Will He or Won't He?

Key West is filled to the brim this weekend. There are thousands of people here - everywhere. I have not seen so many people in town since Christmas two years ago. It may or may not be a good day for an Open House. We have had a couple of cooler than normal days with a bit of wind. The skies have been sunny with an occasional cloud.

EASTER SUNDAY

724 Windsor Lane

11:00 AM to 1:00 PM

Let's see if he appears. Regardless,

 

The Pie Hole

 

I often write about the charm of living on one of the slow lanes in Key West where there are cute little cottages, little to no traffic, and peaceful surroundings as contrasted to the hullabaloo associated with Duval Street. There are a few streets which provide the same type of serene environment including the one shown above. It's not just the lanes and streets that makes life in Key West so appealing, it is the way we live. A lot of us came here from somewhere else to find a better life. To be accepted. To be less judgmental of others. Key West is sort of a nesting in place kind of town. It is cozy, inviting, and private all at the same time. This is the true story of two neighbors who share a fence.

A fellow Realtor and her mother share an Old Town home with the Realtors mother - Mom. Mom is old school. She makes food the old fashioned way - from scratch as opposed to from store bought pre-made whatever. Mom bakes pies. Really great pies.

The Realtor became friends with the man who lived behind her on one of the cute little lanes in Key West. It turns out he likes pies and he liked Mom. Mom liked him back and started to make him pies. It became a habit. They cut a hole in the wood fence that separates the two properties so that Mom could share her pies with her appreciative neighbor. They dubbed the opening "The Pie Hole"

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Key West First Quarter 2021 Real Estate Sales Report

I am better at making pies than pie charts. I did not make the apple pie above. I found the photo and added the graphic to show I can do elementary math. The pie looks delicious.

The first three months of 2021 were extraordinary in so many ways. I was watching MSNBC on January 6th when I saw live footage of the first protesters walking around inside the capitol. I was shocked by the first views and transfixed by what happened for the next few hours. I watched late into the night trying to understand what and why what happened was allowed to happen. The day was so unbelievable and horrific for our country. It was like 911 all over again.

A couple of weeks later President Biden was sworn into office. Many policy changes were announced in the following days. The rhetoric changed. The political tone changed. People started to get vaccinated. Then millions and millions were vaccinated. It started to feel like we would actually get out from under the pandemic and maybe there would be less anger toward each other.

At the same time people from what seemed like all over America were coming to Key West to escape the pandemic and find a way to recreate. Others came here hoping to find a new place to call home or maybe to buy that second home they had dreamed of owning. Many people discovered they could work from home and decided they would prefer to live in Key West than Peoria - or wherever. I started to get emails and phone calls from potential buyers. So did just about every Realtor in Key West. Our typical selling season was anything but typical. Many properties went under contract within days of being listed. And some very old stale listings went under contract as well. The intensity of the sales played out daily.

I searched the Key West MLS for sales to single family homes from January 1st until April 1st. I only considered houses on the island of Key West. I went through the sales and eliminated sales on Stock Island and beyond. There were 132 single family homes sales that closed during this time period.

The least expensive house was a 460 Sq Ft house at 817 Terry Lane in Bahama Village. It was listed at $499,000 but sold at $460,000 or $1, 095 per Sq Ft. The same house re-sold the same day for $525,000. The statistical average house was 1,836 Sq Ft and sold for $1,453,800 or $786 per Sq Ft. The most expensive home was located at 13 Sunset Key Drive on Sunset Key, of course. It had 2,480 Sq Ft and sold for $5,200,000 or $2,097 per Sq Ft. Consider the view from the master bedroom.

For years it seemed that most seasonal buyers wanted to buy a home in Old Town or Casa Marina. As prices grew higher and higher, some buyers decided to expand their search areas to Mid Town and New Town. I believe those buyers were shopping by price more than location. And as we know the universal key word in real estate is location. So let's look at the sold prices for single family homes in those three locations.

Old Town by my definition includes White Street west to Truman Annex Waterfront Park and United Street north to the Gulf of Mexico. I included Sunset Key, but it is a diffident animal. I did not include any sales in the Meadows - the houses are essentially the same as Old Town but the streets are more narrow and the buying public view the location as too far from where they want to be. There were 50 single family home sales that sold at an average price of $1,649,000 or $917 per Sq Ft. I must always point out there is no such thing as an average price per sq ft because every house in Old Town is different in size, condition, lot size, location, and so on. Agents tell buyers not to make decisions based on price per sq ft yet many agents list houses based on this factor. Or at least they consider the price per square foot multiplier and figure out how to justify it to the public. 

517 Elizabeth Street - 2013

I blogged about 517 Elizabeth Street (above) when it was listed for sale after being freshly renovated in 2013. In that blog I mentioned Charles Olivieri, a former resident at 517 Elizabeth Street. He was a night - caller, whatever that was, back in the day. 517 Elizabeth Street sold for $1,975.000 in 2013. It re-sold in January 2021 for $2,550,000 or $50,000 over asking price. It never even hit the MLS. I assume this was a pocket listing. They still occur. They occur frequently.

Several houses in problematic locations in Old Town sold during this three month time period. Some houses priced over one million dollars that do not have parking finally sold. Some houses in the boondocks sold. Just about every house in every price range with every type of size or condition issue sold. The supply of single family homes shrank to near nothing. Many new listings went under contract within days of being listed.

I searched the Casa Marina Area which I define as White Street west to The Reach Resort and United Street south to the Atlantic Ocean. There were 13 single family homes that sold during this three month time frame. The least expensive was 907 South Street, a cheerful 720 Sq FT house with no pool on a small lot. It sold for $850,000 or $1,167 per Sq Ft. Remember, no pool!

I will do a shameless plug at this point. I have had a very good start to 2021. I sold three properties, each cash, since January 1st, including 727 Washington pictured above. It sold for $3,250,000 or $843 per Sq Ft. It is huge - 3,855 Sq Ft on an enormous 15,336 Sq Ft lot in the heart of the Casa Marina.

1100 Flagler Avenue was the most expensive sale during the first three months of 2021. It sold for $3,800,000 or $1,079 Per Sq Ft. This same property sold at $4,500,000 in November 2019. The new owners added personal touches and then decided Key West was not the place for them. It sold at a loss. Not because of the house or location. Well, location I suppose. It is located in Key West and that is where that owner decided was not the right spot. Go figure.

I combined the Mid Town and New Town single family homes sales into one search. There were 60 such sales with an average sales price of $1,111,511 or $627 per Sq Ft for a 1,760 Sq Ft home. Most of these home were renovated and several were recently renovated a second time. The renovated house at 2600 Patterson Avenue sold in one day on the market at asking price of $949,000 or $598 per Sq Ft.

Ten of the Mid Town and New Town homes sold for $2 million or higher including 1214 Olivia Street pictured above. That house is bigger than most people need. Many buyers might find the location too far from Duval Street while others would say the farther away the better. The 4,152 Sq Ft house sold for $3,455,000 or $832 per Sq Ft.

0 and 2 Go Lane were originally listed for sale at $5,269,500 and were required to be sold as one sale. That was revised and the price later reduced to $4,469,500 for 0 Go Lane. It was later reduced to $2.999,000 and eventually sold at $2,600,000. I never had to opportunity to show this home built in 2019. It is located on the highly desirable convergence of the Riviera and Sunrise Canals at the end of the Island of Key West.

There are 96 single family homes in the Key West MLS currently identified as contingent or pending sale. Prices range from $539,000 for 1707 South Street to $6,200,000 for a waterfront manse on Sunset Key. That is quite a disparity. Consider that $539,000 would buy a pretty substantial home in many parts of the country. I tried to show the $539,000 property. The agent said he had multiple cash offers over asking. The place is a tear down. I presume a new house will be built on the lot and re-sold for a lot of money in a year or two from now. This is life is Key West real estate in 2021 - pay high now or pay higher later. 

If you are thinking of buying a place in Key West and are not working with a Realtor, please consider working with me, Gary Thomas, 305-766-2642 or by email at garyethomas@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Buy a house from me and I will bake you a pie. Or something better.

In Honor of April Fools Day I Present

 

This is a real photo taken in Key West way back when - when there were not as many tourists as there are today. Speaking of today, the Island of Key West has been invaded by thousands of people seeking a few days away from the reality of the pandemic. Singles, couples, families, and herds of spring breakers are here. Some are wearing masks and others are oblivious to anyone but themselves. The Key West International Airport has planes jammed up with no place to park.  Go to Bookings.com to see what one night in Key West will cost you today.  You will be shocked.

 

 

 

 

 

 

 

 

 

 

 

True Tales of Key West Real Estate in the Time of Covid 19 - Part Ten

This is a true story about real people and real estate in Key West. Several years ago I worked in a large real estate office with headquarters in Key West and several offices throughout the Florida Keys.

The Key West office had a lot of agents including several "top producers". One of the top producers was a woman I will call Mary - Mary Contrary. Mary was big on the social scene. She was at a dinner or function all the time. She was easily recognizable in any crowd. She had  many listings and many buyers. She was a whirlwind of activity. She had a female assistant (who I will call Karen) to help manage her thriving business. Karen worked for Mary for several years and did the chores assistants do. One year Karen got her Christmas bonus. She never came back to work. She gave no notice. She just did not return to work.

Mary found a new assistant who I will call Eric. Mary found a winner in him. He had a real estate license and excellent computer skills. Eric was quiet. He had his own office where he immediately took over the control of Mary's life and business. When you are top producing Realtor your life is your business and vice versa. Eric worked for Mary two and one-half days. He went to lunch and did not return. He didn't work long enough to get a Christmas bonus. He didn't work long enough to meet many of the people who worked in the office. He didn't work long enough to give Mary a chance.

I can't remember exactly how Mary figured out what happened. She was not a hands-on type of person. But she did. Before leaving Eric destroyed all of Mary's computer files - her listings, her old files, her contacts, her emails, HER LIFE.

I don't have a moral for this story. I do not understand how one person can take such advantage of another. People do it tall the time in business without blinking an eye.

1200 Whitehead Street, Key West - Woulda-Coulda-Shoulda

 

Woulda-Coulda-Shoulda - The Key West Real Estate Lament

Key Wester Shel Silvertein left us with many  memories including Woulda-Coulda-Shoula to which I add  the Key West Lament

All the Woulda-Coulda-Shouldas
Layin' in the sun,
Talkin' bout the things
They woulda-coulda-shoulda done...
But those Woulda-Coulda-Shouldas
All ran away and hid
From one little did.

Yesterday afternoon a new listing popped up on my Key West MLS. The first image was so startling I had to study it for a few seconds and then I realized what house it was - 1200 Whitehead Street. I had written about the property when it popped two years ago when it was listed for just $912,000. Let's look at the 2019 image and compare to 2021 so you can share my glee in the transformation. 

2019 

 

2021

I took the grayish photo in 2019 and a professional photographer took the recent pic. His pic  is better by far. But its not the photography at issue here. My 2019 photo showed the potential about which I wrote in the earlier blog. The house was a project home for the former owners. Times got difficult. The project was abandoned. The house was half-finished. The bank foreclosed. When it was offered for sale lots of potential buyers surfaced. I went over to take photos for a potential buyer and also my blog. I was not surprised to see four or six other agents roaming around with their customers or cameras taking photos or doing Facetimes. 

One of the challenges of this property was its size. The house was 4,179 square feet which is massive by Key West standards. The  corner lot was good sized - 2,495 square feet and located just a couple of blocks north of the famous Southernmost Point. Half the house was sort of done with finishes the former owners preferred and that a new owner might have to replace to create a cohesive design aesthetic. That could mean ripping out perfectly fine marble, tiles, walls, and floors. A new owner might have have to follow the design plans of the already framed rooms or tear down the framing and start anew.

One of the faults I had with the "before" property was that the owner had created such a large house and left only a small space for a pool personally would have preferred a larger pool and garden area. That 's the problem when Realtors substitute their preferences for what new owners may prefer. Some of the best agents in town shut their moths and let their buyers make up their own minds. I should do the same. Below is a before pic of the space left for a pool and then the actual pool.

CLICK HERE to read my original blog on 1200 Whitehead Street, Key West. It was bank owned and  listed for $912,000 but sold for $1,351,000 in sixteen days after a bidding war before that was actually going on everywhere.

1200 Whitehead Street is now offered for sale for 3.599,000. CLICK HERE to view the Key West MLS datasheet and many excellent listing photos. Then please call me, Gary Thomas, 305-766-2642. to schedule a private showing of this one-of-a-kind eyebrow houses in a great Old Town location. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Don't be a Woulda-Coulda-Shoulda on this. You'll regret it for the rest of your life. 

 

724 Windsor Lane Key West - Open House Not on the Prairie

This is the deal. 724 Windsor Lane is bigger than the little house on the prairie - a lot bigger. It is a  460 square foot one bedroom, one bath house with large eat-in kitchen with vaulted ceiling. The bathroom has an old fashioned claw foot tub with shower surround. It has a great front porch for people watching and a sunny rear deck for sunning (no neighboring views). Plus it has off street parking. A lot of million dollar-plus houses in Old Town would love to have parking. They don't. This does. 

People have lived in this house since before 1889. That's 140 years of living in this small space. It does work. It has Dade County Pine walls and ceiling and the all important metal roof. Most important is its location - on Solaris Hill - the highest point in Key West. There are bakeries, bars, and baristas within easy walking distance. It's an easy three block walk to Duval Street and a similar walk to the Historic Seaport. St Mary's is two blocks away, Old Town Gym a block further. 

You could look elsewhere and find a cheaper little house like the one on the prairie, but then how much fun would that be? That little place looks really cute but pretty lonesome.