Class Warfare - Key West

Class. As an adjective it means "of high quality, integrity, status, or style". I assume we all know class when we see it. I know that I usually prefer to spend more money to get a higher quality product rather than buying a cheaper product that may be of inferior quality,construction, or design. Objectivity gets skewed in favor of higher price. But then I try to find the highest quality product at the cheapest price and so that I can feel like I made money on the transaction.

I have written before about the great difficulty in comparing real estate in Key West based simply on price per square foot, yet I seem to mention that fact in almost every blog entry I write. Price is but one (very!) important element in evaluating real estate--especially in Key West. Other important elements are location, quality of construction, design, and livability. I am a firm believer that if you are looking to buy a house in Key West you must consider each of those elements. If the location sucks you better get the house for a really good price. If the house is in a good location and you can buy it cheaply, you may be able to remodel it and make it worth your while if you are willing to live through a couple of years of contractor hell.

A couple of months ago I wrote about the dramatic price reduction on the houses at The Meadows. Technically, the property is described as a condominium because each property shares in the common area maintenance, exterior building maintenance, building insurance, and pool maintenance. But each building is a free standing structure with one "party wall" which is only a second floor rear bedroom on either unit. Other than that, the properties are totally separate. The three bedroom units were reduced in price from a high of $1,795,000 and the two bedroom units were reduced from a high of $1,895,000.

CLICK HERE to checkout the single family houses, condos, and townhomes in Old Town and The Meadows area priced between $950,000 to $1,075,000. This price range is not entry level housing in most places in the U.S. but it is in the mid-range for second home buyers in Key West. I did not include houses south of Truman because I don't consider that area Old Town. And the fact is most second home buyers want to be in Old Town. (Many don't realize there are other very nice areas, but that's fodder for another blog.)

It is not appropriate for me to make negative comments about specific listings. But you can compare the prices, locations, architectural features and amenities between the properties and decide for yourself which properties appeal to your sense of class, style, value, or whatever.

I have shown about one half of the houses listed above. Some are listings of our office. If you are looking for an Class A property, I urge you to checkout the houses at 1509 Pine Street (CLICK HERE) & 1513 Pine Street (CLICK HERE) and 1502 Petronia Street (CLICK HERE) & 1506 Petronia Street (CLICK HERE)--The Meadows. I think these four houses kill the competition on quality of construction and amenities. I realize that some buyers will view the distance from Duval Street as a detriment. Well, that's why God created bikes, cabs, and feet. It's a 12 to 15 minute walk to Duval. If you plan on living your life on Duval, you should look for a place much closer.

But if you compare The Meadows houses to the nearby competition that is priced much higher, such as 719 Eisenhower (CLICK HERE) (across the street from 1506 Petronia) you will get an appreciation for the huge price difference. Granted Eishenhower is larger and has a boat slip, but it also costs and extra $1,350,000. Extra!!! Two other units cost more and one cost less. Also CLICK HERE to see the major Key West house directly across from 1502 and 1506 Petronia. It was listed for sale in 2008 for $4,975,000. Those houses would be your neighbors for sales comparison in years to come.

If you are in Key West or are coming soon and you are looking for a second home in the one million dollar price range, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to schedule a showing of not only the houses at The Meadows but also some of the similarly priced houses listed above. Let the Class Warfare begin.

Key West Short Sales to Dream About

There are 85 condos and townhomes in Key West currently listed as "Short Sales" but there probably more because the listing agent may not have clicked the right button when adding the listing to the mls database or the owner does not want everyone to know his financial plight. Both of those happen. I went through the 85 and selected 13 (don't know if that's a good number or not!) for you to consider. Each unit is in a good location. Some units have transient licenses are are available for legal transient rentals on a daily basis all year long (except units in Truman Annex which have some limitations). All are units that one might actually dream about owning.

CLICK HERE to see the list.

Sunset Marina is on Stock Island across the street from the Key West Golf Club. It is about the same size as units at 1800 Atlantic and priced competitively. All of the units have direct marina views. There is a pool, covered parking, a small gym, and the place was built very well.

120 Angela Street is a small complex of only four units, two up and two down. Each is outfitted with beautiful kitchens and baths, attractive floorings, and comfortable living spaces. Each unit has one off street parking space and there is a beautiful pool and comfortable island landscaping. It's located next door to The Shipyard condos, priced lower, has more space, and much more private.

Two units at 1401 Simonton are included (Santa Maria Condominiums). Theses units are re-sales at a much lower price than the owners paid. The Santa Maria stays booked constantly. So these units might make more economic sense if they are purchased at a lower price (on a short sale) that actually has the potential to make money (or not lose money) for the owner.

1108 Duval is the Cuban Club. Great Old Town location and use of the pool at the Douglas House make this unit attractive to vacationers. The management fees are higher, but the units here seem to stay busy most of the year.

Two units at Seaside at the east edge of Key West are included. Both are three story with private garages, private elevators, ocean views, lots of quality living space on three levels, and the buildings were new in 2005.

There is a cute little place on Windsor Lane located between the Key West Cemetery and the top of Solares Hill. It has its own little pool and 2 bedrooms and a bath.

I included one unit at 1800 Atlantic in the A building. Terrific ocean and nature preserve views.

The townhome at 809 Washington Street in Casa Marina was built in 2007. It has its own private pool and garden, custom floors, cathedral ceilings, and a beautiful kitchen. Off street parking, of course. And multi-million dollar homes all around.

514 Porter Lane in the Truman Annex President's Walk area is a comfortable entry level two story town house with two bedrooms and three baths.

3841 N. Roosevelt is the new (2007) Beachside Resort. Westin Hotels is now managing the facility and owners with transient licenses (such as this one) can use the Westin as the property manager or rent the unit themselves or with any other company. Other re-sales are priced considerably!!! higher.

I wrote about 1075 Duval in Duval Square a couple of days ago. This is a good price for someone looking for a transient unit in a good location.

If any of these units look attractive to you, please call me, Gary Thomas, 305-766-2642,or e-mail me at kw1101v@aol.com. You could be a Key Wester sooner than you think for a price you might never have imagined. Lay back, relax, and imagine your life in Paradise..........

HGTV Florida Keys Dream Home - Part Deux

Last year I wrote about HGTV's Dream Home giveaway in the Florida Keys. The dream house is located on Plantation Key near Islamorada, Florida. CLICK HERE to read what I wrote then if interested.

The Monroe County public records show the purchase price attributed to the property was $2,000,000 when title transferred in June 2008. I have been wondering whatever happened to the property but I was too busy to care enough to look. Until yesterday. I got an email asking about the house.

In my blog last year I said "Enter to win. Be careful, you may win and get to pay taxes on it. And be stuck owning a very expensive home in the wrong location." Well, that was partly tongue-in-cheek and partly how I really feel. Winners of big prizes like the HGTV Dream House have to pay income tax on the prizes and also get to pay the annual property taxes and other costs of ownership. It isn't cheap owning an expensive ocean front home in the Florida Keys. So it was no surprise to see that the Florida Keys Dream House is now offered for sale at $2,300,000 - down from the original asking price of $2,590,000. The house went on the market July 23, 2008, a little over one month after title changed hands.

CLICK HERE to see how the listing Realtor describes this property. If you are looking for a dream house in the Florida Keys, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I'm not drivng to Plantation Key to find a dream house. There are plenty of them right here in Key West. But I can refer you to a Realtor that lives way far away up there...

Duval Square Townhome - Key West - Short Sale

Key West Townhome Short Sale. That's not news, you say. But take a look to see what might be a good investment opportunity.

The recently listed 1325 sq ft two story, 2 1/2 bath townhome located in the Duval Square Condominiums (1075 Duval Street in Key West, Florida) is offered as at the short sale price of $479,000 or $362 per sq ft. This is how the Listing Realtor describes this property: "Transient License - Turn-Key Income Condo on Duval St! This Mediterranean Style condo has Mexican Tile downstairs and oak floors upstairs. Downstairs features the kitchen, a half bath, laundry and a dining room with seating for six. French doors open to your own private outdoor patio. Upstairs, the master bedroom has French doors opening onto a private porch with seating. An in-suite bath with large Jacuzzi tub, vanity & skylight completes this spacious bedroom. The second bedroom features a bed, large walk-in closet and private bath. Secure covered garage with dedicated parking. Being sold fully furnished with an excellent rental history."

CLICK HERE for more detailed information on this unit and a lot more photos. The complex was built in 1987 and has undergone some cosmetic updates in the past few years. There are several restaurants and small stores on the ground level. All of the residential units are on the second and third floors. (All units are two story.) There is covered parking for each unit with controlled access. There is a lovely second floor rooftop pool that overlooks Duval Street.

This property may appeal to the second home buyer who is looking for a property that can be legally rented as a transient rental to produce income to offset the cost of ownership.

I would suggest potential buyers compare this property to others similarly priced at 1800 Atlantic and The Shipyard in Truman Annex. 1800 Atlantic has that oceanfront location and tennis courts and the units are similarly sized. The Shipyard units are about half the size of either 1800 Atlantic or Duval Square but have a popular location with tourists. This unit is definitely worth a look. It will not last long at this price.

If you are looking for a condo or townhome with a transient license that permits you to rent the unit on a daily basis every day of the year all year long, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. CLICK HERE to search the Key West mls database to find comparable units and prices to do your own comparison shopping.

Bank Owned Properties - Key West

It's that time again to list the current single family houses and multi-units that are bank owned and offered for sale. CLICK HERE to checkout the current inventory. If you have been following my little blog for some time,you will note that some of the properties are no longer available. Some actually get sold. Some sales take forever to occur, and others can occur very quickly. You may see that several of the properties have had the asking prices reduced.

Some buyers mistakenly think banks are so over-whelmed with the inventory of foreclosed homes that the banks are aching for offers just to sell the houses. Not true. I used to work for a couple of major Denver banks and one of my duties was the management and sale of bank owned real estate. Banks are methodical and make business decisions based on appraised value of the asset, holding costs (taxes, utilities, fees, etc.), real estate commissions, final closing costs, and date of closing. All of those factors are used to determine the "bottom line".

Banks rely on Broker Price Opinions and appraisals to set the asking price and to determine the acceptability of an offer. Appraisals are backward looking. The appraisal uses sales data from prior sales to help determine the present market value. This can be really difficult in a declining market such as the one we are experiencing in Key West.

Banks are adverse risk takers. I recommend that buyers write simple offers with limited contingencies. The less complicated the offer and the quicker the closing, the more likely the offer is to be accepted or countered. Ridiculous offers (price, terms, delayed closing, contingencies on selling other properties, etc.) generally will not be considered.

A lot of the properties banks acquire through foreclosure end up in the bank's portfolio because the prior owner could not sell the property. Key West buyers know that some blocks or areas are not as desirable as other areas. Busy streets are almost always a hard sell. Some houses have structural issues, deferred maintenance, prior flooding, bad neighbors, etc. Those factors can significantly impact the ability to sell in any market but make sales in a depressed market really difficult.

There are two commercial bank owned properties currently available. One is a combination of commercial Duval Street frontage and transient rental accommodations. The second property is a condominium development on Stock Island that went astray. CLICK HERE to checkout those two commercial properties.

Some bank owned properties come with sales incentives or even bank financing offered by the bank owner. Read the fine print on each listing shown on the links to see what incentives may make your purchase more attractive.

If you see a property you like please cal me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to arrange a showing or to request more information.

Just Listed 1212 Olivia Street - Key West

Just Listed -- well, last week it was. This unusual property was the carriage house that was part of a much larger home adjacent to the east. This property was listed in 2008 at $1,375,000. CLICK HERE to see what it looked like then. It did not sell. The bank foreclosed and now this property is Bank Owned. The new asking price is $599,900 or $358 per sq ft.

The property is located at 1212 Olivia Street in The Meadows Area. It is just a step away from White Street to help out of town buyers place it. The house has 1676 sq feet of space and sits on a large lot of 4275 sq ft. The house has 3 bedrooms (none of which are large, but they are not small either). There are two bathrooms, but they are definitely not as large as we are custom to seeing in new renovations. The kitchen pictured above in the photos when the house was listed last year is missing. Somehow the the appliances went away. The bathroom vanity is gone from one bath and the sink is missing from another. The pool pump and air conditioner and all of the light fixtures are missing as well. Some of the exterior shutters are gone for good.

But if you get past the things that are wrong with the design or things that are missing, you still see a good sized house in a very good location with a terrific pool and rear yard, an interesting design, and a cute front yard with off street parking. The house next door is for sale and it is offered at well over $4 million. The neighbor to the west is an apartment building that fronts onto White. But the block and location is great nonetheless.

This property would be a good project property for someone with design and construction skills. CLICK HERE to read what the listing realtor says about the house and view more photos.

It is easy to see this house at 1212 Olivia. Please call me, Gary Thomas, 305-766-2642.

1118 Olivia Street - Old Town - Key West Cottage

This is how the listing Realtor describes the Key West cottage located at 1118 Olivia Street: "Bank Owned. REO. Bank Foreclosure. Easy to see! One of a 7 unit condo compound on Olivia Street in Old Town Key West. It is a stand alone structure with vaulted ceilings, tiled floors, stained glass, and a covered rear deck. Brick walkways, large heated pool, landscaping, and a great entertainment area pool side add to the charm of this compound . It is located within biking distance to the beach and the downtown area. Located less than one block off White St where you will find restaurants, gym, galleries, food stores, many local shops and the famous, monthly Walk on White. Parking! Qualified Buyers may be eligible for Seller financing at below market rates, FHA, and other incentives available where applicable. Fast response from Bank."

The cottage is located in the Lionsgate Condominium Compound. The compound is a group of five houses that share a common pool, a small common area, and off-street parking. With the exception of two buildings that are "duplexes", the other properties were single family homes that were incorporated into the compound.

This house has 851 sq ft of living space under roof and has two bedrooms and one bath. However, one of the bedrooms is on the second level and would be more appropriately called a bonus room rather than a bedroom. French doors lead from the living area onto a private covered read deck and orchid garden. There is an enclosure for the washer and dryer. The house also has hurricane shutters. CLICK HERE for more information and photos of this house and the common area and pool. CLICK HERE for a rear view of 1118 Olivia and the house next door to the east. CLICK HERE to see the front view of the other homes that make up the Lionsgate compound.

The property is five minute walk due west to Duval Street and maybe five minutes to the Historic Seaport. Nearby neighborhood hangouts include the Coffee Mill studio, Key West Island Gym, Faustos Food Palace, Dion's Gas Station and purveyor of great fried chicken (no kidding!), Dog 30 (pet store for pampered pups), a fresh fish place, a bike shop, some Realtors, and lots of small restaurants and Cuban coffee joints. It is a real Key West neighborhood.

1118 Olivia Street has what many second home owners dream of owning: a charming Key West cottage in a good location and a pool. The asking price on this charmer is only $359,000 or $422 per sq ft. This property will not last long, not at that price.

Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to arrange a showing or to provide more information.

The Elegance of Living Well...

La Casa Roja is the kind of home that you would expect to see featured in Architectural Digest or Coastal Living magazine. It is of that caliber. But you lucky readers get to see it here in my little blog instead, keywestproperties.

CLICK HERE to see the before photo of this historic 992 square front home as it appeared five years ago with its white clapboard siding and chain link fence. If fit right into the neighborhood. But a very creative young architect and his partner bought the house and transformed it into a work of art. CLICK HERE to see the renovated property as it now appears. The six room house consists of the living room, kitchen, guest bedroom, guest bath, and master bedroom with en-suite bath. Other living areas include the outdoor lounge off the master bedroom, the open-air dining alcove near the pool, the bar off the kitchen, and the two story carriage house with upstairs loft. Each room or area is rich in architectural detail and quality construction. There is nothing "undone".

This simple little house is simply just that: a simple little house. But that is an understatement of grand proportion. It is elegant in its simplicity. The new wide oak plank floors were custom milled as were the extra-large crown molding and the extra-wide baseboards. New cedar doors were custom made. The original windows were restored to retain their character.

Doors and floor patterns in the original house were reworked to make the house flow efficiently. The relocated kitchen for example opens onto the hallway adjacent to the living room. The kitchen windows tilt and provide access to the covered outside veranda bar. I would not call this home a "party house", but it was certainly designed for an owner who loves to entertain in style. The kitchen is the heart of this home. And the several social gathering spots flow from or toward the heart of this home.

What was once the kitchen is now the master bedroom with its own private covered porch with hot tub. The master bedroom features two sets of pocketing French doors and screens which allow the room to open up to the back yard. Mirrored pocket doors conceal the generous ten foot long closet. Paneled wainscoting and coffered ceiling add depth and interest to this cozy retreat.

And then there is the two story carriage house. It's the perfect place to house your classic Key West car or the perfect place for your own gym, workshop, or studio. Upstairs there is a secret retreat that is just as simple and just as elegant as the rest of the main house. Some people skimp on things that are barely seen. Here, the barely seen is treated as a treasure for the very few.

I dare the reader to walk around the outside of this property and find something amiss or something not done. Every place you look you see solutions to everyday issues. Here is a "for instance": the front door hurricane panel was turned into a whimsical work of art and greets guests near the cocktail bar.

This is the kind of house a second home buyer should consider because the present owner designed the house and all of its components to standout from the crowd and function properly. It does. Indeed. Some readers may say "I could do that." Perhaps. But most of us see a home like this and admire it with awe. That is why I discerning buyer will seize the opportunity to own a property of this quality.

La Casa Roja is offered at $1,299,000. If you would like to see this simply elegant property, please call me, Gary Thomas, at 305-766-2642 or my associate, Cory Held at 305-240-0355. Some very lucky person is going to buy this little treasure and experience the elegance of living well...in Paradise.

623 Fleming Street - Old Town - Key West

It had to happen. The "For Sale By Owner" attempt did not work. The house located at 623 Fleming Street was offered for sale by the owner for the better part of last year. The house won the Debbie Award in 2004 for Rehabilitation (Tom Pope was the architect). I showed it several times during the year. I like the house and the location a lot. It does not have off street parking. It does not have a pool, but the owner told me he had HARC approved plans (which may have expired) that would permit a small pool. Nothing in Key West is assured unless it is in writing! And then it may be negotiable.

Here is how the new listing Realtor describes this Key West property: "Great Old Town location! Renovated two bedroom and two and one half bath Conch house. Loaded with coveted Dade Co. pine and also featuring many modern details such as a beautiful kitchen with granite counter tops, crown molding and a central vacuum. Awarded the HARC Excellence Award in 2000. The exterior features the quintessential front porch, a side yard, and decked back yard."

The house has a really attractive street presence. There is a big grand old dame of a house located just next door to the east that is currently on the market. CLICK HERE to see the house next door at 426 Elizabeth Street offered at $2,495,000. Next door the the west is The Campbell Courtyard Condominiums. This property was developed in the early 1990s and is a mix of renovation and new construction. The Ambrosia Guest House is located directly across the street. And The Marquesa Hotel is located at the corner of Fleming and Simonton Streets. I mention the neighbors to help the reader appreciate the prime location.

623 Fleming Street is offered at $895,000 or $509 per sq ft. The house is a 2 bedroom 2 bath with a generous 1760 sq ft of living space -- all in good condition and very livable. It sits on a nicely landscaped lot of 2060 sq ft lot in a prime location. It has just about every bell and whistle most second home buyers want (except the off street parking and pool).

If you are in the market for a second home, please call me, Gary Thomas, 305-766-2642 to schedule a showing on this prime property. It is worth your time to take a look.

Casa Palmera - Grand Casa Marina Estate - Key West

Preferred Properties Christies Great Estates is the listing office of this one of a kind Key West estate. This is how the listing Realtor describes this property:
"Casa Palmera is truly one of Key West's Grand Estates, located in the heart of the Casa Marina just 2 blocks from the Ocean. The owner is a noted designer who has spent many years fine tuning this home into a residential masterpiece, with rich wood flooring and European details throughout. The exterior gardens and pool area, are what Key West Living is about. To the Southeast of the property is the Casita which is a home onto itself. Off to the Southwest end of the home is a Writer's cottage or office with it's own bath. The main home includes 3 guest rooms, a complete mother-in-law suite, formal dining area, two living areas, wonderful large galley kitchen, breakfast room, and Laundry room, well designed with abundant storage."

Here's the rest: I've always described the house as being a Beverly Hills type house. The south wall in both the living room on the first floor and the master bedroom on the second dramatically bow outward. Unlike so many modern houses that are built for present day trendy living, this property has many areas for entertaining or living very privately. And each space whether public or private is exquisitely detailed. You just don't see that kind of detail in new construction--not in Key West, anyway.

There is an outdoor kitchen by the pool. A really sweet balcony overlooks the pool from the second floor front bedroom with en-suite bath. You can see the Atlantic Ocean from both the master bedroom and master bath. And what a view it is. But it is when you are at ground level and walking through the beautiful gardens that you really appreciate this property. Every direction you look, you see something enchanting. You feel like you have arrived in Paradise and don't want to leave.

The guest cottage is absolutely a delight. It is stunning. Each room is simple but rich in design. Your guests will never leave. And of course there is the writer's cottage on the far west end of the property. I have a writer friend that's been written up in the New York Times and featured on National Public Radio. If you are reading this: buy this house!

If you are in the market for a grand Key West property such as Casa Palmera, please call me, Gary Thomas, 305-766-2642 to schedule a showing. Casa Palmera is offered at $3,495,000. CLICK HERE for more detailed information and many photos. If you are looking for a home in this price range, you must see this house. You will not be disappointed.