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Showing posts with label price reduction. income property. Show all posts
Showing posts with label price reduction. income property. Show all posts

Tuesday, March 28, 2017

32 Hilton Haven Road, Key West - New Lower Price

The asking price on 32 Hilton Haven Road #4, Key West was just reduced making this waterfront home an incredible buy in my opinion. The listing Realtor describes this property as being the largest waterfront condominium available in Key West. Two units were combined to make one 2258 square foot home with three bedrooms, four bathrooms, and a large open concept kitchen, dining, and living area with open water views from the fifty foot balcony.This unit has been completely renovated from bottom to top including new wood and tile floors, recessed lighting, wind impact doors and windows, kitchen cabinets, appliances, and so forth. The waterfront view remains forever inviting.
While standing in the kitchen I took the above photo and imagined living in this space. Everything blends together so nicely.  One of the complaints I have often heard about other condominium properties is how alike they are which is the same as saying how unimaginative they are. This place is the opposite. The living space is so large and open. There is plenty of room for a real family to live here and not be tripping all over each other.
The bedrooms are located on the four corners of this unit.  Each bedroom has an adjacent or en-suite bathroom.  Having this much separation ensures privacy for the people occupying these spaces. The current owner chose to use one bedroom as a den and enlarged the adjacent laundry to include a home office. The main entrance is located near ground level while all living space is located on the second floor. There are multiple entrances to the deck area as well.
32 Hilton Haven Road is offered for sale at $1,199,750. CLICK HERE to view the Key West MLS datasheet and listing photos. After you have imagined how wonderful this place would be to own, please call me, Gary Thomas, 305-766-2642, to set up a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. The listing agent promised to get my buyers in at a moments notice. Let's take a look. You will not be disappointed.


Tuesday, May 17, 2016

1122 Southard Street, Key West - Price Reduced on Investment Property


The asking price on 1122 Southard Street in Key West was just reduced from $995,000 to $875,000. This is the really interesting property with upside potential. The listing Realtor describes this investment property this way:
"This historic building includes 5 licensed apartments. There is a large 2BR/2BA, two story unit at the rear ideal for an owner, a 1 Bedroom, an efficiency and 2 studio units. Lot's of the original Dade County Pine and architectural details including the original staircase are intact. Excellent Old Town location. The property is currently owned by a non profit organization for their use and so rents are currently well below market value"
Frequent readers of my blog know that I have a shoe box where I sometimes find old photos of actively listed properties. I found just such a photo of 1122 Southard Street that was taken five decades ago when this property was a laundry of all things.  I searched the historic Sanborn Fire Maps to see if I could determine when 1122 Southard Street was built. The 1889 Map ignored this area entirely but I know for a fact that there were multiple homes and businesses in existence in the immediate area at that time. then. It was not until the 1892 map that a building was cited on the lot and the address given at that time was 1018 Southard St. The address of 1018 Southard was changed to 1122 Southard Street on the 1899 map.  That map indicated a small cut-out a the right rear of the lot where a water tower was located. That cut-out exists today which is now a part of a large adjacent property to the rear. My conclusion is that 1122 Southard Street existed at least as of 1892 and probably earlier which I will explain later.

 The Monroe County Property Appraiser shows this building as having 2515 sq ft of living space plus porches. The irregular lot measures 40 ft wide by 82 ft deep minus the cut-out for the old water tower in the rear which I mentioned earlier. The building is located next door to the historic Key West Armory which is now owned by the State of Florida. This suggests to me that the Armory will always be maintained and not become a nuisance neighbor. In fact local painting contractors are just finishing the front facade of this historic building. Southard Street has three of the most expensive listings in town. Most of the single family homes on Southard are priced over the one million dollar mark.
As the listing Realtor indicates this property currently is owned by a non-profit organization which was providing housing to local artists and temporary artists-in-residence. Today the building is vacant except for two tenants. I think whoever buys this building has several options to take advantage of the low occupancy by re-renting the vacant units at market rate without spending any money.  These units are small and ideal for single occupancy tenants. There is a real housing shortage in Key West. These would be rented in a heartbeat.  A buyer who wants to do some "fix-up" could do some improvements to the units. I  am not sure the updated units would rent for a lot more money but a fix-up may make the buyer feel  better about the building itself. The building has been well maintained. I just know that many buyers feel compelled to spend new money whenever they buy something. Below are a few photos of the four units in front.
These apartments would be easily rented to new people moving to the area or to people who have lost their long time residences to be displaced by someone who bought a home that they plan to renovate.  This building is located within easy walking distance to Duval Street and the seaport where many locals are employed. There is adequate on street parking, but the fact of life in Key West is that many locals do not own cars. Instead many locals walk or ride bikes or scooters as primary means of getting around.
The two story unit at the rear has so much potential for either an owner-landlord or as a place to actually spend some money to increase the rental on this particular apartment. I think any money spent on the rear unit is money well spent. This space is worth the price of the building in itself. The income from the apartments in front would pay all taxes, insurance, and upkeep on the building.

CLICK HERE to view some not-so-good photos I took with my small pocket camera on a recent showing of this property. They provide some simple views of the units and the grounds.

The asking price on 1122 Southard Street was just reduced from $995,000 to $875,000. CLICK HERE to view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to schedule an appointment to see this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.
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