Flipping Out

You can learn a lot from smart people. They usually don't do dumb things. They usually are successful on the things they do in life. Jeff Lewis and his business partner, Ryan Brown, are very smart people. Jeff is a little eccentric. Correction: he's Flippin' Out! He's the lead in Bravo TV's reality show "Flipping Out". GO HERE for more info on the show. If you have not watched it, you must.

During the second season premiere the other night the show replayed a comment Jeff made last season. If you watch the re-runs you will appreciate the merit of what he said: "You either live like me or you want to live like me." Sounds egotistical I know. But when you invest the time and watch as he creates living space environments you appreciate the thought, work, attention to detail, and the demand for perfection that make Jeff's living spaces so appealing.

Jeff's projects have been high end Beverly Hills plazas that he transformed from yuck to bucks, big bucks in fact. Last season he started on a renovation of a hillside house that looked fine to me. He ripped it apart and the finished property was unveiled last Tuesday. It is remarkable. It doesn't look like the same property. It is unique. And that's why I wanted to share this with you.

Later in the episode he has to deal with a know it all owner that knows the cost of everything but not the value of Jeff's expertise (who she hired to help manage her renovation of one of the Dorothy Chandler mansion). The segment deals with hiring a contractor to replace sewer pipe. The owner sees the issue as money--how much it will cost. Jeff sees it as getting the project done correctly and competently by someone he knows and not the cheapest plumber out of the phone book. Competence. Experience. Reliability. You get what you pay for.

Jeff said this about his shift from flipping houses to managing renovations: "It's been a challenging year for real estate since Season One of Flipping Out. The tone of the market has turned to gloom and doom. The lending crisis has dramatically affected the flipping business, certainly in a negative way, but there is a silver lining -- it's an amazing time to buy and there is a lot of opportunity to purchase property as a long-term investment. During the last eight years, we experienced a huge real estate boom as we saw a lot of over-valued junk sell for ridiculous prices. Also during this time, construction prices soared to a level of absurdity, so the recent correction is helping to stabilize a bull market that no economy could sustain."

Ryan Brown (Jeff'ex but still his business partner) has his own design business called BROWN DESIGN. CLICK HERE to go to his website. The photos show the incredible talent Ryan brings to any project. What a talent. Click on the kitchens link for a real treat.

We've had our share of high-end flips. Some were more flops. It takes more than granite, vessel sinks, and Viking Kitchens to make a flip a success. Some people get it right. Most don't. When you walk into a Key West home and turn on the light does it return the favor and turn you on? That is the mark of a great property. Look at the photo to the right of a very successful Key West flip. A client of mine is purchasing this beautiful home.

I say this because there are some really remarkable homes on the market right now in Key West. Like Jeff Lewis said "it's an amazing time to buy". And some people will take advantage of this down market and profit from it and others will "boo-hoo" or say "I told you so".

CLICK HERE to do your own search of all Key West and Lower Keys real estate offerings in the mls database in real time. Then if you see something at interests you, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. You might be a closet flipper and not even know it.

Ready, Set, Go -- 4 Go Lane Key West Bank Owned

There is going to be a race to buy this spanking new listing at 4 Go Lane Key West. "Why a race?" you ask. Here's why. The price-$990,000 or $382 per sq ft. The location-Riviera Canal direct access to the Atlantic Ocean. This 2594 sq ft house has 3 bedrooms, 4 baths, pool, gazebo, separate mother-in-law suite, fireplace, parking for four cars. You guessed it, there has to be a catch. Naturally. It is bank owned. But the local lender is willing to do "creative financing" up to 100 % of the purchase price. There's gonna be a run on the bank, I think.

Here is how the listing agent describes this different REO: "Hidden Oasis! This large waterfront home overlooks Riviera Canal from the spacious deck and pool area complete with covered gazebo. The interior offers a combined living and dining area surrounded by glass sliding doors. A total of 3 bedrooms and 3.5 baths comprised of two bedrooms in the main house along with 2.5 baths and a separate mother-in-law suite with private entrance. Master suite begins on the first floor with dressing room complemented by built-in storage, large closet and vanity. Spiral staircase leading up to a large bedroom with bath en suite and private roof top deck. 100% financing available through First State Bank of the Florida Keys."

CLICK HERE for more info and additional photos. There is a link so you can locate the property on the map if you are not familiar with the location. Otherwise, drive as far east on Flager as you can go. Turn right and head south about 1/2 block and turn right onto Go Lane. You are there. It's a ritzy little neigborhood of about 4 houses all owned by rich folk. This is not schlock. Don't let the price fool you.

This will be gone in a few days at this price, of this is I am pretty sure. If you want waterfront property in Key West for a good price, call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to schedule an appointment.

1601 Patricia Street Key West, Florida

1601 Patricia Street is located on the east end of the Casa Marina area near the beaches. This 1721` sq ft remodeled ranch 3 bedroom two bath home was recently reduced from $1,195,000 to $1,095,00 or $636 per sq ft. Spanish tile throughout, new bathrooms, new kitchen and tropical landscaping on a spacious 6300 sq ft lot. The living area flows throughout the house with French doors leading to the heated pool and spa. Covered lanai overlooking the pool and spa. The house sits on a corner lot behind a privacy fence and densely planted gardens. The property has off street parking. This home was professionally decorated -- and it shows in every room and in every detail.

Not surprisingly the house next door at 1609 Patricia Street is also for sale. It is priced at $950,000 for the 2 bed 1 bath home of 950 sq ft. The asking price equates to $1,044 per sq ft. This home has all new electrical outlets, new appliances, has been chemically treated for mold, plaster walls -- no drywall, new paint and new Central A/C. This 2 bedroom, 1 bath home is hidden from view by mature, dense tropical landscaping; the property is totally fenced-in. The beautiful custom pool and waterfall, which takes up most of the side yard, has a privacy wall which hides it from the neighboring property. Landscaping and pool were designed by the renowned landscaper Raymond Jungles. The property sits on a double lot. CLICK HERE for more info on 1609 Patricia.

The house at 1601 Patricia Street is our listing. But I'll be pleased to show you both for comparison purposes. The third pic on the right is 1609's pool. The area is quiet and most of the homes have been remodeled in the past few years. So you would be buying into an area of equally valued homes. That is important, no matter where you buy a home.

CLICK HERE for more detailed information and photos of this beautiful home. Then please call me, Gary Thomas, 305-766-2642 to schedule a showing.

Bank Owned Properties in Key West

Every week or so the Key West Association of Realtors conducts a Realtor's Caravan to show new listings to local realtors. The purpose is to let listing realtors show their new listings to fellow agents and to solicit comments and opinions regarding the property and the asking price. Nine houses were on yesterday's Caravan and three were bank owned. Two others were short sales. So over half of the listings were distressed properties.

I had to laugh when I walked into a couple of the bank owned properties. In one house someone had removed the kitchen cabinets and the appliances. It's a shame because someone had been doing a real nice remodel on the house. The house had new wood floors and a nifty vessel sink and custom tiling in the bathroom, but the lack of kitchen kind of hurts a potential sale.

On the otherhand the grand new home at 408 Grinnell Street in the heart of Old Town has every feature you could ever want and all of the work was done correctly. And nobody wants the house even though it is priced competitively. I've seen people pay a lot more money for a lot less of a house. But we are in a new reality in Key West.

The cost of gas has gotten way out of hand down in Key West. So we are using alternative means to tour properties. See photos to the right. But if you want to see any of the Bank Owned Real Estate linked below, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I'll splurge and use fossil fuel.

714 Windsor Lane a huge house atop Solares Hill that has been partially renovated.

910 United Street has a huge side yard and magnificent trees.

3711 Duck Avenue in New Town.

408 Grinnell Street. A dream home! CLICK HERE for more photos of this exception to the rule about bank owned homes. This is a deal! Somebody is going to own it for a song. Why not let it be you?

518 William Street in the heart of Old Town -- many bedrooms and a possible lockout.

1713 Johnson Street has a pool.

304 Julia Street is a large two story that has been redone. It's nice and clean and has a pool

309 Julia Street. What can I say.

1609 Josephine Street is the house without the kitchen.

1400 20th Street is missing some parts as well.

3575 17th Terrace has a pool and looks really sweet. It has 100% bank financing to boot. I showed this house on Friday. Very clean and newly painted. Great pool and a huge yard if you have kids. There are extra rooms that do not appear on the county tax records--I think.

2005 Fogarty is a small house with a huge yard.

1525 Flagler Avenue is a duplex.

3041 Flagler is a tragic mess.

1212 Catherine is a multi-family.

All properties are Bank Owned. After wrestling that aligator, I can wrestle a banker and make a deal happen.

612 Griffin Lane Old Town Treasure Key West

Way back in February I wrote about a (then) new listing at 612 Griffin Lane in Old Town Key West. CLICK HERE to read what I wrote then.

I got to show the property this past Monday to a prospective buyer who did not want a place with granite, marble, and stainless steel appliances. Griffin Lane was right on target. It is Left-0ver-Hippie to the Hilt. I love it!

The yard is immense and densely populated with all kinds of tropical vegetation and palms a plenty. You walk the path to the wood steps and enter the very large open living - dining - kitchen area. There is a bedroom to the rear and the bath. In the center of the room is a stairway to the second floor where there is another open bedroom with doorway to an second floor deck with a view that is absolutely incredible. I took a couple of photos that appear to the right. They do not do the view any justice whatsoever.

From the second floor deck you look down into the massive yard where there is a second building (a shack with a hole in the roof) but a building which may be allowed to "grow". It is built pretty much on the property line. But the advantage is that you may be able to get permission from the city to keep the existing set backs and increase the usable square footage. A possible usage may be a pool house or a guest bedroom and bath.

Don't let the inside of the present main house scare you. So much of old Key West used to look this way. It's too bad so much of that look is now gone in my opinion. But a new owner will probably want to gussie up the place with more modern amenities. And that can be done.

And what a property you would have if you are the person to buy this secret little treasure that is hidden away from everything and everyone. The "owner" is an estate. The asking price is not cut in granite. The best way to approach this property is to look at it; determine what you think you can do and what it will cost; speak with an architect and contract to see what your vision will cost to bring to life; and then, maybe, submit an offer. CLICK HERE to read what the listing agent has to say about Griffin Lane and see additional photos. Don't let the asking price or the amount of work scare you. You will end up owning a Key West Treasure when this project is done. And I think the actual sales price will probably be much less than you think based on the asking price. Remember,this is an estate sale.

If you are the adventurous sort, please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aolcom. The property is rented so 24 hour advance notice is required.

809 Sawyer Lane Old Town Key West

What could be better than laying out on by your pool in Key West on Christmas Day sipping a cool one and then taking a nap by the fireplace after a filling Christmas dinner? If you owned 809 Sawyer Lane which is located one half block from the Historic Key West Seaport off William Street, you could do just that. This home has killer fireplace.

The house sits to the rear of the Red Doors on Caroline Street, a noted Key West landmark. So folks who want to be near the water and the hub bub of activity that goes on by the waterfront will love this location.

The house has got to be one of the most charming homes on the island. It has 3 bedrooms, 3 baths, a pool, a sun deck, off street parking, oodles of charm, and that fireplace! The house is 1682 sq ft and sits on compact 2650 sq ft lot. The house was originally listed at $1,395,000 and is now offered at $1,240,000 or $737 per sq ft. Like a lot of other properties in Key West, this house is for sale. So the asking price is not necessarily etched in stone. CLICK HERE for more detailed information and additional photos.

When you open the white picket fence and walk through the front door (which is novelty all its own) you step into a living space that utterly divine. The stairway invites you to the second floor where the bedrooms are like something out of an English novel. Or, if you look to the left, your eyes immediately request that you move out to the pool for a dip.

This is one very special home. And I think there is a deal to be made on it. If you are interested in seeing 809 Sawyer Lane, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Whoever buys this home is going to be one happy camper.

Ouch!

I was at the gym this morning listening to the talking heads on Good Morning America banter about the price of oil and how it is affecting our entire economy. I think we are all keenly aware that everything has gone up in price. And for food stuffs that have not increased in price, the sizes have shrunk--as if we are too dumb to know that a 16 oz. can of Campbell's Soup is now only 10 oz.

The talking head then talked about all of the things made out of petroleum. That got me thinking about all of the items contractors, plumbers, and electricians use in constructing or remodeling houses. I did some remodeling last year and made numerous runs to Strunk Ace Hardware, Manley deBoer Lumber, and Home Depot. I was shocked at how much widgets cost. And now, a year later, the prospect of even higher prices on more and more widgets is very real.

What does this have to do with the price of real estate in Key West? Plenty in my opinion. So many prospective buyers think they can buy a fixer-upper, do the work themselves, and save money. It does work. A lot of property owners have done it here. But I have this sense that the cost of remodeling is going to get a lot more expensive and that buying an existing property in good condition at a good price may make great economic sense. Prices are down on a lot of properties. It takes some work to sort out the deals from the not so good deals.

I remember that in 2005 a Realtor-cum-developer had converted a former apartment building on William Street into condos . He had put in granite and marble and stainless steel. The units looked good but not great. He had not done what I consider a quality renovation. He had not put in new piers, sills or joists. The floors were uneven as a result. But the units had granite. He had put in a pool. But the units had granite. The units looked cobbled together. But the units had granite. The units did not sell at the $1000 per sq. ft. asking price. But they had granite. Now the condo units that went unsold are being rented--granite included.

I had a condo listing a block away in a six unit building. My condo listing had granite counter tops, some stainless steel, a pool, and oodles of charm. That listing got sold. I used the building a block away as a sales tool: I took prospective buyers to look at the competition. I didn't have to say anything negative about the other building. It was obvious to each buyer I took there. Quality products and good workmanship are easily discernible. So is schlock.

You can search the Key West Association of Realtors mls database by CLICKING HERE. But you are going to need some help discerning good deals from schlock with granite--at least I think most of you will. My services are free. I get paid when a sale closes and the seller pays the real estate commission. Let me help you find a new home or a second home in Paradise. Call me, Gary Thomas, 305-766-2642, or e-mail me at kw1101v@aol.com.

We had a major fire in Key West last night. Fellow Realtor Bascom Grooms' office and other adjoining businesses were destroyed. Photos above. The before photo was taken August 4, 2007, the fire photo last night, and the aftermath this morning.

3 Pinder Lane -- Life in the Slow Lane -- Key West

It doesn't get any more Key Westie than this! 3 Pinder Lane is the quintessential Key West Cottage that is the guest cottage of the larger property next door at 4 Pinder Lane. (CLICK HERE for more information and photos on 4 Pinder Lane offered at $2,495,000. The combined properties have been owned for the last 40 years by literary agent Dick Duane. Imbued with the atmosphere of those who have lived and worked here: Tennessee Williams, James Leo Herlihy, Tallulah Bankhead et al. Their presence so strong, it's as if the gatherings are still going on. Their spirits sweep through the magnificent living room out to the extraordinary gardens that surround the 43' heated pool, bricked dining patio, sunbaked terrace, the covered bar. The new gourmet kitchen has all the stainless steel appliances and granite counter tops you can imagine.)

3 Pinder Lane was built in 1873 and has been carefully renovated into a 2 bedroom and 2 bath cottage. The combined kitchen, living and dining area has an 18 foot peaked ceiling. There is room to add a 3rd bedroom and bath in the finished windowed attic. This property is surrounded by brick pathways and lush gardens, and has a private heated pool 10' x 14'9" in the rear garden. The house is 1232 sq. ft.and sits on a densely landscaped (79' x 37') 2923 sq. ft. lot at the end of Pinder Lane (located between Fleming and Southard Streets in the heart of Old Town Key West). The cottage was originally priced at $1,390,000 when listed, and was recently reduced to $995,000 -- or at $808 per sq. ft. CLICK HERE for more detailed information and more photos of 3 Pinder Lane.

The bedrooms are small, but they can accommodate a queen sized bed. There is no off street parking, but there is plenty of free parking on William Street. Of course, if you buy the combined properties you get parking included. But for just shy of a million bucks, you'll have to hoof it to the street. When you see this place, you won't mind. It is like something out of a movie.

I love this place, and you will too. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to schedule a showing.

What Is Happening Here? Ain't Exactly Clear!

I don't know if it is a coincidence or a confluence of events, but there is something going on in our little real estate market in Key West.

In the past week we had two sales close on big houses on Sunset Key (the little island just off Mallory Square where you have to ride a boat to go home or go anywhere for that matter). Sale NO. 1 was a 3 bed, 3 bath house that listed and sold for $2,850,000 or $1,438 per sq. ft. Sale NO. 2 was a large 3 bedroom, 4 bath home that listed for $4,995,000 and sold for $4,667,055 or $1,664 per sq. ft. Memories of 2004 and 2005!

During the same time a Key West landmark in the 300 block of William that is listed at $4,275,000 went under contract and it is now pending (no contingencies) closing. The asking price on this puppy is $1,497 per sq. ft.

Last week one of the biggest bargains in town, 409 William Street, priced at $2,194,000 or $770 per sq. ft. went under contract. I wrote about this property several times. It is beautiful and it is located on one of Key West's best streets. This is the deal of the century. Somebody got it.


Then this morning another Key West landmark, the former home of author Phil Caputo on Casa Marina Court (not in Old Town--so there is another element to ponder), also went under contract. The asking price on this estate is $5,490,000 or $1,246 per sq. ft.

At the same time we are seeing lots of activity in the low end of the market. New listings pretty much keep listing at prices lower than previous sales of similar properties. The middle market ($900,000 to $1,900,000) is going nowhere.

What does this info mean? I don't know for sure. Perhaps it means that buyers with big bucks who have been sitting on the sidelines waiting for the market to hit bottom have determined that now is an opportune time to buy. Perhaps.

I'd love to sell you one of those big multi-million dollar homes. We do have a few left. But if you are reading this little blog maybe you are looking for a place a little less expensive. If so, we'll get along just fine. I like normal people. I am one myself. Give me, Gary Thomas, a call at 305-766-2642. Let me help you find a piece of Paradise at a new affordable price.

410 Simonton Street Key West -- Historic Beauty

Major Price Reduction of $500,000 on this Key West landmark property located at 410 Simonton Street in Old Town Key West. Now offered at $1,350,000 or $418 per sq. ft. for a true beauty. There property is presently used as apartments, but could be returned to single family splendor. This property could be a great renovation project, and at the asking price, it might make economic sense to a buyer looking for a home with great street appeal.

The house has 3230 sq ft of living space in 3 buildings. It sits on a 106' X 60' (6360 sq.ft.) lot. CLICK HERE for additional info and photos.

This is not my listing, but I'd love to show it to you. Since it is tenant occupied 24 hours notice is required. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com for more info. Artist Fran Drecker created the Gingerbread portrait above.

CLICK HERE to checkout all of the residential and commercial listings in Key West and the Lower Florida Keys.