Casa Loca

Casa Loca - 535 Petronia Street - Old Town - Key West

My Google translator says that "casa loca" means " crazy house". I'm not convinced about that. I'm sure someone may provide us with a more clarified translation after reading today's blog or perhaps by someone who is really familiar with the new listing (but not mine) located at 535 Petronia Street in Old Town Key West. The listing agent describes the property this way:

"Large and Luxurious with almost 2000 sq. ft and furnishings suited to Architectural Digest, Casa Loca is perfect for the discriminating homeowner who wants to enjoy the finest Key West has to offer. This transiently licensed property has been renovated with a modern touch all while retaining its classic styling. Home enjoys a wonderful split floor plan with a very private ground floor master suite overlooking the heated pool and outdoor shower. Guests will love their treetop wing, complete with sitting room and full bath. The main floor features an open floor plan with breakfast nook, den, dining suite and half bath. This home also has the perfect front porch for having that morning con leche. Home is offered completely turn key."

I found and old photo in the Monroe County Property Appraiser's shoebox of this same property that was taken in 1965. The original house was built in 1889. Sometimes it's almost hard to believe one place can look so much different.

This house has a very valuable City of Key West transient rental license which means the owner can rent the on a daily basis-much like a hotel room. An owner would not rent it that way because the turnover cost and time does not make economic sense. But the ability to rent the place everyday provides more opportunities to rent than a place where only one rental per month is permitted which is the case in most of Key West.

Better than me trying to explain to you the earning power of this house, see for yourself. CLICK HERE to checkout the property manager's website for Casa Loca. After you have looked at the great photos and description of the property, take the time to look at the Reservation Request at the bottom of the page. That area shows a series of calendar months. The days dates where advance reservations have been made are marked with a Red X.

The primary reason people buy houses like this is to have a great place in Key West that they and their family and friends can enjoy. This house has a great Old Town location and the photos certainly make the place look inviting. You would be close to everything and still removed from the fray.

The secondary reason people buy houses like this is that somebody else gets to help the owners pay for it. Casa Loca is offered for sale at $1,295,000. That is quite a bit more than the other transient licensed homes I have recently written about in my blog. I would encourage a serious buyer to do some real serious comparison shopping. Cheaper price does not always mean better value. I'm not saying this place is superior because of how wonderful it looks or the potential rental income it could produce. The asking price is about $500,000 higher than the most expensive of the other transient licensed houses I have mentioned of late. But those places probably do not generate the level of income that this place is capable of generating because of its features and location.

I need to mention a fact that potential buyers sometimes overlook when they start to realize all the money they can make by owning a place like this: if they rent it they can't stay there. They can stay there, but they can't rent it. It is a Catch 22. But a good one. I guess. Maybe that is why it is called Casa Loca-it is crazy.

CLICK HERE to checkout the mls listing datasheet and to view listing photos of 535 Petronia Street. Please call me, Gary Thomas, 305-766-2642, if you would like to see this property or any other transient licensed homes in Old Town Key West. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Our office is the Exclusive Lower Florida Keys affiliate of Christie's Great Estates.

Beautiful Arts & Crafts Style House - Bank Owned - 830 Simonton Street - Key West

This Old House as it looked in 1965

A local bank owns the old house pictured immediately above. The old black and white photo was taken in 1965. Until a couple of months ago this property looked a little worse for wear. The years took their toll. Owners came and went. And then the lender did what lenders do when loans are not repaid as agreed: it foreclosed. But instead of letting a decent asset sit and fester like a lot of Big Banks that are Too Big To Fail do, the local bank did the unthinkable: it fixed it up. Not a little but not all the way. But it did enough to make potential buyers see the real potential of this very attractive arts and crafts style home that was built in 1943. Take a look at her now, below.

Above Photos taken March 25, 2010 - Key West

This property is located at 830 Simonton Street near Truman Avenue. It is zoned HNC-1 which is short for Historic Neighborhood Commercial-1. Uses for this zoning include include residential (including single family, duplex, and multi-family) and limited commercial including professional offices, banking and financial services, personal service shops, specialty shops, limited retail, transient accommodations and guest cottages. Rather than rely on what I write, do your own investigation to determine suitability for the use you intend. CLICK HERE to read the City of Key West zoning ordinances and consult with your own attorney. Just because some use may be permissible does not mean you will necessarily be able to do what you want.

Photo from kitchen looking through proposed bath No. 2 and into second bedroom

Photo from living room through dining area with kitchen beyond

This 1204 sq ft building (County Appraiser records) sits on a corner lot (47.33' frontage X 58.07 ' deep or 2,756 sq ft). The building has just been painted and it looks fantastic. The roof is new; the front railing on the front porch is new; the retaining wall is new; the electric is new. All of the windows are original. They all work properly! The contractors that worked on this house did a really professional job on the projects they did. The interior is currently framed for three bedrooms, two baths, and a kitchen. A laundry closet already has been framed and plumbed and awaits drywall. Extensive building plans are available. It looks to me like the interior spaces could be changed fairly easily. But I'm not builder so any buyer needs to determine how "easy" easy can be and how expensive "easy" can be as well. There is one off street parking space. After the interior is completed, put up a nice fence, add some nice plants, and you could have one sweet looking old house in Old Town Key West. Although it is doubtful that you could get a transient license, you could rent this house as a legal vacation rental. It's proximity to Duval Street with three bedrooms and off street parking make this a great candidate for a vacation rental. CLICK HERE to checkout the mls listing datasheet and to view mls listing photos. Or you can CLICK HERE to view photos I took of this property.

This arts and crafts style house is Bank Owned and is offered at $399,000 "as is". Please contact me, Gary Thomas, 305-766-2642 for more information. This property is not in the mls. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

Pelican Landing Penthouse - Key West Waterfront - Short Sale

The listing Realtor for the Pelican Landing Penthouse unit said it all when he wrote

"Current owner's loss is your gain! Here is your chance to buy a 4 bedroom waterfront income property on the edge of Old Town. This is a very large penthouse unit in a newly renovated building. Access to boat slips included! This is a potential short sale transaction that may be subject to third party approval."

The current owner purchased this property at the height of the real estate boom and paid $1,250,000 for the property. The market turned down and at about the same time the building underwent a major renovation (with jackhammers). Revenues were down and vacancies were up. That renovation was only recently completed.

The unit is located on the north side of the building so it is the furthest removed from the street traffic as it passes at the corner of Eisenhower at Truman. Pelican Landing is located across the street from Bayview Park, the main park for the City of Key West.
This unit would make a really nice permanent home for someone wanting a water view with a boat slip but it would also make a great getaway property for an investor that wants a waterfront property with a real water view with all the amenities I will mention below for a great price.

This unit has a transient license and is currently managed by the on site manager at Pelican Landing. The main floor area includes large living room with access to huge rear deck that overlooks the Garrison Bight Marina and the Pelican Landing boat slips below. Deep water access is at the back door and sunrises are available every morning from the living room and the very large master bedroom that also has the stunning early morning sunrise views. The kitchen and dinging area on the first floor. A second bedroom and bath have a "lockout" capability. There is an interior stairway that leads to two additional bedrooms and baths on the fifth floor. These two bedrooms have their own front balcony that provides an incredible view of Old Town, the Gulf of Mexico to the north and west and you can sort of see the Atlantic Ocean to the south. Al fresco tanning is added gratis.

If you are a buyer with a large family or you have a lot of friends, this may be the place for you. There is a nice sunny pool at ground level that overlooks the marina. Each unit has access to the boat slip and boat slips may be rented separately to provide income when guests or owners are using them. The lockout provides ability to rent the single bedroom nightly even while the owner is using the rest of this very large unit.

This property is priced offered at $650,000. The seller is obligated to pay about $70,000 for an unpaid special assessment to cover its proportionate share of renovation costs. This amount will be passed on to any new owner. CLICK HERE for more detailed info on this unit and to view listing photos.

If this sounds like a property that you would like to own, please call me, Gary Thomas, 305-766-2642 or email me at garythomaskw@yahoo.com for more info. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Don't wait too long. This will not last now that the cat is out of the bag.

1800 Atlantic Condominiums - Key West

Smathers Beach - Key West

If you lived at 1800 Atlantic you could walk your dog or jog by this beach every day for eternity and still never get over the beauty of the Atlantic Ocean and Smathers Beach.

A couple of weeks ago I started to write a blog about a new listing at 1800 Atlantic that I thought was just incredible. I got distracted by real deals I was working on and did not finish the entry. It was priced at $1,235,000 and had a captivating direct ocean view. It went under contract within within three weeks of being listed. CLICK HERE to see what got away. Two other units (one offered at $579,000 and the other priced at $329,000) went under contract since mid January. It makes me wonder if we are at the start of another rush to buy at 1800 Atlantic just like the one that took over the Key West Golf Course late last summer. For a while there was an abundance of units at the Golf Course. Now there are nearly none.

CLICK HERE to checkout the twelve remaining units at 1800 Atlantic Condominiums. The aerial photo below shows the property and its proximity to the water. Every unit has a water view. Some have better views than others. The condominiums were built in 1987 and many have been remodeled. While most have the same square footage, each will be somewhat different than the others. Many of the units have Transient Rental Licenses which permit the owner to rent the unit on a daily basis. (Most are rented weekly, however.) Units without a transient license can rented as vacation rentals (monthly-once per month). Some of the units are offered fully furnished. None of the units I have included are short sales. Read the listing comments to make careful comparisons.



1800 Atlantic has its own private beach, but I must admit you would probably prefer to swim in the huge pool or take a dip in the giant spa. There are three tennis courts, a hidden and surprisingly beautiful interior courtyard, and covered parking with additional storage. Oh, Smathers Beach is located directly across the street from 1800 Atlantic.


If you would like to see any of the remaining condos at 1800 Atlantic, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. These units are very popular and tend to stay rented continually through season. Advance notice is required to see any unit and some properties may not be available even with advance notice as some owners do not want to disturb their paying guests.

A Key West Home for the Holidays and later as well...

The Christmas House Wish List usually consists of the following:

1. Priced at $500,000 or less.
2. Good Old Town Location.
3. At least two bedrooms and two baths.
4. Pool or room for a pool.
5. Off street parking.
6. In good condition or that only needs a little work.
7. Key West charming.
8. Transient license or ability to rent occasionally.

There are a ton of potential buyers waiting to find a place with all of those qualities. You would be surprised at how many buyers either have the cash to complete such a purchase or the ability to finance a purchase. The problem is not finding ready, willing, and able buyers, dear reader. The problem is finding properties that meet all the criteria.

CLICK HERE to view a list of the currently active houses priced between $366,000 to $566,000 that have at least two bedrooms and two baths in the Old Town area. Take your time and click the individual properties to see what they offer and if you are unfamiliar with the street address, click the MAP so you can see where the houses are located because that would directly effect how successfully the house might be used as a vacation rental.

The property at 610 Olivia Street just came back on the market. I wrote about it here before and I have shown it several times. This is not my listing nor my company's listing. But I think this is a property that meets all of the criteria I listed above.

The house is presently "divided" in two. The right side of the house is used by the owner. It is bright and clean and set as a one bedroom get-away Key West cottage. The left side, which the listing Realtor refers to as a "mother-in-law-suite" is the flip of the other side except the kitchen and flooring don't show as nicely. My recollection is that the house has a newer addition at the rear, new piers, a new v-crimp roof, and a bricked patio. There is off street parking. The house is located about 100 feet east of Simonton Street.

The house (or compound) directly east of 610 Olivia Street is going to be one of the most expensive places in Key West. Most of the houses across the street are part of the Paradise Inn compound. (See photo below.) Those houses look like the idealized version of a Key West street (ala Wisteria Lane on Desperate Housewives). Seven Fish Restaurant is located down at the end of the block at the corner of Elizabeth and Olivia Streets. Olivia Street is a one-way street that is mostly used by locals. It is a two minute walk to Duval or up to Truman and Simonton where you can find CVS Pharmacy or Pisces Restaurant (you'll drop some major money there). I think 610 Olivia Street has an ideal location as a monthly vacation rental property.

These are two of the houses directly across the street from 610 Olivia Street which I liken to
Wisteria Lane because everything is just about perfect from the outside looking in.

The fly in the ointment for 610 Olivia Street is the neighbor next door to the west and rear. The same family owns the adjacent both properties. The business sells cleaning and paper supplies to hotels, restaurants, pool service contractors, and the public. The business operates Monday through Saturday until about 5:00 PM. Then it is closed until the next Monday. There is also a big transmission tower located on those grounds of the adjacent property. The property is always well maintained but the looks spoil the view for some.

The compound at 612-616 Olivia Street shares the same neighbor to the rear. (Those properties were purchased 1n 2007 for $4.8 million.) Some nice tall landscaping minimalized the imperfect neigbhor to the rear. But the neighbors did not defere the new owner from spending even more money to take advantage of a terrific property at a terrific Old Town location.

610 Olivia Street is the yellow house immediately to the right of the extensive renovation.

This is all one property which is being made into a mega-million single family home and guesthouse.

I think it would be relatively easy to re-configure 610 Olivia Street back into a true single family home. I would create a new main entrance toward the rear where I would relocate the liviing room and kitchen. The existing front doors and front porch would remain and would become porches off the bedrooms where one could watch the world walk by. The existing interior wall that divides the units would become an internal wallto separate equally sized bedroom suites. There is plenty of room for a good sized pool at the rear. The off street parking already exists. I would add some palms and tropical plants to jazz up the facade and to obscure the view of the neighbor to the rear and west.

CLICK HERE to read more info and view photos of 610 Olivia Street that is now priced at $550,000 or $500 per sq ft.

If you are among the many potential buyers who dream of owning a nice place in Key West for under $500,000, please call me, Gary Thomas, 305-766-2642. Let's schedule a visit to checkout 610 Olivia Street and some of the other houses in the same price range. Make no mistake about it, however, there are a lot of potential buyers that all want the same type of property. As the supply of available properties gets sold off, look for prices to start to rise. Better yet, let's write an offer on 610 Olivia Street so that next year you will have Home for the Holidays in Key West.

CLICK HERE to do your own search of the Key West Association of Realtors mls website.

1800 Atlantic Condominiums - Key West

It's time to update the properties available for purchase at 1800 Atlantic Condominiums. I divided the units between those with valuable Transient Rental Licenses and those without. Units that have a Transient Rental License can be rented daily every day of the year to a different renter each day-just like a hotel room. Units without such a license may be rented on a monthly basis but may only be rented once each month.

There are a total of 13 units currently available for purchase at 1800 Atlantic Condominiums in Key West. The aerial photo above together with the photos of the pool and gardens ought to entice you to consider this oceanfront resort type property as a potential second home purchase. In addition to that fabulous Olympic sized pool and spa are the beach, three private tennis courts, garage parking, on sight property management, and 24 hour security. 1800 Atlantic is close to the Key West International Airport, Smathers Beach, and three shopping centers. It is quick jog down to Duval Street and all the craziness. The proximity to Duval Street (or maybe lack thereof) is one reason returning vacationers opt to stay at 1800 Atlantic year after year. It is close to everything, but it is a destination unto itself.

Smathers Beach (below photo) is located about 60 seconds west of 1800 Atlantic Condominiums. At Smathers Beach you and your friends can play volleyball, participate in all kinds of water sports, or just work on that killer tan. But remember 1800 Atlantic has its own private beach-but the action is down at Smathers Beach.

There are four other important factors to note. Each factor may influence pricing and value. (1) Location. Look at the aerial photo again. Note that the road to and from the airport (Bertha Street a/k/a South Roosevelt Blvd.) runs adjacent to Building "C". Most units that front Bertha Street are priced a little less expensively than other locations. Units that have the best views are usually priced higher. Units on the top floor have vaulted ceilings so they may seem larger. (2) Condition. Some units are "virgin" and look the same today as when they were built over 20 years ago. Others have been remodeled. Some have been tastefully redone. And some less so. Some units may be cheaper than others but may need a little tlc. (3) Transient License. The existence of a Transient License does not in itself mean you will make money right away. Some units have dormant licenses that the owners maintain to preserve the license, but the units have not been rented. Buying a unit with a successful rental history however might make more sense than buying a unit without such a history. Most transient licensed units are offered "furnished". Many are "turn key". Read the mls listing info. (4) Size. Most units are 1357 sq feet in size. Some units are larger. Make sure when you compare the units that you are comparing like kind units. Think of it this way: if you were looking at purchasing a twenty year old Mercedes would you want the cheapest car or would you consider the paint (body) job, the odometer, the engine, and the tires to help determine the better value?

CLICK HERE to look at the units with Transient Rental Licenses. There are seven such units and they are collectively priced at $455 per sq ft. Again, compare location, condition, and size. Unit A 403 is a penthouse unit located directly on the Atlantic Ocean. It is larger than the other units; it has a dead-on view of the water; it is being sold subject to probate court approval. Look carefully at the photos of Unit A 403.

CLICK HERE to look at the six units without transient licenses. You would expect the average price per sq ft to be lower (at least I would), since Transient Licensed units have traditionally been priced about $50,000 higher than units without such a license. At any rate, these units are price on average at $462 per sq ft. Check them out as well. Not everyone wants someone else's head in their bed to help make a mortgage payment.

If you are looking for a second home in Key West and think a condominium might work for you, please call me, Gary Thomas, 305-766-2642 to arrange a showing at 1800 Atlantic. Or send me an email at kw1101v@aol.com.

27 Coral Way - Bank Owned - Condo - Key West

I used to tell people there was no such thing as a foreclosure in Key West. That was until a couple of years ago. Times change.

Just listed, but not by me, 27 Coral Way (Unit #14) at the Corral Hammock in Key West, Florida. This unit is Bank Owned and priced to sell at $293,500 or $211 per sq ft. CLICK HERE to read the detailed listing information and view several photos of the unit and the grounds.
This is how the listing Realtor describes this unit:

"Bank Foreclosure, priced to sell. This spacious 3Br/3Bth Townhome is in move in condition. This unit looks barely lived in. Coral Hammock Development has a total of only 56 units, a beautiful free form pool, tropically landscaped grounds, club house, gym, and in-house management. It is within bicycling distance to restaurants, marinas and the only golf course in the Lower Florida Keys. The Island City of Key West is just over one bridge, about 1 mile away. Although the units do not need a Transient License for vacation rentals, they can be rented transiently due to having on-sight management, a BIG plus. Come enjoy the Fabulous Florida Keys, in a modern, Conch style townhome. Make this your primary or second home. The price is right!"

I don't do property management, but our company does. Our office does not rent this or any other property at Coral Hammock that I am aware of. I always tell potential buyers that want to rent their future house or condo to select a good property manager. I tell them to checkout the website for graphics, content, ease of booking, etc. Management fees and management duties are up there, too. I suggest that my buyers stick with a current property manager if that company has a successful track record with the particular property. After all most second home buyers that purchase a rental property are relying on some third party to keep the place rented and throw off enough money to help amortize the mortgage.

I did a quick Google search and found all kinds of interesting information on Coral Hammock including this website CLICK HERE. Again, I am not involved in any management. But if you look at that website you may not see Bank Owned written on the buildings. Instead, you see some places that look pretty appealing.

I looked on Trip Advisor and there were some unhappy campers who complained. But there was this other "writer" who said "We enjoyed our stay and our condo and would love to return to Key West anytime..."

This Bank Owned unit backs onto U.S.1. You gotta know that. That is part of the reason this 1392 sq ft town home is priced at only $293,500. The pool is just beautiful. This place will surprise you.

If you are dreaming of owning a place in Key West and are interested in this property or any other property, please consider working with me, Gary Thomas, Realtor to the Dreamers. I am a full time Realtor at Preferred Properties Coastal Realty in Key West. Contact me at 305-766-2642 or email me at kw1101v@aol.com.

South of Truman - Old Town - Key West

Many months ago I wrote a blog entry that discussed people being creatures of habit. Maybe we become that way because teachers always made us sit in the same seat. So when we get big and got to choose where to sit, most of us go to the same spot time after time. I catch myself doing that sometimes. And sometimes I move to another place just so that I cannot be defined by where I sit.

A lot of people seem to vacation in the same location every year or sometimes more than once a year. Many people who come to Key West pick a particular hotel or guesthouse and stay there because they like the neighborhood and feel comfortable. They get to know the staff and feel like they belong. Gay guesthouses have repeat visitors all the time. But so do expensive places like the Marquesa Hotel. Vacationers and tourists alike go to familiar restaurants because they know they will always get a good meal or maybe just a cheap meal. But they go back again and again because they know what they can expect.

I have often written about Key West neighborhoods. The neighborhoods are where us locals live. I have never written about the South of Truman area as such. Until today. Almost every first time visitor makes it to the corner of Duval and Truman Streets. U.S. 1 (the only highway from mainland United States to Key West) becomes Truman Avenue at Eisenhower Drive (ten blocks to the east of Duval Street). The intersection at Duval diverts a lot of people to the north towards the heart of Old Town.

It is a ten block walk toward the north from Truman and Duval to reach the Gulf of Mexico. Of course you might never make it that far because of all the distractions like Bourbon Street Pub, Margaritaville, Rick's, Sloppy Joes, etc. And the area around the 800 Block of Duval is sure to attract some kind of commotion almost anytime. But if you decided to walk southward you could be at the Atlantic Ocean in only five blocks. Along the way you could get distracted by La Te Da, the Banana Cafe, the Butterfly Conservancy or a bunch of cute little art galleries and other diversions. The pace of living is so much easier and and noise level so much quieter south of Truman.

Listed below are some places that have become affordable to buyers who want a part time place in Key West. Many can be rented either as a vacation rental (rented for a period of 30 days or less but only rented one time per month) or that have a transient rental license which permits daily rental (just like a hotel room). I also included a few single family homes might work out as full time residences.

422 Louisa Street #7 CLICK HERE is a one bedroom one bath condo with a valuable transient License at the La Casas De Lucas which is located around the corner from the Cuban Club. Priced at $309,000.

508 Louisa #2 CLICK HERE is a one bedroom one bath unit located just steps west of Duval. Walk to Banana Cafe every morning for a bit of heaven. This 500 sq ft elegant little place is offered at $339,000. Rent it as a vacation rental when you are not in residence. It is eligible for a transient rental license.

422 Amelia Street #L-2 CLICK HERE is another one bed one bath unit that is also a part of La Casas De Lucas. This unit is Bank Owned (a local Key West bank - not a monolith). It is offered at $449,000 and it also has a valuable Transient License.

1102 Duval Street CLICK HERE is a one bedroom but two bath unit that is also Bank Owned (that same local bank) that is offered at $449,000. It also has a valuable Transient Rental License. It is located in the Cuban Club Condominiums. It has an assigned parking space.

1401 Simonton Street is the location of the new Santa Maria Condominiums. CLICK HERE to see the lowest priced unit. This Transient Licensed unit is offered as a Short Sale at $490,000. The unit has 907 sq ft of efficiently and elegantly designed living space. There are two bedrooms and two and one-half baths. There is a great tropical pool, parking, the Ambrosia Restaurant, and the Reach Resort provides access for use of its beach, pool, spa and is located right next door. There are several short sales and a few market priced sales over one million dollars in this complex. This listing is the least expensive.

407 Catherine Street CLICK HERE is located almost one block west of Duval Street. Most of the neighboring houses are still single family residential and all are in good condition. This single family home has two bedrooms and one bath and is offered at $649,000. It is has been really tastefully remodeled. The rear doors open wide to a great pool. This place is really cute.

408 Amelia Street CLICK HERE is a simple two bedroom one bath that is very economically priced at only $429,000. Most of the other homes and condos on this block are priced much higher. (This is basically an estate sale and it is priced to sell quickly.)

525 Louisa Street is a single family home CLICK HERE located about one-half block east of the Banana Cafe on Duval Street. This block has mostly single family homes and condos that are rented as vacation rentals. This house is currently used as a full time residence. But it could make a great vacation rental. It has a pool and off street parking. There is a white picket fence that keeps the outside out. Inside the house has been redone within the past few years. The kitchen was not quite completed. Use your imagination and complete this property. You might be able to turn it into a real money maker. It is offered at $850,000

625 Louisa Street CLICK HERE is a two bed three bath home built in 1989 that is part of a compound with a shared pool. Other than the shared pool, everything about this house is single family. It is offered at $659,000. Checkout the photo of the back of the house and that great pool.

634 Louisa Street is located east of Simonton Street and across the street from the Suburban Propane tank farm. CLICK HERE. It is a two bedroom two bath condo with 765 sq ft of living space on two floors. It is new construction in 2007. It is Bank Owned and offered at $269,000. This place probably would not be my idea of where I'd want to spend my two week vacation. Not because the place is not nice, but there is no pool. But it might appeal to a buyer that want a nice sized place in Old Town that does not cost a lot.

639 United Street CLICK HERE is a single family home that was tastefully redone a couple of years back. It is offered at $790,000. This 1350 sq ft home has 3 bedrooms, 3 baths, a beautiful pool and a pool house. Click on the link to see the photos of this place.

If you are looking for a place in Key West please consider working with me, Gary Thomas. Contact me at 305-766-2642 or by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coast Realty, Inc. We are an affiliate of Christie's Great Estates.

529 Olivia Street with Transient License - Key West

Once there were two. Now there is just one. Yesterday the single family home at 531 Olivia Street in Old Town Key West was sold for $525,000. It had been offered as high as $999,500 in 2006. CLICK HERE to see what you missed.

But 529 Olivia Street is still available. At least it is as of this writing. The listing Realtor describes this property this way:

"'OLD KEY WEST' TRANSIENT LICENSED CONCH HOUSE. GREAT INTERIOR IS UPDATED & STYLISH, DECORATED & FURNISHED TURN-KEY FOR IMMEDIATE CONTINUED RENTAL OR AS A GREAT VACATION HOME. GREAT CENTRAL LOCATION NEAR BOTH DUVAL, TRUMAN & SIMONTON STREETS! FRONT PORCH AND REAR YARD W/HOT TUB, OFF STREET PARKING. SHARES A DRIVEWAY WITH THE IDENTICAL HOME NEXT DOOR."

CLICK HERE for more info on this house and to see photos of the inside. The property is managed by a local property manager and the place stays rented. It has its own parking. And it has just about everything a vacationer wants - except a pool. And I think there may be room for a pool. This property has a transient license which means you can rent it daily, just like a hotel room and get all of that income to help defray some of the cost of ownership. 529 Olivia Street is offered at $550,000 furnished and with the valuable Transient Rental License.

If you are one of the many potential buyers that want to buy a place in Key West and have your place in Paradise help pay for itself, 529 Olivia Street may be what you are looking for. Please considering calling me, Gary Thomas, 305-766-2642 or contact me by e-mail at kw1101v@aol.com to discuss purchasing this property.

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.

Duval Square Townhome - Key West - Short Sale

Key West Townhome Short Sale. That's not news, you say. But take a look to see what might be a good investment opportunity.

The recently listed 1325 sq ft two story, 2 1/2 bath townhome located in the Duval Square Condominiums (1075 Duval Street in Key West, Florida) is offered as at the short sale price of $479,000 or $362 per sq ft. This is how the Listing Realtor describes this property: "Transient License - Turn-Key Income Condo on Duval St! This Mediterranean Style condo has Mexican Tile downstairs and oak floors upstairs. Downstairs features the kitchen, a half bath, laundry and a dining room with seating for six. French doors open to your own private outdoor patio. Upstairs, the master bedroom has French doors opening onto a private porch with seating. An in-suite bath with large Jacuzzi tub, vanity & skylight completes this spacious bedroom. The second bedroom features a bed, large walk-in closet and private bath. Secure covered garage with dedicated parking. Being sold fully furnished with an excellent rental history."

CLICK HERE for more detailed information on this unit and a lot more photos. The complex was built in 1987 and has undergone some cosmetic updates in the past few years. There are several restaurants and small stores on the ground level. All of the residential units are on the second and third floors. (All units are two story.) There is covered parking for each unit with controlled access. There is a lovely second floor rooftop pool that overlooks Duval Street.

This property may appeal to the second home buyer who is looking for a property that can be legally rented as a transient rental to produce income to offset the cost of ownership.

I would suggest potential buyers compare this property to others similarly priced at 1800 Atlantic and The Shipyard in Truman Annex. 1800 Atlantic has that oceanfront location and tennis courts and the units are similarly sized. The Shipyard units are about half the size of either 1800 Atlantic or Duval Square but have a popular location with tourists. This unit is definitely worth a look. It will not last long at this price.

If you are looking for a condo or townhome with a transient license that permits you to rent the unit on a daily basis every day of the year all year long, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. CLICK HERE to search the Key West mls database to find comparable units and prices to do your own comparison shopping.