Old Town Busniess Opportunity - Key West

Except for the unfortunate few who run afoul of the law while spending a few days in our little island paradise, I'll bet most visitors wonder what life would or could be like if they quit their jobs and moved to Key West.

I fell in love with Key West the very first time I came here. That was along time ago before all the gentrification happened.  Most of the houses in Old Town looked like they were ready to fall down. Conch cruisers (rusted old cars) looked to me to be the primary means of transportation. Key West seemed like a third world country back then. But in spite of all the negatives about Key West (which I now admit were positives), I pondered what I could do to earn enough money to live in this magical island. Before moving to Key West I used to be a lawyer and then a banker.  I did not want to do either in Key West - to me a place not of that other world out there - up in America. I eventually moved here, bought a business, and later go a real estate license. I work way too much, but I enjoy what I do.

Just Listed by Preferred Properties Key West is THIRSTY'S at 531 Greene Street.  Thirsty's is a convenience store in a great tourist location about 150 feet east of Sloppy Joes and one block west of the Historic Seaport. The Pier House and the Hyatt Hotel are one block  north. Thousands of tourist pass by this location daily.

Thirsty's sells made-to-order sandwiches, ice cream, cold drinks, hot coffee, beer and wine, breakfast, cigarettes, sun tan lotion, and a myriad of products tourists need.  All inventory and sales are tracked on computer making it easy for an owner to monitor sales and production any time that he or she is not in the store. There is TV system which provides the owner with multiple views on iphone at any location in the world. The is a Business Opportunity. No real estate conveys.

CLICK HERE to view the Key West MLS datasheet on Thirsty's which is offered at $260,000. Please call me, Gary Thomas, 305-766-2642, for an information package. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

726 Windsor Lane, Key West - Just Listed

Just Listed, but not by me, 726 Windsor Lane in the Historic District of Key West. The small cigar maker cottage that once stood on this lot was destroyed by fire several decades ago.  I found a photo of the original house which is shown and captioned below. A new concrete block structure was built in 1975. I found a photo of the house before the stucco siding was applied.  According to the Monroe County Property Appraiser the current house is 1840 sq ft and sits on a 33' X 65' (2145 sq ft) lot. The Key West Cemetery is located about one block to the east. The top of Solaris Hill (the highest point on the island that is Key West) is located about one block to the northwest (see the night time photos).

726 Windsor Lane - Destroyed by Fire

726 Windsor Lane as it was being built in 1975

Windsor Lane at night

630 Elizabeth Street - the top of Solaris Hill as viewed from Windsor Lane

I blogged about 728 Windsor Lane the little house next door to the east in 2009 when it was offered for sale. I showed that place many times and tried my best to get someone to buy it. I extolled the potential of the would-be charmer. I didn't sell it, but somebody bought it. And today it is the final stages of renovation. Below are a couple of shots of the 728 Windsor in 2009 and a couple of the renovation in progress. You will also see a 726 Windsor (today's new listing) in these photos.

I realize not every buyer is going to want a CBS house located in the historic area. But I will be a lot of people would like a large sturdy house that they could renovate. Unlike our old wooden houses, 726 Windsor Lane could be torn down and a new wood house built on the lot. A more practical and less costly renovation might include replacing the existing concrete front porches with wood porches and adding Hardiboard siding to the sides. I would replace the metal and glass windows with wood six over six wood windows. All of a sudden the big CBS would disappear and blend into the beautifully emerging new city scape.

I doubt that a new owner would be able to get permission to add a pool to the rear yard. But there is plenty of room to add a covered porch and garden.  A new owner could add a hot tub because hot tubs are portable and do not require a building permit.

726 Windsor Lane is located across the street from the Key West Writers compound and around the corner from CHARLIES GROCERY. Charlies is the only commercial business for a couple of blocks.  Duval Street is only a five minute walk to the west. The historic seaport is a five to seven minute walk down William Street or Elizabeth Street. There are charming houses all over the place. You will figure out how to make 726 Windsor Lane your place in Paradise.

CLICK HERE to view the Key West MLS datasheet and to view listing photos of 726 Windsor Lane that is offered for sale at $975,000. 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.

1026 Von Phister St, Key West - Sophisticated Casa Marina Area Residence

Just Listed and located in the Casa Marina Area of Key West is 1026 Von Phister Street which the listing Realtor describes as:

"This one-of-a-kind Casa Marina property, combines simplicity and elegance in a fine home with tasteful architectural and furnishing flourishes in every room. A 3/3 house, on a large corner lot, this au currant residence offers marble-finish porcelain tile and brushed oak flooring, high hat LED lighting, and a state-of-the-art kitchen with top-of-the-line appliances and a stone counter top. Custom built-in cabinets, smoked glass and chrome barn doors, and a luxurious full bath and den highlight the master suite; all three bedrooms open up to private patios, and the large pool, with its sunning platform. Windows and doors are hurricane-proof glass, many with remote roll-up shades. Designer furniture pieces compliment this fully furnished home. A separate guest cottage contains a large sitting/bedroom, and bath. The beautifully landscaped grounds incorporate rare foliage. A high-end alarm, powder-coated and concrete fence, and two covered parking spots round out this palatial masterpiece."

This house sits on a large corner lot hidden from view behind tall stands of swaying palm trees and a six foot privacy fence.   While the Old Town Area of Key West is noted for its historic small cigar maker cottages which often sit on postage stamp size lots, many of the homes in the Casa Marina Area were built after World War II and were larger in size and which were built on lots sized at 5,000 sq ft and larger. This home blends into the Casa area but ticks-up the quality of finish. Several other homes in a two block radius have just undergone substantial renovations and are pushing up the quality of home finishes and prices.

At the outset of the renovation process the owners called upon landscape architect Craig Reynolds to design the exterior so that the completed gardens seamlessly integrate the hardscape and softscape, making them look as if they were always there. Craig designed everything from the 'doors out' including overall planting design, including the pool, spa, trellis and arbors, patios and decks, fountains and landscape lighting all of which is set within a framework of native plants and indigenous materials to complete the experience.

The original house was raised from its original foundation, interiors were relocated, walls and uses changed or re-purpose.  The house is basically new throughout. When I entered the house for the first time several months ago when construction was still underway I tried to remember what was where from the former house. As I walked into the new new master suite wing (yes "wing") I was awed by the attention to detail in each space. There is a sitting room, huge walk in closet with loads of built-ins, a decadent bath, and a seductive master suite with door opening out to the private lounge area or out to the pool.

The living area is bifurcated into two separated areas. The informal area opens into the new kitchen and dining area and out to the pool.

The house and guest cottage offer a total of 2,693 sq ft of living space under air plus additional cover spaces on the outside. There are two bedrooms in the main house (three if an owner used the sitting room (with abundant closet) in the master wind as a bedroom) plus a fourth bedroom in the poolside cottage. Most of the furnishings shown in the house are included in the sales price.

CLICK HERE to view the Key West MLS datasheet for more detailed information and also to view more photos of this home offered at $3,425,000. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing. Showing to pre-qualified buyers. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

2016 That Was the Year That Was in Key West Real Estate

Each year I like to look back to see what was sold and select what I think were the outstanding sales for our little island paradise. Most of my customers are buyers.  Most of my buyers are folks from up north in America who are seeking either a getaway place or a potential retirement home. As a result I have been inside a lot of the houses that were sold in the past year and have a pretty good sense of what constitutes a good price, a good location, or just a really good all around value.

I wrote about 1435 Flagler Avenue a few months back. This home was typical of many places in Key West that had been occupied by locals for multiple years. The home needed updated and had some issues but overall it was a solid home in quality area.  It had once beautiful yard and pool that will be brought back.  I liked this place a lot. 

9 Gerome Avenue sold for $465,000. It is located on a walking lane near the Chevron gas station on Truman Avenue. It was a mix of an historic house that had been updated years ago but was also a place that would benefit from a new update. If this house had been located on an easier location to get to and if it had parking, it would have sold closer to a million dollars. And for the buyer who wants to be away from everything, the added value just may be the isolation.

I showed 1116 Varela Street on many occasions and had even more phone and email conversations with potential buyers. While the house pictured above may not look like much, the value with this property was the enormous lot not visible from the street nor the ability to add a pool and re-build an existing out building at the rear. This place sold for $475,000.

1518 Rose Street is a mid-century three bedroom, two bath home with a pool located in the mid-town area of Key West. It needed some updating but it was a solidly built home with a large pool and nice private yard. Buyers looking for homes now will probably have to pay more money to get something not as large or as nice and probably not get a pool.

1717 South Street presented a big challenge to the bank that owned this very large and once magnificent house. The 1900 sq ft home also had a guest cottage, pool, and sat on an 8531 sq ft lot. The place sat vacant and not maintained for several years. There was both water intrusion and termite damage that scared a lot of potential buyers. The people I showed the house to were overwhelmed by the amount of work that was required to fix up the place or the prospect of tearing down and building a new house on a glorious lot. I would have gone of the tear down and rebuild route myself. This place sold at $460,000.  Big Bargain despite the cost to renovate or rebuild. The lot by itself was worth more than the sales price.

1107 Southard Street is located amid some of the nicest and most expensive homes in Old Town. The place as a family homestead for generations. The place will require extensive repairs and renovation but will be worth perhaps 150% more than the price paid to purchase this fixer - $492,000.

237 Golf Club Drive was my listing and sold in just two weeks on the market for $744,000. The house had been thoroughly updated and offered more interior and protected outdoor living space than any other house when listed and sat a much larger lot than any other home in the Sanctuary.  I have sold dozens of homes at the Key West Golf Club and consider the community to be one of the very best values in Key West.

The picture perfect cottage at 628 Frances Street sold at a huge discount to asking price - just $675,000. I wrote about the place in my blog a couple of times and showed it several.times. When the sold price got published, potential buyers told me they would have paid that amount. They just did not expect the seller would be willing to sell that low. This is a lesson a lot of people learn in Key West. Sellers and their agents should list houses at realistic asking prices and buyers should not be afraid to make offers at price points they believe more reflective or real market value irrespective of the asking price. 

The mid-century modern at 1611 Seminary Street received a clever renovation that totally transformed the old house into functional 21st century home with open living spaces. This home sold for $865,000. 

25 Sea Lore Lane was another bank owned property that lingered on the market for quite awhile. The 3,023 sq ft house sat on a 14,688 sq ft lot with great open water views. The house was built in 1994 but seemed a bit dated as the kitchen and bathrooms were typical of construction materials used then which is three decades ago.  This place sold for just $940,000. This was a bargain!

I have sold a couple of homes in the Key West Writer's Compound over the years including the former home of John Hersey. This year a two story cottage at 715 Windsor Lane Rear came onto the market and went under contract within days of being listed. It sold for $900,000 and was worth more. It was adorable. None of these homes have off street parking which pose a challenge for a lot of potential buyers who fear separation anxiety over not being able so know there car is outside the window like a puppy. And some people don't like the idea of sharing a pool. This is about the best walking location and one of the quietest places in Old Town. 

915 Washington Street is an adorable little cottage located on one of the best blocks in the Casa Marina Area. It sold at $1,095,000 in one day on the market. I wrote about it in my blog and sent emails to various potential buyers and talked to a couple of buyers on the phone. I understand when people located a thousand miles away may reticent about committing to spending $500,000 or a million dollars for a house on a sight un-seen basis.  However, I have sold houses for more than that where the buyers did not see the house until inspection. This is one house where a buyer could tell from the photos and good old GOOGLE MAPS what a great location this house enjoyed.

527 Margaret Street appeared in my blog a couple of times over the past few years including when the original beat down house still existed.  The old house was taken down to the front frame and totally rebuilt and then stylishly outfitted by a noted interior decorator. The new "old" house sold in a flash for $1,460,000.

1104 South Street also appeared in my blog a couple of times. This is another magical Casa Marina Area home. Local architect Matthew Stratton transformed the prior master bedroom into the new living room and re-purposed a legal apartment over the double garage into the new master quite. This stunning home sold for $1,800,000.

744 Windsor Lane was purchased by my buyer for $3,675,000. This was the highest priced home sold in Old Town this year. This is the fifth home this buyer has purchased from me. As of today there are 34 homes for sale in Key West offered at $1,800,000 or higher. And there are many priced under the $1.8 price point. I am a buyers agent and I would love to work assist anyone reading my blog in finding their perfect place in Paradise.