702 Catherine Street, Key West - Potential Vacation Rental

Just Listed. but not by me, 702 Catherine Street, located in Old Town Key West and about two blocks away from upper Duval Street where the cool people hang out. There several near by places like Frenchcies, Bab Boy Burrito, and the infamous LaTeDa where you can eat, drink, or be entertained, and walk home within a few minutes.  South Beach is nearby as well. Your guests can walk to a fun beach and not get lost nor get blisters on their feet for having to walk a couple of miles. South Beach is only three blocks away. At the same time you can just as easily walk out to the back porch and watch the kids have fun in the pool. This 1450 sq ft two bedroom, two and one-half bath has it all. And its priced to sell at just $959,000.

The listing agent describes 702Ctherine Street this way: "This pristine home sits in a wonderful Old Town compound consisting of 9 beautifully maintained homes clustered around a 45' shared pool with lush landscaping. The prime, quiet location is only 1 1/2 blocks off of Upper Duval St. The interior has gorgeous white-oak wood floors, a spacious floor plan, high ceilings, and abundant natural light in every room. Experience indoor/outdoor living at its best with french doors leading from the living room to a sun deck overlooking the swimming pool, a covered & screened living/dining area outside of the kitchen, a front porch and a second floor balcony. The kitchen has rich granite counter tops and stainless steel appliances and is open to the dining area. Living area is spacious and bright with a half bath located near the stairs. Full-size laundry is inside of the house. The two upstairs bedrooms each have two full bathrooms ensuite with ochre travertine floors and matching tile & glass shower enclosures--one of which has a bathtub. This solid home has hardie board siding, a metal roof and hurricane shutters. Outdoor areas have premium composite decking. There is off-street parking for one car. HOA fee is $192 per month paid quarterly and covers pool maintenance and landscaping."  This is s town home which means the homeowner is responsible for all building maintenance and building insurances. The HOA fees are modest and cover only pool and common area maintenance. The good thing is this home appears to be in superior condition.  It looks great in all areas - indoors and outdoors. That means a new homeowner will not need to start fixing things once title has passed. This home looks like it has been treated like a baby - a pampered baby.

The covered porch at the main floor rear provides abundant private outdoor dining and rest areas. Even though the area looks out to the communal pool, you cannot see inside from the outside French doors at the back of the living area open onto the rear porch that leads down to the pool area. There is also a small landing area where you could you chairs to have private a private sitting area. But it is the semi-enclosed porch where your family and friends will likely spend most of their time. 

The second floor hallway provides nice separattion between the two bedroom wings. There is even access to a small second floor balcony overlooking Catherine Street. The real wood floors shine throughout this house. The walls currently display bold art work everywhere. A new owner could just as easily minize the art work and still make the walls look great as they provide ample contrast to the beautiful wood floors.

Both bedrooms have en-suite baths and adequate closets. I always tell potential buyers that they won't need as many clothes in Key West as they need up north, but they still need clothes and places to store them. This home had both room to live and adquequate storage spaces on both living levels.

CLICK HERE to view the Key West MLS datesheet and more photos. Then please call me, Gary Thomas, 305-766-2642, to set up a private showing. A new owner can legally rent this home as monthly vacation rental. It's prime location makes it a sure winner if that is your choice. However, not all owners rent their homes here. This home is affordably priced such that a new owner may not need to find rental income to help pay the cost of ownership. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

1005 United Street #B - Casa Marina Area Townhome - Key West

Just listed by Preferred Properties (that's where I work but this is not my listing), 1005 United Street #B which the listing Realtor describes thus:

"Centrally located Townhome on the borderline of Old Town and Casa Marina. Exquisitely appointed 2 bedroom 2 bath with soaring ceilings. The Main level consists of an open floor plan complete with gourmet kitchen, built in library and French Doors leading to your own covered porch overlooking the pool. Upstairs are two large bedrooms with wrap around terraces and an outstanding slate tile bathroom with a new jacuzzi tub. Custom closets throughout. One off street parking space. Not a drive by."

This unit is big and really, really nice. It has lots of room to live in and all of the living spaces are nicely finished. This is a place you will be proud to call home-even if it is to be used only as a Key West getaway. This home is one of three that share a pool so it is called a townhome for purpose of that pool. The annual pool maintenance fee is just $500. Otherwise, the homeowner pays all of his or her building maintenance, insurance, and other costs of home ownership just as in a typical house.

This home has 1272 sq ft of living space divided between two floors. Downstairs you will find a dreamy kitchen with large open pass through to the dining area which flows into the living room. The ceiling height downstairs is 10'. The living room has two sets of French doors with overhead transoms. The living room opens to a decked pool, and there is a generous decked front court yard.Upstairs you will find two very large bedrooms. Both bedrooms open to a wrap around balcony leading to a covered porch overlooking the pool. The high ceilings, custom kitchen and designer details make this home a standout!

I suggest that potential buyers that are looking a townhomes and condos in Truman Annex priced in the $500,000 to $600,000 range take a look at this place for comparative purposes. This unit is probably going to be a lot larger and have more high-end features than you will find in most units in Truman Annex. And instead of sharing a pool with 19 or 67 or 176 other units, you will only have to share the pool with two neighbors. Oh, and parking is just outside and not half a block away. It is worth looking at and considering.

1005 United Street #B is offered at $589,000. CLICK HERE to view the Key West mls datasheet and to view listing photos. Better yet, please call me, Gary Thomas, 305-766-2642 to arrange a showing. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

50 Seaside South Court -Key West - Bank Owned - Luxury Water View

50 Seaside South Court is something a little different for a Bank Owned home. The four story luxury townhome is located at the eastern end of the Island of Key West and has direct water views. And here is the feature that sets it apart from most other properties in Key West: it has never been lived in.

The listing Realtor describes 50 Seaside Court South this way:

"This 4 level luxury townhome has never been lived in. Features include; 2 car garage, 6 balconies, sun roof, elevator, laundry room and ocean views. Kitchen has granite countertops and brand new stainless steel appliances. Key West Seaside Residence offers plenty parking, 2 large swimming pools, a fitness center and clubhouse."

CLICK HERE to read details posted by the listing Realtor and view photos in the mls. But let me add a few thoughts of my own regarding Seaside as a place to live and offer some suggestions about this unit in particular.

This property has 2736 sq ft of living space on four levels. You will find the garage, laundry,and storage on the ground floor plus about 500 sq ft of courtyard space which you might use as a private garden. This space faces South Roosevelt so you will get some noise from passing traffic. There are east facing balconies on each floor. And then there is that private rooftop sundeck where only God and people in low flying airplanes can see you. I was there on Sunday around 6:00 PM to take some photos. There just was not a lot of traffic at that time at that location. I was expecting more. I was surprised.

There are ocean views from the master bedroom and livingroom. The kitchen is on the top level on the west side, and it has a vaulted ceiling and sunset views. The building is poured concrete construction and has Category 5 hurricane rated windows and doors.

I sometimes ride my bike out to this end of the island in the mornings--before it gets hot. The ocean is calm. The runners, roller bladers, bicyclists, speed walkers, dog walkers, and just people who enjoy a casual walk populate the esplanade from 1800 Atlantic east past Smathers Beach all the way down to the point where Flagler intersects South Roosevelt. I drove out there late Sunday to take some photos and was suddenly reminded of how sweet this end of the island is. I could hear the birds yelling at each other about a food find. The temperature had cooled and the sun was preparing to put on a show its night show at Mallory Square. And I thought to myself that I could live there. I took in that view and envied those that get to see it everyday come rain or come shine.

One of the reasons people move to Key West is to experience living life on this island. It sometimes amazes me that some people end up living in places without any outside space. Being cheap can really be foolish. I mean why live in Paradise if you have to live in a room with no view or a place with no space?

I looked at the buildings and decided they are appropriately designed and built. They don't look like the charming little cottages and big Conch houses that populate Old Town Key West. But they do mimic the essence of Old Town architecture without copying it. Ships chandlers built many of the grand old Conch houses in Old Town in the 19th Century. These grand new structures were built by 21st Century architects, engineers, and contractors whose job it was to design and build housing that can withstand our sometimes intense weather and the demands of modern day living.

Snowbirds may really find a place like this enticing. There are two swimming pools, a little corner grocery, and even a day spa withing walking distance. This unit has a two car garage so you won't need to worry about your car getting rained on. It has a private elevator to travel from floor to floor. That makes carrying groceries a snap. The area is totally secured and the grounds professionally maintained. So all you need to do is unpack your bags--that is, if and when they show.

50 Seaside South Court is priced at $1,100,000 or $402 per sq ft. That's for all new, never been lived in space with quality finishes and an ocean view.

But Wait! The place next door at 51 Seaside South is also available. Same size as 50 Seaside South. But it is priced at only $950,000 or $347 per sq.ft. for the same sized space and same view, but it has been lived in a bit. (The seller on 51 Seaside South will contribute $10,000 towards closing costs. 51 Seaside South Court is NOT bank owned!) CLICK HERE to read the mls listing info and view photos of this unit. I am sure that you can get a similar place in Miami for less. But then you'd be in Miami!

If you would like to see 50 Seaside South or 51 Seaside South, or any other of the units in this complex, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties in Key West Florida.

Key West - The Meadows Town Homes - Now Bank Owned

Preferred Properties is now the Listing Broker for The Meadows Townhomes in Key West. I have written about these beautiful properties before. Eight units were designed and built to sell just below the $2 million price point. They came onto the market a little after the Key West real estate market started its decline.

Each of the remaining units is now priced at our under $975,000. Each unit has hardwood floors on the second level and travertine floors on the ground floor. The stunning interiors were designed by by Pascal Delisse. The rooms are spacious and provide utility,quality workmanship, and top of the line finishes. The buyers I have shown The Meadows drop their jaws when they walk into the master bath in the two bedroom unit. Each unit has over 2000 square feet of living space plus a private pool, spa, patio and a second floor porch. Of course each unit has a "gourmet kitchen with custom cabinetry and stainless steel appliances. The front and rear of each unit has indigenous landscapes by Scott Montgomery. Each unit has a covered private carport that is accessed through a secured and gated driveway.

These units are now bank owned and have been priced to sell. The uber-luxurious 2 bedroom is priced at $975,000 or $568 per sq ft. The 3 bedroom units are each priced at $925,000 or $568 per sq ft. If you are a buyer that looked at The Meadows before but were hesitant to buy, now is th etime to take a second look.

Please click any of the addresses below to see the listing information on that specific unit.

1505 Pine Street

1509 Pine Street

1502 Petronia Street

1506 Petronia Street

These properties have all of the features second home-owners want in a vacation home without the stress of having to do any expensive or time consuming remodeling. If you are looking for a second home in Key West, place call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to schedule an appointment to see any of these units. Preferred Properties Coastal Realty, Inc. is an affiliate of Christie's Great Estates.

Fore! - Thought - Key West Golf Club

Forethought: "n. A thinking or planning beforehand; prescience; premeditation; forecast; provident care."

If you keep track of sales activity in Key West you may have noticed a flurry of activity in the past few weeks at the Key West Golf Club community. During the past couple of years there have been numerous foreclosures and related short sales that have driven down the asking and selling prices at the Key West Golf Club. I'm not reporting anything new. But the flurry of recent buying may be a signal we are at or near the bottom of the market, at least at the Golf Course.

CLICK HERE to view townhome sales at the Key West Golf Course over the past year. There was only one single family home sale (CLICK HERE) during the same time period. It sold for $735,500 in June 2008.

I also generated a report CLICK HERE of active listings for townhomes at the Golf Course. CLICK HERE to see a separate list for single family homes at the Golf Course. Try a Google Map search of the street address to get a better feel what the surrounding area looks like. Just like everywhere else on this planet, location means a lot. And in this instance, some "lots" are more valuable because of their location than others. Also, checkout the individual listings for photos of the interior and exterior. Asking price is not always a predictor of a good location or quality finishes of a townhome or single family home. Some townhomes and some single family homes have private pools. So you really need to view each listing separately.

My suggestion: use some forethought and consider buying a townhome or single family home at the Key West Golf Course community. Prices are low but demand may be rising. Get a good deal before the good deals are all gone.

If you see a property you like, please contact me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com. Let me help you find your place in Paradise. If you haven't been to the Golf Course in awhile, the view at the end of Golf Club Drive just as you enter The Sanctuary is absolutely beautiful. (I took the above photo last Friday.)

809 Washington Street #101 - Casa Marina Area - Short Sale

Unlike a lot of short sale properties where the buyer and seller have to play this guessing game of whether the lender will or will not accept a short sale "offer", the lender on the new three story town home at 809 Washington Street #101 CLICK HERE in the Casa Marina area of Key West has already approved the short sale of $899,000.

This property is a listing of Preferred Properties (but not my listing and I have no "inside information" that I am disclosing or withholding. The listing agent describes this property this way: "Bank approved price! Perfectly situated in the heart of the Casa Marina district is this truly beautiful 3-story townhome. Cathedral ceilings and custom-cut Carlisle Lumber pine floors welcome you to this quality home perfect for year round living. Bright & open great room, gourmet kitchen with stainless Viking appliances & granite counters, spacious bedrooms with en-suite marble baths and private balconies. Fenced for privacy, this elegant townhome boasts a private bricked patio with native tropical landscaping, relaxing heated pool & a rear entrance. This townhome comes with one deeded, bricked off-street parking space. Close to Duval Street but in a very quiet residential neighborhood. Potential Short Sale subject to Lender approval."

809 Washington Street #101 is listed at $899,000 or $479 per sq. ft for this 1876 sq ft property. The lot is 1900 sq.ft. The front is maintained by the homeowners assocaiton and it looks really great. The trees and shrubs are already green and lush. Like so many Key West houses, this place is built with the indoor and outdoor living areas in mind. The interior living area looks out to the pool and garden area at the rear. That area is lush with greenery and the pool is so cool and inviting.

I recently showed this unit. As I stood in the Viking equipped kitchen and looked out to the pool, I did some mental gymnastics and compared this property with other high end condo and town home developments constructed during the boom days. I still love The Meadows, but not a unit there has sold. The Santa Maria is sleek but you are basically buying a motel room for the hotel operator to generate lots of income (in my opinion). The Steam Plant isn't finished yet so we'll have to wait to see how it fares. The Sea Isle Townhomes are now being rented as luxury vacation rentals and none of the six that were built has sold.

There are three other units for sale in this same development and they are offered at slightly higher prices: 807 Washington #103 CLICK HERE is offered at $1,800,000; 809 Washington #103 CLICK HERE is offered at $1,675,000; 811 Washington #103 CLICK HERE is offered at $1,650,000. The sizes vary a little on these units, but not by much. That is why I think 809 Washington Street Unit 103 may be a good deal for a buyer looking for a good amount of new space in a quiet Casa Marina area location.

I live in the area and I love it. Houses in this area are close to the beaches and close to Old Town. (See the vintage aerial photo above taken in 1920 to see how close to the beaches all of the area is. The little cluster oh buildings at the upper right of the photo is where 809 Washington is located today.) Real people with real lives live here whereas much of Old Town is not owner occupied. Most of the houses in the area are priced over a million dollars so the prospect for long term appreciation on your investment in the Casa Marina area home will likely prove successful in years to come. The streets are wide and parking is not an issue. You can get to the airport or out to Searstown or the Winn Dixie in about 6 or 7 minutes. Most of the commercial activity in the Casa Marina area is limited to White Street and runs only three blocks south of Truman. We've got a sweet little ocean front restaurant called Salute on the beach where you can wine and dine al fresco while you watch the sunset.

If you would like to see any of the townhomes listed above, please call me, Gary Thomas, 305-766-2642. I'd be pleased to show you around my neck of the woods. Preferred Properties Coastal Realty Inc. is the exclusive lower Florida Keys affiliate of Christie's Great Estates.

Key West Short Sales to Dream About

There are 85 condos and townhomes in Key West currently listed as "Short Sales" but there probably more because the listing agent may not have clicked the right button when adding the listing to the mls database or the owner does not want everyone to know his financial plight. Both of those happen. I went through the 85 and selected 13 (don't know if that's a good number or not!) for you to consider. Each unit is in a good location. Some units have transient licenses are are available for legal transient rentals on a daily basis all year long (except units in Truman Annex which have some limitations). All are units that one might actually dream about owning.

CLICK HERE to see the list.

Sunset Marina is on Stock Island across the street from the Key West Golf Club. It is about the same size as units at 1800 Atlantic and priced competitively. All of the units have direct marina views. There is a pool, covered parking, a small gym, and the place was built very well.

120 Angela Street is a small complex of only four units, two up and two down. Each is outfitted with beautiful kitchens and baths, attractive floorings, and comfortable living spaces. Each unit has one off street parking space and there is a beautiful pool and comfortable island landscaping. It's located next door to The Shipyard condos, priced lower, has more space, and much more private.

Two units at 1401 Simonton are included (Santa Maria Condominiums). Theses units are re-sales at a much lower price than the owners paid. The Santa Maria stays booked constantly. So these units might make more economic sense if they are purchased at a lower price (on a short sale) that actually has the potential to make money (or not lose money) for the owner.

1108 Duval is the Cuban Club. Great Old Town location and use of the pool at the Douglas House make this unit attractive to vacationers. The management fees are higher, but the units here seem to stay busy most of the year.

Two units at Seaside at the east edge of Key West are included. Both are three story with private garages, private elevators, ocean views, lots of quality living space on three levels, and the buildings were new in 2005.

There is a cute little place on Windsor Lane located between the Key West Cemetery and the top of Solares Hill. It has its own little pool and 2 bedrooms and a bath.

I included one unit at 1800 Atlantic in the A building. Terrific ocean and nature preserve views.

The townhome at 809 Washington Street in Casa Marina was built in 2007. It has its own private pool and garden, custom floors, cathedral ceilings, and a beautiful kitchen. Off street parking, of course. And multi-million dollar homes all around.

514 Porter Lane in the Truman Annex President's Walk area is a comfortable entry level two story town house with two bedrooms and three baths.

3841 N. Roosevelt is the new (2007) Beachside Resort. Westin Hotels is now managing the facility and owners with transient licenses (such as this one) can use the Westin as the property manager or rent the unit themselves or with any other company. Other re-sales are priced considerably!!! higher.

I wrote about 1075 Duval in Duval Square a couple of days ago. This is a good price for someone looking for a transient unit in a good location.

If any of these units look attractive to you, please call me, Gary Thomas, 305-766-2642,or e-mail me at kw1101v@aol.com. You could be a Key Wester sooner than you think for a price you might never have imagined. Lay back, relax, and imagine your life in Paradise..........

Bank Owned Condos in Key West

The good news is that there are only 14 active Bank Owned condos and town homes for sale in Key West. The bad news is that there are undoubtedly many more on the way. As of June 27, 2008 the Key West mls shows a total of 345 active condo and town home listings for Key West and Stock Island. I just went through the active listings one at a time (our mls programmer can't figure out how to search for short sale or bank owned properties as being different from non-distress listings). Most of the active listings are short sales followed by properties that are Realtor owned.

Here is an example of what I see that is bringing down the price of many condos and town homes. Unit "A" is a 2 bed 1 bath town home constructed in 1995 in a Planned Unit Development with all the frills. It was resold in January 2001 for $199,900. The post housing bubble occurred and property prices and property values rose through out Key West until the end of 2005 when the decline started. The same Unit "A" sold for 101.20% of its asking price ($415,000) in the year 2004 at $420,000. It was listed for sale in August 2007 at $335,000 and it was offered as a short sale. Unit "A" sold and closed on March 28,2008 for $275,000. In three years the property declined in value from $420,000 to $275,000 or about 35%. Many of the Units in the same development sold in 2005 at over $500,000. What happened to Unit "A" is a typical example of what happened across Key West. It is not the exception.

People who bought properties in the period between 2001 through 2005 paid market prices. Many obtained close to 100% financing. And for those that didn't get 100% financing, many financed their property acquisitions for less than a 20% down payment. The market declined and values fell. This decline created a disincentive to continue making mortgage payments on a property whose loan amount is higher than its value. So homeowners started walking away. In droves.

That is how I explain why the majority of condo and town homes being offered are short sales. I am betting that many of the short sales that do not get sold will become bank foreclosures.

Look at it a different way. Let's say you bought a town home in 2005 for $550,000. Your next door neighbor just sold the same size unit in the same condition as yours for $290,000. You were fortunate enough to have had $55,000 down payment so you only had to borrow $495,000. But now your home is only worth $290,000. What would you do? Think real hard for all of 10 seconds. That is why so many condo and town home owners are selling. There is no upside. At least in the short term. When the market stabilizes the people who buy right now will be looked upon as having been shrewd. That is unless the market goes down even more.

Don't buy somebody's problem. Buy an opportunity. Don't buy cheap because it is cheap. Buy good because the price is good. There is a difference. If you are looking to take advantage of the buying opportunities available in Key West please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I'd be pleased to work with you.

The photos to the right were taken in Key West during the height of the Great Depression. Key West survived it and thrived. We will get over what is going on. There will always be a Key West. These prices won't last forever.
CLICK HERE to checkout the 14 Bank Owned Condos available for purchase in Key West.