Open House(s) Sunday - Key West

Attention Bargain Hunters: Preferred Properties Coastal Realty Inc. is holding another Big Open House Event on Sunday, March 8th between 1:00 PM to 3:00 PM. CLICK each of the addresses below to preview the homes you may want to visit.

1334 Atlantic Boulevard which is a specactular Ocean-front residence with its own pool. Offered at $2,495,000.

1015 Eaton Street in Old Town is charming Eyebrow house with 4 bedroom 3 bath home with a fireplace, new kitchen and baths, & private pool and spa. Unlike a lot of Eyebrow houses, this one has "real" bedrooms. They are large and have lots of headroom. This place is Done! Done! Done! This is a SHORT SALE Offered at $995,000.

807 Washington Street is a newly constructed three story town home featuring 3 bedrooms 3.5 baths, heated pool, & parking. All of this and located in the Casa Marina area but within walking distance to Duval and the beaches. Offered at $1,800,000.

1404 South Street in the Casa Marina area is offerd at $995,000. There are two master suites, a beautiful pool and tropical garden.

3509 Eagle Avenue is a spacious home on a large lot. The main house had 3 bedrooms 2 baths plus a guesthouse with one bedroom and one bath. Offered at $799,000.

I will be hosting the OPEN HOUSE at 1015 Eaton Street. Please stop by to say hello and keep me company. Actually, I'm expecting about 100 prospective buyers. There are lots of lookers in town.

If you are interested in buying a house, condo or town house in Key West and haven't found the right place at the right price, CLICK HERE to search the Key West MLS database. No Realtor will call or start sending you emails. It's your way to see what is available and at what price. Prices have dropped and sellers are being reasonable in their negotiations. If you see a property you like, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Who knows, you might end up owning a place in Paradise.

Fit for a Queen - 1215 Royal Street - Key West - Bank Owned!

Well, the economy sucks and the Queen needs to downsize and find something a little more affordable. The house at 1215 Royal Street is now Bank Owned.

This is how the listing Realtor describes the property: "Bank owned property. REO. Qualified Buyers may be eligible for Seller financing at below market rates, FHA and other incentives available where applicable. Fast response from bank. Renovated Old Town Key West home, vaulted ceilings, Saltillo tile, and French doors. Private rear deck/pool area. Great curb appeal. Lush tropical plants provide privacy in front; white picket fence gives it that Key West, Conch style look. Front porch was made for rocking. Driveway provides off street parking. Downstairs are two bedrooms and two baths and the large living/dining area which opens up to covered deck and pool. Upstairs is another bedroom, with skylight, bath, and plenty of storage. Walking distance to Duval St, beaches, restaurants, and more!">1215 Royal Street (three blocks east of upper Duval Street) might just work. The house is now BANK OWNED and it is priced at only $627,500 or $456 per sq ft.

This is how the listing Realtor describes this property: "Bank owned property. REO. Qualified Buyers may be eligible for Seller financing at below market rates, FHA and other incentives available where applicable. Fast response from bank. Renovated Old Town Key West home, vaulted ceilings, Saltillo tile, and French doors. Private rear deck/pool area. Great curb appeal. Lush tropical plants provide privacy in front; white picket fence gives it that Key West, Conch style look. Front porch was made for rocking. Driveway provides off street parking. Downstairs are two bedrooms and two baths and the large living/dining area which opens up to covered deck and pool. Upstairs is another bedroom, with skylight, bath, and plenty of storage. Walking distance to Duval St, beaches, restaurants, and more!" She did a pretty good job! CLICK HERE for more information and photos.


The new bank owner even just had the pool resurfaced. I think the Saltillo tiles look okay, but I would remove them and install either a really nice dark hardwood floor or travertine marble and extend the look out to the covered pool deck with either IPE wood or a non-porous tile that looks like travertine. The kitchen is small and needs updating, and so do the baths. They are both functional as is, but a few thousand dollars could make this place look great. I'm not a building or a home inspector, but I didn't see anything here that looks like an expensive fix.

The only negative about this house is the existence of a spiral staircase to the second floor where the third bedroom and bath are located. That's where you make your guests stay. That will assure they don't stay too long!

Any queens out there looking for a place in Key West? If so, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Straights are welcome to call me as well. Everybody is welcome in Key West. That's why we call it Paradise.

Really BIG short Sale - 1307 Truman Avenue - Key West

On January 29th I wrote about The Grand Dame of 1307 Truman Avenue in Key West. I extolled the virtues of this majestic old house. Folks, it just got even more attractive. This property is now a SHORT SALE. A short sale occurs when a seller offers to sell property for an amount less than is owed on the mortgage(s) against the property conditioned upon the lender(s) agreeing to accept less than full payment of the amount owed against the property. There are a lot of short sales in Key West, but kids, none of the houses compare to this one. There is nothing like a DAME.

This is how the listing Realtor (Dan Skahen at Preferred Properties) describes 1307 Truman: "This beautifully renovated Victorian home was built by a Cigar factory owner from Cuba in the early 1900's. The home was expertly renovated in 2002 to restore the original elegance while adding all the modern amenities. Spanning two lots from Truman Ave. to Albury St, where the pool is surrounded by a lush indigenous tropical garden . There is over 4000 sft of living space plus 1500 sf of porches. Bedrooms are spacious with 12 ft ceilings. In addition separate guest quarters on second level with a private porch. Original Dade County pine floors are preserved as well as crown molding. Each floor has its own CA/C zone. Kitchen incl soap stone counters and a large white marble island tops." The property is owned by a Realtor, but not Dan nor myself. CLICK HERE for more detailed information on this house and lots of photos.

Wikipedia describes a Grand Dame thus: "In popular culture, the grande dame is usually portrayed as a slightly flamboyant woman, prone to extravagant and eccentric fashion, such as feather boas, large hats, and excessive costume jewelry. She may be overly pre-occupied with the concept of "acting ladylike" and expect all those around her to conform to her own high standards of etiquette." That definition fits 1307 Truman Avenue to a tee. The house has a prominence that cannot be denied. The wrap around verandas are her boa; the height is her large hat; and the impeccable gardens are her costume jewelry.

This house on millionaires row was built circa 1900. From Eisenhower Drive on the east all the way west to Duval only a few of the old dames on Truman survive today. They were built in sizes and to standards (and lifestyles) that are no longer current. Many of the houses that do remain have been converted into guest houses or re-configured into a combination of commercial and/or retail with some residential. This house has not been messed around with and sits almost like a virgin, albeit an old virgin.





This house is in beautiful condition. Everything I saw looked great, clean, and well maintained. I did not see any deferred maintenance. The baths are nicely appointed with new fixtures with classic lines. They fit the style without being gimmicky. There are two large formal living areas on the main floor. The kitchen sits at the rear. The kitchen is huge and would make a great gathering place for modern living in an old house. The wrap around verandas at the front and rear seem to envelop the house. Each of the rooms on all three levels of the house (including the third floor) have very tall ceilings, crown molding, and exude a sense of formality we don't see in current architecture. For readers who have been in dozens of Key West Conch houses, this isn't one. You have not been in a house like this before in Key West.

The house has five bedrooms, each of which is quite large. And most have en-suite baths. The third floor has a sitting room off the bedroom. The ceiling up there must be 15 feet tall. There is a small porch off the front of the third floor where you can see the treetops and rooftops of much of the southern end of the island. Bayview Park is just across the street. What a view! There is a rooftop deck at the rear with an amazing view of the north. I could see water on the Gulfside. You could not build a house of this height in Key West today. But if you buy it, you have the view forever.

This house is listed by Preferred Properties Christie's Great Estates at the asking price of $1,998,000 or $451 per sq ft. The house has 4426 sq ft of living space under roof and sits on a large 7418 sq ft lot. The rear veranda overlooks the garden and pool area. Off street parking is provided as well. There is even a small apartment off to the west side of the house which could be used by a caretaker for an owner who would use the house as a second home.

Please call me, Gary Thomas, 305-766-2642 to schedule a private showing of 1307 Truman Avenue. Buyers looking for a big house ought to take a look and compare the size and features to other similarly priced homes. The Grand Dame of Truman Avenue will put them all in their place. Remember, this is a Short Sale.

630 Elizabeth - Old Town - Key West - Bank Owned

630 Elizabeth Street in Old Town Key West sits at the top of Solares Hill. The public records show the house was built in 1933 but the house is much older than that. This Old House has seen better days, for sure. It has been used and abused and now it is Bank Owned. It went through that earlier Florida Real Estate Auction and went unsold. So now it is back on the market with a new listing Realtor and a new price.

This is how the listing Realtor describes 630 Elizabeth Street: "This historical building, located atop Solares Hill, was the Solares family General Store circa 1884. It sits on the corner of Elizabeth and Angela Streets just 2 blocks from Duval St. In addition to the excellent curb appeal and 2012 sq ft of living area, it has approximately 936 sq feet of bonus attic space. It is a duplex with infinite possibilities for renovation. The location and square footage make this property an investor's dream. Foreclosure."

I've shown this property a couple of times. It's gonna take some hard work and mucho denaro, but this place has possibilities of being transformed from a sow's ear into a spiffy place in a great location. Here's why. At the asking price of $321,900 this 3068 sq ft house is now affordable as a redo. The cost per sq ft is only $105 and that's incredible for Old Town. There is a crappy addition on the back that I would try to get permission to demolish and that would create space for a nice pool and deck. The house is so big that the loss of the small addition would really be a plus, not a minus. The property is such an eyesore that I bet HARC would work with a responsible buyer to restore this property.

CLICK HERE to view more detailed info and lots of photos of this property. I would suggest that you forget about what the interiors look like now and concentrate instead on tearing everything on the interior out. Think of re-inventing the inside the way it would work for you as a homeowner. Gear your plans toward Key West living with the main living area at the rear overlooking the pool and gardens. You will never have off street parking, so get over it.

This is a great neighborhood with some very expensive homes. The house is two blocks to Duval Street and three to the Historic Key West Seaport. CLICK HERE to see a photo of the area in 1970. The area has changed, but 630 Elizabeth looks like it just got a little more tired.

I can't promise that HARC or the City of Key West will let you do anything with this property should you buy it. I always suggest that prospective buyers consult with a local knowledagle architect and a builder before making any decision to buy a renovation project. But I do have good feelings that this house could be a good investment for a buyer who wants a project house in a good location at a good price.

If you are looking for a place in Paradise, please consider calling me, Gary Thomas, 305-766-2642 or send me an e-mail at kw1101v@aol.com. Someday you could be standing on that front porch looking down on the tiny little houses and rooftops in Old Town Key West. Turn this Bank Owned REO into Your Place in Paradise.

Invest in Key West

The stock market is probably going to go ape today with word that the United States is going to give AIG another $30 BILLION. Markets in Asia have already burped real bad. The financial news keeps feeding the hysteria and gives credence to the prophets of doom and gloom.

Thirty years ago as we were emerging from our nightmare over South Viet Nam, the ouster of Richard Nixon from the White House, sky rocketing oil prices, inflation, deflation, and stagnation, the county went through a similar economic downturn. What we did not have at that time was 24-hour-a-day news channels and the Internet scarring the beejesus out of us. I'm not saying the economy isn't bad. Back then it was Chrysler that was facing closing down. New York City faced failure in the face. The country responded by building K-cars and painting our appliances harvest gold and avocado green. Chrysler is still making cars and New York City has had its share of ups and downs, but it is still there.

I think there may be some good deals to be had by investing in Key West multiple housing units. I went through the inventory of 3-4 units and selected a few that you may find interesting. A couple of the properties are being offered by the estate of a recently deceased owner. There is at least one short sale in the bunch as well. A couple of the properties are located in really good locations and might be candidates for demolition and rebuilding into a single family home. And there are a couple of workhorses that have years of proven profitability (based on the acquisition cost). CLICK HERE to checkout the list. Most of these properties are lived in by either long term tenants who have lived in the same property for years. A few are apartments for people who rotate through Key West on a seasonal basis. There is always a need for reasonably priced rental properties in good locations. So that is why I think some of the units on the list may be appealing to a buyer looking for an investment property. I am not recommending any one property (or even all of them). I am just providing a list of units that may interest potential real estate investors.

Speaking of investing, I want to mention that Philip Wilson is a fellow Realtor (actually he is an Associate Broker) at Preferred Properties. Phil is a real estate and financial expert with 38 years experience in the private and public sectors specializing i commercial and corporate real estate. Prior to moving to Key West, Phil was the Senior Vice President, Corporate Services for one of the largest international commercial real estate firms. And prior to that, he was a senior executive with the federal government in Washington, D.C. responsible for planning, real estate, design an construction of a nationwide portfolio of 35,000 properties with 300 million square feet, valued in excess of $15 Billion. Phil is an accomplished troubleshooter and problem solver who meets challenges head on.

CLICK HERE to view Preferred Properties commercial properties (for sale or for lease). If you are a buyer or a seller, let Phil and yours truly help you.

If you see a property that interests you, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Or call Phil Wilson at 305-394-4105 or email Phil at pewtar@aol.com.

February Sales Report for Key West

I am no statistician and I am a firm believe that numbers lie and that liars use numbers. Season in Key West is half over. Season to me refers to the time tourists come here every year to enjoy our wonderful weather, to unwind and relax, to drink some booze and to eat at some of great restaurants. And, oh yeah, to dream about what it would be like to live in Key West. For Realtors, season means it is rime time to sell real estate.

These numbers are for sales that closed between February 1 through February 28, 2009. There were a total of 24 single family home sales in Key West during that time. CLICK HERE to see what sold. The Old Town area is the location most potential buyers care about, so here goes. There were 7 houses that sold during that time. One was a short sale; none were bank owned; and the average price per sq ft on the non-short sale properties was $657.87 per sq ft. If you add the short sale, the number is $599.58. That sale was a dump on Bahama Street just off Duval with about 20 people living in it. (Perhaps I exaggerate, but you wouldn't want them as your neighbors!) Nevertheless, somebody got a hell of a deal on that property.

There were no condo or townhomes located in the Old Town area (including Truman Annex) that sold during February.

During February there were just 11 townhome and condo sales for all of Key West (including Stock Island). Three of those sales were short sales and two were bank owned properties or 45%. One of the sales required (just a regular sale) required the buyer to pay the real estate commission.

As I have previously mentioned in my blog there is some confusion among Realtors about how to post the current market status of houses and condos that are short sales where the seller and buyer have an accepted contract but that has not yet been approved by the lender(s). So the number I am reporting for total number of units under contract that are classified either as "contingent" or "pending" may be an understatement. That being cautioned, there are 42 condos or townhomes in all of Key West shown as contingent or pending. There are 38 single family homes listed as contingent or pending. Twenty-five of the single family home sales (65%) are either short sale or bank owned properties.

There are 848 single family, condo or townhomes for sale in Key West and Stock Island.

You can make of those numbers what you want. Just about every Realtor I know is busy showing houses these days. There are lots of lookers and some buyers actually making deals. Prices are low (compared to previous years) and there are some absolute steals on some houses. I think a lot of sellers are keenly aware that season is half over and that if they are to sell their property, they need to make a deal in the next 45 days or so before the buyers head up north. That's why Joe Friday popped by to let you all in on The Facts. Steals and Deals.

If you want to take advantage of the current low prices in Key West real estate CLICK HERE to checkout the Key West MLS database (no realtor will hound you and you won't get any pop-ups either). If you see something that interests you, please give me, Gary Thomas, 305-766-2642 a call, or send me an e-mail kw1101v@aol.com. Let me help you find your place in Paradise.

Everbody's Talking! 924 Flagler Avenue - Casa Marina - Key West Landmark

The Realtor I used many moons ago when I decided to look for a place in Key West just listed one of the most sought after homes in Key West. No hyperbole, folks. Just the facts. The property of which I speak is located at the corner of Grinnell and Flager in the Casa Marian area. CLICK HERE to see the details on this property and view the photos of the incredible interior that has not been touched since the house was built in 1935.

The property at 924 Flagler Avenue is a mix of Spanish - Art Deco with a dose of Key West added for pizazz. The floors are a mix of wood and Cuban Tile. The kitchen is original with handmade cabinets from the era as well as that incredible sink. This kitchen reminds me of the old Andy Hardy movies. Oh, I love this! There are companies that sell retro looking kitchen appliances that look like the old but have all the widgets we expect today. CLICK HERE to see what I mean. The current kitchen may not work for today's buyer, but if it does you could save lots of money on redoing this house. Think about it. (I mean update it but leave the cabinets and install new retro appliances.)

The house is 2064 sq ft and has four bedrooms and two and one-half baths. Original as well. Checkout the photos of the palladium windows in the sun room on the east side of the house. Early morning glory! There's a terrace right off that room on the ground level. And I think the second floor would make a great terrace to view the Atlantic Ocean two blocks away. You're gonna need your binoculars to see it through some palm trees, however.)

So you have surmised that the place is dated and will need an expensive renovation. My advice: hire a good designer, a good architect, and a good builder. Use and restore as much of what is in place to maintain the character of the old. No glass tiles, granite counter tops, vessel sinks, or stainless steel appliances allowed.

There is an existing large two car garage on the south side of the enormous lot. I'm thinking you might want to convert that space into a guest cottage. I think you can build a covered carport closer to the street and enclose the entire property in one of those wonderful Key West privacy fences. There is a huge rear yard located west of the house where there is ample space for a large pool and gardens. The lot is 12,366 sq ft or (99'.27 x 125'). It's big.

There are several multi-million dollar homes in the immediate area. 924 Flagler Avenue is a two block walk to the Casa Marina Hotel and the beach.

A place like this could easily be a million dollar renovation. But not necessarily so. Vision, creativity, a willingness to respect a more simple approach might result in an incredible result.

I would love to show this property to a buyer who has wants to fall in love with a part of Old Key West and who has the financial ability to do a renovation this property deserves. If you are that special someone, please call me, Gary Thomas, 305-766-2642.

615 Grinnell Strret (Rear) - Old Town - Key West

New Listing (but not mine) at 615 Grinnell Street (REAR)is a house that prospective second home buyers ought to take a look at. The one story house is located at the far end of a lane accessed just off Grinnell Street midway between Five Brothers on the north and the Key West Cemetery on the south. There are some very nice homes on this block. And it is located in a very quite area of Old Town. But it is located only a few minutes walk to Duval or the Historic Seaport. Those features ought to appeal to a wide audience of potential buyers.

This is how the listing Realtor describes 615 Grinnell Street: "Tucked away down a quiet Old Town lane is this lovely, fully renovated historic home. Three bedrooms plus a loft/office, high ceilings, quality finishes with an open floor plan for comfortable island living. Owner parks car in private alley in front of property. Lush tropical lot, inviting pool and porches make this a Hidden Island Oasis in one of the best neighborhoods of Old Town Key West." CLICK HERE for more detailed information and a lot of photos of this special house.

This place is totally hidden. It's another one of those hidden surprises that pop up every so often. You can't see the house from the street because it sits behind another house. But the lot itself is very large. There is a lot of outdoor space and sunlight amidst the century old homes and tropical gardens that surround it. The house itself is open from French doors on many sides. (The house is not a box. It has numerous additions that give it that Key West charm.) And then there is that pool and deck.

615 Grinnell Street (Rear) is offered at $795,000 or $624 per sq ft for this 1274 sq ft home on a generous 2985 sq ft lot.

If you would like to see 615 Grinnell Street or any other house in Old Town (that is for sale!), please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com.

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.