507 Frances Street - Short Sale - Old Town - Key West

507 Frances Street - Old Town - Key West - Short Sale

I have written about 507 Frances Street before. Now it is being offered as a Short Sale at the asking price of $499,000. The listing Realtor describes this property this way:
"Prime location and great investment opportunity! Frances St is one of the most desirable Streets in Old Town Key West. This is a 3 Unit building. Two 1 bedroom 1 bathroom apartments downstairs and one 2 bedroom 1 bathroom upstairs. Each unit has a separate water and electric meter. Total gross income $49,800. This property could be converted to a beautiful single family home. History shows that it served as one of the early school houses in Key West followed by a church. Just steps from world famous Duval St and the Seaport. Excellent for an owner occupant or as an investment. Many possibilities. This is a potential short sale transaction subject to lender approval.

This double gabled building appears to date back to 1870. Removing the front porch enclosures would reveal a classic style conch structure with three doors across the front upstairs and down. The building is currently configured as three apartments. Each unit has a separate front and rear porches. Removal of the walls at the bottom of the inside stairs would create a unified living space. Then this former school house could become a Key West charmer.

The front porches are integral parts of the current usage. I recall the original exterior walls at front are still in place and doorways open onto the porches. (What you see from the street is not the original exterior wall. It is instead and enclosed porch. The original wall is perhaps six feet to the rear of the enclose porch.) An interior stairway provides access to the three units as currently configured. It works fine for the current usage but a new stairway could redefine the usage as a single family residence. The second floor units is very charming but it could be a wonderful master bedroom with en-suite bath and rear deck overlooking a new pool below. The ceilings could be vaulted and the whole interior spaces transformed into a very decent sized Old Town residence with a striking architectural style. Conversion of the enclosed porches to open porches would reduce the living area by about 300 sq ft but it would add a tremendous amount of charm to the facade.

The listing Realtor has a YouTube presentation that shows the interior layout that is quite helpful.

507 Frances Street is located on one of the best blocks in Old Town

You probably have strolled by, rode your bike past, or driven by 507 Frances Street and wondered what it is and then easily continued walking, riding, or driving. It gets noticed because of its atypical architecture, but then it gets ignored because of it. People can't figure out what it is or why it should interest them as a potential home in Key West. I'm here to shed some light on this property and perhaps create a little interest in it.

507 Frances Street (above) in 1965 with suggested changes by me

507 Frances Street intersects with Curry Lane in 2011

I found the Black & White Photo (above) that shows how this property looked back in 1965. Compare that photo with the color photo immediately below. The place has not changed much. You will note that I added some text to the Black and White Photo to suggest possible changes to this house because I think change is exactly what is needed.

The Red Doors on Caroline Street

701 Southard Street Key West - January 2011

302 Angela Street

507 Frances Street is one of six double gable houses in Key West that I am aware of. The others are located in the Meadows area, Petronia Street, and two familiar properties (the Red Doors on Caroline Street and an apartment building at 701 Southard Street), and the Angelina Guest House at 302 Angela Street. If you study 507 Frances and compare it to either the Red Doors or 701 Southard you will immediately see that Frances Street architecture is basically the same. That is, there are two buildings seemingly joined at a common point with the resultant double gable roof. 507 Frances is different, however, since the porches on Frances Street were enclosed sometime in the past - at least pre-1965. (When I first moved to Key West I was told many of the larger old homes had the front porches enclosed during World War II to house military personnel stationed here. That may or may not be true.) But these four properties share another interesting feature: they are all site-situated right at or very near the sidewalk. There is no front yard or fence to set the building off from the sidewalk.

Imagine the front porch enclosures eliminated and the interior ceilings vaulted

Imagine the rear with a pool and French doors up and down with second floor cantilevered deck

507 Frances Street was built around 1870. The public records show the current building as having 2107 sq ft of living space that is situated on a 38' x 50' lot. The house abuts Curry Lane, one of the slow lanes of Key West.

CLICK HERE to view the Key West mls database on this property. Please contact me, Gary Thomas, 305-766-2642 or by email at kw1101v@aolcom to schedule a showing of this property. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

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2800 Flagler Avenue - Development Parcel - Short Sale - Key West

2800 Flagler Avenue, Key West, Florida

If you are a potential developer or an investor interested in buying a land play in Key West, you might want to take a look at the new short sale offering of 2800 Flagler Avenue. The listing Realtor describes this large property this way:

"Over 4 acres of canal front property with over 1.76 acres of upland land available on Flagler Avenue in Key West. Preliminarily approved plans called for a 6,500 SF religious building on site with 35 parking spaces which would comply with zoning requirements. Conceptual preliminary plans have also been drawn for up to 10 affordable homes on the parcel with ample parking and surrounding space. If a market rate rogo is secured, this could also be a fine residential compound with privacy and water access to the canal. The site contains 480 feet of frontage on Flagler Avenue and Riviera canal. This is a short sale and the Seller is motivated to look at offers which would require bank approval."

A previous listing agent described the same parcel a bit differently when he wrote "There is nothing like this in Key West.(Emphasis added by me.) Zoning allows for up to 14 dwelling units and requires over 2 acres remain open space. Also allows for group homes with less than or equal to six residents. Conditional uses allow two-family residential dwellings (duplexes), educational institutions and day care, parks and recreation, active or passive, places of worship, protective services, public and private utilities." You decide which description whets your appetite the best.

480' Frontage along Flagler Avenue - Key West

I have been to the site a few times and have walked the frontage along Flagler Avenue and down 11th Street which runs two blocks from Flager to the Riviera Canal where there is a public boat ramp. The boat ramp gets a lot of use by locals who launch their boats on the weekends. The houses on either side of the Riviera Canal site to the west and down the canal one mile to the east where the canal feeds into the Atlantic Ocean probably all had scrub mangroves like exist at this site. Having potential waterfront access makes this property worthy of serious consideration. I am not saying a new owner could unequivocally bulldoze the mangrove and use all of the space, but I do think a good land planner and a good local real estate attorney could make a credible case for development of the parcel.

11th Street at Riviera Canal Public Boat Ramp

CLICK HERE to view a slide show of photos of this property which is offered at the asking price of $699,000 or $3.78 per sq ft. They aren't making any new land in Key West. This is a very large parcel by Key West standards. A potential investor might decide to buy and hold a property like this until the market recovers.

If you would like more information on this property please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

3015 Riviera Drive - Bank Owned - Key West

3015 Riviera Drive Key West

Checkout the photo above. Pretty as a picture, don't you think? I know I usually write quintessential cottages in Old Town. This mid-century home is located in the area where mid-town and new town meet. The price and features make it a property worthy of further consideration. The listing Realtor describes the property this way:

"Fabulous Fannie Mae Property Approved For A HomepathCountertops And Dark Wood Cabinets. Close To The Ocean, Entertainment, And Roads. Owner Occupants Close Before 10 31 11 And Request Up To 3.5% In Closing Costs. Restrictions Appl." Renovation Mortgage. Upgraded Dream Home In Key West! Large Tiles Lead Into Formal Living And Dining Room. Gourmet Kitchen With Granite

Here's the deal from my perspective. The house as currently configured is not quite livable. Someone went to a lot of hard work to remodel this house. There is a large new kitchen that grabs your attention when you walk in the front door. The dining and living area are located toward the back of the house while three bedrooms are off to the right side. The front two bedrooms are livable except some trim works need to be completed. No big deal on that. The master suite is still under construction. It has a re-configured bedroom with very large en-suite bath and extra large walk in closet. The plumbing is roughed in on the bath. Floor tiles, drywall finish, bathroom tile, bath fixtures, lights, and interior trim need to be installed. Outside the rear exterior has been prepped for stucco which remains unfinished. The old shingle roof is still in place and it does look like it needs replaced. This bank owner is offering financing which could include money to complete this property.

In 2009 the house benefited from the FAA retrofitting program that replaced windows, doors, and air conditioning systems for homes under the flight path in Key West. That is a substantial long term improvement to this property.

New Windows Everywhere

The living room has sliders that open out to the back yard. The yard is quite large and has plenty of room for a pool. There is currently a spa located off to the side.

Room for a pool

This house is bank owned and offered at $349,500 or $297 per sq ft. CLICK HERE to view the Key West mls datasheet on this house. I took more photos which you can see if you CLICK HERE.

This house would make a great family home. It is located near the schools, baseball fields, shopping, and water. The houses on the other side of Riviera Drive have direct water access out their back door. Others can use the public boat access about two blocks west at 11th Street. Deep water is about one mile east down the Riviera Canal.

The Atlantic Ocean is about one mile east

If you would like to see this house or any other property in Key West, please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

117 Golf Club Drive - Key West Golf Course - Short Sale

117 Golf Club Drive - Key West, Florida

I really, really like this place. I have not been inside a similar unit at the golf course. The size, layout, view, and now the asking price make this Key West Golf Club townhome a property worthy of serious consideration. This unit was previously listed at $355,000 and now reduced to $255,000. The listing Realtor describes this beauty thus:

"Now is your opportunity to reel in a cute island abode w/pleasing golf course vista along the #1 fairway. Screened sidewrap veranda expands the rear porch area significantly, enabling one to enjoy the incorporation of the outdoor world into the interior. Many upgrades enhance this home w/ceramic tile on both levels, 1/2 bath downstairs, upgraded ceiling fans, wide crown molding, kitchen track lighting, 2 in. white blinds, Old Chicago brick walkways/rear patio, great for grilling. Just a tad of sprucing up required to make this the perfect full-time residence-vacation abode-investment property. Quick stroll down the lane to lg. community pool & fitness center. Come join us. Probable short sale transaction conditional upon lender approval."

Enclosed back porch overlooks the golf course

This unit shows quite well. It looks clean and in good shape as compared to some of the bank owned properties that have been marketed. The unit has crown molding on the main level and nice tiled floors. Upstairs both bedrooms have vaulted ceilings which makes those spaces seem larger. The master bedroom has that second floor front porch as well.

Second floor porch off the master bedroom

At first glance this unit looks about the same as many other town homes. It has a first and second floor front porch that offers a comfy place to sit and watch the world go by. But this house also has a main level rear screened porch that wraps back around the side. That extra space can be used now for outdoor living, but at sometime in the future you might want to convert that area to interior living space.

The listing agent told me at least one other owner has obtained permission to actually enclose the porch and incorporate the space into the house. I guesstimate that would add another 100 sq ft along the side which would greatly enhance the size of the kitchen and downstairs living area. The neat thing about having the extra space is that the space is available for potential upgrade. Nothing needs to be done now. But having such an attractive option for the future is tantalizing.

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What would you do with all of this extra space?

One of two golf course community pools

One of multiple incredible golf course views. This place is just beautiful!

CLICK HERE to view the Key West mls datasheet on this property and to view more listing photos. This unit is now offered as a short sale at the asking price of $255,000. Please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

1015 Angela Street - Old Town - Key West

1015 Angela Street - Old Town- Key West

This is another one of those just listed but not by me blog posts. The listing Realtor describes his new listing at 1015 Angela Street this way:

"Quaint one bedroom cottage located in the heart of Old Town Key West within walking distance to shops and restaurants. The cottage includes offstreet parking, pool and rocking chair front porch. The home is perfectly comfortable now or would make a great renovation project."

1015 Angela Street, Key West, Florida as it appeared in 1965

1015 Angela Street in September 2011

The Monroe County Property Appraiser's website shows this house was built in 1923. It has 673 sq ft of living space on one level. The house sits on a corner lot where Catholic Lane meets Angela Street. The lot is 47' wide by 50' or 2350 sq ft. You can view a slide show of exterior and neighborhood photos if you CLICK HERE.

I found the old black and white photo (above) that shows how the house looked nearly half a century ago. My how time flies. I like this photo because it shows the simplicity of design this house offers. Look at the two photos just below. They show the house as viewed from the Catholic Lane side. The shed addition is still in place. A carport extension was added to the very rear years ago and it appears to be rusting away.


A potential buyer that wants to increase the size of this house might be able to add onto the space where the shed addition is located and thereby create a second story second bedroom and bath. A good local architect can explain the rules and feasibility of such an undertaking. I think it is possible, but I defer to land planners and architects to advise buyers as to what is likely to be permitted.

You may be more familiar with this location than you think. Click GOOGLE MAP for an aerial perspective of the location and then use the toggle switch for a street view. The Key West cemetery is located directly across the street. Catholic Lane, as the sign warns, is a dead end. That means that the area is pretty darned quiet most of the time, but especially at night after the tourists have headed to sunset celebration or their favorite watering hole.

The house next door on Catholic Lane

If this house were to be renovated and expanded in size to include a second bedroom, I think it could become an excellent vacation rental. It already has an excellent location with off street parking. And there is a pool. I have not seen the inside. The place is tenant occupied and I expect the place needs renovation to achieve the kind of look most second home buyers want. That being said, expect that the place needs some work to achieve the aesthetic look you may want. The asking price on this property is only $425,000. That is a bargain price for a house in this location. The house has a newer roof and the place looks well maintained. Any money you might spend will like go to improving the house versus fixing a problem. Otherwise, a fresh coat of paint and some new landscaping would improve the street appeal immensely. And neither of those is expensive.

If you buy this house your eternal view across Angela Street will be the big blue skies of Key West hovering over the Key West cemetery. Angela Street is a one lane and one way street that runs west from Frances Street to Windsor Lane at this location.

The View from 1015 Angela Street - Key West

One of Key West's "pocket parks" is located up the next block at the corner of Angela and Grinnell Street.


5 Brother's Grocery and Sandwich shop is located at the corner of Grinnell and Southard. The rest of Old Town Key West is just minutes away by foot.

If you would like to see 1015 Angela Street or any other house in Key West, please contact me, Gary Thomas, or by email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.

1025 Elgin Lane - Old Town - Key West

1025 Elgin Lane - Key West, Florida - 2011

1025 Elgin Lane - Key West, Florida - 1965

Maybe it was serendipity that yesterday's blog was about life in the slow lanes of Key West. One of the lanes I mentioned was Elgin Lane. I know I went on and on about how sweet life can be on a little lane. And then late Friday afternoon another Realtor added a new listing to the Key West mls of a Bank Owned Property at 1025 Elgin Lane. The price is right, just $249,900 or $282 per sq ft for this stand alone 'condo' which is one of only two condos in the unique condo association. The listing Realtor describes this property this way:

"2 story, spacious home located on quiet and desirable Elgin Ln. Home renovations in 1999 included electrical, plumbing, metal roof, and central air conditioning. Classic Conch (Victorian) Architecture with front porch and shutters, and Dade County Pine walls and floors in most rooms. Excellent floorplan, and French doors leading to a shared deck. All you need to get around are your sandals or your bicycle; you can leave your auto in the off-street parking space that conveys with the unit. This home is located within walking distance to the Seaport, many restaurants, and of course Duval Street. Financing incentives available through GMAC Mortgage for borrowers purchasing this property."

The 'other' house that makes up this unique condo association is located at 1020 Eaton Street. (1020 Eaton Street is not for sale and is not offered as part of the 1025 Elgin Lane offering.) Together they are the Elgin-Eaton Condominium Association. When land and property values soared in the late 1990's and early 2000's, developers worked around the land use planning requirements of the City of Key West and used the condominium form of ownership to provide a method of sharing space to provide more usable outdoor space for property owners than might be available on a tight narrow lot. Such was the case for the Elgin and Eaton properties. The developer created a common area with a large common deck and bricked off-street parking and limited common areas for each unit.

1020 Eaton Street - the other half of the Elgin-Eaton Condominium

This large deck, the spa, and the bricked off street parking are part of the common area for the two units that make up this Elgin-Eaton Condominium. Each house is separate to itself and neither touch. CLICK HERE to view a slide show of more photos of 1025 Elgin Lane.

The "financing incentives" mentioned by the listing Realtor include "GMAC Mortgage, LLC offers One Year Basic Home Warranty and $0 cost for Pre-Approval, Loan Application, and $500 Gift Card for buyers who apply for and are approved to finance this purchase through GMAC Mortgage, LLC". The listing Realtor did not have current condo association monthly fees as of Friday.

I did a quick read of the condominium documents which are available on-line at the Monroe Clerk of Court website CLICK HERE. Click the Search Official Records button and then search Elgin-Eaton Condominium. I understood the documents to permit only 3 rentals per year for periods of not less than 30 days. A buyer who wants to occasionally rent this property as a vacation rental might have difficulty in so doing if the provision I read is enforced. Rules call always be changed. Each unit owner has an equal vote in the condo association. Read the docs and the condo rules for yourself.

Old Town Bakery is half a block away from 1020 Elgin Lane. Stop by on your way to the Historic Key West Seaport which is just two blocks to the north. There is a really nice neighborhood restaurant called Azur located up at the corner of Grinnell and Fleming Streets-one block away. There is a weekly farmer's market a block west at the corner of Margaret and Fleming. Duval Street and all the hoopla is a five minute walk to the west. The Island House gym is located just two blocks to the east at the corner of White and Fleming Streets. Blossom's and the Sunbeam market (both convenience stores) are located on White Street as well.

Old Town Bakery is half a block away from your front door.

Sunbeam Groceries & Deli - Key West

If you would like to see 1025 Elgin Lane please contact me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.