Bank Owned - Heart of Old Town - Key West

I wrote about 518 William Street twice last year and urged potential buyers to look at this very well located house when it was offered as a SHORT SALE at the asking price of $875,000. Guess what: it did not sell. The then listing Realtor did tell me that the lender received a couple of low ball offers in the $300,000 range. Guess what again: it is now BANK OWNED and the new asking price is only $399,900 or $231 per sq ft.

This is how the Listing Realtor describes 518 William Street: "Old Seafaring Neighborhood located just blocks from the Harbor. Easy walking distance to Duval and K.W. Bight. Floor plan works well for extended family use. Minimal yard to maintain, small deck on right rear portion of lot. Bank Owned price set for quick sale." CLICK HERE to see a bunch of photos and get more detailed information on this property.

The house sits on a 2132 sq ft lot (20' frontage X 98' depth). The house has had several updates in the past few years and it appears to be in good condition, at least to my untrained eyes. The County property records show a new roof, new air conditioning, new floors in some rooms, and other improvements. There are two living rooms and two kitchens (that's odd!), two baths, three bedrooms plus a large sleeping loft. There is a great set of french doors that lead from the rear living room onto a deck. There is a spa and garden at the rear. There is no off street parking. And there is no room for a pool.

I think the location would be great for a second home owner who does not need a car or a pool--just a place to relax and enjoy life. The home did not appear to need any repairs. If I am right on that, any extra money a buyer spends would be on fun stuff like Tommy Bahama Furniture or local art.

Please call me, Gary Thomas, 305-766-2642 to schedule a showing on 518 William Street. You may be pleasantly surprised.

1114 Fleming Street - Old Town - Key West

This is how the listing Realtor describes the new listing at 1114 Fleming Street in Old Town Key West: "This circa 1886 home has cypress siding and contains four bedrooms and four and one-half baths including a separate guest cottage overlooking the pool and patio with covered outdoor dining. The kitchen has a large living area with dining. There is also a downstairs bedroom suite and another room suitable as a den, library or office. There are two bedrooms each with baths ensuite upstairs. The master suite has a walk-in closet and opens to a sunny sitting porch under the Royal Poinciana tree. The property is complete with two off-street parking spaces and much of the designer furnishings are available."

This house was recently featured in the Old Island Restoration Foundation's February House Tour. OIRF described 1114 Fleming property thus: "this two-story home, with its saw tooth additions at the back, was awarded a ceramic star from the Historic Florida Keys Foundation in 1983, and is on the National Register of Historic Places. It has maintained its charm while incorporating modern amenities for today's living. Floors are old wide plank pine, doors are old, and most of the large windows are original to the house."

No matter how you describe this house, you can't deny the sheer beauty of the simple lines and the unique pique the Cypress wood siding gives to the property. The house is quite large and boasts four bedrooms and five baths, a guest cottage, pool and patio with covered dining area. The asking price on this 2510 sq ft home is $1,450,000 or $578 per sq ft.

The home is located at the far east end of Fleming Street but it is still a mere stroll to Duval or the Historic Key West Seaport. There are great restaurants such as Cafe Sole and art galleries within a three minute walk. The home is near everything but not in the middle of it all. And that can be very nice.

CLICK HERE for more information on this unique property.

If you would like to see 1114 Fleming Street,or any other home in the Old Town area of Key West, please call me, Gary Thomas, 305-766-2642. Let me help you find your place in Paradise.

Key West Condo & Townhouse Short Sales - 2

A few days ago I wrote about Condo and Townhouse Short Sales in the Old Town Key West area. Those units are normally priced higher than other areas of Key West because that area is more sought after by second home owners. Today I am featuring properties in Mid Town & New Town CLICK HERE and Stock Island CLICK HERE.

There are a couple of pretty good steals in the 61 properties featured on the above links. Do your homework and checkout the properties. There are two units at Seaside South and one at the Key West Beachside Resort that should be seen by a buyer looking for new quality construction at an affordable price. Unit #121 is offered at $550,000 fully furnished and it has two Transient Licenses.

There are several short sales at Coral Hammock on Stock Island. Unit at 35 is the least expensive and it is offered at only $249,000 for a two bedroom two bath two story unit. It is located off US 1. You can hear the highway traffic when you are outside, but it's pretty quite inside. Unit at 44 is offered at $399,000 and it has 3 bedrooms and 3 baths and a better location.

There are some buying opportunities among the 61 properties on the two links. Some of the properties might work well for permanent residents of Key West. Many of those properties have become very affordable by Key West standards. And a few of the units may appeal to second home owners as well. Take your time and compare the properties.

If you see a property or two that interest you and you want to schedule a showing, please contact me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

1130 Royal Street - Key West - Buy It Before It Totally Disappears!

There are some magic moments in Key West, but there is no magic in the world of bank owned homes. For some reason kitchen appliances, light fixtures, ceiling fans, pool equipment and even air conditioners seem to disappear from most bank owned properties.

There is a new listing at 1130 Royal Street (located at the far end of upper Windsor Lane by St. Mary's Catholic Church) that is a bank owned house. The asking price is only $325,000 for this clean little two bedroom one bath cottage of 751 sq ft. The price per sq ft is a mere $433. The lot is 3430 sq. ft. CLICK HERE to read what the listing agent has to say about this property and view current photos.

It appears that the kitchen appliances and the wall unit air conditioners disappeared from this house. (See photo directly above that shows house with appliances and how it looks now.) No big deal, I guess. But there was a big ole' swim spa and outside kitchen that also vanished. (See photo above!) They are gone. But whoever removed left expensive stuff left the smoke alarms. But they took the infernal batteries. Yep, it's BEEP! BEEP! BEEP! (You have to read my blog regularly to get this one.)

Forgetting that nonsense, this house will take a few thousand dollars to put it back together. But not that many. Look at two of the neighboring homes. CLICK HERE and CLICK HERE to see the house across the street to the north and northeast respectively. The house next door to the west is on the market at just around $2 million. This is a good location and the house is priced very competitively for this market.

I've shown 1130 Royal Street twice since it was listed on February 19th. Other Realtors are doing the same. This house is cute and priced right even if is missing parts of the kitchen. If you are looking to find a cute place at a cheap price, please call me, Gary Thomas, 305-766-2642. I am confident that this house will be under contract to someone very quickly.

708 Passover Lane - Old Town - Key West

I can tell you one thing for absolute certain about Key West real estate: you either love houses located across the street from the Key West Cemetery or you hate them. So if you are of the latter persuasion, do not read any further. But if you don't mind tombs with a view, read on dear reader.

There is a very charming Arts & Crafts style house located at 708 Passover Lane that was just listed at the asking price of $650,000 or $923 per sq. ft. The two bedroom two bath house has 704 sq ft of living space and sits on a fairly good sized but odd shaped lot of 3364 sq ft. The house has off street parking and a generous front yard with so many tropical plants that one can barely see the cemetery across the lane.

The inside of the house was redone a few years ago and a pool was added. So this cute cottage has all the modern conveniences. If you are one of those buyers who feels compelled to have granite and marble and stainless steel, this house could be a candidate for a new re-do that will not break the bank simply because it isn't all that big a place. But it is perfectly livable as is. The present owner paid $840,000 for this house in 2005. This is not a short sale either.

On the other hand, some strategic fairy dust and paint could go a long way to make this charmer "pop". CLICK HERE and look at the photo of the off street parking. Imagine how cute the same space could be if the fence surrounded the area and was painted bright white. Imagine Chicago brick pavers instead of pea rock for the surface. Ditch the trash cans while you are at it. Yuck! Imagine your little Key West car sitting in the driveway.

I took some photos of the eight houses on the block. CLICK HERE, and CLICK HERE, also CLICK HERE to see the scary cemetery. You don't need to worry about the neighbors across the street making a ruckus and keeping you awake all night. You don't need to worry about their friends taking up all the parking spots on the street. Same for the other houses on Passover Lane. The properties are single family and there isn't a guesthouse, bar, restaurant or gallery within a couple of blocks.

This is how the listing realtor describes 708 Passover Lane: "Great Old Town Home with off street parking, fenced yard, screened porch, brick patio, cocktail pool and wood deck. Two bedrooms and full bath, lots of windows. Charming!" CLICK HERE to see more photos of this property.

I think some smart buyer is going to snag this house. Everything in Key West seems to be negotiable these days. So I think a smart buyer will act on this. Half of my readers won't consider this house because of the location. So that makes it an easier deal for those who do not mind tombs with a view as neighbors.

If you want to see 708 Passover Lane, please call me, Gary Thomas, 305-766-2642. This is not my listing, but don't let that stop you.

I told you so.......

This blog entry is for you disbelievers and prophets of doom and gloom, more toil and more trouble. It is also for you dreamers who want to buy a place in Key West but who fear that we are not at the bottom of the market.

I thought it would be interesting to see how many properties that I have mentioned in my little blog have actually closed since January 1, 2009. I used the Key West mls database and found that there were 46 closings to 8:30 AM today, February 18.

Here then are the houses that got away:

5601 College Road, Unit C 303 that sold for $399,000. CLICK HERE to see the unit. This sale may actually be good news for you undecided buyers. Unlike the other houses below, there are more of this same type of unit for sale now. This sale probably set the current watermark on pricing at this location. I know some don't like the location. Don't go there to look then. But the buildings are about 15 years newer than 1800 Atlantic and all have direct water views from the balcony with no noise from any nearby road.

525 Margaret Street, hidden Old Town two story house thoughtfully redone. Originally priced at $699,000 and sold for $500,000. CLICK HERE to see this beautiful home.

701 Elizabeth Street right at the top of Solares Hill that sold for an incredible price of $695,000. (Originally priced at $1,579,000.) CLICK HERE to see what you missed dearies.

3 Pinder Lane Old Town. This is absolutely one of the sweetest places I have ever been in my life. I loved this cottage. Everybody I showed it to loved it. It did not have parking, the bedrooms and baths were small, but this place is just magical. CLICK HERE to see the house that originally was offered at $1,390,000 and that sold for $900,000.

716 Olivia Street the Arts & Crafts house that needed just a wee bit of finishing sold in just about one day after a bank foreclosed its mortgage. The original asking price was $2,895,000. The bank owner asked $999,999 and it sold for $1,025,126. CLICK HERE and weep.

With the exception of the condo at Sunset Marina I think you would agree that each of the houses whether big or small is unique. They don't make any more of them. When they are gone, they are gone.

If you are looking for a place in Key West please consider using me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Let me help you find your place in Paradise. Don't live your life regretting what you could have done. Do it.

Key West Condo & Townhouse Short Sales - 1

It is that time of the month again to haul out the unsold Key West Condos and Townhouses that are offered by the sellers as "short sales". Just so nobody thinks that I am misleading the Public into thinking these are my listings: they are not! These are all listings in the Key West MLS that you can search on your own. CLICK HERE to search the Key West mls to your hearts content. There are many good deals out there and I encourage buyers to invest some time in separating the deals from the "no-deals".

The group I am providing today are units in the Old Town, Casa Marina, the Meadows, and the Midtown areas. CLICK HERE to see the units. They are listed alphabetically by street. Spend the time and compare pricing per square foot, amenities offered, age and quality of construction, and monthly or quarterly management fees. Each property is different from all others so you have to do your homework to figure out the price and location that may work for you.

Some of the units have Transient Licenses. Those units without a transient license may be legally rented as a monthly vacation rental. There are rules that govern different areas so let's just say look for the property that you like and then figure out what type of rental opportunities may be available to you if you decide you want to rent your unit.

I will do another list of condos and townhouses in the burbs of Key West in a couple of days.

Let me encourage serious buyers to take the current downturn in the market seriously. I think there are some good buying opportunities on some nice properties. If you see something you like, make a serious offer. The better your offer, the more likely you are to get it accepted by both the seller and the lender(s). Turn the downturn into an investment opportunity for yourself.

If you happen to see a property that appeals to you, please call me, Gary Thomas, 305-766-2642, or e-mail me at kw1101v@aol.com and ask for more information.

825 Southard Street - Old Town - Key West

Recently listed you will find this genuine Conch House at 825 Southard Street right in the smack dab middle of Old Town Key West. This is how the listing Realtor describes this property:"Great location, bones, and footprint characterize this historic property which has tall ceilings, offstreet parking, and a capped cistern which could become a dipping pool. Built w./ Dade County Pine, this renovation project awaits your creative magic."

Back before Christmas I wrote about a nearby neighboring house at 811 Southard Street. CLICK HERE to see the very beautiful house located a couple of doors away. And 811 Southard isn't the only nearby beauty. Southard Street is rich is historic homes that have been restored to the original beauty, and there are some houses like 825 Southard Street that are crying for attention.

Many people over the years have said they would like to find a nice re-do in a good location. I normally tell buyers to be cautious about such an adventure. Because re-doing a house anywhere is time consuming and costly. But if you are a buyer aching to show off your creative nature, this house may be your ticket to the Big Show. And the asking price on this house is only $525,000.

The listing agent told me that the small cottage (CLICK HERE)at the left rear of the main house is not part of this real estate parcel. It is owned by a different party. However, she encouraged me to find a buyer who wants both houses because a two parcel contract may be possible.

CLICK HERE for more details and photos of this 825 Southard Street.

If you are looking to find a house in Key West please consider using me as your scout. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

610 Olivia Street - Old Town - Key West

This is how the listing Realtor describes the property located at 610 Olivia Street: "This renovated home is located just one block from world famous Duval Street in Historic Old Town Key West.Walk to clubs, restaurants, shopping and museums. Property is currently configured as a duplex with each unit offering one bedroom, one bath, central air conditioning, washer and dryer, dishwasher, range, refrigerator and one unit furnished. Off street parking and a large fenced yard with room for a pool are just a few of the amenities offered on this cozy cottage."

Two years ago (at my former real estate office) we had the properties next door to the east on the market where I hosted several open houses. Both houses sold to the same purchaser. The house at 612 Olivia and 616 Olivia sold to one buyer for the the combined price $4,850,000. 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. That activity did not stop one buyer from spending a lot of money for a truly great residence.

610 Olivia is located just one block east of Duval Street. There are several notable restaurants nearby including Seven Fish and Pisces. And tons more. South Beach is about a five minute walk to the south.

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'). The new asking price is only $499,000 or $570 per sq. ft. As presently configured, the property has two bedrooms and two baths. CLICK HERE for more detailed information on this cute house and many more photos.

If you are looking to purchase a second home in Key West, please consider using me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to help you find the home of your dreams. I think you could do worse than have a neighbor that spent almost $5 million located right next door. Maybe that neighbor thinks the location is as charming as I do. And hopefully that you will too.

1401 Pine Street - Key West - Former Home of a Literary Giant

"John Dos Passos, author of the U.S.A. trilogy and many other works, first visited Key West in the 1920s and told his friend Ernest Hemingway about the place. During the winter of 1934, Dos Passos and his wife lived in this house at 1401 Pine St., then the outskirts of town." So says the Key West Literary Seminar. And author J. Willis Burke reports in 'The Streets of Key West' "No doubt, John dos Passos, who lived at 1401 Pine during the 1930s, made the fifteen minute walk (to downtown Key West)often. After one nocturnal amble, he arrived at Hemingway's house and met his future wife, Kate, for the first time. Perhaps it was kismet: "Dos" had, after all, been the one to suggest to "ole Hem" give Key West a try if he was looking for a warm place "to dry out his bones."

Last year I wrote about the home at 719 Windsor Lane that another literary giant, John Hersey owned with his wife. I have shown it to two published authors, both of whom loved the place. It is still for sale. CLICK HERE for information on 719 Windsor Lane. It is a simple little house the likes of which almost does not exist anymore.

This is how the listing Realtor describes 1401 Pine Street "Charming conch home in quiet Old Town neighborhood. French doors look out to private pool area. Original fresco murals. Wood floors and Dade County Pine walls through out. 3 bedrooms plus large attic sleeping area." CLICK HERE to read more info on this house but you really have to look at the incredible photos of the interior and pool. This is the kind of place that might inspire you to become a literary giant in your own right.

There is something about a simple Conch House that brings most people down from their lofty perches to appreciate the everyday life in Key West.

The house at 1401 Pine Street has 1868 sq ft of living space consisting of 4 bedrooms, 3 baths and is offered at $995,000 or $533 per sq ft.

Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com if you would like to see 1401 Pine or any other house in the Old Town Key West area. Writers welcome. But you are not allowed to critique my writing. Please.