Porter Court - Key West - Money Maker

Southard Street in Truman Annex

View from second floor balcony overlooking pool

The list Realtor minces no words in the description of this sharp Porter Court townhome:

"Perfect end unit in exclusive Porter Court - a gated community of only 19 within Truman Annex in Old Town Key West. This beautifully decorated turnkey property can be rented transiently and has the best rental income in the complex. 2 bedrooms, 2 and one half baths with Plantation Shutters throughout and is ideally located with a private entrance off of Fleming Street. Large side and front decked yards and a second floor porch overlooking the pool and courtyard add to the feel of this tropical resort property. The perfect second home and investment with a great rental history. Paradise found!"

Private entrance off of Fleming Street

I got a chance to see this very successfully rented unit two weeks ago during Realtor caravan (lots of agents on a bus that tour new listings). We actually were lucky because the unit was occupied by vacationers that consented to let us traipse through their temporary home in Paradise. The place is really cute but the rental history is the best part. It was the top producing property in Truman Annex in 2010 and it has substantial pre-bookings for 2011 and 2012. A buyer who wants heads-in-beds to help make the mortgage payments on a second property like this can appreciate the value of having vacationers that return year after year. It is like having money in the bank.

This 1140 sq ft unit was built in 1992 but it does not look like it. The kitchen is very current as are the baths. All rooms are nicely furnished. French doors open from the living room onto one of two rear decks. I did not see any deferred maintenance. What I did see was a nice inviting back entry (right onto Fleming Street). That means you can or your guests can by pass going through the main entry and make a quick exit directly to your favorite Old Town hangout. Fleming Street as well as all other gates are locked at night but owners and guests have keyed access.This Transient Licensed unit is offered at $749,000.

Front Street meanders through Truman Annex from Southard Street

Gracious Truman Annex homes make visitors want to return year after year

Truman Annex gives vacationers a sense of security, comfort, and nostalgia

Truman Annex has seven different communities that include condos, townhomes, and single family homes with different features and various price points. The location has become a perennial favorite for returning visitors. It is close to everything but it is also very quiet.

If you are looking for a place in Paradise that you can occasionally rent to help with the mortgage payment, you might want to take a look at this Porter Court unit. Please call me, Gary Thomas, 305.766.2642 to arrange a private showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Key West Waterfront Condo - Bank Owned!

People are always looking for bargains. I remember many days several years ago when I had 'floor duty' at another real estate office on Duval Street. Several times potentially interested buyers would come inside and ask me about 'bargains' and include the word "foreclosure" as if the two were synoninous. They aren't and there were none. When properties were selling at incredily high prices, it was easy to sell even crap because people wanted anything they could buy. They figured they would buy it, fix it, and use it or perhaps 'flip' it. Since everything sold so easily in a rising market, there just were no foreclosures. When the market collapsed, there were too many foreclosures. The condo unit at Pelican Landing I am discussing today is one of those.

A few years later the real estate market in Key West has been fiercely shaken. The good properties in good locations are as valuable today as they were a few years ago. They may cost less now, however, because the overall market has adjusted downward. The down turn in the market has created hundreds of short sales and foreclosures in the Key West area. That downward spiral has reduced to a trickle in Key West, but the unsold properties are still out there. (There will be new short sales and more bank owned assets listed in the future, but the number of new foreclosures and new bank owned properties has been significantly reduced.)

The asking price on the waterfront bank owned condo at Pelican Landing 915 Eisenhower Unit No. 101 has just been reduced to $394,694 or $292 per sq ft for this 1352 sq ft two bedroom, two bath unit which looks right out to the marina. The listing agent describes the property thus:

"Harbor And Pool Views Enhance This 2 Bedroom 2 Bath Unit. Located A Few Short Blocks From Old Town's Duval St. Unit Has Private Stairway To Pool Area And Marina With Use Of Boat Slip. Large Covered Balcony To Take In The Awesome View. Seller Will Credit Buyer Up To A Maximum 3% Of Sales Price Towards Closing Costs If Negotiated In Final Signed Counter Offer."

Sometimes I like to compare how a previous agent listing agent discussed the same property when it was marketed at a much higher asking price. One of the very best agents (year after year) listed this same property a couple of years ago when it was priced at $999,000 and described the very same unit this way:

" ...waterfront condo spacious 2BD/2BA, with docking privileges and licensed for transient use. Enjoy wonderful waterfront views from the bright and open living & dining room. Glass doors open onto a spacious covered patio, tile floors, heated pool, elevator, garage, covered parking and right in town!!!"

Dining and Living area followed by covered deck as they appeared in 2008

Photo of covered deck as it appeared when furnished in 2008

This unit has a Transient Rental License and which can be managed by the on site manager at Pelican Landing. The large living room opens onto the huge rear deck that overlooks the Garrison Bight Marina and the Pelican Landing boat slips below. The new owner will have the privilege of stunning early morning sunrise views every day. The furniture (shown in the photos above) is gone but the unit is pretty much the same. Except the asking price is only $364,694. CLICK HERE to checkout the Key West mls database and current listing photos.

Key West's beautiful Bay View Park is located across the street

Pelican Landing Condos are located at the eastern edge of Old Town. Bay View Park is across the street to the southwest. The on site manager at Pelican Landing provides a wealth of information on this property. I was surprised to learn that most of the transient rentals actually occur during the summer months because boaters return to Key West year after year for summer fishing and family outings. That means a potential owner could actually use the property during prime time winter months and still rent it during the summer.

If you are looking for a Key West waterfront property with a transient license (that you can use or not use-your choice), please contact me, Gary Thomas, 305.766.2642 or kw1101v@aolcom. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me help you find your place in Paradise.

610 Olivia Street - Old Town - Key West

Just re-listed, but not by me, 610 Olivia Street in Old Town Key West. This property has been on the market on and off for a couple of years and it was recently offered at a higher asking price. The property was re-listed today at $475,000 or $380 per sq ft. The listing agent describes the property this way:

"Charming single family home located just one block from Historic Old Town Key West. Wander to museums, shopping, restaurants, clubs and, of course, to the Atlantic ocean. Amenities include off street parking a large yard, central AC throughout and a spacious one bedroom mother-in-law suite to handle all those friends and family who will want to visit."

The two houses at 612 and 616 Olivia Street were purchased by one buyer a couple of years ago for $4,850,000. That purchaser then did a mini-renovation to create an incredibly beautiful Key West mini-estate. The properties directly across the street from 610 Olivia are part of the Paradise Inn. I refer to the view across the street as being similar to Wisteria Lane on Desperate Housewives because the view is just perfect. Key West Chemical Company owns the buildings behind and west of 610 Olivia Street (Guilda's Flowers). Some may view the location negatively and others may view it positively.

I think this house at this location could work well for a buyer looking to purchase a second home in Key West that could be rented occasionally as a monthly vacation rental. There is room at the rear to add a good sized pool and add some needed landscaping. There is a large side yard that already provides ample off street parking.

The cute house at 610 Olivia Street is 875 sq ft and sits on a 3385 sq.ft. lot (91' x 37'). As presently configured, the property has two bedrooms and two baths with one bedroom and one bath on each side of this house which has two front doors. The listing agent refers to the additional living area as "mother-in-law suite".CLICK HERE to view the Key West mls datasheet and listing info.

Notable nearby restaurants include Seven Fish, Pisces, 915 (Duval), and Martin's. St. Mary's Catholic Church is a two block walk away. You can reach most of Old Town on foot within ten minutes from this location. Until you build your pool you can use the public beach at South Beach or walk over to Ft. Zach.

Ft. Zachary Taylor State Beach

If you are looking to purchase a second home in Key West, please contact me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to help you find the home of your dreams. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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Key West Beach Club Condominium

Key West Beach Club Condominiums

For the uninitiated the Key West Beach Club Condominiums are unlike any other condo development in Key West. Every single unit is located right at the beach front. No more special views for just the very rich. If you had legs long enough, you could dangle them over the edge of the balcony and wiggle your toes in the sand. The coral reefs protect the Florida Keys from roaring waves. So instead of hearing ocean waves crash ashore, you will hear the gentle lapping of the tides. Wouldn't that be a nice sound to put you to sleep each night and to awaken to every morning?

Sunrise at Key West Beach Club Condos

Unit #108 is located on the first level of the eastern building at Key West Beach Club. The listing agent shows that this unit has 1500 sq ft of living space including three bedrooms, two baths, living room, kitchen and dining area. The living room and master bedroom each have dead-on killer views of the Atlantic. The master bedroom with en-suite bath is extra large and extra nice. A former resident told me the view from the kitchen sink looking through the living space toward the ocean is 'spectacular'. And you get to see that view every day. Don't forget this unit has a valuable Transient Rental License which permits daily rentals without restriction by the city.


This is how the listing Realtor describes this property:

"True Oceanfront with a Transient License! Spectacular Views and All of the Quiet Elegance for which The Key West Beach Club is so Well Known. Your Own Private 345 Square Foot Oceanfront Balcony. Oceanfront Tennis Court. Two Oceanfront Swimming Pools with Covered Outdoor Grill Entertainment Areas. Oceanfront Gym. Life in Paradise is Best When Lived on the Water!"

The Key West Beach Club has the feel of your own private beach front property. There are only 58 units that share the 720 feet shoreline view at the Key West Beach Club. Compare that to 1800 Atlantic Condominiums which has 168 units that share the 420 foot shore. The Beach Club has two pools, tennis court, a private gym with views directly onto the water. (You can watch the waves or CNBC as you do your morning exercises. Waves rule!) Each unit has one assigned covered off street parking space and storage space, and there is plenty of guest parking. The tropical grounds are always very well maintained.

West pool

Unit #108 is offered at $849,000.


If you are looking for that special Key West getaway place, this may be the answer to your dreams. Please contact me, Gary Thomas, 305-766-2642, to schedule a showing of this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Remember the listing agent's remark "Life in Paradise is Best When Lived on the Water".

405 Olivia Street - Key West - Bank Owned

Just listed (but not by me) a very interesting Bank Owned house located directly across the street from the Ernest Hemingway Home in Old Town Key West. One of the great marvels of the internet is Google Maps. CLICK HERE to view 405 Olivia Street. Use the toggle switch to get a different aerial perspective or click 'street view' to see the area.

The two story bank owned house was built around 1890. The county records show the house has 1380 sq ft of living space. I have not been inside so what I write is just speculation. This place looks like it may be bigger than the records state and that there may have been alterations and or additions that the county is not aware of.

405 Olivia Street as it appeared in 1965 - notice the porch columns

405 Olivia Street in January 2011

This photo demonstrates the width of the side yard which is 89' deep

The lot is 55' wide

The county records show the lot size as 3828 sq ft with a frontage onto Olivia Street of 55 feet. The lot is basically 89' deep but there is a small cutout at the left rear which makes the lot not perfectly rectangular. Otherwise, 405 Olivia Street has a big lot with room for a good sized pool, more gardens on the west, north, and east side. In my opinion the existing carport is an eyesore. The space could easily be redone and made attractive and useful.

CLICK HERE checkout the Key West mls database on this bank owned home. I found some earlier photos of the interior. Please see below. The place has been tenant occupied and looks the worse for wear. Big deal. That's what bank owned bargain hunters look for. They want good deals on places with upside. They expect the worse. I don't know that I would classify this property as "worse" but it is not the best. But the previous owner paid $1.1 million for this same property in January 2006. TODAY this Bank Owned property is listed for $450,000 or $326 per sq ft (again square feet according to county records which sometimes are wrong).

interior

old interior photo

old photo

old photo

I may be accused of being a cheerleader, but I think this is a really good buy for someone that wants a bit of a project house. The big lot and solid looking (at least from the outside) are certainly worth a serious look.

If you buy this property your neighbors will include the Ernest Hemingway House (museum) which has thousands of visitors all year long. The entrance to the museum is on Whitehead so most of the visitors won't be passing your doorway. A parking lot is located immediately adjacent to the west and a simple Key West cottage is the neighbor to the east. The Six Towed Cat cafe is located at the rear. The Lighthouse Court guesthouse is located on the far side of Whitehead Street and a small public housing structure is on the opposite corner. See the photo below taken from the nearby Key West Lighthouse. It gives a decent perspective of the area.

The Hemingway House before the ugly fence was built

Corner of Whitehead & Olivia as viewed from atop KW Lighthouse

Ft Zach Beach

The tourists normally head north to Mallory Square in the late afternoon so they can view sunset. They don't return to the area until mid morning. The area turns into a regular neighborhood to the extent possible during that time. Yes, tourists bring people walking down the sidewalks with cameras and cellphones. And lots of money, too.

Ft. Zach Taylor is just a few blocks walk. So are the restaurants, bars, shops galleries, and other hangouts on Duval Street. I can see why someone paid over a million dollars for this house and this location. Today you can buy it for less than half the recent sales price.

If you are interested in this bank owned property or any other house in Key West, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

526 William Street - Old Town - Key West

Just listed by Preferred Properties Coastal Realty, Inc., (that's where I work) 526 William Street Unit No. 5, a second floor condominium in the beautifully restored and centrally located Delancey Hall building in Old Town Key West. Each unit in this five unit building is unique. Unit No.5 is special. The front door opens into a formal foyer with views of the living room and old fashioned porch beyond. Just to the right is the beautiful master bedroom with its extra large en-suite bath. (See photos below.) A second full bath is located at the far end of the foyer, and it serves as a guest and/or second bath.

Formal Entry Foyer

Master Bedroom

Master Bath

The entire back end of the unit is presently combined as open living room, dining area and kitchen. The kitchen has polished granite counters and custom wood cabinets. This area has a vaulted ceiling which makes the entire living area feel extra spacious. Charming details include original Dade County Pine walls, new Brazilian purple-heart hardwood floors throughout and Italian marble bath floors, high ceilings with crown moldings, and a multitude of windows on three sides. The kitchen features cherry wood cabinets with polished granite counter tops and stainless steel appliances. A guest room is located at the north end of the living room. It has floor to ceiling doors that partition this area off for use as a bedroom when the need arises. The space expands into the living area at other times. Relax and enjoy the peaceful covered rear deck that overlooks the bricked courtyard and pool below.

Covered Rear Deck overlooks the heated pool below

10' x 18' Pool

This building was one of the very best renovations I have seen in Key West. The quality of the workmanship and the superior interior finishes look as good today as they did ten years ago when the original renovation was completed. The current owner purchased this unit new at that time and has maintained the unit.

Locals and frequent visitors know the value of a good location, and 526 William Street is located in the very heart of the Historic District. The Key West Seaport is three blocks to the north. There are lots of great restaurants and water based activities there. Duval Street is just a five minute walk to the west. The very incredible and very expensive Old Town Bakery is on the corner of Grinnell at Eaton- just a two block walk. Fausto's Food Palace has a great wine selection plus one of the best real butcher markets in Key West. And Fausto's always has fresh sushi. The point is you can get to where you want by foot or bike anywhere in Old Town in about five minutes or less.

Food, booze, and water sports just a couple of blocks away

Old Town Bakery

Where locals shop

I will be hosting an OPEN HOUSE at 526 William Street on Sunday , January 9th from 12:00 to 2:00. Please stop by to see this lovely 835 sq ft two bedroom, two bath condo that is offered at $429,999. CLICK HERE to checkout the Key West mls datasheet and to view more photos.

If you are interested in scheduling a private showing of this unit please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.