Key West Real Estate Throwback Thursday No. 18

WHAT A BUNCH OF CLOWNS!

from March 17,  2015

This is a true story.

Once upon a time in a year not far ago I represented a buyer that had a contract to purchase a Bank Owned cottage in Old Town Key West. As is the case in most bank owned real estate transactions, the bank hired a closing agent out of the area to "close" the transaction. A closing agent can be a title company or in some instances it may be a law firm. In this particular instance the out of area bank owner engaged a lawyer located far away from Key West to close this transaction.

Some banks tend to be a bit stingy and try to reduce their sales costs by using title companies and attorneys that will agree to charge lower fees in exchange for getting "volume business" for their services. I guess the theory is that a lawyer is a lawyer and a title policy is a title policy and that nothing can go wrong so why not get the cheapest service possible.

My buyer was purchasing a cottage in Old Town Key West. I knew from past experience that we needed a survey just to make sure there were no 'lot line' or other boundary issues.  Back in the old days neighbors pretty much agreed to property boundary or lot lines. In this day of million dollar homes, it is important to make sure that lot lines and related issues are known. Some homes in Old Town have been in the same family for decades. Boundary issues often arise days before closing when a survey on a property that has been in the same family for generations is about to close. This particular property was purchased about ten years ago. I didn't really expect to find any problem. But the survey found a problem.  My buyer hired a local attorney to review the issues, and he was able to resolve the matter and move forward to closing.

The lawyers exchanged comments on the proposed title policy and HUD settlement sheet. My buyer then wired in funds to close the transaction. The lawyer in a far away Florida city received the funds and closed the transaction. A copy of the deed was sent via email to my buyer.

A couple of days later the closing attorney hired by the bank in the far away Florida city sent an email to my buyer's attorney, me, my buyer, and others that read:

"Just noticed a small detail that we are missing. We did not receive the $100,000.00 EMD. [EMD is the earnest money deposit that was wired to another Key West law firm designated by the listing real estate office as the 'escrow agent'] Please advise how we can obtain the deposit so that we can complete funding.

Thank you,"

My buyer typed an immediate response and hit the REPLY TO ALL button on his email. His email read: 

"WHAT A BUNCH OF CLOWNS"

Eight minutes later the closing attorney hired by the bank in the far away Florida city responded:

"Just to advise that the CLOWNS received the wire. We are not fully closed and funded. See below.Thank you"

Within minutes my buyer sent the following:
"THE CLOWNS RECEIVED THE WIRE BUT ARE NOT FULLY FUNDED OR CLOSED. WHAT DOES THAT MEAN? "

The buyer's attorney quickly sent an email stating:
"Typo...."

I contacted the Key West law firm that was holding the $100,000 earnest money deposit. That firm wired the earnest money deposit to the closing lawyer hired by the bank in the far away Florida city. My buyer got title to the Key West cottage. I got a huge chuckle over the "small detail" of the missing $100,000 earnest money deposit. And I roared with delight at my buyer's Clown comment and implied reference to the cut-rate legal service provided by the attorney hired by this particular bank seller. 

The One That Got Away

Obviously those trout didn't get away. Late afternoon this past Valentines Day a duplex located in the Case Marina Area was listed for sale at what I thought was a bargain price. I quickly drove over and took a couple of exterior shots and then contacted the listing agent to ask permission to write about the new listing. She asked me not to blog because one of tenants was giving her grief. So I didn't. I did send the listing to some active buyers who considered the property. The structure sat on a 5,300 Sq Ft lot which made it very worthy of consideration for a developer or a person who wanted to just buy it and bank it. The value of the location will only go up.

A few days later the agent allowed me and other agents to see the front unit which was tenant occupied. The prospect of a remodel was feasible but I felt the lot was worth far more than the present structure. I found a photo of it in my shoebox dated 1965. It looked pretty good back in the day. But times are changing and duplexes like that are not worth as much as a fancy new home in the tony Casa Marina Area.

The property was listed at $829,500 and formally went under contract 14 days later. Other "tear down" properties in the area have sole in the past year for well over $1,000,000. That is why I consider this is the one that got away. It hasn't closed yet. It will probably be in my year end recap of sales. 

 

320 William Street #4, Key West - Penthouse Condo

 

The penthouse condo at 320 William Street #4 in Key West, Florida is located within a block of the historic Key West Seaport. Most of the houses in this immediate area were built in the last half of the 19th Century. The seaport was the hub of Key West commerce. The seaport was located on the north side of Caroline Street. Businesses lined Caroline Street. Merchants, spongers, and seamen lived in the nearby houses and boarding houses. I looked in my old shoe box and found the black and white photo of 320 William taken in 1985. It looked nothing like the beauty today.

I found another photo of the 300 block of William Street taken in 1885. I took the color photo two below standing in front of 320 William Street earlier today showing the same view 136 years later. The old street appears much wider, but there were no cars and few trees back then. The legendary Red Doors is located at the right side of the photo. The note on the back of the black and white photo says circa 1889 meaning it probably existed as of that date. You can see there were no porches in 1965 The property was originally multi-family and converted into condominiums in the early 2000s. 

The Red Doors at 800 Caroline Street was a house of ill repute, or so I understand. The photo below was taken in 1975 looking north and east across Caroline Street. The old steam plant can be seen in the background. They City of Key West renovated the seaport in the mid 1990s and created a new boardwalk that now wraps around to the west near the Harbour Place Condominiums. I love the seediness of the old pic but the revitalization of that area created the on-going boom in Key West historic housing and economy.

 

The above photo of spongers was taken at the seaport in 1930. So much as changed over the years. I would absolutely love to have experienced what life was like back then - including wearing long pants and a fedora.

The listing Realtor describes this 782.50 Sq Ft second floor condominium this way:

"Nothing else like this elegant penthouse in heart of Old Town. Just steps from KW Harbor and boardwalk. Entire second floor of 1880s renovated Great House has 2-beds/2-baths plus 80sf loft and features 200sf of treetop balconies. Great room has soaring ceiling with original Dade County pine fretwork, walls, floors and 5 sets of French doors that open to 3 balconies: Sunrise balcony. Sunset balcony. Moon rise balcony. City living at its tropical best. One of only 4 units in upscale, downtown condominium, where living is exclusively dedicated to home ownership. No rentals. HOA fee includes insurance and most building maintenance."

 

Take a moment to view the building sketch two above. You will notice an exterior staircase lands at a porch bring guests into the unit where they are greeted by odd looking stairs. Don't worry. Those stairs go up to the loft storage area which is not used for sleeping. Three sets of French doors on the east facing wall open out to the covered balcony overlooking William Street.

I took the photo below from the neighboring house in 2014. I love this street and watching the people ogle and awe over the houses dreaming someday they may live in one of these homes.

French doors open from the kitchen to a private covered porch that faces south not viewable from passers-by.

CLICK HERE to view the Key West MLS datasheet and listing photos and also a Matterport video of the 320 William Street #4, Key West, Florida offered for sale at $895,000. 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. This unit will be on open house this coming Sunday 12 to 3. Drop by and tell the agent you read about the unit in my blog. 

Novel Hovel

A few weeks ago I was taking photos for my ongoing series The Projects of Key West. One of the houses I have been photographing is located on a quiet little lane in Old Town. Some lanes are actually streets in that they allow street traffic in both directions and may have on street parking on a least one side. Others are  more narrow and may allow vehicle traffic in one direction. Some lanes like Carey Lane dead end and require cars to back out because there is not turn around space. Still others are quite narrow and only pedestrian access is allowed. Or not allowed. That's the true story today. 

Several years ago I was having a planned phone conversation with buyers in a faraway city. We were discussing a house hidden away on a one way street that was only one block long where it dead ended. It was a genuine street in another locations so it was officially a street and not a lane. Except it functioned like a lane where the house was located. The house and lot were intriguing and would require a lot of money to renovate but which would have resulted in a truly epic home on a large lot which hardly anybody would ever see because it was so hidden. That' rub for some men or women - having spent so much time and money to create such an incredible place that nobody would see. How would people recognize your talent? Your worth? If a tree falls in the woods does it make a sound? You get my point. Other men and women build small or big houses in more prominent locations so that the public can absolutely see their accomplishment. 

I have sold several houses on small lanes. Owners have told me how they feel about living on a lane - mostly nothing ever happens there. Life is quite. Neighbors mind their own business. That is probably why they chose lane life in the first place. In fact I know it is for at least this one dude who I encountered taking photos. These are all photos and not of the house or location described today.

So this guy who lives in what I would call a novel hovel. Some would call it a house. Not I. There was a wood fence protecting it from prying eyes. Which I was accused of having done. He sprang out of nowhere and said I was photographing his home. I was not. I was photographing the renovation across the lane. I suggested two things. One that he call the police. I said I would wait until they came because the evidence or lack thereof was in my camera. Two referred to what he could do to himself. That made him more angry. I took more pictures and left. I'm sure he had a pleasant rest of the day in his novel hovel.

Not the house I photographs.  But sort of like the house that is being built which you will see in a few months time. I respect why people choose to live on small lanes and in prominent locations. Some people want privacy and others notoriety. That guy got me all wrong. I am judgmental of him after the fact and probably shaming where he lives (that's bad). It is his castle and I respect that. Not him.

 

 
 

724 Windsor Lane, Key West - Open House Events

724 Windsor Lane

OPEN HOUSE

Saturday and Sunday

12:00 to 2:00 PM

One bedroom cottage with loft and off-street parking located in the heart of Old Town on Solaris Hill. Bill Butkler Park is located one block to the south where local pups meet. Duval Street and Seaport are a short stroll. Asking price reduced to $679,900. 

 

1121 Southard Street, Key West - Unique Eyebrow House

I've said it before and I am saying it again - I think you're gonna like this picture. What's not to like? 1121 Southard Street is the poster child for Key West eyebrow houses. to prove that point I nosed around in my old shoebox where I found a photo taken of the property in the 1930s by the WPA and another random shot from the 1960s. The architectural lines and details are just perfect.

I searched the Historic Sanborn Fire Maps and learned this house existed in 1889. It is located just a couple of houses west of White Street and across the street from the Key West Armory. The Army Barracks were located on the east side of White Street. That site dates back to prior to the Civil War. 

I got to see the house this past Tuesday, the first day it was on the market. The home is tenant occupied and showings in the future will be restricted. Perhaps my blog will help potential buyers appreciate value of this very pretty Key West home.

Key West has changed so much since the black and white photo was taken in front of 1121 Southard Street in the 1960s. But this house looks pretty much the same if not better than ever. I knew I was in for a treat when I stepped up on the elevated front porch and range the door bell.

The entry view is killer: that pool. Those palms. The lifestyle. 

The first floor powder room is located just to the right of the front door. It is so cute. There is deep storage under the stair case as well. More important than that is the crisp white painted trim, Every piece of trim glistens. The wood floors are deep and rich.

A few days ago I blogged about the sameness of so many kitchens across America. This is not one of those. Look how cute this is. The kitchen cabinet plate rack shelf with open shelving above is so practical. The butcher block cabinets add texture and warmth to the space. Windows from three side allow ambient light to enter during the daytime. 

Eyebrow houses get their name from the  construction of the house. The  roof eaves extend out from the body o fhte house a few feet where columns support the weight. Windows on the second floor actually touch the floor allowing light and veneration to enter inside the second floor space. Eyebrow houses vary greatly in physical size as well as how they have been renovated to meet current living requirements. I have never seen two eyebrow houses that are exactly alike. 

This is the master bedroom  which is located on the west side of the house. The bath faces Southard Street while the rear faces the pool. The wide angle lens distorts the room sizes. The second floor landing is located not quite mid-distance between the east and west bedrooms. The master bedroom is the larger.

The back of the house is about the pool - it is the first thing you see because the blue color is so intense opposed ot the red tinted wood deck that wraps the rear. Not seen is the outdoor shower and storage shed on the east side of the house. The back is fences and landscaped. Nobody can see inside. The west There is off street parking for two cars on the west side front.

CLICK HERE to view the Key West MLS datasheet and listing photos of 1121 Southard Street, Key West, Florida offered for sale at $1,295,000. Then please call me, Gary Thomas, 305-766-2642 so that I can get you inside this special home. I am a buyers agent and a full time Realtor at preferred Properties Key West.