Don't Fret - Still some Low Priced Deals in Key West

Don't Fret!

I get calls and emails from buyers that want to purchase only bank owned properties or properties priced under $300,000. Having worked in a major bank and having sold lots of bank owned assets during a previous economic downturn, I know that all bank owned assets are not deals. I do understand budget buying and setting realistic shopping constraints. With that in mind I did a quick search for residential properties on the Island of Key West priced under $350,000. (I believe in the power of negotiation and have a reasonable expectation that a buyer may be able to acquire any of the properties for $300,000 or less.)

CLICK HERE to see the list of properties that I culled out from the mass of somewhat uninteresting and maybe undesirable properties priced under $350,000.

3325 Pearl Street is a bank owned townhouse located near the east end of the island. A lot of properties in this development have either sold as short sales or as bank owned foreclosures. This is a development where many local Key Westers live. This is not a vacation destination. This unit is priced at just $164,900.

818 Whitehead Street is a bank owned stand alone cottage located at the rear of five homes that make up the condo association to which this unit belongs. All Other Units In This Condo Are Still Owned By The Original Developer. Condominium Does Not Allow Dogs. This unit cannot qualify for any type of financing. That means you will need to pay cash. I have shown this unit on many occasions and most buyers like it but feel the size is the most limiting factor and not the requirement to pay cash. The unit has a main floor living dining area, kitchen and bath. A spiral staircase leads of the second floor loft bedroom that opens to the downstairs. There is no privacy but there is also no room for others. This unit is more like a very nice hotel room than a long term living situation. This unit is now offered at $235,000. I think it will sell for less and that it could make a decent monthly vacation rental.

910 Simonton Street #4 is an Old Town condominium with a licensed transient rental license. This unit is located near the very busy intersection of Simonton and Truman. This is a budget rental that seems to always be full. It is offered at $299,000. This may not be your "dream home" but it might help you acquire it someday.

3685 Seaside South Drive #312 is a condominium located near the far east end of the island. It has a transient rental license. Seaside has a beautiful pool and other amenities that might attract an owner to use this for full time use. The current owner rents this unit on a monthly basis. But it could be rented as a legal transient unit as well. This unit is offered at $299,000.

905 White Street is located on the edge of Old Town. This is a condominium with a transient rental license and it stays busy all the time. It is offered at $325,000. The listing agent reports this unit had "Gross '09 Income Was $33,500".

CLICK HERE to search the Key West Association of Realtors mls database. You may find your very own personal deal. If you see a property that interests you, please call me, Gary Thomas, 305.766.2642 I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Casa Palmera - Sold - Key West

I wrote several blogs about 906 Johnson Street and this will probably be the last. The property closed today and I want to congratulate Cory Held of Preferred Properties Coastal Realty, Inc. who represented the Seller and the Buyer on the sale of this incredible property.

CLICK HERE to see what you missed. 906 Johnson Street is located on one of the very best blocks in Key West. The main house sits behind a private gated entry . Gardens surround the house on either side and then wrap around the house at the rear. The two story home has rich wood flooring and European details throughout. The main home includes three guest rooms, a complete mother-in-law suite or servant's quarters, a formal dining area, a formal living room with fireplace and an equally large and gracious family room that overlooks the rear gardens. The home has an extra large galley kitchen, a breakfast room that overlooks the large pool, and a cheerful laundry room that looks out onto the rear gardens as well.

There is a Casita at the southeast rear of the property. It is actually a home onto itself. A separate Writers cottage or office with it's own bath is located at the southwest corner of the property.

Casa Palmera was originally offered for sale at $3,495,000. It sold at $1,749,000. This was the deal of the year. Congratulations to the seller, the buyer, Cory Held, and Pat Labrada at TIB Bank.

There some real good buying opportunities still left in Key West. CLICK HERE to search the Key West mls to find your good deal. Please call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in sunny Key West.

La Casa Roja - 1403 Catherine Street - Historic KeyWest

Just listed by Preferred Properties Coastal Realty (but not by me) La Casa Roja at 1403 Catherine Street in Key West, Florida.





La Casa Roja is the kind of home that you would expect to see featured in Architectural Digest or Coastal Living magazine. It is of that caliber. But you lucky readers get to see it here in my little blog instead, keywestproperties.

CLICK HERE to see the before photo of this historic 992 square front home as it appeared five years ago with its white clapboard siding and chain link fence. If fit right into the neighborhood. But a very creative young architect and his partner bought the house and transformed it into a work of art. CLICK HERE to see the renovated property as it now appears. The six room house consists of the living room, kitchen, guest bedroom, guest bath, and master bedroom with en-suite bath. Other living areas include the outdoor lounge off the master bedroom, the open-air dining alcove near the pool, the bar off the kitchen, and the two story carriage house with upstairs loft. Each room or area is rich in architectural detail and quality construction. There is nothing "undone".

This simple little house is simply just that: a simple little house. But that is an understatement of grand proportion. It is elegant in its simplicity. The new wide oak plank floors were custom milled as were the extra-large crown molding and the extra-wide baseboards. New cedar doors were custom made. The original windows were restored to retain their character.

Doors and floor patterns in the original house were reworked to make the house flow efficiently. The relocated kitchen for example opens onto the hallway adjacent to the living room. The kitchen windows tilt and provide access to the covered outside veranda bar. I would not call this home a "party house", but it was certainly designed for an owner who loves to entertain in style. The kitchen is the heart of this home. And the several social gathering spots flow from or toward the heart of this home.

What was once the kitchen is now the master bedroom with its own private covered porch with hot tub. The master bedroom features two sets of pocketing French doors and screens which allow the room to open up to the back yard. Mirrored pocket doors conceal the generous ten foot long closet. Paneled wainscoting and coffered ceiling add depth and interest to this cozy retreat.

And then there is the two story carriage house. It's the perfect place to house your classic Key West car or the perfect place for your own gym, workshop, or studio. Upstairs there is a secret retreat that is just as simple and just as elegant as the rest of the main house. Some people skimp on things that are barely seen. Here, the barely seen is treated as a treasure for the very few.

I dare the reader to walk around the outside of this property and find something amiss or something not done. Every place you look you see solutions to everyday issues. Here is a "for instance": the front door hurricane panel was turned into a whimsical work of art and greets guests near the cocktail bar.

This is the kind of house a second home buyer should consider because the present owner designed the house and all of its components to standout from the crowd and function properly. It does. Indeed. Some readers may say "I could do that." Perhaps. But most of us see a home like this and admire it with awe. That is why I discerning buyer will seize the opportunity to own a property of this caliber.

La Casa Roja is offered at $1,299,000. If you would like to see this simply elegant property, please call me, Gary Thomas, at 305-766-2642. Some very lucky person is going to buy this little treasure and experience the elegance of living well...in Paradise. Preferred Properties Coastal Realty, Inc. is an affiliate of Christie's Great Estates.

P.S. I have shown this charming home to several buyers that actually purchased a home from me. They ended up hiring the owner-architect of La Casa Roja to design the remodel of their new Key West property. My advice to buyers: save the trouble and hassle of months and months of construction. Buy the real deal now.

Pied-à-terre pour vous? 526 Wiiiam Street - Old Town - Key West

The term "Pied-à-terre" comes to mind when you first see 526 William Street Unit #3. This sharp 2 bedroom 1 and 1/2 bath two story unit is located on the second and third floors of the chic Delancey Hall Condominium. The living room and kitchen share the second floor space with a half bath and the interior stairway to the third floor bedrooms and bath. The front second balcony is shared with the unit across the hall. Other units in the building have their own private outdoor spaces.

There are only five units in this building that was very tastefully renovated in 2001. The front just oozes class. The side gate provides entry to the shared pool and bricked courtyard area. There is no off street parking. But since most of the surrounding properties are single family homes, street parking is not an issue.

The listing Realtor described this unit this way:

"Short Sale! Prime Old Town Locatation: 2bedroom 1.5 bath two-story condo. Delancey Hall Old Town Building. Spacious second floor plan with open living area, granite counters and custom cabinets. Dade Co. Pine wallsn Brazillian purple-heart hardwood floors, Italian marble floors, cathedral ceilings with crown molding. Brick terrace with landscaping and heated pool. Entry Bell & intercom on front. Convenient to Library, restaurants, Duval St and Waterfront. Most desirable William St block between Fleming and Southard Streets."

CLICK HERE to read more detailed information on Unit #3 that is priced to sell at $365,000. Don't get greedy. This is a price the listing Realtor believes that the mortgage lender will accept. So there is no sense is wasting printing ink or brain matter on a low ball offer. It will not fly.

I co-listed this unit in 2004-2005. I held several open houses at this property. Everybody loved it and the location. The only problem I know about this unit is the height of the bathroom ceiling. It is tucked into the roof and a tall person (someone over 6') will have to bend the neck to the side while taking a shower. Other than that the rooms are comfortably sized. This unit would make an excellent getaway place or one could live here full time.

If you would like to see 526 William Street please call me, Gary Thomas 305-766-2642. The unit is rented and requires 24 hour notice to be shown.

415 Julia Street - Old Town - Key West - Short Sale

415 Julia Street is located a hop, skip, and a jump off of Duval Street near Truman Avenue. The reason the location is important is that the location is important. You see this property qualifies for a transient rental license. That means the owner could legally rent this property on a daily basis. Having a good property in a good location could mean good income. (415 Julia Street does not have a transient license at this time.)

This property sits just west of the Duval Gardens Bed & Breakfast and a bit south of the recently updated Orchid Inn. There is a big redevelopment project CLICK HERE right at the corner of Duval and Julia. I like it when other people spend a lot of money near a property that is for sale. It reinforces the belief that the location does have value.

415 Julia Street is about a five block walk to South Beach where you can lay on the beach all day long. It is steps from Duval Street where you can do the Duval crawl. The world famous La Te Da and other fun spots are all located within a two or three minute walk.

CLICK HERE to view the current mls listing information sheet provided by the current listing Realtor. There are no photos. The property is described as "Great Old Town location. No kitchen, was once a guest house, zoned for transients. THis is a potential short sale." 415 Julia Street is offered at $450,000 for this 2324 sq ft property that has 4 bedrooms and 4 1/2 baths. CLICK HERE, CLICK HERE, and CLICK HERE for other photos of the property. THIS is the little house next door.

I have not been inside this place recently. Our office listed and sold this place in October 2006 for the price of $795,000. CLICK HERE to see some good photos of what the property looked like then. The property most likely will not look the same today. So please do not assume that it does. But the photos may give you an idea as to what you might be able to recreate.

Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com if you are interested in this or any other property in Key West. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in beautiful Key West, Florida. You could be here or Peoria. Which would you prefer?

811 Carey Lane - Old Town - Key West

JUST LISTED, but not by me, 811 Carey Lane, which is located on one of the best little slow lanes of Key West. This is how the listing Realtor describes this charmer:

"Located in an area of million dollar properties, this charming home has an exceptional location on one of Key West's most desirable lanes. You'll find peaceful tranquility and the Key West ambiance you're looking for in this home. Open living and renovated kitchen, dining room, good storage, outdoor shower, covered porch for lounging and lovely gardens complete with inground hot tub. Excellent condition with 3 ductless air units, and house opens beautifully to the well-kept gardens and outdoor areas. Fall in love with this fun and artistic quintessial Key West cottage."

CLICK HERE o see the mls data sheet and more photos of this cutie pie cottage. The cottage is almost 1100 square feet and has two bedrooms, two bathrooms, a new kitchen, and it just oozes charm. The ceiling in the main living area is vaulted and exposed wood. It is very dramatic. There is room for a good sized pool.(The rear of this property abuts Carsten Lane. So all one need do is take down the fence, bring in the backhoe, dig out the dirt and install a new pool.)

Carey Lane is a one block lane that runs perpendicular between Margaret Street and Elizabeth Street and just south of Southard Street. It is within walking distance of everything Old Town has to offer, yet you almost need a map to find it. The five homes on Carsten Lane abut Carey Lane to the rear. Each of the houses on Carey Lane and Carsten Lane run through to the other side. Some front on Carsten Lane and the rest have that super valuable Carey Lane address.

In February 2007 I wrote a blog entry about Life on the Slow Lane. CLICK HERE if you would like to see why owning a home or cottage is so danged wonderful. Here are a couple of other houses on Carey Lane and Carsten Lane CLICK HERE and CLICK HERE.

811 Carey Lane is offered at $699,000 or $651 per sq.ft. for a charming two bedroom two bath home in move-in condition. It has parking and room for a pool.

The real estate market is heating up as the summer heat is starting to subside. I may be wrong, but I think this house is priced right and will sell fairly quickly. If this is the kind of place you have been dreaming of owning, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. Don't wait. Time is of the essence. Seriously!

1209 Olivia Street- SOLD - Short Sale that Happened

I probably showed 1209 Olivia Street to just about as many people as the listing Realtor. I think the property was a real bargain at the asking price of $610,000. It sold and closed this week at an even better price of $590,000. That is $387 per sq ft for very nice 2 bed, 2 bath house, "recently updated", with a pool and guest cottage, off street parking, located in a very good neighborhood, in Old Town Key West. CLICK HERE to see the details.

Getting a short sale actually accomplished can be very time consuming and bothersome to everybody involved. If you are a potential buyer of a short sale house, my advice is to make sure you have True Grit. I think the buyer on this house got a great property. Congrats!

CLICK HERE to search the real Key West Association of Realtors mls database. If you see a place you like, please contact me, Gary Thomas, 305.766.2742. I am a full time Realtor at Preferred Properties CRI in Key West,Florida. If you lived here instead of New Jersey, you would see blue skys almost every day of the year.

1216 White Street - Bank Owned - Key West

Good news for those of you who looked at 1216 White Street but lost out on the bidding war. This Bank Owned property is back on the market.

I've shown this house several times. I think this property could make a great project for someone who doesn't mind spending some time and money turning this place into a little gem. Here's why: I am assuming the prior owner did the upgrades or improvements that exist on the house. Work was started. But then it stopped. The improvements are not complete. The kitchen needs to be replaced and the floors need to be repaired. Some piers probably need to be replaced. A competent home inspector or contractor can tell you what needs to be done and how much it will cost to complete the renovation.

1216 White Street has a huge yard on the side and rear. I'm talking about the potential to create a really beautiful pool with a spacious garden area. There appears to have been off-street parking where the current boarded-up garage sits. There is a new sidewalk with no curb cut. There may be photographs or city records that would provide evidence to enable a new owner to get that curb cut put back in place. All of a sudden, that ugly little garage comes down and the property has off street parking and gated access to the new pool and garden area.

1216 White Street is now offered at $329,900 or $251 per sq ft. The house is 1357 sq ft according to County Records. But the lot is enormous--5807 sq ft. The location is good in my personal opinion. The street is busy in the daytime. But it is pretty quiet after 6:00 PM. The property is convenient to the beaches a few blocks south and Old Town a couple of blocks to the north.

As I mentioned, this property is bank owned. The Seller requires all offers must be pre-qualified.

CLICK HERE for more detailed information and photos of 1216 White Street. If you want to see this property, please call me, Gary Thomas, 305-766-2642.

911 Watson Street - Old Town - Key West Treasure

If you are looking for a project house in Old Town Key West and have a lot of cash, read on. It would be most helpful if you have a good imagination or the money to hire a really talented local architect to help you develop a vision of what this incredible property could become. Since I am sharing this with you, please keep in mind I am also trying to sell property. So if you read this piece and get tempted to see it, please see it with me. If you are already working with another Realtor, please tell him or her you saved one dance for me alone.

If you are one of many people that read about 612 Griffin Lane CLICK HERE and regret not buying it, read on. This place is very similar to Griffin Lane, only better. It sits on an Old Town lane (even if it is called a street). The street is only one block long and it deadends at the Key West cemetery. Unlike Griffin Lane where you would have to park a block away from your property, you can actually drive to your house and park your car. Like Griffin Lane, this old house has a huge yard with a magnificent variety of trees and potential second story views.

The little house next door fronts the cemetery. CLICK HERE and CLICK HERE.The house across the way at 910 Watson Street CLICK HERE) sold for $3.5 million in 2006. (Different times, I know. But if you look at that house and compare it with this house, you will see they look very similar. Except that house was remodeled to perfection. CLICK HERE to see 910 Watson.) The two houses are of very similar original age and construction. So a serious comparison is in order for a serious buyer.

Oh, you cannot see 911 Watson Street from the street. It is hidden behind a big privacy fence and is protected by a stand of trees to boot. So there is built in privacy. You could put up a fancy privacy fence like the one at 910 Watson. But I'd think twice before doing it.

The property at 911 Watson Street is old Key West--Key West when houses were cheap and structural renovations were not restricted by all kinds of rules (or if there were, they were not enforced seriously). I am talking about the late 1960’s and early 1970’s when really big houses and small cottages could be purchased for next to nothing. I am referring to a time Key West that did not have a Tree Commission or HARC or even building codes for all I know. A lot of the houses that were "redone" during that time period evoke a similar hippiesque aura. You know the kind of house I am referring to: simple but strong homes made of Dade County Pine that were adorned with love beads, stained glass windows, and hand made cabinetry. Places that rely more on natural cooling of shade trees and open windows rather than air conditioners. I am talking about houses that have additions and roof line alterations that made living spaces “work” but that would not be permissible under today’s strict building codes and HARC Guidelines.

The yard at 911 Watson Street is quite large. It is roughly 106' x 93'. The house and three other structures are situated under an umbrella of huge trees (Sapodilla, fig, mango, avocado, and a host of others whose names I do not know). I’ll talk about the house in a moment, because it is the outside that makes you want to own the inside.

When I stepped into the yard last Saturday for a showing,I immediately fell in love with the place. I felt dwarfed by the sheer height of some of the trees. Some were huge even by Key West standards. Yet there were big areas of open sky so I did not get a claustrophobic feeling of being trapped in a forest. The grounds are filled with a variety of bushes and so forth, so that cats and dogs can hide. I felt like I was exploring an un-chartered part of the world. Well, at least I did explore different places in the yard. Same thing. I climbed up a rickety old stairway to a sundeck of sorts. I was told that you could see the Gulf of Mexico from the top of the roof, but I chose not to climb up there. There are natural archways made by creeper vines that have taken over utility wires. And then there is that hand-dug pool.

The pool sits on the north side of the property. It is long and deep and very oddly shaped. It probably needs to be replaced because it doesn’t look like it has been used in years. There is a very rare mango tree that hangs directly over the west end of the pool. Another type of mango guards the east end of the pool. And there are several other trees in between. I said the pool is big.

There is a “carport” on the south end of the property and a double garage on the north end. The garage does not look like it has been used in years but it is a garage nonetheless. There is plenty of room for expansion as the lot at 911 Watson Street is almost 10,168 sq ft. The house itself has 1306 sq ft of living area plus an ample amount of decks for outdoor living. There is a small building at the west rear of the house that some new owner might want to expand to use as a guest cottage or pool house.

The property was last purchased in 1973 so it may be time for some updating. The county records show the house was built in 1924. The owner thinks it was actually built in 1920. It is a single story wood frame building constructed of Dade County Pine. Like so many of the simple older Key West homes, it is charming. It is a little dated now. I wouldn’t mess with it too much, however. The house has a center hall with bedrooms and bathrooms on either side at the front. The kitchen is at the rear. And there is a covered outdoor living area beyond the kitchen. That living area is just incredible.

It would be a crime to gentrify this house. The house does need a new roof. It might be time to update some of the plumbing and electric. And a new owner would probably want to redo the kitchen and baths. And the place could use a new paint job and some attention to the floors. The garden could be thinned. But I would advise against doing too much. This place works because of the simplicity of the house as it sits today. Why mess with something that works?

911 Watson Street is now priced at $679,999 or $521 per sq ft. CLICK HERE to view the mls listing info. The current asking price may seem high for an older home these days, but I remind you that the lot is enormous and the property as a whole is magical. This place is worth a serious look by a serious buyer. It is going to take cash to do the things a new owner would want to do. I don’t know that banks are making construction loans these days. So have cash or a rich uncle.

Please remember that you read about 911 Watson Street from me, Gary Thomas, not the other Realtor you have been working with and not by doing your own search of the mls. If you want to see this property, please call me at 305-766-2642. This property will change your life. I guarantee it!

1119 Catherine Street - Short Sale - Key West

Attention K-Mart shoppers and other bargain hunters. The legal duplex at 1119 Catherine Street in Key West may be the one you have been waiting to find. The property is a short sale and the asking price is now $490,000. Interested? Read on.

The listing Realtor describes the Catherine Street duplex this way:

"Great renovation in progress - very close to finished. First floor unit is 2 bedrooms, 2.5 baths; the upstairs unit is 2 bedrooms, 1 bath. Both units have covered rear porches. This is a great location - walk or bike anywhere. Condo papers are finished but not filed. New paint inside & out, new electric, new plumbing upstairs and down, new downstairs cabinets and vanities, new tile in the downstairs baths & kitchen, new walls, 37 new windows, most doors are also new. NOT YOUR NORMAL DUPLEX - COME LOOK AT THIS ONE! Priced well below recent bank appraisal. This is a potential short sale and may be subject to third party approval."

The photo above is a bit deceptive. The photo shows a glass enclosed front porch. In real life the porch area is now part of the master suite with drywall that cleverly conceals the windows on the exterior. That deception enabled the renovator to use the interior space much more efficiently. The downstairs unit would make a really great place for an owner to live. The kitchen has higher end cabinets and tile already installed. The appliances also need to be purchased. The baths are nearly complete but are missing a couple of sinks and toilets. And the living area still needs hardwood floors installed.

Upstairs the views are just wonderful. This place is really bright and cheery. It needs a few finishing touches as well. But overall the upstairs and downstairs unit can be completed fairly quickly and cheaply-maybe $20,000 or so.

There is room for a pool in the backyard. There are some nuisance trees that will need to be removed and the pool would need to be hand dug. That happens quite often. I think the existing main level deck could be extended into the rear yard so that the depth of the pool need not be so deep. A pool and deck like that might add an additional $50,000 to your investment.

I don't do property management, but the upstairs unit would be an easy rental with or without a pool. The downstairs unit would be great for an owner live-in situation. Maybe you use the upstairs for the occasional guests instead of as a long term rental.

The renovator was going to condominiumize the property. The paperwork was done, but not filed. Good thing. It costs money to terminate a condo association and there is no present market for condos like this today. But having the option to use the documentation at a later date is another potential positive on this property. CLICK HERE to see more detailed information and photos of 1119 Catherine Street.

I think this duplex will go fast at this new price. If interested, please call me, Gary Thomas, 305.766.2642. This property is listed by Preferred Properties Coastal Realty Inc.

416 Margaret Street - Old Town - Key West

Just Listed: 416 Margaret Street - a beautifully restored Victorian home with a legal studio apartment, pool, off street parking that is located in the Heart of Old Town Key West. This is how the listing Realtor describes this property:

"Historic Key West charm abounds this Folk Victorian home with a wonderful renovation just completed. Relax on the large front porch with beautiful balustrades and Gingerbread trim overlooking tropical landscaping. A quintessential Old Town neighborhood, 2 blocks to the Historic Seaport and 4 blocks to Duval St. Original Dade County pine lovingly restored throughout. First floor boasts 2 bedrooms, 2 full baths, and living and dining area that opens onto a covered lanai with pool and outdoor shower. A separate entrance on the second floor leads to a beautiful studio with kitchenette and full bath. With no detail forgotten, off-street parking is accessible from the lane."

CLICK HERE to see more detailed information on this listing and view some very good photos. This 3 bed 3 bath house is a total of 1630 sq ft and sits on a 3300 sq ft lot. It is offered at $1,195,000 or $733 per sq ft. This is a very good price dear readers.

I showed this house to one particular buyer from New Jersey in 2006 and again in early 2007. She was a medical doctor. She loved the house. But she was fearful of how much renovation would cost. She found a dozen reasons not to buy the home she absolutely fell in love with. It is available again. It just costs a lot more. And it has the new roof and electrical upgrading it needed. It got the pool you wanted and the off street parking. But it still has all that charm that lured you back four times to look.

The house is located mid-distance between Eaton and Fleming Streets, so there is quick access to the restaurants and shops nearby or at the Historic Key West Seaport (2 blocks to the north) or Duval Street (four blocks west). If you are a buyer looking for a second home with a little income to help defray the cost of ownership, this may be your dream home. In addition to not needing any work to make it "livable" (that has already been done with pizazz!), this place has a legal second floor apartment with a separate exterior entrance. That apartment is large enough to accommodate one person very nicely. And the prospective tenant could be your eyes, ears, and physical presence for times you can't be in Key West. The rent would help defray the cost of home ownership.

I took a couple of photos of the houses on either side of 416 Margaret Street. This is the house to the south CLICK HERE. Little Lopez Lane separates 416 Margaret from the THIS HOUSE to the north. The house directly across the street at 415 Margaret CLICK HERE sold in 2006 for over $2.6 million. Great house to have as a neighbor. There are some condos, guest houses, and small stores in the immediate area. This area is real Key West. It is not Truman Annex.

There are not a lot of houses in Old Town with the amenities 416 Margaret Street offers in this price range. I think this house is going to sell very quickly. I would love to show you this house before it is snapped up by one of the many would-be buyers looking to purchase in this price range. Please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. We are an affiliate of Christie's Great Estates. Come Buy with Me!

1105 Washington Street - Casa Marina Area - Key West

Just Listed (but not by me!) 1105 Washington Street in the Casa Marina Area of Key West. This 1960 vintage ranch has been recently updated. I know, I live nearby and watched the workers doing all kinds of things to the property during the past couple of years. The house has 1415 sq ft of living space and sits on a 4035 sq ft lot. The house has 3 bedrooms and 2 1/2 baths. 1105 Washington Street is offered at only $750,000 or $530 per sq. ft. The listing Realtor points out that "this is not a short sale".

The listing Realtor describes the house this way: "A really nice home located in the Casa Marina area and just a few blocks from the beach. There is an additional bonus room with seperate entrance to be used as a bedroom, office or workout room. Master bedroom has a suana bath. Kitchen is equipped with stainless appliances. There is also a wetbar that seperates the livingroom and diningroom." (I copied it exactly.) CLICK HERE to see the photos and more detailed info on the house. There is no pool and I don't recall that there is room to add a pool. But there is plenty of privacy.

The house directly across the street (my neighbor to the rear) is a massive estate property that occupies a size able plot of land. It has been under renovation for the past two years. It is a great property that is always maintained and would be a charm to look at each day you go out to walk the dog. The house next door to the west is equally charming. The house next door to the east is a Key West landmark (Guest Cottage photo here). The beaches are nearby. Shopping is within walking distance. You can get to the airport or the shopping centers in about 5 minutes. And Old Town is a quick bike ride away. But the neighborhood with the big trees and big lawns is why you want to live in this part of town.

At an asking price of only $750,000, I think this house ought to sell fairly quickly. I know it does not have the essential pool that so many buyers want. But that big ocean a few blocks away is awfully inviting and you don't have to pay a pool boy $100 per month. Instead you can walk over to Louie's Backyard and have cocktails every Saturday evening. Life is made up of choices.

If you would like to see 1105 Washington please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. We are an affiliate of Christie's Great Estates.

1020 Von Phister Street - Casa Marina Area - Key West

Want to live far from the Madding Crowd? Want to have a place where you will feel confident nobody, but nobody will ever build a place that can look down onto your pool or make noise that will wake you up at the crack of 3:00 AM? Consider becoming my neighbor by buying the really sweet home at 1020 Von Phister Street in the Casa Marina Area of Key West.

1020 Von Phister Street is described this way by the listing Realtor:
"This extraordinary home was custom designed and built with master craftsmanship in 2002 by an award-winning architect. Situated on a beautiful block of the Casa Marina area, the property has 3 bedrooms plus an office, 4 bathrooms, a gourmet kitchen, large windows for light and off street parking for 2 cars. An outdoor shower on the second floor master bedroom porch has wonderful privacy and serene views of the gardens and pool."

This is not an ordinary "house". The architecture and design lets you know upon entry that you are someplace "special". The formal entry entices you to walk through to the living room with its two story view of the pool and garden. Each of the two bedrooms on the main level have a private bath and private veranda. The stairway to the second floor has windows with muted views of the garden to the east. Then you enter the large master suite with his and hers (or in Key West his and his, or hers and hers) bathrooms. The master suite has a built in book ledge that overlooks the living room below and the pool and gardens. If that isn't enough, the master suite has its private second floor veranda which would be great for some stunning sunning. And there is a even a private outdoor shower CLICK HERE with obscured views of the forest primeval next door. (That property runs from Flagler to Von Phister with a depth of 199 feet and a width of 52.75 feet. CLICK HERE to see the stand of huge trees that will not be taken down during the lifetime of anyone reading this blog.) Those trees provide so much privacy that I want to buy this house.

The house next door to the east is a second home for somebody else. The other properties in the neighborhood are mostly single family homes on large lots.

This particular area has a lot of mahogany and other tall trees that make the streets particularly beautiful. Von Phister Street runs parallel to Flagler Avenue which leads to the Casa Marina Hotel two blocks west. Von Phister is very quiet street close to everything, yet far enough away not to be in the middle of anything. You can walk to the beaches in five minutes or less. You can ride your bike to one of about seven gyms or yoga places within 5 blocks. There's a nearby grocery store, a Dairy Queen, some art galleries, a paint store, some churches, etc. But none are that close. You have to go leave the sanctity of Von Phister to go back to the real world. It's not that far. But it is far enough.

This is the deal. 1020 Von Phister Street was under contract until last week. Something happened and the property is now back on the market and it is now priced at $1,299,000 or $657 per sq ft. The house is 1977 sq ft and sits on a large 4558 sq ft lot (46.75 x 97.25) lot. The house is only seven years old, and it is really a beauty. The owner of this house has already purchased another house a block or so away. This is not a distress sale!

CLICK HERE for more detailed information and photos of this sweet home. I live across the street and to the east just a tad bit. I love living in this area. And I am really serious about the beauty of this very special home. Please call me, Gary Thomas, 305.766.2642 to schedule a showing of this property. You will be very pleasantly surprised.

New Bank Owned Houses - Key West

For those who think they can get a good deal by buying a Bank Foreclosure, may I present two new offerings for your consideration.

607 Margaret Street is located in the Old Town area of Key West. It is two doors to the south of Mangia Mangia for locational reference and across the street from the old Harris School. There is a big tree in front to provide shade from the sun. The interior has Dade County Pine walls. And it is a fixer for sure. The listing Realtor describes this house thus:

"Bank Owned. Fantastic location in Old Town Key West. This home has charm and needs your personal touches. Make this your oasis. Backyard has patio. Bedroom on first floor and second bedroom is on the second floor plus additional storage in the attic."

CLICK HERE for more info supplied by the listing Realtor and to see 4 photos of the property. This house is offered at $349,900 or $360 per sq ft.

3725 Eagle Avenue is located one block west of A1A or near the intersection of Flagler and South Roosevelt Blvds. The two blocks just prior to A1A have some of the nicest homes in Key West. This is not one of them right now. It needs a lot of work in my opinion. But the house is very large (2900 sq ft) and it sits on a huge lot of 12,000 sq ft. That is not a typo. The lot is gigantic. The asking price is $355,000 or only $122 per sq ft. The listing Realtor describes this house this way:

"Mediterranean Style Home. This 3 Bedroom/2.5 Bath residence has authentic textured walls, beamed wood ceilings, beautiful redwood staircase, soaring ceilings, arched french doors and windows, fireplace, private dining area, window-wrapped family room and pinewood floors. Bank Owned Property. Priced to Sell."

CLICK HERE to view listing information and more photos.

The house directly next door to the east CLICK HERE was renovated in 2003-2004 and it is beautiful. I even took a pretty picture of it this morning so you get an idea of what 3725 Eagle might look like after a few hundred thousand dollars and a lot of work.

Both properties are bank owned. I suspect 3725 Eagle will be under contract by Monday. So if you want to buy it, contact me right away. This house will be an an undertaking and it is going to take money and vision to transform this property into a showplace.

607 Margaret Street has a tiny deck and the smells. There is an open toilet right off the living room--no door. The exterior was butchered with an aluminum awning and most of the windows need replaced. The interior stairway does not meet city building code requirements. And you will be throwing a lot of money into any fix-up of this place.

If you think you want to buy a bank owned property, this is your chance. Two new listings in two different areas of town. Both are "affordably" priced. Both need vision, work, and money. Please call me, Gary Thomas, 305.766.2642, if you would like to make an offer to purchase either property. Don't wait.

Good Deals - Recent Key West Sales

No Good Deed should go unnoticed. There were three sales that hit the mls since June first that I believe are worth noting.

I wrote about 811 Southard Street on December 21st. It was a short sale. It originally listed for $5,300,000 and sold for $2,500,000 or $656 per sq ft CLICK HERE. That is a great price for a great property in a very good Old Town location. Congratulations to Rudy and Roger.

I never got the chance to write about 1020 Southard Street CLICK HERE (the Gingerbread Man House) because it went under contract within a day or so of being listed. It sold at the list price of $1,975,000 or $760 per sq ft. The Gingerbread Man House was renovated a few years ago by the same duo that recently renovated 728 Love Lane. The pretty as a picture house at 728 Love Lane house is on the market now and is priced at $1,795,000. CLICK HERE.

The Buyer of 1020 Southard Street has their "old house" at 1108 Fleming Street on the market. CLICK HERE for more info on this house priced at $1,295,000. I wrote about it CLICK HERE. If you are a serious buyer for a great house in Old Town, consider this property. Remember, the current owner just purchased a very expensive house a block away. Hint! Hint!

Another house I wrote about also closed this week. CLICK HERE to read what I wrote about 924 Flagler Avenue in the Casa Marina area. It was listed for $1,500,000 and sold for $1,250,000 or $606 per sq ft. The house is as original as any I have seen in Key West, and it has been lovingly maintained by the same family since it was built in 1935. The new owner bought a Key West treasurer. Mitzi Krabill represented the seller and I represented the buyer. Congratulations Tim. And Merry Christmas.

Good Deeds, indeed! Each of the three houses I mentioned are important houses in Key West. I'm sure there will be a few readers that think the buyers paid a lot. Wait a couple of years. These buyers will be remembered for the great deals they got.

If you are thinking of buying a place in Key West, you might want to put your property search in full gear. The market of available good houses in good locations is shrinking. CLICK HERE to search the official Key West Association of Realtors mls website. If you see a property that interests you, please contact me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com. You don't have to pay a million bucks to get a good deal. But you will never get a good deal if you don't make an effort.

"My seller does not want to lose any money."

I wrote an offer over the weekend on a nice house on the edge of Bahama Village. I point out the location because the location is part of the reason the house has not sold. The house itself is very nice. It has the features many potential second home buyers want: enough bedrooms and baths, new kitchen, off street parking, and charm for days. But the location causes most buyers to not even look or if they do look, to choose another location.

I wrote in my blog about a similar property a few months back. I hosted many "Open Houses" at the height of the buying frenzy at a house on Whitehead Street just off Truman Avenue. It was newly redone by a real craftsman. Everything was great. It had 3 bedrooms, 3 1/2 baths, granite countertops, 3/4" solid maple floors, a new pool, new windows and doors, off street parking, and it was charming. It was priced at $595,000 for an all new custom redo. Literally hundreds of people walked through the house during the months I hosted Open Houses. Most of the lookers were on their way to see the Hemingway House or the Southernmost Point. But some were serious lookers that I turned into clients. But nobody ever considered buying that house because of its location. They said if it were on the "other side of Duval" it would have been a different matter. And that is the same problem with the house mentioned above. It is a great house in what most buyers consider to be the wrong location.

Instead, I want to discuss the seller's potential predicament. The seller's agent told me "My seller does not want to lose any money." I can appreciate that. The seller paid "X" for the house and added improvements that cost real dollars. Now, for whatever reason, the seller wants to sell.

The real estate market is different now than it was a few years ago when the seller was the buyer and buyers were buying almost anything. Even back then buyers were resisting "that" location. I'm referring to the similar house I mentioned above. It is located a block or so from the house owned by this potential seller. Instead of being part of a buying frenzy, today's buyers are part of a bottom feeders frenzy. Buyers are looking for deals. But they want they still want location, value, and charm.

A buyer can sometimes create charm by building new or redoing a place. Sometimes. I've seen too many places with botched redos. Charm does not come cheaply or easily. Many properties are certainly better values today. There have been several short sale and bank foreclosure properties that have sold in Old Town, Casa Marina, and The Meadows areas that were real deals. (I wrote about many of them in my blog.)

We are in uncharted territory right now with all of the short sales and bank foreclosures. Many sellers will sign almost any contract as long as they think they will get off the hook and not be held financially responsible for any of the shortfall on the loan. A lot of the properties that have sold were bank owned and sold at a discount. But the discounted prices have pretty much become the "market".

However, there are still some real world/real market properties offered for sale. If a seller really wants or needs to sell in this market, he or she is going to have to meet the market to sell. Crossing of one's arms and defiantly stating "I don't want to sell at a loss!" won't work. Having one's Realtor make the statement won't change anything.

If a seller who owns one thousand shares of GE stock that he bought in 2007 for $35 per share wanted to sell that same stock today he would sell it for around $13.50 per share. Next week it might be worth more. Maybe less. He could refuse to sell it and hope the price recovers. But if he needed to sell, he would have to accept the loss.

Yet many real world "sellers" refuse to accept the fact that they may have to sell real estate at a loss. Unless a property sells for all cash, it is pretty safe to assume that a buyer would need to finance the purchase. Lenders will not lend if a property will not appraise. It is that simple.

I know my buyer won't be getting the house I mentioned above. Maybe the seller really does not need to sell. But my suggestion to the seller's agent was to get an independent appraisal of the current market value. No rational seller wants to sell at a loss. But every seller ought to know what his or her property is really worth in this current market downturn.

CLICK HERE to search the Key West Association of Realtors mls database. When your search is complete you will be able to see how long each listing has been on the market. If a property has been listed for a really long time, ask yourself "Why?". If you see a property that you like and would like more information or would like to schedule a showing, please call me, Gary Thomas, 305.766.2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc in Key West. Our office is an affiliate of Christie's Great Estates.