Key West House Hunters - Part Two

Did you watch House Hunters last night on HGTV to Cory Held of Preferred Properties show and sell a second home in Key West? If not and you are looking for a place in Key West, try to find it on re-run. It's helpful even if you are not looking in the same price range as the buyers who were willing to spend up to $2 million for a second home.

On the program Cory showed her customers three houses. In reality, they looked at about 20. I'm going to share the gritty details on the three houses on the program. Only one remains unsold and it is temporarily off the market but.... (more later)

House No. 1 is located at 804 Elizabeth Street in Old Town. It is an eyebrow house that was recently renovated and has a spectacular pool. The living room and dining area are just captivating. The second floor bedrooms are cozy (small but not tiny). The master bedroom is in the back and I thought it should be expanded to take advantage of the beautiful pool and garden. It was listed in April 2007 at $1,695,00 and sold a week ago for $950.000. I hope the buyer knows what a sweet deal he or she got. CLICK HERE to see the mls data sheet on 840 Elizabeth.

House No. 2 is located on Varela Street about one half block north of United Street. The Key West Montessori School is located up on the corner at United. I remember hosting numerous open houses at this location in 2000 when it was offered for about $600,000. I remember telling people about what a great property it could become. It was a big house and it had a big yard with a potential guest cottage and off street parking on the lane behind the house. Our office got to see the house a couple of months ago. My goodness, what an incredible change. You have to watch the episode to see all the bells and whistles that were incorporated into this home.

House No. 2 is temporarily off the market but was recently priced at $2,595,000. It is listed by Preferred Properties. CLICK HERE to see the mls listing info on this home. Click the photos to see more pics of the house including that kitchen on Steroids. The French doors open on two sides to let the outdoors come inside. And that pool is absolutely breath taking. The guest house in the back would suit me fine. What a charmer it is.

House No.3 is the house the "buyers" bought. It is located on Packer Street about one half block south of Truman Avenue. It was originally listed for sale in 2005 at $3,150,000. The buyers paid $1,337,500. (Public record.) CLICK HERE to see what they got for their money. This property is new as compared to the others. It is not in Old Town, but across the street so to speak. I think the buyers made out like bandits on the price. They got new construction with no issues. That's not bad.

Cory did a great job and I hear her buyers are delighted with the "little place" in Paradise. There are some great buying opportunities out there dear readers. And they aren't all for houses and condos in New Town. Every house that is for sale right now is for sale for a reason. Some people have to sell because of the economy; some are getting divorced; and some people have died and the heirs want their share of the money.

If you are looking to buy a second home in Key West, please call me, Gary Thomas. I am a full time Realtor at Preferred Properties Coastal Realty Inc. Give me a call at 305.766.2642. You won't end up on TV. (I got interviewed for the CBS program "SUNDAY MORNING" and got so confused I forget what I did at the RTC. So I know better than to try to walk and talk on camera.) But you might end up getting yourself a real sweet deal.

CLICK HERE to search the Key West mls database. No Realtor will call and you won't get emails sent to you without asking.

Key West House Hunters - Tonight on HGTV

Our very own Cory Held (Preferred Properties super agent) will be on HGTV's House Hunters tonight (March 15th at 7:30 PM EDT). Cory will be helping a couple planing to move from their Dillsburg, Pennsylvania horse farm to a million dollar home in the Florida Keys.

Let's all turn on the tube and see what happens. She did tell me that the episode was filmed a few months ago. It will be interesting to see what the buyers looked at and what the pricing was. Cory kept mum as to what the couple bought - or not!

I really like the House Hunters and House Hunters International shows. It is interesting to see what a few hundred thousand dollars can buy in various places compared to Key West. I know some people think our prices are still over-priced. Watch House Hunters and see what real people pay for real houses, especially in the House Hunters International series. One of the things I've noticed about the international episodes is the desire of buyers to be in a great location at a great location. You know what I mean: they want the best location at a destination they love. When confronted with choice of price versus dream fulfillment (size, features, amenities, superior location such as ocean front or "view" of whatever), it is fun to watch buyers struggle to decide what to do and how to justify their decision.

My buyers go through the same decision making struggles all the time. They typically want either an a cute Old Town house on a good block that has off street parking, a pool, and a good price--under $500,000. Some want the place done and others are willing to do some fix-up. Other buyers opt for the Casa Marina area because of its proximity to the beach and its distance from the hub-bub of Duval Street. Most realize they can't get a place in the Casa Marina area for $500,000, but that doesn't stop them from asking.

We got struggles, right here in Key West City. Ha!

That's Cory and her dog BINGO in the photos.

Watch Cory Held tonight on HGTV. But when you come to Key West, please call me to help you find your place in Paradise. Call me, Gary Thomas, 305.766.2642 or email me at kw1101v@aol.com. CLICK HERE to search the Key West Association of Realtors official mls website. No Realtor (me included) will track you and start sending you emails.

921 Eaton Street - Old Town - Key West - Bank Owned Duplex

I can already hear the chorus beginning to chant "location, location, location" or something like that as a reason not to even consider this cute two story duplex that in a newly listed Bank Owned investment property. The property is located at 921 Eaton Street. Busy street during the daytime, for sure. Quiet at night, however. Asking price for this 1240 sq ft property near the corner of Eaton & Grinnell Streets is only $424,900 or $343 per sq ft. CLICK HERE to see the listing information provided in the mls. And CLICK HERE to see additional information that the previous Realtor provided and much better photos prior to bank ownership.

I took the photos above today. Look at the neighbors. The immediately next door to the west (CLICK HERE) at 917 Eaton is offered at $1,795,000.Not a typo! The yellow house next door to 921 Eaton is not listed for sale (CLICK HERE), and the income producer with 15 years income producing records located at 925 Eaton Street is listed by Preferred Properties at $450,000 (CLICK HERE) for info on that property. One of Key West's most beautiful and most photographed homes sits at the corner. CLICK HERE, CLICK HERE, and CLICK HERE to view. The Paradise Cafe is on the opposite corner at Grinnell. And one block north on Grinnell you will find Finnegan's Wake. And one block beyond that is the Historic Key West Seaport.

CLICK HERE to checkout the magnificent homes and mansions currently for sale. Maybe then you will appreciate the value of this simple little duplex in a very good location.


Randy, who used to cut my hair, lived at 921 Eaton Street for some time. He loved the house and the location. That doesn't mean you would. But the location doesn't mean that you would not. I can imagine a buyer could be someone who wants a nice clean place in a good location with some income to offset the cost of purchase. Rent the one bedroom and keep the two bedroom unit for yourself. The income will help pay part of your mortgage and keep a physical presence at the house. By the way, the property directly across the street, West Winds Guest House, was listed for sale this week at $6,440,000. And the Duplex across the street at 904 Eaton (CLICK HERE)was just listed for sale at $930,000. It has a pool and it is 700 sq. ft. larger. But it's on that same block! Across the street!

Some of the bank owned properties are selling quite quickly. Please contact me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com for more information. I'm not ready to say this is a bargain, but it looks pretty attractive at this time.

Pssst! I've got a Deal for You!

The house at 409 William Street is located on one of the best blocks in Old Town Key West. Some of the oldest and most beautiful houses in Key West are located in the three, four, five, and six hundred blocks of William Street. 409 William Street is known as the Gideon Lowe House. Several years ago it became Whispers Guest House. And then in June 2005 the present owner purchased the property for $2,000,000 and began the renovation process.

That's not a typo dear reader. The owner paid $2,000,000. The property is offered at $1,995,000. The owner put over one million dollars in to the renovation. The math is simple. The seller is going to lose a lot of money no matter what the price is paid for this house. Read on.

The house was built in 1908. The Listing Realtor shows the square footage as 3442 sq ft on three floors. The lot is very large: 44.2 x 100 or 4422 sq ft on a great block. The house has four bedrooms with one master suite on the main level, a second full master suite on the second floor, and two good sized bedrooms with one shared bath on the third floor. The ceilings are tall and the rooms large on each floor level including the third floor. There is a front porch on the first and second floors off the bedrooms so the owner can sit and watch the world go by or watch sunset without leaving the house.

The entry way is tall and impressive and immediately lets you know upon entry that you are in a very special house. The great room and kitchen-dining area are located at the back of the house with French doors that open onto the rear deck, gardens, and pool. This house is not for the buyer who wants a Key West cottage. This is far from that type of abode. Instead, this place is for a family that needs a big house. The rooms don't ramble. They are people and furniture sized.

Quaint it ain't. But charming it is. And pricey for all but a few. 409 William Street is now offered at $1,995,000 or $580 per sq ft. CLICK HERE to view an unedited list of eleven comparably price properties in the Old Town, Casa Marina, and Meadows areas. Compare the size, amenities, and location for yourselves. With a couple of exceptions, 409 William Street is priced lower than the majority of the homes on a price per sq foot basis and it is much larger than all but three.

CLICK HERE for more detailed information and a lot of interior and exterior photos of this dramatic property.

If you are in the market for a genuine Historic Key West property or simply a very fine restoration property, please call me, Gary Thomas, 305.766.2642 to schedule an appointment to see 409 William Street. CLICK HERE to search the Key West Association of Realtors MLS database. Who knows, you might end up owning a great property in Key West at a bargain price. They don't make houses like 409 William anymore. And these bargain prices will not be around forever.

Let's Do the Fifties Over Again

I'm old enough to remember the Fabulous Fifties with some degree of clarity. My advice to President Obama: Let's do the Fifties Over Again.

When I was a little kid attending the Mountain View Elementary School in Wheat Ridge, Colorado (Denver suburb), kids were the silent savers that helped secure America's future. Every week, year in and year out, every kid was asked to buy a savings stamp. The stamps were sold by our teacher in denominations of 10 cents and 25 cents. A thrifty kid like me would buy as many as he or she could. The kids would lick the stamps and put them in their private Savings Stamp Album. When there were $18.75 worth of stamps in the album, it could be exchanged for an official United States Savings Bond. When the bond matured it would be worth $25. And it was guaranteed by the United States Treasury. So you knew your investment was safe.

The government got little kids to give up part of their allowances (maybe) to help finance our way out of the debt carried over from World War II. We didn't borrow from China, Japan, England, France, or any other country. All the countries were recovering on their own from the war. (In fact the United States helped finance some of the recovery in Europe through the Marshall Plan.) So the incremental contributions of millions of kids on a weekly basis really did add up.

I remember my mother taking me to Empire Savings at the Lakeside Mall to open a savings account in my name. I'm sure I wasn't older than twelve at the time. When I made money, I'd always put part of it in my savings account. Believe it or not, I've still got money from that account today. I never stopped saving.

When my mother went grocery shopping she'd always take the Green Stamps home and I got the job of licking them and putting them in the album. Then we'd go to the Green Stamp store and look for something to "buy" with the stamps. Sounds hokey now, I guess. But millions of families did it in the Fifties. We were all about the same back then. Regular people who worked for a living and had houses in the suburbs of cities across the country. Just regular people without fancy European cars or European cabinets in our granite and stainless steel kitchens. We had one TV and one phone. Most families had just one car. Two at most. Thrift and saving was the norm. Indulgence was showy.

My parents were newly married at the beginning of the Depression. I came along unexpectedly 17 years later. I learned Depression-era frugality, and I was taught to save money and to spend it wisely. I put myself through college and law school. I did get some scholarships, but no money from home. None! So what I have achieved in life is from hard work, saving, and maybe a few good investments.

Kids that grew up in the Fifties learned that there was a permanent record of every deed they did. Bad deeds would indeed be put on your Permanent Record. Bad deeds got punished. Achievement got rewarded. I was never a super achiever, but I was never an evil-doer. George Bush would have been proud of me.

Fast forward fifty years. There is little savings and lots of credit. We buy things we can't afford--on credit. Banks lend money the shouldn't and reward the bankers who lent the money with big bonuses. When the whole economy starts to implode, the government steps in and gives more money to the morons that got us into the mess. Big banks and big businesses are too big to fail we are told. So the government borrows money from the Chinese (remember when we called them "the Red Chinese"?). That moniker kinda faded away real quietly.

My suggestion Mr. President: stop borrowing money from China and start borrowing it from our kids. Re-institute the savings stamp program in schools. Teach kids about thrift and savings. Teach them to plan for tomorrow and not to just borrow money. Teach them them to buy what they can afford. And while your at it Mr. President, tell the few American companies that actually manufacture things to start producing items the old fashioned way. You remember, I'm sure. Items that were built to last beyond their warranty expiration period.

One final suggestion, Mr. President: take the morons that created this frigging mess to the woodshed. Give them the old fashioned licking kids used to get before lickings became politically incorrect and socially intolerable. Let the Wizards of Wall Street get their fannies spanked. Let those bozos know that their greed and incompetence is going on their permanent record. No deals for morons. No get out of jail cards for the really big swindlers like Bernard Madoff. I can just see it coming, Mr. President. He's gonna work a deal to keep his sorry ass out of jail by agreeing to get some money back. Send that creep to the prison were common felons go. Let the guys on the inside do to him what judges and polite society won't do. That will send a message louder than you can imagine to every crook out there. No bonuses this year to the guys on Wall Street either.

1731 Bahama Drive - Key West

1731 Bahama Drive is located at the far east end of the Island of Key West. It's really far from the crazies that populate so much of Old Town some days. The little enclave of five streets with tropical sounding names is located between Flagler and the mangroves on the north side of the Key West International Airport. I laugh every time I write that name. I'm not quite sure planes go to or come from any international port of call.

Most of the houses in this area back onto one of the small canals that eventually feed into the Riviera Canal and that takes you directly to the Atlantic Ocean. Most of the residents in this area are full time Key Westers who own their own boats and use the canals for there intended purpose. Fun!

1731 Bahama Drive is not on a canal. It backs onto the mangrove to the east. That means no neighbors on the other side of the canal looking at you lounging around your pool. There is no canal. And there are no neighbors. Just lush mangroves.

The house is 3 bedroom 2 bath ranch built in 1965. It is 1203 sq feet and sits on a very large 5600 sq ft lot. the house has been updated and has a nice new kitchen.
For me, the main attraction is the back yard, covered patio, and that gorgeous pool. The grounds are beautiful and that pool is just inviting. The best part is the price: $435,000 or $362 per sq ft.

This is how the listing Realtor describes this house:"Priced to Sell! This is NOT a short sale. This home offers gracious living indoors and out! From the moment you pull into your circular driveway, bordered with mature native landscaping, you will appreciate that no detail has been overlooked. Each of the 3 bedrooms has an over sized closet. It has 2 baths, one of which is en suite to the large master bedroom. The kitchen has stainless steel appliances, side by side refrigerator, dual range and microwave. Beautiful counter tops, wood cabinetry and a handy pantry/utility room. Step outside to a brand new canvas covered sitting and barbecue area. To the left of the pool lays an open lawn area for outdoor games and/or entertaining." CLICK HERE to see more photos and read more detailed information on this property.

This isn't a short sale; it isn't bank owned; it won't take months or weeks or even days to get an answer on your offer. It's a nice home in a quiet location looking for a new family. (Yes, I know the airport is nearby. If this house were located in Casa Marina with the views and amenities, the price would be at least a million dollars higher.)

If you would like to see 1731 Bahama Dive, please call me, Gary Thomas, 305.766.2642. Want to compare the relative merits of this house at his price to others in Key West? CLICK HERE to search the Key West Association of Realtors mls website. Set your search to single family homes price at or below $435,000 to see what you can buy for that amount. Then you will see why I think this is a good buy.

1015 Eaton Street - Old Town - Key West - Open House

Dear Readers: OPEN HOUSE Today at 1015 Eaton Street from 1:00 - 3:00 PM. 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. The bedrooms are large and have lots of headroom. This place is Done! Done! Done!
I'll be hosting this Open House so stop by and take a look. Back in 2006 this beautiful home was listed for $1,650,000. Times have changed. This is NOW a SHORT SALE Offered at $995,000. Short Sale asking prices are just as negotiable as any other listing. If you like the classic Eyebrow look, this could be your chance to own a Key West classic at a bargain price.

Preferred Properties Coastal Realty Inc. is hosting four other Open Houses today. CLICK HERE to see the properties. Tell the hosts that Gary Thomas sent you and see what you receive.

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.

The Key West Garden Cottage

Attention Locals and Visitors to Key West. There's a new shop in town that is unlike any other. That's because many of the treasures you will see are custom made right here in Key West for The Garden Cottage Key West located at 526 Southard Street, Key West, Florida 33040 (phone 305.296.9840). E-mail Domkeywest@gmail.com.

The Garden Cottage Key West is owned by Dominique Barrera and Laurie McChesney (both of Preferred Properties). They decided to convert the former offices of Preferred Properties into a shop that could offer one-of-a-kind fountains, lattice work, custom made potting benches made from Dade County Pine or pressure treated wood and gates made of iron or wood. There are also vintage and new treasures for the home or garden. And of course there are gifts and mementos unlike the kind you'll find at a dozen stores on Duval Street. (Our new offices are located at 520 Southard Street, just three doors to the west.)

There are mirrors, vintage flower pots, new flower pots, orchids, herbs, plants, & cacti. There is an antique English glider that arrived today. It's about 120 years old, re-furbished, and painted Kelly Green. Come by, sit down, relax converse. Sit in this glider and dream about living in Key West. You are sure to find something that you absolutely cannot live without.

Stop by and take a peek at the many treasures. Imagine what your home in Paradise or Peoria will look like with a special treasure of your trip to Key West. Tell Dom or Laurie that you heard about The Garden Cottage Key West in my blog and receive a 10% Discount on any item in the shop. How's that for having connections!

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.