $1,450,000. It sold for $1,410,000.  The story of this decrepit old house is the story of new Key West.

Let me share a brief personal story to make my point. When I was working with Mitzi Krabil, my Realtor in the 1980s and early 1990s, I was a very difficult buyer. I insisted on getting my way and buying at my price. I did not win at that game. When I was ready to settle for a cigar maker cottage that used to be available for around $100,000, I fessed up to Mitzi and said I would then buy one. She said "Gary they are all gone." And she was right. Time had passed me by. If I was to buy, I would have to pay the higher price. If I wanted something that had been updated, I would either have to pay more for it or buy a fixer and pay to have it fixed. That has been exactly what has been going on for over the 34 years since I first visited Key West. The stark reality for new buyers is that the cost of the fixer house has gone up and the cost of renovation has dramatically risen. Moreover, buyer in the old days could do so many more things to improve a house that are no longer acceptable because ever expanding HARC rules and city building code regulations.

I warn real buyers that buying a fixer house is not as easy as one might think even if a buyer has done a similar project up north in America. Things work differently down here and buyers have a good chance of getting taken advantage of if they are not here.  The owner of 712 Ashe Street was his own general contractor and also the listing agent on the sale. He invited me over a couple of times during construction. We even discussed pricing when he was near completion.He was going to ask $1,350,000.  I told him his asking price was too low. He increased it by the date he listed the house. I am not taking credit for that, but I may be the culprit. I think the house was priced right and sold right.  This price reflects the new reality for very well done fixer houses in Old Town.This house did not have parking but many of the homes in this location do not have parking either. If it had parking, the sales price would have been higher.

830 Olivia Street. This was a bank owned property that had been listed many times over the years as a short sale. It was probably illegally divided into two or three living units. I am not sure if the prior owner actually lived there, but I suspect the income that the place was throwing off during the lengthy foreclosure was the reason none of the short sales efforts ever got approved. Another factor hindering sale was a gigantic tree that hung over the roof. Getting rid of that monster would have been extremely difficult and expensive.  Finally, the house is located across the street from the cemetery. Some people would view this house and this location as a bad omen. I think the right buyer could turn this place into a gem. It sold at $514,500.

1717 Rose Street sold at $515,000. It was a nice mid-century home in move-in condition. It sat on a huge lot that gave it potential for either expansion or to tear down and build new. Razing mid-century homes has become an alternative to renovation as the rules for renovating have put a lot of constraints on owners. It has a quickie makeover and is back on the market.

1007 Eaton Street. I listed this cute two story home that went under contract in a matter of days on the market. It sat on a deep lot with room for a pool in the rear where there was also an off street parking space. Buyers need to read the MLS description and not just look at photos. Sold for $624,000.  Key Words: room for a pool and off street parking in rear.

 227 Julia Street is a real beauty located in Bahama Village. Some buyers pass-up looking in that area, but they are the losers. I think some homes there are comparable to homes located east of Duval Street that are priced much higher.  Buyers who want a better price should look west of Duval.

 1 Nassau Lane. I listed this gem in early April. I posted an open house sign the first Sunday it was on the market but did not place an ad in the paper. I had 182 lookers. The next Sunday I placed an ad. On the day before my second open house two separate couples came to the house twice on the same day. During the two showings a different couple stopped to look at the outside. I allowed them to take a look in between the showings to the other couples. The lady came back to the Sunday open house and made a cash offer over the asking price which was accepted by the seller. This cottage style home had charm to spare and a superior location on one of the slow lanes of Key West!

806 Southard Street. I sold this house. It was a tough sale. The former owner was raised in this house. The seller's family had expectations of selling at a price over the actual appraised price. The house was in pretty good condition and sits on one the very best blocks in Old Town. The buyers had to pay a bit more for this house, but they got what they wanted - a great looking fixer property with room for a pool and off street parking in great location. They hired Matthew Stratton, one of the very best architects in town, to design the renovation. I am excited to watch what happens.

2619 Gulfview Drive. This was a bank owned property with an incredible waterfront view of the Gulf of Mexico. This is a single family home with a lot of positive features with the negatives of deferred maintenance. I think whoever bought this got a steal!

1403 Catherine Street.  I sold this house a few years ago. When we were doing the home inspection, the home inspector said "I have never seen a house with nothing wrong with it until this home" or words to that effect. This place was and still is the best built and most attractive home in Key West. The buyer got a heck of a deal! Congratulations!

411 Grinnell Street. This 1541 sq ft single family home sold for $2,800,00 - the highest price per sq ft in Key West this year - $1,871 per sq ft. The house was unique in that it included an adjacent lot with a valuable ROGO on which a new house could be built. Earlier in the year I lamented the soaring increase in the number of houses offered for sale at an asking price of over $2,000,000. I questioned how many could be sold. I will give my readers all the numbers in an upcoming blog. Suffice it to say I was mistaken as to the demand for $2,000,000 plus houses in Key West. By the way,  I sold the house next door a couple of years ago and the eyebrow house across the street five years ago or so. I think those owners must be pleased as punch to see the home values rise so quickly in their little enclave.

1026 Von Phister  This house is located caddy-corner across the street from my home. It sold for $3,000,000. The listing and selling agent is Cory Held at Preferred Properties. She sold the next two homes as well.

1023 Johnson Street. This was a total renovation plus addition of an historic Casa Marina home on a large lot. It was done to the nines.  It sold at $3,350,000.

1019 Flagler Avenue was another total renovation of an historic home. It sold for $3,650,000. That's not the whole story, however, This home sold two more times since I started to write my blog. Now that's not noteworthy, but those sales mirror the rise in popularity of the Casa Marina Area and the increased value of larger and more improved homes in that area. It first sold in 2009 for $625,000 when it was a very large house divided into owner occupied quarters at the rear of the first floor and all of the second floor. A portion of the first floor was rented out as a doctor's office. The house sold again in 2014 for $900,000. The owner/seller had not made any substantial improvements to the property. The new owner did the complete renovation which resulted in the 2017 sale at $3,650,000.

707 South Street.  I drove down South Street on my bike or in my car for years and looked at the big old house that sat at this location. I looked nearly abandoned for so long. The house itself was a feature scene in the 1989 James Bond movie License to Kill. Then it was renovated and expanded. The interiors were incredible. Craig Reynolds, Key West's premier landscape architect, did the pool and gardens. This impeccably renovated and expanded home sold for $5,000,000.

1211 Grinnell Street, No. F - Key West, Florida

Just Listed  by Preferred Properties Key West, 1211 Grinnell Street, No. F. Key West, Florida. I have written about this home a couple of years ago when it was offered as a short sale and later as a bank owned property. The property was sold and has been updated and transformed into a three bedroom two and one-half bath home. CLICK HERE to view more photos.

This home is located in Grinnell Gardens, a unique compound consisting of seven distinctive units which share a large and sunny pool. Each home has one designated off street parking space. These homes were built new in 1994 and replicate the Greek Revival architectural style found in many houses in our Old Town area. This particular home has 1360 square feet of interior living space plus covered first and second floor front porches for private outdoor entertaining. The homeowner association fee is just $200 per month.

As soon as I opened the front door I could see how radically different this house had improved. The former darkly painted Venetian Plaster Walls and Ceiling are now a creamy white. There is new air conditioning, new lighting, and bathrooms. The darkness that hung over that house is now gone. It is light and airy.

The main level great room opens out to the private rear garden which is perfect for outdoor dining almost every day of the year.  It is totally secluded.  The kitchen has been updated with all new stainless steel appliances. Not shown is the first floor guest bath and large closet area which provides real storage space.

The master suite is located at the front of the second floor. The vaulted ceiling soars high and gives the interior a very spacious feeling. The original owner had special features built into this house including extra insulation between the connecting unit to the west and additional insulation between the first and second floors. Noise is contained and coolness is maintained. The current owner removed glass block half-walls in the nook that extends over the front balcony. The result is a much cleaner look.The bathroom cabinet and fixtures were replaced as well.  The front and rear exteriors were painted as well. Since this is  town home, the owner is responsible for exterior maintenance. That will not be a issue for a decade or so down the line. In the meantime, the new owner can sit on the balcony ponder the joys of owning a place in Key West. The view is so special. Remember there are only seven homes that share the pool and the view. By the way, two of the homes here have private pools.

The original home had a second master bedroom at the rear of the second floor. That space was reconfigured into two separate bedrooms both of which share the adjacent full bath. The laundry closet is located at the of the stairs.  The third bedroom is large enough to accommodate a bunk bed set for the grand kids or which could be used as an office.

CLICK HERE to view the Key West MLS datasheet on 1211 Grinnell Street No F which is offered at $945,000. Then please call me, Gary Thomas, 305-766-2642, to schedule an appointment to see your new Key West home for the very first time. I am a buyers agent and a full time Realtor at Preferred Properties Key West, the listing brokerage. If you act quick enough, this could be your home by Christmas.

923 Southard Street, Key West - Price Reduction

The asking price on 923 Southard Street in Old Town Key West just got a lot better. Originally offered at $1,024,900, the new price is 2.7% less at $997,000.

The original cigar maker's style cottage was built circa 1889. I found an old photo that shows pretty much the original structure as it appeared 50 some years ago (see the black and white photo below). If you look carefully you can see traditional clapboard siding at the front but board and batten siding (vertical siding) on the side.  You also will see a "sawtooth" addition at the rear. I suspect that was the kitchen at the time the photo was taken. A later owner expanded that space to include a second floor addition.  The resultant house today has 1476 sq ft of living space under air. The house sits on a large 2700 sq ft lot (approximately 27' x 100') lot located in the heart to Old Town.

Circa 1965

The listing Realtor describes this pretty as can be property as:

"This late 19th Century cottage is the perfect oasis in the heart of Old Town. Landscaped and fenced in the rear for total privacy, with an outdoor shower, arbor, heated plunge pool and a bodega for storage. The living area and hallway are bright with eastern light falling on the natural Dade County pine walls. The bright white kitchen gives onto the outdoors, and attached laundry room. Bedrooms are at opposite ends upstairs, separated by a hallway with skylights, closets and a nook. Step out of the master suite onto the deck overlooking the inviting scene below. The harbor and Duval Street are a short walk away. New roof in 2015, and 4 new split a/c units in 2016. Offered furnished."

Today this storybook cottage rests behind a picturesque white picket. The front porch provides the perfect perch for people watching.  Inside, you are greeted by a traditional long hallway on the right which leads to the kitchen and dining at the rear. The current owner removed a previously existing wall that separated a small front office from the adjacent living room. The newly expanded living room is a delight. The floors were refinished and look like new. Windows from the hallway on the east which filter into the living area.  Windows at the front and west side light the living room during the daytime. The Dade County Pine Walls are punctuated by the baseboards, trim, and crown molding all painted a crisp white.  

There is a full bathroom plus closets closets located at the rear of the living room. This space will come in handy as the second bathroom on the second floor is en-suite to the master bedroom.

The kitchen is a compact place to cook when the owner is dining at home versus going out to one of the nearby restaurants including Mangia Mangia, Michael's, Azul, or Cafe Sole. The owner created a nicely outdoor dining area under the trellis opposite the pool. The laundry room is located adjacent to the kitchen.

The turf is not real, but the sunshine, the trees, the singing birds are very real, and they are very much a part of the appeal of this magical back yard located in the heart of Old Town.

The front bedroom tells us a lot about the history of this house. There is an original scuttle located in the ceiling over the chair in the above photo. In the old days before air conditioning, scuttles were opened to allow warm air to rise through the space to the outdoors. Today the old scuttles  remind us of the miracles of electricity and interior refrigeration. The common hallway separates the two bedrooms.

The roof top balcony is the perfect spot to take an all-over Key West tan. It's also a great place to sit in the morning drinking your coffee or late at night as the warm breezes move across the island. The last couple of nights have been incredible as the full moon migrated across the sky with slow winds moving lots of clouds about. It was quite the show. When the conch trains, delivery vans, scooters, and cars stop the real noises of the island begin: the dog scratching off fleas, the occasional cat screeching, the gecko on the wall chirping, the fountain in the garden gurgling, the palms swishing. These are the sounds of Key West us locals love to hear.

923 Southard Street is now offered at $997,000.  CLICK HERE to view the Key West MLS datasheet. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing of this treasure. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.