520 Porter Lane, Key West - Transient Licenesed President's Walk Town Home

I have written about Presidents Walk Town homes on several occasions over the years. These town homes were built in the early 1990s and vary somewhat as to interior layout and condition. Some are pretty much in the original condition while others have been updated - some tastefully and others done to the owners' sense of style. Some are located on Southard Avenue while others are nestled away to the rear of large multi-million dollar single family homes which face Front Street.

Some homes have first and second floor front and rear porches or balconies, but not all.  Each unit has an assigned parking spot and some have covered parking and storage.  The amenities at Presidents Lane include a beautiful pool plus the beautifully maintained grounds of the Truman Annex and  gated security. Frequent visitors know that Truman Annex enjoys a great location near Duval Street, Mallory Square, quick access to Fort Zachary Taylor Beach and state park, and soon will be steps away from the new City of Key West Truman Waterfront Park. 

 Each of the Truman Annex communities has a private pool for that community. The President's Walk pool is for owners and guests only of that community. It is located about a 90 second walk from 520 Porter Lane which is shown below. This home is offered for sale by Preferred Properties at $874,900.

The listing broker describes 520 Porter Lane this way:

"This two bedroom two and a half bath townhouse in Presidents Walk includes a Truman Annex transient rental license. Beautifully updated kitchen opens to the dining and living space with french doors to the large outdoor deck. Each bedroom has an attached private full bath as well as a balcony for indoor outdoor living. Assigned covered parking spot with attic space included!"

This home has an undated interior with new kitchen, new tile floors and a half bath tucked under the stairs to the second floor. This home has a nice decked rear with a gate that leads to the nearby parking space.

The master bedroom has a private en-suite bath and private balcony overlooking the little walking lane that end about 25 feet to the east. The importance of this is the fact you won't have neighbors walking past your balcony on those frequent nights when the weather is so pleasant you want to leave the doors open. The back bedroom also has a private bath and a private rear porch.

This unit has a covered parking spot located about thirty feet from the back gate. When I show places like this I point this kind of feature out for a good reason: if you go to the store and buy food you also probably have to carry it in to the house. This is a good location compared to so many other units in Truman Annex where the parking is (No.1) not covered and (No.2) located a long walk from the entrance to the home or condo.  Our summers and falls are known for their heat. Getting into a covered car is preferred to one baked in the sun.

This home has a valuable Truman Annex Transient License which permits owners to rent the unit any 25 weeks of the year on a weekly basis and possibly to rent the unit as a monthly or longer term rental the rest of the year (or use it oneself). These units are located the nearest the guarded entry which just two blocks from Duval Street. We do not have person on person crime like big cities But having the guy at the gate makes the two block walk home at night seem safer just the same. And having the beach a couple of blocks to the west is just wonderful.

CLICK HERE to view the Key West MLS datasheet and to view listing photos. Then please call me, Gary Thomas, 305-766-2642, to set up a private showing of this unit. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

The Worm has Turned

This guy waited and waited and then his luck ran out! The worms got him!
(Photo take at 813 White Street Key West)

Shipyard in the Truman Annex - Key West

Shipyard in Truman Annex in Key West

Just like almost every other Realtor I watch the Key West mls throughout each day. I look for new listings and properties that have a price reduction because they create possible sales opportunities. But I also watch for properties that have gone under contract 0f that get sold because they can show us what is happening currently and give us insight into where the market may be headed.

In the first couple of months of this year I wrote about new listings in the Shipyard, President's Walk, and Porter Court communities in Truman Annex. Those communities have been the most popular areas for second home buyers in the Key West for nearly twenty years. A couple of years back there was a surplus of units at Shipyard. Now there are just three units for sale in Shipyard. (The average listing price is $664 per sq ft. Compare that to most other properties in Old Town. Shipyard is higher.) President's Walk has two units available and Porter Court has two.

There were 8 condo sales in Shipyard since January 1, 2011. The average "sold" price per square foot was $554 for a unit with an average square footage of 681 sf. (One unit was 580 sf and the largest was a two bedroom and two bath at 780 sf.)

During that same time period there were 23 condo and townhome sales in the Old Town, Meadows and Casa Marina areas for units that sold below $475,000 (the highest sales price in Shipyard. The average price per square foot in these units was $343. There is a clear disparity in sales price per sq ft between several of the least expensive units and Shipyard, but that disparity has nothing to do with quality of the unit or location. A one bedroom unit at Campbell Courtyard (has a beautiful pool and an incredible Old Town location) sold for just $228,000 or $359 per sq ft. Another newly constructed 3 bedroom townhome at 713 Emma Street sold for $399,000 or $354 per sq ft. The Emma Street property has a beautiful courtyard with pool and incredible water feature. The units have Viking kitchens and each unit has an off street parking spot. A bank owned 2 bedroom unit at 1108Duval Street that included a transient license and off street parking sold for $433,000 or $333 per sq ft (1399 sf unit).

Shakespeare coined the phrase "The worm has turned" to connote a reversal of fortune. Shipyard was the darling for years and years because the units met the spatial and amenities "must haves" that so many second home buyers require. The units are big enough to handle most families or couples that travel together. They have been affordable in comparison to many other properties in nearby Old Town. And they offered a convenient and secure location that second home buyers often feel is necessary. (I think most of Key West is safe unless you are in a bar with a lot of boozers. Drunks create most of the problems in our town whether they are in the bars on Duval or on the streets driving cars our walking home late at night fighting with a soon to be 'ex'. ) In the mid 2000s the prices increased on Shipard units while the economy took a dip. During the past year, however, the Key West real estate market has recovered and so has the desirability of Shipyard.

CLICK HERE to search the Key West mls. If you are looking for a getaway place in Key West and want to buy before the prices soar, please contact 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. Remember the other "worm" phrase, the early bird catches the worm. Don't wait until it is too late.

President's Walk - Truman Annex - Key West

The White House - home of our Presidents

President's Walk in Key West

Since today is President's Day I thought it is appropriate that I mention the only three currently active listings in the President's Walk Townhomes located at the Truman Annex in Key West.

Readers may recall that I wrote about a new listing at 233 Southard Street just couple of weeks ago. It is offered at $599,000 or $624 per sq ft. CLICK HERE to read what I wrote then. (I understand there are three active offers on this unit and it may soon be under contract.)

Last week I showed the other two units at 560 Porter Lane (now offered at the just reduced price of $549,000 or $572 per sq ft) and 566 Porter Lane (offered at $639 or at $666 per sq ft).

The three units are pretty much like most of the other units in this small townhome community in size, age, and general configuration. 560 Porter Lane is offered furnished and the other two are willing to 'negotiate' the furnishings. Each one is cute and charming in its own way-just like people. But none are cookie cutters versions of another. Each has a transient rental license which makes it an ideal purchase for a buyer who wants to occasionally rent the unit when the owner is not in Key West enjoying life.

The pool at President's Walk Townhomes

Truman Annex is a very popular location for both renters and owners. It is close to Duval Street but it is not a part of the madness that sometimes occurs there. It is a lush green sanctuary with beautiful buildings (townhomes, condominiums, and single family homes) most of which have been built after 1990 with a few historically significant 'grand conch homes' included in the mix. Mallory Square and the boardwalk are an easy walk through the north gates; the Ernest Hemingway House is five blocks to the south on Whitehead Street (just one block east) and the Southernmost Point is only a couple of blocks further; Ft. Zachary Taylor State Park and Beach are located at the west entrance to Truman Annex on Southard Street. But inside the Truman Annex there are just lush streets and lanes and lovely homes, but there is no commercial activity.

Front Street single family homes in Truman Annex - adjacent to President's Walk Townhomes

Ft. Zachary Taylor State Park and Beach - just a few blocks from President's Walk Townhomes

The real estate market in Key West is rapidly contracting. By that I mean the seemingly huge inventory of unsold homes from two years ago has shrunk dramatically. The number of new short sales and bank owned properties has dwindled to a smattering. Whatever you read or watch on TV about Florida home sales still being a buyer's market may be true for 'Florida' (and still is for Monroe County), but it is no longer the case for almost of Key West. CLICK HERE to do your own SEARCH of the active Key West mls database.

If you want to buy a place in Key West please consider working with me, Gary Thomas. I am a buyer's agent. Contact me at 305-766-2642 or by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Don't miss out on the opportunity to buy now before prices start to increase and mortgage rates go up.

233 Southard Street - Old Town - Key West

233 Southard Street

Just listed by Preferred Properties Coastal Realty, Inc. (but not by me), 233 Southard Street in Truman Annex in Key West. The listing Realtor describes this two story townhome this way:

"This bright and sunny end-unit in the President's Walk has been recently renovated with a sparkling new kitchen with granite countertops. The master bathroom has also been upgraded with new tile, granite countertop, and new fixtures. This townhome has four porches (two up, two down), new hurricane shutters and a deeded carport with overhead storage. Used as the owner's vacation home, this unit has been very well maintained."

The listing agent left out how cute and comfy this place is. I had the opportunity to be the first to show it the day after it was listed. If you have been in several President's Lane units, you still must see this one because it isn't like all the others. The new kitchen has new cabinets and appliances which totally redefines the kitchen usage and makes the entire main level more attractive. This is an end unit with windows on the side. The photos below prove my point.

All New Kitchen

French doors open to private rear deck and yard

Rear bedroom with deck that overlooks the pool to the right

Newly remodeled bathrooms

The "X" is 233 Southard Street and this is the pool at President's Walk

Deeded parking space with overhead storage

This unit is permitted to obtain a valuable Truman Annex Transient License which allows weekly rentals.

CLICK HERE to view the Key West mls listing datasheet and photos. Better yet, please call me, Gary Thomas, 305-766-2642 to set up a showing on this really charming President's Walk townhome. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

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