Good News on the Home Front - Key West

Kudos to two fellow Realtors - Doug Mayberry and Bob Cardenas. Doug listed the big manse at 708 Eaton Street (next door to the former Calvin Klein House) for $2,675,000 and Bob produced the buyer that purchased the house on Friday for $2.4 million. CLICK HERE to see what the fuss is all about. Congratulations to both of you.

I used to own and live at 511 Eaton Street when it was known as Eaton Lodge. I sold it in 1995 but I know what the street sounds like during the day and at night. My place was about 125 feet east of Duval so I got to hear the noise from there as well.

I must admit that some days the noise can get annoying. Not all day. Tourists on motor scooters honking their horns for no reason at all. Or Choppers with no tail pipes making as much noise as they possibly can-on purpose so that you'll look at the old dude's hog. But that awful racket can be heard on side streets like William just as well.

But most of the time, and especially in the dog days of summer, the traffic is intermittent and not bothersome.

Some of the finest homes in Key West were built on Eaton Street and they were owned by some of the town's richest folk. (That's still the case today.) The sale of 708 Eaton Street is a re-affirmation of the staying power and value of grand old homes in the Old Town area of Key West (it sold for $724 per square foot and it is a big house - 3316 sq ft in fact). There are some nice big old houses still left on Eaton Street and several not so expensive places as well. CLICK HERE to see what you can buy on Eaton Street.

If you are looking to find a place in Key West please call me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com. Don't wait too long to buy at historic low prices. Local banks are lending on single family home purchases.

Wanna Buy a Painted Lady?

San Francisco isn't the only place with Chic Chicks, Painted Ladies that is. Key West has its own Painted Ladies. They hold court nightly under the street lamps on Truman Avenue between Duval Street and Whitehead Street. By coincidence, happenstance, or whatever, two of the old dames are now offered for sale.

409 Truman Avenue is located right at the corner of Whitehead and Truman. This very unique property is located one block from the Hemingway House. Three Bedrooms and three bath Conch house with central air and off street parking. The house is 1790 square feet and sits on a large 3918 sq ft lot. CLICK HERE to read more detailed information on the house but especially to see the quality photos of the house and lot. There is room for a pool! What'smore, the listing agent told me the seller is motivated to sell. 409 Truman has been reduced from $900,000 to $750,000 or $419 per sq ft. It's worth a look.

411 Truman Avenue is just next door. It is half the size of the house at 409 Truman, or just 800 sq ft. It is offered at $425,000 or $531 per sq ft. For that price you get a two bedroom one bath abode with off street parking. It offers a sunny loft with treetop view, newly remodeled kitchen, Corian counters, stainless steel appliances, fresh paint, impact windows and central AC. No room for a pool, however. CLICK HERE for more info and pics of 411 Truman.

If you would like to see either of these painted ladies (or any other property in Key West) please call me,Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com. One very positive feature of owning either of these homes is the fact that neither you nor your guests will ever get lost and be unable to find your way from home. Everybody in Key West knows where the Painted Ladies are--under the street lamps on Truman.

March 2009 Key West Real Estate Sales Report

There were a total of 18 single family home sales in Key West between March 1st through March 31st. Six of those sales were short sales and one was bank owned. Old Town had seven of those single family home sales. The average price per square foot in Old Town was $484. In 2008 there were six single family sales in Old Town and the price per square foot then was $583. Not a good trend, if it is a trend.

None of the single family home sales in March 2009 would be considered a major Key West home. I wrote about 804 Elizabeth Street several times. It was originally listed for sale in April 2007 for $1,695,000, and it sold in March 2009 at $950,000 or $490 per square foot. That house had one of the most beautiful pools on the island. The location is a short two block walk to Duval Street. And there were two off street parking spaces. Congratulations to Jeff Dunaway for finding the lucky buyer on this great home.

Last month there were a total of twelve condo and town home sales in Key West. Three of those were identified as short sales. But five were bank owned properties. That means 66% of our condo and town home sales were distressed properties. And there is no accounting for what factors went into the other non-distress sales. Two of the bank owned properties that sold were previously mentioned in my blog as buying opportunities. The first was a third floor condo at Sunset Marina. The condo had previously sold in August 2005 for $885,000. It was sold by the bank for just $370,000. The really cute house (officially it's a condo because it is located in a compound) at 1118 Olivia Street was listed for $359,000 and sold in just a couple of days for $349,000. That was a great buy. (As a side note, a nice little house went in the mls this past Monday. It was bank owned. I called the listing agent to get access to see the property for a buyer. It was already under contract. If you want to buy a bank property, be prepared to act quickly and make a sensible offer.)

There are lots of houses and condos for sale in Key West. Some are dogs. And there are some really beautiful properties available at potentially great prices. I am a firm believer that every property listed for sale today is listed because the seller really wants to sell. CLICK HERE to search the Key West mls database to find the bargain you have been hoping for. If you are looking to purchase a place in Key West, 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., the exclusive Florida Keys affiliate of Christies Great Estates.

Dazed & Confused over Short Sales?

If you have read my blog for a while or watch the movement of properties on the Key West Association of Realtors website you will see that some short sale properties seem to sell quite quickly and that others seem to languish. If you are dazed and confused by the process, the paragraphs that follow may offer some interesting insight on what some listing agents, renters, and owners do that impact why some properties sell and why others do not.

1. Some real estate agents seemingly do not understand the point of a short sale is to assist a troubled property owner to sell his/her property to a buyer for an amount less than the seller owes to his lender(s) on the condition that the lender(s) agree to accept that lesser amount in full satisfaction of the loan. The seller benefits from not having a foreclosure on his/her credit record. The lender benefits if the amount received outweighs the potential costs of foreclosure and consequent re-marketing of the property.

Here's the rub. Some real estate agents continue to price short sale properties at ridiculously high asking asking prices. I'm talking about per square prices that make no economic sense. The point of a short sale is to sell the property before it gets foreclosed, not to create an impediment (illogical pricing) that deters sane buyers from even looking at the property.

2. Conversely, some real estate agents price properties almost too cheap so that they (listing agents) can sell the property quickly. It is interesting to see how many properties get listed as short sales only to go "contingent" within a day or so of being listed. I believe this is helping to drive down the value of similar properties in the same areas. This is especially true in some condominium developments in Key West.

3. I've seen some listing agents deny that that the seller needs to negotiate the price or sell the property even though it is listed as a short sale. I recently submitted an all cash offer on a short sale property where the listing agent denied it was a short sale (even though it was listed that way in the mls). The agent even told me not to submit an offer less than a certain amount. The agent said the seller was only a few payments behind, yet I knew the lender had filed a Lis Pendens on the property months ago. The offer got rejected and a few days later the seller's agent substantially increased the asking price!

4. Many of the short sale properties in Key West are not owner occupied. In fact, many are rented. For some reason renters seem more in control of what gets sold than the owners or their real estate agents. Renters control when the properties can be shown, and what they look like and smell like. Renters usually demand at least 24 hours notice to show. Some renters refuse to show specific rooms even when proper notice is given. Dogs and cats (and their lingering odors) can make an otherwise nice place look or smell like hell. I have smelled pet urine in several short sale properties.

Some agents are never quite able to get potential buyers in to see listed properties. They may not have keys or the owner does not want the tenants to know the property is listed for sale less the tenant would stop paying rent to the seller. Restated: the property is listed for sale but cannot be shown. Make offer sight unseen.

Consider this as well. Owner rents a large house to a renter for let's say $2000 per month. Tenant then sublets each bedroom and even creates additional bedrooms by partitioning off "rooms" to create makeshift bedrooms. A three bedroom single family house suddenly becomes a five or six room boarding house. If you think I'm making this up, you are wrong. There are sure to be many beasts in the house as well. When a property owner no longer cares about what happens to the property, all animals are welcome. (Not all animal owners are bad. But some are!)

I've shown my buyers short sale properties that are rented. My buyers ask who gets the rental income. Not the lenders, dear readers. Even though most mortgages have an assignment of rents provision, few lenders exercise the right to collect the rent. In most situations the defaulting borrower (Seller)continues to collect rent until the property is foreclosed or sold in a short sale. One owner I know stopped making mortgage payments right after Hurricane Wilma in October 2005 and rented the house until last year. Now a relative lives in the property. There is no incentive to really sell when an owner continues to collect rent or lives in the property for months on end.

5. I've seen instances where people that sell real estate may be assisting sellers in depriving lenders from maximizing their recovery. Example number one: real estate agent lists a short sale house at an aggressively low price. Seller and Buyer (who might be a relative like a brother in law or cousin) enter into a Contract of Sale and Purchase. The short sale is then processed through the system without the lender having any knowledge that the "Buyer" is actually an insider of the Seller. Seller ends up staying in the property after it is sold to the relative as a "renter" or tenant. Example number two: Seller offers a short sale property that has an ancillary asset with a special value (such as an occupational license or furniture in a vacation rental property) that was purchased with the loan proceeds. The listing agent does not include the "asset" in the mls listing but does let it be known that the special asset can be purchased separately outside of the real estate closing. Wink! Nod!

6. Another instance can occur when the seller engages a negotiator to facilitate the short sale on behalf of the seller with the lender. The seller requires (as a condition of signing the Contract of Sale with the buyer) that a certain title company write the title policy and close the transaction. Seems harmless enough, except that the title company is run by an insider of the negotiator and charges fees in excess of what a local title company in Key West would charge. And when the lender demands the real estate agents reduce their commissions in order to close the transaction, the negotiator's fee remains unchanged.

Most of the short sale properties are straight-up offerings. It is not my intent to suggest anything otherwise. But there are instances where a few real estate sales people, renters, and property owners take actions that confound the process.

Just Listed: 602 Southard St. Old Town Key West

Just Listed, but not by me: 602 Southard Street (corner of Southard & Simonton Streets). This is how the listing Realtor describes this property: "Grand Historic Home (3 legal Units)located in the Old Town district. One block off Duval. Featuring Entry Porch, Hardwood Floors, Walk in Closets, High Ceilings, Ceiling Fans and Metal Roof. The perfect historic Conch Home!" CLICK HERE to see more info and several photos of the interior.

I have never been inside this place, but I have admired this house since the first time I came to Key West. There is something so "old" about the place that makes me feel safe or content. It's a big house, 2746 sq. ft. according to tax records. The lot is big too, 5573 sq. ft. at a major point in Old Town. The property is presently configured as three units, and the listing agent says there are 3 bedrooms and 3 baths. CLICK "PHOTO" to see PHOTO, PHOTO, PHOTO , PHOTO I took this morning of the exterior.

The list of negatives about this property in today's economy might scare away just about every buyer: location (busy corner); income on 3 units likely not enough to support debt to finance the purchase; cost of renovation would be huge because of the large size of the property; the price ($950,000) s barely under one million bucks; that ugly little commercial building next door to the south; I could go on. But if you look at the property differently you see the location as a positive if you are looking for a house near everything with the size of the building and lot to do what you want. The building next door doesn't have tenants that party all night. The economy is slow right now so you do your own stimulus package and hire some local builders that are not otherwise engaged. The asking price may seem high but it may be negotiable and on a per sq. ft. basis ($346) it is a great value given the structure, size, and great location. There are some structural things you may want to change (add a pool and eliminate the exterior plumbing pipes for example). I envision HARC and the planning department working with a new owner to turn 602 Southard into striking property. Let's say you invest an additional $500,000 in renovation. Would a "new" renovation in that location be worth about $1.5 million? To some buyers it would. You can get a lot of house in Key West for $1.5 million in today's market. Some locations are better than others.

If you think the worst of times is in front of us, this property is definitely one that you should not see. But if you think our country is going to come out of this mess and you want to take advantage of the present price levels, you might want to take a look at this property. Whoever buys this big house with a big lot needs a big pocketbook to do this old lady her due. This place could be fun. If you want to see this property, please contact me, Gary Thomas, 305.766.2642 or send me an email at kw1101v@aol.com.

3533 Flagler Avenue - Bank Owned - Key West

This distinctive Mid Century house at 3533 Flagler Avenue is bank owned and it has been on the market for quite a while. It was previously listed with a real estate agent in Miami. I've carped about them carpetbaggers before coming down here and listing homes in Key West. They join one of the Monroe County association of Realtors and start to list houses as if one house is like another. Well, it did not sell and it was put in a national auction. It didn't sell there, either. It was recently listed by a local Realtor and this is what that Realtor says: "Great family or shared home in New Town.,Key West, Florida. Spacious 3/3 with dip pool. Downstairs are a bedroom and bath, laundry room, large kitchen/dining area and living room. Multiple French doors provide lots of light and great views leading to tropically landscaped side/rear yards. Upstairs there are two bedrooms each w/ private baths and a comfortable deck overlooking pool and gardens. Rear yard is very private with beautiful, mature palms. The dip pool is uniquely shaped and a perfect size to cool off with friends on a warm tropical afternoon. There is plenty of parking on street and off street, front yard is paved to allow for vehicles and play. Large front porch, sit & relax and watch the world go by. Repairs needed. Foreclosure."

CLICK HERE to read more of the info in the mls and see 22 photos of the house and grounds. The previous agent had one pic.

I think this house would make a great family home. The front, side, and rear yards are big. The lot is 5000 sq. ft. and that means room for the family to actually enjoy the outside. The rear yard and pool are dramatic and really sexy. The place needs some spiffing up, but it will come back. The prior owner obviously loved this house. They put in a new kitchen and made several nice improvements to the property. There is a Romeo & Juliet balcony off the master bedroom that looks down to the pool.

If you are looking for a good sized house (1658 sq. ft.) at a good price, $332,900 or only $201 per sq ft, checkout this Bank Owned property. Get out that pencil and sharpen it. You might actually get a pretty good deal on this one.

CLICK HERE to search the real Key West Association of Realtors mls database. No one will call you or track you on the Internet--not even me. Please call me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com, if you are interested in this house or any other property in Key West. I am a full time Realtor at Preferred Properties Coastal Realty, Inc., an affiliate of Christie's Great Estates.

Kid Friendly in Key West

Thanks to all the readers who made such nice comments on yesterday's blog "You do the Math". I appreciate it when my shills are awake. Your checks will be arriving soon.

Diana, the reader that prompted all the comments,was looking for kid friendly area other than pricey Old Town that her family could afford. They are in that under one million threshold. I just created a list CLICK HERE of houses in the Meadows and Casa Marina areas that are priced under the one million mark. I think all prices are negotiable these days, so don't let the asking price on any property prevent you from looking at it.

I eliminated houses that are on busy streets. Some are affordably priced, but kids do run into streets. I think locals are pretty careful about driving on side streets. But you need to watch out for tourists. I did leave in houses on South Street. I know it gets traffic, but it also has some real nice houses at great asking prices and I think they may sell even lower.

1217 Varela Street is located right next door to the Montessori School. It's neat and clean, has room for a pool, and it has off street parking. The other houses on the block are much more expensive. The house across the street was featured in HGTV's House Hunters Key West episode last week. It's priced over $2.7 million. Nice house, great block, kid friendly, what more do you need?

1019 Flagler Avenue was left in because it could be a great family home. It's going to take some money and a good designer to do it, but the value is there. The rear yard once was incredible and it can be again. The house two doors away once belonged to R.J. Reynolds. It was recently redone and it is now offered just under $4 million. Same street folks.

1116 Seminary Street is a short sale. I wrote about it before. It is a great house and is located across the street from the Glen Archer Elementary School. Seminary gets local traffic from moms dropping the kids off and picking them up from school. And occasional locals like me who ride on the street on a bike.

1217 Petronia Street is in a dense area of the Meadows. Houses are closer together than houses in the Casa Marina area. But this house is priced very competitively.

The city government and many of the service groups are always doing something to make the lives of kids and families with kids more enjoyable. The city commissioners take pains to make sure that they provide good clean wholesome things for families to do that are apart from the craziness that happens on Duval Street.

The top photos is of a house in the 1000 block of Washington in Casa Marina. The next photo is located next door to 1116 Seminary mentioned above. The school is the Glen Archer Elementary School on the corner of White between Seminary and United Streets. It was the original Key West High School. Oh, I forgot to mention, there is even a Dairy Queen located nearby.

If you are considering the move to Key West, please consider working with me, Gary Thomas. I am a full time Realtor at Preferred Properties, an affiliate of Christie's Great Estates. Call me at 305.766.2642 or e-mail me at kw1101v@aol.com.

You do the Math - Key West Potential Deals

I thought it would be interesting to let the readers compare two similar yet dissimilar houses for sale. Both houses are often referred to as cigar maker cottages or shotgun houses. Some people call them Conch Cottages. Call them what you want. Both houses are for sale and here are the details that may make them attractive to you.

1216 White Street is located about five blocks from the Atlantic Ocean. It is a Bank Owned house listed for sale at $344,900 or just $262 per sq ft. CLICK HERE for more photos and detailed information provided by the listing Realtor. I've shown this house several times in recent weeks and I think this 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. They are not complete. The kitchen needs to be replaced and the floors need to be repaired. Some piers probably need replace, but those are things your home inspector and contractor can tell you what needs to be done. To me, those issues are "givens". But what makes 1216 White so appealing is the huge yard on the side and rear. I'm talking about the potential to create a really beautiful pool and garden area. Now, there appears to have been off-street parking where the current boarded up garage exists. There is a new sidewalk with no curb cut. But there may be photographs or city records that would give a buyer the right to get that curb cut put back in place. All of a sudden, that ugly little shack comes down and a new covered off-street covered canopy goes up. Beyond that is a fence protecting the gardens and pool beyond.

217 Truman Avenue is located in Bahama Village just west of the Key West Lighthouse. CLICK HERE to read more information and checkout the killer photos of this lovely house just two blocks from upper Duval Street. 217 Truman is priced at $599,000 or $586 per sq. ft. 217 Truman is "done" whereas 1216 White is "a fixer-upper". But both are priced in the price range acceptable to many second home buyers looking for a place in Key West. 217 Truman has less square feet than 1216 White, but White Street needs to complete the renovation.

Both properties are on streets that get a lot of traffic during the daytime. That is why I chose these two for comparison purposes. The view of the Historic Lighthouse, that sweet little pool, and the convenient walk to Duval Street should make a lot of potential buyers want to consider Truman. And the potential to create a very large pool and garden close might attract a buyer who wants a place close to the beach. Most houses in the Casa Marina area are still selling for over a million bucks. This place is about one block outside the Casa Marina area, but it is priced about $650,000 less because of its condition and location. You do the math on either house.

If you are looking to purchase a home in Key West, please consider calling me, Gary Thomas at 305-766-2642. I am a full time Realtor at Prederred Properties Coastal Realty Inc at 520 Southard Street, Key West, Florida.

25 years ago this week

Twenty Five years ago this week I sat foot on the Island of Key West for the very first time. I had read about Key West a few years earlier in a magazine called "After Dark". Things were different back then. We did not have 24 hour per day news channels and travel channels to tell us about the world. We had magazines and books. The photos above are from the issue I read. (That's Randy from The Village People in the top photo. Those pics attracted my attention. I read the article and decided I must see for myself.

I drove down from Miami and thought if I didn't like Key West, I could return to Miami or Ft. Lauderdale for the second week of my vacation. When I got to Key West, I did what any red blooded American guy would do. I didn't read the map. I guessed which direction to take. I drove south along the ocean side and ended up in no man's land somewhere. I was really upset. I thought I had made a horrible mistake. Somehow I found Duval Street (again without aid of a map). Then I found the cross street where my guest house was located. I checked in and started to decompress. Within hours there was no stress at all. Like every other first time tourist I walked up and down Duval Street and some of the side streets taking in the still "beat" feeling that existed at that time. The town had not been gentrified the way it is now. Some places like Jerry Herman's two sisters houses on the corners of Fleming and Elizabeth were redone. But so many more houses looked like they were ready to fall down any day. The sidewalks were cracked and falling apart. When you walked down the sidewalks at night Palmetto bugs (dozens of them) would litter the sidewalks. The sidewalks are fixed and the bugs are gone. Thank God on both accounts.

Each day brought a new discovery. I met new friends at the guest house. Together we found great restaurants to enjoy and together created wonderful memories of one of my best vacations ever. I met some locals and got invited to a party at a really swank Casa Marina home. I attended Tea Dance at La Te Da. (They held Tead Dance on Wednesday and Sunday afternoons. The town was hopping!) I made the nightly trek to the COPA and the other bars that existed back then. There was a place called Michael's on Duval Street. The Old Plantation and another called Papillion were popular as well but now they are gone. The Monster had burned down a year or so before. So I only learned of it by legend. I made the pilgrimage to Atlantic Shores and was amazed at the mass of naked people, many college kids, and locals hanging out listening to loud disco music in the daytime. I'm not a party person, but I started thinking "I could live here." Then it became "I want to live here." It wasn't about the bars or the booze or the sun. It wasn't about the beautiful old houses or tall palm trees or the ocean. It was the way that the People that live in Key West relate to where they live and how they relate to each other.

It took me nine years of screwing around making goof-ball offers on real estate before I bought my first property. I was always trying to get the best deal. That got me no deal for nine years. Then I got lucky. Real lucky. I bought a property at an SBA auction in 1993 and outbid the others in attendance. And I moved to Key West the week before Christmas. So many great properties had slipped through my hands. I wasted nine years in the cold winter snows. Nevermore.

A few years ago I wrote an offer for an English couple that wanted to purchase a newly renovated two story carriage house on a small lane just off Eaton Street. That carriage house was on one of the very best of the best lanes. I delivered the offer that evening to the listing Realtor. My buyer called very early the next morning and left a voice message asking me to stop by their guest house. He said his wife had been up all night. Crying! I went over immediately. She started crying again. She said something about not wanting to come to Key West and walking up and down Duval Street every day. I told her locals don't go to Duval. Tourists do that. Locals have real lives. Some locals go to Duval Street to work. Some locals go there to party. A few unfortunate locals spend too much time there, but they are not the norm.

I was showing a couple around town the other day and the wife said "You really enjoy selling real estate, don't you!" And I said "Yes."

I enjoy my life so much in Key West. It's a small town with small town values when it comes to people but it's a big town when it comes to having lots of things to do on so many levels. If you are thinking of buying a place in Key West don't miss the present buying opportunity. Prices are low compared to years past and interest rates are still very low. Local banks are making loans to purchase single family homes. Please give me, Gary Thomas, a call at 305.766.2642 or e-mail me at kw1101v@aol.com. Don't wait nine years like me. Life is too short to screw around over a few thousand dollars. I mean that from the bottom of my heart.

P.S. Trivia Question: What was the name of the rooftop restaurant at La Te Da (chinese that served drums of heaven chicken wings among other delectable foods)?

614 Greene Street - Old Town - Key West

They've already started the party without you folks. I just went down to take a photo of 614 Greene Street and the area is a bustle of activity with people wearing O'the green. How appropriate they are doing it on Greene Street. If you think I jest, look at the photo above with the couple in green t-shits that read "St. Patrick's Day 2009".

Anyway, St. Patrick's Day or someday soon may be your lucky day if you were to buy 614 Greene Street which is located at the epicenter of tourist activity at the Historic Key West Seaport. The listing Realtor describes this Transient Licensed Property this way: "Located just steps from both Duval Street & the Historic Seaport this commercial store front plus 3 transient rental unit property is in the perfect Old Town spot. Behind the bustling street lies a peaceful garden where each renovated unit enjoys its' own private covered porch. Relax in the ambiance of a wonderful custom dip pool with natural seashell waterfall. Front unit is commercial, Captain's Quarters (2nd unit) is a 2 bedroom, 1 bath, Crow's Nest (3rd unit) is a 1bedroom, 1bath & Pirate's Den is a freestanding 1 bedroom, 1bath bungalow. All units are offered fully furnished, turn-key including flat screen TV's & wireless internet access. Walking distance to all that Old Town Key West has to offer. OWNER SAYS SELL - MAKE OFFER!"

CLICK HERE to read more details on this property and see photos supplied by the listing Realtor. This property is a potential money maker for someone wanting a small hands-on day to day transient rental operation. I see the potential owner as someone who does not mind a little work to make a modest income from a property in a terrific location that may increase in value as the economy recovers. I can tell you this, the Monroe County Property Appraiser values the property highly. The location is what makes the modest buildings so valuable. That, and the ability to produce income either from transient rentals or other commercial activity that the Hrcc1 zoning permits. 614 Greene Street is not a Short Sale, but the seller is willing to entertain offers.

If you are thinking of buying a second home and potentially buy a small business in Key West, please call me, Gary Thomas 305.766.2642 or my associate Phil Wilson 305.394.4105. Phil has been in the commercial real estate business for years and either he or I may be able to help you put this deal together or maybe another property. Prices are low compared to years past, and there are some real buying opportunities.

Pssst! I've got a Deal for You!

The house at 409 William Street is located on one of the best blocks in Old Town Key West. Some of the oldest and most beautiful houses in Key West are located in the three, four, five, and six hundred blocks of William Street. 409 William Street is known as the Gideon Lowe House. Several years ago it became Whispers Guest House. And then in June 2005 the present owner purchased the property for $2,000,000 and began the renovation process.

That's not a typo dear reader. The owner paid $2,000,000. The property is offered at $1,995,000. The owner put over one million dollars in to the renovation. The math is simple. The seller is going to lose a lot of money no matter what the price is paid for this house. Read on.

The house was built in 1908. The Listing Realtor shows the square footage as 3442 sq ft on three floors. The lot is very large: 44.2 x 100 or 4422 sq ft on a great block. The house has four bedrooms with one master suite on the main level, a second full master suite on the second floor, and two good sized bedrooms with one shared bath on the third floor. The ceilings are tall and the rooms large on each floor level including the third floor. There is a front porch on the first and second floors off the bedrooms so the owner can sit and watch the world go by or watch sunset without leaving the house.

The entry way is tall and impressive and immediately lets you know upon entry that you are in a very special house. The great room and kitchen-dining area are located at the back of the house with French doors that open onto the rear deck, gardens, and pool. This house is not for the buyer who wants a Key West cottage. This is far from that type of abode. Instead, this place is for a family that needs a big house. The rooms don't ramble. They are people and furniture sized.

Quaint it ain't. But charming it is. And pricey for all but a few. 409 William Street is now offered at $1,995,000 or $580 per sq ft. CLICK HERE to view an unedited list of eleven comparably price properties in the Old Town, Casa Marina, and Meadows areas. Compare the size, amenities, and location for yourselves. With a couple of exceptions, 409 William Street is priced lower than the majority of the homes on a price per sq foot basis and it is much larger than all but three.

CLICK HERE for more detailed information and a lot of interior and exterior photos of this dramatic property.

If you are in the market for a genuine Historic Key West property or simply a very fine restoration property, please call me, Gary Thomas, 305.766.2642 to schedule an appointment to see 409 William Street. CLICK HERE to search the Key West Association of Realtors MLS database. Who knows, you might end up owning a great property in Key West at a bargain price. They don't make houses like 409 William anymore. And these bargain prices will not be around forever.

1015 Eaton Street - Old Town - Key West - Open House

Dear Readers: OPEN HOUSE Today at 1015 Eaton Street from 1:00 - 3:00 PM. 1015 Eaton Street in Old Town is charming Eyebrow house with 4 bedroom 3 bath home with a fireplace, new kitchen and baths, & private pool and spa. Unlike a lot of Eyebrow houses, this one has "real" bedrooms. The bedrooms are large and have lots of headroom. This place is Done! Done! Done!
I'll be hosting this Open House so stop by and take a look. Back in 2006 this beautiful home was listed for $1,650,000. Times have changed. This is NOW a SHORT SALE Offered at $995,000. Short Sale asking prices are just as negotiable as any other listing. If you like the classic Eyebrow look, this could be your chance to own a Key West classic at a bargain price.

Preferred Properties Coastal Realty Inc. is hosting four other Open Houses today. CLICK HERE to see the properties. Tell the hosts that Gary Thomas sent you and see what you receive.

If you are interested in buying a house, condo or town house in Key West and haven't found the right place at the right price, CLICK HERE to search the Key West MLS database. No Realtor will call or start sending you emails. It's your way to see what is available and at what price. Prices have dropped and sellers are being reasonable in their negotiations. If you see a property you like, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Who knows, you might end up owning a place in Paradise.

Fit for a Queen - 1215 Royal Street - Key West - Bank Owned!

Well, the economy sucks and the Queen needs to downsize and find something a little more affordable. The house at 1215 Royal Street is now Bank Owned.

This is how the listing Realtor describes the property: "Bank owned property. REO. Qualified Buyers may be eligible for Seller financing at below market rates, FHA and other incentives available where applicable. Fast response from bank. Renovated Old Town Key West home, vaulted ceilings, Saltillo tile, and French doors. Private rear deck/pool area. Great curb appeal. Lush tropical plants provide privacy in front; white picket fence gives it that Key West, Conch style look. Front porch was made for rocking. Driveway provides off street parking. Downstairs are two bedrooms and two baths and the large living/dining area which opens up to covered deck and pool. Upstairs is another bedroom, with skylight, bath, and plenty of storage. Walking distance to Duval St, beaches, restaurants, and more!">1215 Royal Street (three blocks east of upper Duval Street) might just work. The house is now BANK OWNED and it is priced at only $627,500 or $456 per sq ft.

This is how the listing Realtor describes this property: "Bank owned property. REO. Qualified Buyers may be eligible for Seller financing at below market rates, FHA and other incentives available where applicable. Fast response from bank. Renovated Old Town Key West home, vaulted ceilings, Saltillo tile, and French doors. Private rear deck/pool area. Great curb appeal. Lush tropical plants provide privacy in front; white picket fence gives it that Key West, Conch style look. Front porch was made for rocking. Driveway provides off street parking. Downstairs are two bedrooms and two baths and the large living/dining area which opens up to covered deck and pool. Upstairs is another bedroom, with skylight, bath, and plenty of storage. Walking distance to Duval St, beaches, restaurants, and more!" She did a pretty good job! CLICK HERE for more information and photos.


The new bank owner even just had the pool resurfaced. I think the Saltillo tiles look okay, but I would remove them and install either a really nice dark hardwood floor or travertine marble and extend the look out to the covered pool deck with either IPE wood or a non-porous tile that looks like travertine. The kitchen is small and needs updating, and so do the baths. They are both functional as is, but a few thousand dollars could make this place look great. I'm not a building or a home inspector, but I didn't see anything here that looks like an expensive fix.

The only negative about this house is the existence of a spiral staircase to the second floor where the third bedroom and bath are located. That's where you make your guests stay. That will assure they don't stay too long!

Any queens out there looking for a place in Key West? If so, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Straights are welcome to call me as well. Everybody is welcome in Key West. That's why we call it Paradise.

February Sales Report for Key West

I am no statistician and I am a firm believe that numbers lie and that liars use numbers. Season in Key West is half over. Season to me refers to the time tourists come here every year to enjoy our wonderful weather, to unwind and relax, to drink some booze and to eat at some of great restaurants. And, oh yeah, to dream about what it would be like to live in Key West. For Realtors, season means it is rime time to sell real estate.

These numbers are for sales that closed between February 1 through February 28, 2009. There were a total of 24 single family home sales in Key West during that time. CLICK HERE to see what sold. The Old Town area is the location most potential buyers care about, so here goes. There were 7 houses that sold during that time. One was a short sale; none were bank owned; and the average price per sq ft on the non-short sale properties was $657.87 per sq ft. If you add the short sale, the number is $599.58. That sale was a dump on Bahama Street just off Duval with about 20 people living in it. (Perhaps I exaggerate, but you wouldn't want them as your neighbors!) Nevertheless, somebody got a hell of a deal on that property.

There were no condo or townhomes located in the Old Town area (including Truman Annex) that sold during February.

During February there were just 11 townhome and condo sales for all of Key West (including Stock Island). Three of those sales were short sales and two were bank owned properties or 45%. One of the sales required (just a regular sale) required the buyer to pay the real estate commission.

As I have previously mentioned in my blog there is some confusion among Realtors about how to post the current market status of houses and condos that are short sales where the seller and buyer have an accepted contract but that has not yet been approved by the lender(s). So the number I am reporting for total number of units under contract that are classified either as "contingent" or "pending" may be an understatement. That being cautioned, there are 42 condos or townhomes in all of Key West shown as contingent or pending. There are 38 single family homes listed as contingent or pending. Twenty-five of the single family home sales (65%) are either short sale or bank owned properties.

There are 848 single family, condo or townhomes for sale in Key West and Stock Island.

You can make of those numbers what you want. Just about every Realtor I know is busy showing houses these days. There are lots of lookers and some buyers actually making deals. Prices are low (compared to previous years) and there are some absolute steals on some houses. I think a lot of sellers are keenly aware that season is half over and that if they are to sell their property, they need to make a deal in the next 45 days or so before the buyers head up north. That's why Joe Friday popped by to let you all in on The Facts. Steals and Deals.

If you want to take advantage of the current low prices in Key West real estate CLICK HERE to checkout the Key West MLS database (no realtor will hound you and you won't get any pop-ups either). If you see something that interests you, please give me, Gary Thomas, 305-766-2642 a call, or send me an e-mail kw1101v@aol.com. Let me help you find your place in Paradise.

Everbody's Talking! 924 Flagler Avenue - Casa Marina - Key West Landmark

The Realtor I used many moons ago when I decided to look for a place in Key West just listed one of the most sought after homes in Key West. No hyperbole, folks. Just the facts. The property of which I speak is located at the corner of Grinnell and Flager in the Casa Marian area. CLICK HERE to see the details on this property and view the photos of the incredible interior that has not been touched since the house was built in 1935.

The property at 924 Flagler Avenue is a mix of Spanish - Art Deco with a dose of Key West added for pizazz. The floors are a mix of wood and Cuban Tile. The kitchen is original with handmade cabinets from the era as well as that incredible sink. This kitchen reminds me of the old Andy Hardy movies. Oh, I love this! There are companies that sell retro looking kitchen appliances that look like the old but have all the widgets we expect today. CLICK HERE to see what I mean. The current kitchen may not work for today's buyer, but if it does you could save lots of money on redoing this house. Think about it. (I mean update it but leave the cabinets and install new retro appliances.)

The house is 2064 sq ft and has four bedrooms and two and one-half baths. Original as well. Checkout the photos of the palladium windows in the sun room on the east side of the house. Early morning glory! There's a terrace right off that room on the ground level. And I think the second floor would make a great terrace to view the Atlantic Ocean two blocks away. You're gonna need your binoculars to see it through some palm trees, however.)

So you have surmised that the place is dated and will need an expensive renovation. My advice: hire a good designer, a good architect, and a good builder. Use and restore as much of what is in place to maintain the character of the old. No glass tiles, granite counter tops, vessel sinks, or stainless steel appliances allowed.

There is an existing large two car garage on the south side of the enormous lot. I'm thinking you might want to convert that space into a guest cottage. I think you can build a covered carport closer to the street and enclose the entire property in one of those wonderful Key West privacy fences. There is a huge rear yard located west of the house where there is ample space for a large pool and gardens. The lot is 12,366 sq ft or (99'.27 x 125'). It's big.

There are several multi-million dollar homes in the immediate area. 924 Flagler Avenue is a two block walk to the Casa Marina Hotel and the beach.

A place like this could easily be a million dollar renovation. But not necessarily so. Vision, creativity, a willingness to respect a more simple approach might result in an incredible result.

I would love to show this property to a buyer who has wants to fall in love with a part of Old Key West and who has the financial ability to do a renovation this property deserves. If you are that special someone, please call me, Gary Thomas, 305-766-2642.

615 Grinnell Strret (Rear) - Old Town - Key West

New Listing (but not mine) at 615 Grinnell Street (REAR)is a house that prospective second home buyers ought to take a look at. The one story house is located at the far end of a lane accessed just off Grinnell Street midway between Five Brothers on the north and the Key West Cemetery on the south. There are some very nice homes on this block. And it is located in a very quite area of Old Town. But it is located only a few minutes walk to Duval or the Historic Seaport. Those features ought to appeal to a wide audience of potential buyers.

This is how the listing Realtor describes 615 Grinnell Street: "Tucked away down a quiet Old Town lane is this lovely, fully renovated historic home. Three bedrooms plus a loft/office, high ceilings, quality finishes with an open floor plan for comfortable island living. Owner parks car in private alley in front of property. Lush tropical lot, inviting pool and porches make this a Hidden Island Oasis in one of the best neighborhoods of Old Town Key West." CLICK HERE for more detailed information and a lot of photos of this special house.

This place is totally hidden. It's another one of those hidden surprises that pop up every so often. You can't see the house from the street because it sits behind another house. But the lot itself is very large. There is a lot of outdoor space and sunlight amidst the century old homes and tropical gardens that surround it. The house itself is open from French doors on many sides. (The house is not a box. It has numerous additions that give it that Key West charm.) And then there is that pool and deck.

615 Grinnell Street (Rear) is offered at $795,000 or $624 per sq ft for this 1274 sq ft home on a generous 2985 sq ft lot.

If you would like to see 615 Grinnell Street or any other house in Old Town (that is for sale!), please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com.