1223 Margaret Street, Key West

The charming Conch style home at 1223 Margaret Street is now available at the asking price of $1,500,000. This three story home was built new (not remodeled) in 1999 by Lauramar Development. That developer built several "in-fill" properties in various Old Town neighborhoods around that same time period. Each of the projects quickly sold out because the houses had the desirable architectural look of "look" of historic Key West homes. The houses were built to rigid new building codes and used modern building materials. The resultant homes are easier to maintain on the outside and offer contemporary living on the inside. 

The listing Realtor describes this home thus:

"This spacious Old Town tropical oasis is Key West living at its finest. Located in a small condominium compound, at the corner of United and Margaret streets, this colorful free-standing, 3-story Conch house features Mexican tile floors, large windows and porches, and a swimming pool and spa area. The roomy, open concept first floor living area has a well-appointed kitchen with breakfast bar, and plenty of space for dining or entertaining, as well as a half-bathroom. Two large bedrooms, both with updated ensuite bathrooms and breezy porches, dominate the second floor, while a larger bed and bath with an attached office or nursery room, completes the third level. This prime property also includes a small pool house with a full bathroom, and a valuable off-street parking spot. An alarm system will provide security and peace of mind, during those languid strolls to the many shops and restaurants of the nearby White Street corridor, or downtown Key West and Duval Street."

1223 Margaret Street has 2412 sq ft of living space on three floors and sits on a slightly irregular rectangular lot 34' X 98' (3292) sq ft located at the corner of Margaret and United Street. A white picket fence encloses the small minimal maintenance front yard. There is a two story front porch with sitting spaces on both levels. There is a small entry hall which offers direct access to the great room to the right and the pool and guest house to the rear. Or you can ascend the first of two tiers of stairs leading to any of the three interior bedrooms. (There's a fourth bedroom in a rear guest cottage.) The living space is really inviting. The current owner has the space brightly painted in Caribbean colors. Plantation shutters filter sunlight for all of the windows. There is a half bath on the first floor as well. There is a two story rear porch which provides a nice shaded area on the ground level and an open sky view on the second level that is located just off the master bedroom.

You will find the master bedroom with en suite bath at the rear of the second floor. Unlike many real Conch houses with small bedrooms, this master suite is quite spacious. And you'll be able to sit on the rear balcony that overlooks the pool and drink your morning coffee or sip that last glass of wine before bed. A second bedroom is at the front on this level and it, too, has an en suite bath. It has access to the front porch (see photo above).

The third floor is just magical with its angular ceiling, dormer, and its supreme coziness. What a perfect perch to read a book or to write one. The is a grand retreat from the world where most people live.

Just off the covered rear veranda you will find a free form pool and spa. A small guest house is located on the far side of the pool. It has a half bath and very mini-kitchen with enough space to be used as a guest bedroom. The off street parking is located to the rear. The parking is part of a limited common area for this and the other homes that were built in 1999. The use of this common area allowed the developer to create much larger homes than would have been permitted by code since the buildings themselves are legally characterized as condominiums. The sole function of the condo association is to own and maintain the rear driveway that provides access to the rear parking places. The association has no control over the usage of individual homes. The condo fee for this area is $375 paid quarterly.

This home and this location make it an excellent choice for a buyer looking to purchase a retirement home for now or as a place to buy not, to rent occasionally as a monthly vacation rental. and then to occupy late in life when the opportunity to actually retire becomes a reality. Duval Street and all that it offers is about a five minute walk to the west. There are numerous gyms and yoga studios within a five minute walk to the north and east. Higg's Beach is a five to seven minute walk to the south. It's easy to go just about anywhere, but it's so cozy you and your guests may prefer to stay at home.

CLICK HERE to view the Key West MLS datasheet and listing photos. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Bank Owned - Compound - Transient Licensed - Key West

726 1/2 and 728 Passover Lane - Old Town - Key West - Bank Owned!

Don't let the location across from the Key West Cemetery scare you!

Just listed - 726 1/2 & 728 Passover Lane in the Heart of Old Town Key West. This is how the listing Realtor describes this two home compound:

"Amazing BANK OWNED property with transient license in prime Old Town location near Solares Hill. Two combined properties offer a total of 3 bedrooms on a 5425 square foot lot, 2 off-street parking spaces, pool and lush tropical grounds. Main house (728 Passover) is a 2/2 with a transient license for great rental potential; guest cottage (726 1/2 Passover) is a 1/1 and may be rented monthly. Must be purchased as one combined property. A Tropical Oasis in The Heart of Old Town Key West."

In 2006 a different listing agent offered the same properties but at the much higher asking price of $2,049,000. This is what he said then:

"Lush. Tranquil. Historic. These superlatives are often used to describe 728 and 726 1/2 Passover Lane. These two exclusive Old Town properties are being offered together creating the perfect island oasis. 728 Passover Lane features a 2BR/2BA with ample LR, DR and kitchen with French doors leading to a custom deck and pool. Plus a transient license. 726 1/2 is a perfect pitch compliment offering a 1BR/1BA with separate loft space, galley kitchen, LR and hot tub. Both homes are nestled in a large, exotic tropical garden with off-street gated parking for 2 cars. Both homes have been recently tented and painted. Properties have averaged over $100K in gross rents for each of the past 4 years."

I had the opportunity to see these houses yesterday afternoon. I never had anyone who wanted to look at them when they were priced so high. The listing agent said he had about 60 people attend his open house yesterday. And at the current asking price of $975,000 I can see why.
CLICK HERE to read the mls listing info and view accompanying photos. But read on.

I sent an email late yesterday to a couple of my buyers looking for a place in Old Town with a Transient License. I think this property has some real upside potential as far as price appreciation and income production. This is my impression: both houses look like they were redone in the late 70s or early 80s. The houses are hidden behind an ugly fence that needs to go. So do a lot of the overgrown trees that make the exterior so dark. The grounds are very large but seem overwhelmed by all of the foliage.

The exterior has way too many canvas awnings in lots of places. The front entry at 728 Passover has an awning that is totally out of character for a house in Old Town. My suggestion is to edit the outside and develop a new land use plan that builds on how the houses relate to the street view, the private view in the rear with the existing pool, spa, and entertaining areas.

The inside has some very attractive nooks and crannies and very inviting features. But the spaces are a bit confusing. I had to go outside the front door of 728 to walk around the house past the pool to find my way into 726 1/2. (I later discovered I could have gone in the front door, but there were so many trees I missed seeing the entry.) The kitchen and dining area at 728 Passover are really sweet. The living room and downstairs bedroom are large but both seemed so dark because of the overgrown trees and canvas awnings. The house at 726 1/2 is laid out most oddly in my opinion. I am not "dissing" this place. I think it would be a great buy. But somebody is going to have to do some work and spend some money to spruce up this compound. The time and money should reap big dividends.

This property is located directly across the street from the Key West Cemetery. Don't let that spook you. This is a great location. Most of the properties in this area are either single family homes that are owner occupied but several are rented as legal vacation rentals. Parking is never as issue even though parking is only allowed one side of Passover Lane. I am not being cute when I say the area is quiet. It is. When the tourist parade stops around 5:00 PM, this area is super quiet. If the trees on this property were thinned out, the ugly fence replaced by a proper white picket fence, and both houses were painted a crisp white and shutters added, this two home compound would pop.

If you would like to see these properties, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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