1018 Thomspon Lane - Old Town - Key West - Short Sale

Attention Bargain Hunters: At Home in Key West just listed 1018 Thompson Lane, Old Town, Key West, Florida at the asking price of $600,000 or $526 per sq ft for this 2 bed two bath 1140 sq ft house with a cocktail pool and off street parking. Best yet is the fact that this property is a Short Sale. A short sale means the seller is offering to sell the property for less than the amount the seller owes to lenders on condition that the lenders agree to accept the lesser amount as full payment on the amount owed.

Where, pray tell, is Thompson Lane? you ask. It runs parallel between Eaton and James Street (east-west) for one block. It intersects Grinnell Street on the west and Francis Street or the back end of Manley deBoer Lumber Company at the east. Thompson Lane is only one block long. It's a very narrow little lane that the tourists on Mopeds will surely miss. And no Conch Train will ever pass by this abode.

Finnegan's Wake is a mere 30 second stroll to the west. And the Historic Key West Seaport is maybe a two minute walk. The Waterfront Market is down there so you will never be short of fresh fish and veggies. Duval Street is a five minute walk so you can get to your favorite restaurant or other libation destination without having to drive a car or remember where you left your bike or scooter.

1018 Thompson Lane has been rented as a monthly vacation rental. So if you are looking to purchase a place that can legally be rented as such, this place may meet your needs. The website that offers this property as a monthly rental describes the property this way: "A little slice of paradise located only one block from the historic seaport and close enough to bike to all the sites and attractions of old town. The Key Lime Pie is located on a small narrow lane that is a secret from even many of the locals in Key West.
This house has been lovingly refurbished with updated kitchen cabinets, countertops, appliances, a brand new downstairs bathroom and new hardwood floors on the first floor. Also on the first floor you will find the living room, kitchen, bedroom and bathroom. On the second floor is the second bedroom and bathroom. Off of the living room is a cozy deck where you can bask in the swim-spa or relax reading a book. You will have one parking space for a smaller SUV or compact car. Sleeps 4."

CLICK HERE for more details and lots of pics of 1018 Thompson Lane.

If you are interested in seeing 1018 Thompson Lane or any other property in Key West please consider using me, Gary Thomas, to help you find just the right place. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. We are the exclusive Key West affiliate of Christie's Great Estates. Call me at 305-766-2642 or e-mail me at kw1101v@aol.com.

Price Reduction - 712 Southard Street - Old Town Key West

The sharp Key West Conch Cottage at 712 Southard just had a price reduction. The new asking price is $899,000. The house was extensively remodeled a couple of years ago so everything is in very good condition in my opinion. I have hosted two open houses at the property and have had time to poke around a bit. My observations later.

The listing Realtor describes 712 Southard Street thus: "Location!Location!Location! Just two blocks from Duval Street, sits this beautifully appointed shotgun on the best block in Key West. Two nice size bedrooms and bathrooms, great new kitchen with cathedral ceiling that opens to the glass tiled kidney shaped heated pool surrounded by tropical landscaping."

The house is 1026 sq ft according to Monroe County tax records and sits on a 2259 sq ft lot just two blocks from Duval Street. There is no off street parking, but the other properties in the area are single family homes with no commercial activity nearby. I often suggest that second home buyers consider renting a car when in Key West rather than owning one and then having to pay thousands of extra dollars just to have a guaranteed parking space. When you consider the cost of owning a car and add in insurance and depreciation, you gotta be loaded to have a second car in Key West. You can rent a brand new convertible every time you come to your home in Paradise. It will be cheaper, dear reader.

The bedrooms at 712 Southard Street are located in the front of the house. The living room is next and the kitchen (a sawtooth addition with vaulted ceiling) is at the rear. It opens onto the large deck and very good sized pool. The gardens are beautiful and very serene. The pool get plenty of sunshine and the neighbors cannot see the pool, so what happens in your pool area stays in your pool area.

If you are looking for a house in Old Town with at least two bedrooms and two baths and that has a pool CLICK HERE to see the other properties priced $899,000 or lower. 712 Southard Street beats many of the properties on several levels, but the potential buyer is the best judge of what works at what price.

CLICK HERE for more detailed information on this sharp Key West Conch House and lots of photos of the interior and exterior.

If you would like to see 712 Southard Street or any other property offered for sale in Key West, please call me, Gary Thomas, 305.766.2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc., an affiliate of Christie's Great Estates.

Just Listed: 602 Southard St. Old Town Key West

Just Listed, but not by me: 602 Southard Street (corner of Southard & Simonton Streets). This is how the listing Realtor describes this property: "Grand Historic Home (3 legal Units)located in the Old Town district. One block off Duval. Featuring Entry Porch, Hardwood Floors, Walk in Closets, High Ceilings, Ceiling Fans and Metal Roof. The perfect historic Conch Home!" CLICK HERE to see more info and several photos of the interior.

I have never been inside this place, but I have admired this house since the first time I came to Key West. There is something so "old" about the place that makes me feel safe or content. It's a big house, 2746 sq. ft. according to tax records. The lot is big too, 5573 sq. ft. at a major point in Old Town. The property is presently configured as three units, and the listing agent says there are 3 bedrooms and 3 baths. CLICK "PHOTO" to see PHOTO, PHOTO, PHOTO , PHOTO I took this morning of the exterior.

The list of negatives about this property in today's economy might scare away just about every buyer: location (busy corner); income on 3 units likely not enough to support debt to finance the purchase; cost of renovation would be huge because of the large size of the property; the price ($950,000) s barely under one million bucks; that ugly little commercial building next door to the south; I could go on. But if you look at the property differently you see the location as a positive if you are looking for a house near everything with the size of the building and lot to do what you want. The building next door doesn't have tenants that party all night. The economy is slow right now so you do your own stimulus package and hire some local builders that are not otherwise engaged. The asking price may seem high but it may be negotiable and on a per sq. ft. basis ($346) it is a great value given the structure, size, and great location. There are some structural things you may want to change (add a pool and eliminate the exterior plumbing pipes for example). I envision HARC and the planning department working with a new owner to turn 602 Southard into striking property. Let's say you invest an additional $500,000 in renovation. Would a "new" renovation in that location be worth about $1.5 million? To some buyers it would. You can get a lot of house in Key West for $1.5 million in today's market. Some locations are better than others.

If you think the worst of times is in front of us, this property is definitely one that you should not see. But if you think our country is going to come out of this mess and you want to take advantage of the present price levels, you might want to take a look at this property. Whoever buys this big house with a big lot needs a big pocketbook to do this old lady her due. This place could be fun. If you want to see this property, please contact me, Gary Thomas, 305.766.2642 or send me an email at kw1101v@aol.com.

3533 Flagler Avenue - Bank Owned - Key West

This distinctive Mid Century house at 3533 Flagler Avenue is bank owned and it has been on the market for quite a while. It was previously listed with a real estate agent in Miami. I've carped about them carpetbaggers before coming down here and listing homes in Key West. They join one of the Monroe County association of Realtors and start to list houses as if one house is like another. Well, it did not sell and it was put in a national auction. It didn't sell there, either. It was recently listed by a local Realtor and this is what that Realtor says: "Great family or shared home in New Town.,Key West, Florida. Spacious 3/3 with dip pool. Downstairs are a bedroom and bath, laundry room, large kitchen/dining area and living room. Multiple French doors provide lots of light and great views leading to tropically landscaped side/rear yards. Upstairs there are two bedrooms each w/ private baths and a comfortable deck overlooking pool and gardens. Rear yard is very private with beautiful, mature palms. The dip pool is uniquely shaped and a perfect size to cool off with friends on a warm tropical afternoon. There is plenty of parking on street and off street, front yard is paved to allow for vehicles and play. Large front porch, sit & relax and watch the world go by. Repairs needed. Foreclosure."

CLICK HERE to read more of the info in the mls and see 22 photos of the house and grounds. The previous agent had one pic.

I think this house would make a great family home. The front, side, and rear yards are big. The lot is 5000 sq. ft. and that means room for the family to actually enjoy the outside. The rear yard and pool are dramatic and really sexy. The place needs some spiffing up, but it will come back. The prior owner obviously loved this house. They put in a new kitchen and made several nice improvements to the property. There is a Romeo & Juliet balcony off the master bedroom that looks down to the pool.

If you are looking for a good sized house (1658 sq. ft.) at a good price, $332,900 or only $201 per sq ft, checkout this Bank Owned property. Get out that pencil and sharpen it. You might actually get a pretty good deal on this one.

CLICK HERE to search the real Key West Association of Realtors mls database. No one will call you or track you on the Internet--not even me. Please call me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com, if you are interested in this house or any other property in Key West. I am a full time Realtor at Preferred Properties Coastal Realty, Inc., an affiliate of Christie's Great Estates.

821 Southard Street - Old Town - Key West

There is something so comfy-cozy about 821 Southard Street in Old Town Key West. It kind of reminds me of my grandmother's house. It sits back off the street protected by a white picket fence. It sits up high and has a front porch to watch the world go by. There is even a screen door, a site rarely seen in Key West.

Inside the rooms are large. All of them. Except for the kitchen and baths, the rooms are pretty much now as they were when the house was built. The kitchen looks like new cabinets were installed around 20 years ago. I've seen the same cabinets all over town in houses and condos from that era. The stainless steel appliances are new, however. And the maple floors throughout the house add real warmth to the place. But the primary thing you see when you enter the house is that magnificent rear yard. It shouts out to you to come outside!

821 Southard Street is a 3 bedroom 2 bath house of 1526 sq. ft. that sits on a large 5400 sq. ft. lot (54'wide x 100' deep).It is offered at $1,250,000 or $819 per sq. ft. There is a small cottage at the right rear of the garden. The present garden is lush and dense. There is a great view of the steeple of a nearby church and the giant trees in other yards create a grand view from the covered rear deck. There is no pool, but there is ample room to build a very nice one. The setting is just beautiful.

The listing Realtor describes 821 Southard Street thus: "Perfect location with off-street parking! Lovely three bedroom and two bath home with an open floor plan, spacious rooms and wood floors. A generous dining porch overlooks the lush landscaping with plenty of room for a pool. Can also be sold with adjoining properties (MLS #107783 & 107785). CLICK HERE to read more info and see additional photos of this property.

This charming house is perfectly livable as is, but it would just as equally be a good candidate for a superior renovation. It is just that neat a property. If you are looking for a house like 821 Southard Street (or any other for that fact), please call me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com.

Kid Friendly in Key West

Thanks to all the readers who made such nice comments on yesterday's blog "You do the Math". I appreciate it when my shills are awake. Your checks will be arriving soon.

Diana, the reader that prompted all the comments,was looking for kid friendly area other than pricey Old Town that her family could afford. They are in that under one million threshold. I just created a list CLICK HERE of houses in the Meadows and Casa Marina areas that are priced under the one million mark. I think all prices are negotiable these days, so don't let the asking price on any property prevent you from looking at it.

I eliminated houses that are on busy streets. Some are affordably priced, but kids do run into streets. I think locals are pretty careful about driving on side streets. But you need to watch out for tourists. I did leave in houses on South Street. I know it gets traffic, but it also has some real nice houses at great asking prices and I think they may sell even lower.

1217 Varela Street is located right next door to the Montessori School. It's neat and clean, has room for a pool, and it has off street parking. The other houses on the block are much more expensive. The house across the street was featured in HGTV's House Hunters Key West episode last week. It's priced over $2.7 million. Nice house, great block, kid friendly, what more do you need?

1019 Flagler Avenue was left in because it could be a great family home. It's going to take some money and a good designer to do it, but the value is there. The rear yard once was incredible and it can be again. The house two doors away once belonged to R.J. Reynolds. It was recently redone and it is now offered just under $4 million. Same street folks.

1116 Seminary Street is a short sale. I wrote about it before. It is a great house and is located across the street from the Glen Archer Elementary School. Seminary gets local traffic from moms dropping the kids off and picking them up from school. And occasional locals like me who ride on the street on a bike.

1217 Petronia Street is in a dense area of the Meadows. Houses are closer together than houses in the Casa Marina area. But this house is priced very competitively.

The city government and many of the service groups are always doing something to make the lives of kids and families with kids more enjoyable. The city commissioners take pains to make sure that they provide good clean wholesome things for families to do that are apart from the craziness that happens on Duval Street.

The top photos is of a house in the 1000 block of Washington in Casa Marina. The next photo is located next door to 1116 Seminary mentioned above. The school is the Glen Archer Elementary School on the corner of White between Seminary and United Streets. It was the original Key West High School. Oh, I forgot to mention, there is even a Dairy Queen located nearby.

If you are considering the move to Key West, please consider working with me, Gary Thomas. I am a full time Realtor at Preferred Properties, an affiliate of Christie's Great Estates. Call me at 305.766.2642 or e-mail me at kw1101v@aol.com.

You do the Math - Key West Potential Deals

I thought it would be interesting to let the readers compare two similar yet dissimilar houses for sale. Both houses are often referred to as cigar maker cottages or shotgun houses. Some people call them Conch Cottages. Call them what you want. Both houses are for sale and here are the details that may make them attractive to you.

1216 White Street is located about five blocks from the Atlantic Ocean. It is a Bank Owned house listed for sale at $344,900 or just $262 per sq ft. CLICK HERE for more photos and detailed information provided by the listing Realtor. I've shown this house several times in recent weeks and I think this could make a great project for someone who doesn't mind spending some time and money turning this place into a little gem. Here's why: I am assuming the prior owner did the upgrades or improvements that exist on the house. They are not complete. The kitchen needs to be replaced and the floors need to be repaired. Some piers probably need replace, but those are things your home inspector and contractor can tell you what needs to be done. To me, those issues are "givens". But what makes 1216 White so appealing is the huge yard on the side and rear. I'm talking about the potential to create a really beautiful pool and garden area. Now, there appears to have been off-street parking where the current boarded up garage exists. There is a new sidewalk with no curb cut. But there may be photographs or city records that would give a buyer the right to get that curb cut put back in place. All of a sudden, that ugly little shack comes down and a new covered off-street covered canopy goes up. Beyond that is a fence protecting the gardens and pool beyond.

217 Truman Avenue is located in Bahama Village just west of the Key West Lighthouse. CLICK HERE to read more information and checkout the killer photos of this lovely house just two blocks from upper Duval Street. 217 Truman is priced at $599,000 or $586 per sq. ft. 217 Truman is "done" whereas 1216 White is "a fixer-upper". But both are priced in the price range acceptable to many second home buyers looking for a place in Key West. 217 Truman has less square feet than 1216 White, but White Street needs to complete the renovation.

Both properties are on streets that get a lot of traffic during the daytime. That is why I chose these two for comparison purposes. The view of the Historic Lighthouse, that sweet little pool, and the convenient walk to Duval Street should make a lot of potential buyers want to consider Truman. And the potential to create a very large pool and garden close might attract a buyer who wants a place close to the beach. Most houses in the Casa Marina area are still selling for over a million bucks. This place is about one block outside the Casa Marina area, but it is priced about $650,000 less because of its condition and location. You do the math on either house.

If you are looking to purchase a home in Key West, please consider calling me, Gary Thomas at 305-766-2642. I am a full time Realtor at Prederred Properties Coastal Realty Inc at 520 Southard Street, Key West, Florida.

25 years ago this week

Twenty Five years ago this week I sat foot on the Island of Key West for the very first time. I had read about Key West a few years earlier in a magazine called "After Dark". Things were different back then. We did not have 24 hour per day news channels and travel channels to tell us about the world. We had magazines and books. The photos above are from the issue I read. (That's Randy from The Village People in the top photo. Those pics attracted my attention. I read the article and decided I must see for myself.

I drove down from Miami and thought if I didn't like Key West, I could return to Miami or Ft. Lauderdale for the second week of my vacation. When I got to Key West, I did what any red blooded American guy would do. I didn't read the map. I guessed which direction to take. I drove south along the ocean side and ended up in no man's land somewhere. I was really upset. I thought I had made a horrible mistake. Somehow I found Duval Street (again without aid of a map). Then I found the cross street where my guest house was located. I checked in and started to decompress. Within hours there was no stress at all. Like every other first time tourist I walked up and down Duval Street and some of the side streets taking in the still "beat" feeling that existed at that time. The town had not been gentrified the way it is now. Some places like Jerry Herman's two sisters houses on the corners of Fleming and Elizabeth were redone. But so many more houses looked like they were ready to fall down any day. The sidewalks were cracked and falling apart. When you walked down the sidewalks at night Palmetto bugs (dozens of them) would litter the sidewalks. The sidewalks are fixed and the bugs are gone. Thank God on both accounts.

Each day brought a new discovery. I met new friends at the guest house. Together we found great restaurants to enjoy and together created wonderful memories of one of my best vacations ever. I met some locals and got invited to a party at a really swank Casa Marina home. I attended Tea Dance at La Te Da. (They held Tead Dance on Wednesday and Sunday afternoons. The town was hopping!) I made the nightly trek to the COPA and the other bars that existed back then. There was a place called Michael's on Duval Street. The Old Plantation and another called Papillion were popular as well but now they are gone. The Monster had burned down a year or so before. So I only learned of it by legend. I made the pilgrimage to Atlantic Shores and was amazed at the mass of naked people, many college kids, and locals hanging out listening to loud disco music in the daytime. I'm not a party person, but I started thinking "I could live here." Then it became "I want to live here." It wasn't about the bars or the booze or the sun. It wasn't about the beautiful old houses or tall palm trees or the ocean. It was the way that the People that live in Key West relate to where they live and how they relate to each other.

It took me nine years of screwing around making goof-ball offers on real estate before I bought my first property. I was always trying to get the best deal. That got me no deal for nine years. Then I got lucky. Real lucky. I bought a property at an SBA auction in 1993 and outbid the others in attendance. And I moved to Key West the week before Christmas. So many great properties had slipped through my hands. I wasted nine years in the cold winter snows. Nevermore.

A few years ago I wrote an offer for an English couple that wanted to purchase a newly renovated two story carriage house on a small lane just off Eaton Street. That carriage house was on one of the very best of the best lanes. I delivered the offer that evening to the listing Realtor. My buyer called very early the next morning and left a voice message asking me to stop by their guest house. He said his wife had been up all night. Crying! I went over immediately. She started crying again. She said something about not wanting to come to Key West and walking up and down Duval Street every day. I told her locals don't go to Duval. Tourists do that. Locals have real lives. Some locals go to Duval Street to work. Some locals go there to party. A few unfortunate locals spend too much time there, but they are not the norm.

I was showing a couple around town the other day and the wife said "You really enjoy selling real estate, don't you!" And I said "Yes."

I enjoy my life so much in Key West. It's a small town with small town values when it comes to people but it's a big town when it comes to having lots of things to do on so many levels. If you are thinking of buying a place in Key West don't miss the present buying opportunity. Prices are low compared to years past and interest rates are still very low. Local banks are making loans to purchase single family homes. Please give me, Gary Thomas, a call at 305.766.2642 or e-mail me at kw1101v@aol.com. Don't wait nine years like me. Life is too short to screw around over a few thousand dollars. I mean that from the bottom of my heart.

P.S. Trivia Question: What was the name of the rooftop restaurant at La Te Da (chinese that served drums of heaven chicken wings among other delectable foods)?

614 Greene Street - Old Town - Key West

They've already started the party without you folks. I just went down to take a photo of 614 Greene Street and the area is a bustle of activity with people wearing O'the green. How appropriate they are doing it on Greene Street. If you think I jest, look at the photo above with the couple in green t-shits that read "St. Patrick's Day 2009".

Anyway, St. Patrick's Day or someday soon may be your lucky day if you were to buy 614 Greene Street which is located at the epicenter of tourist activity at the Historic Key West Seaport. The listing Realtor describes this Transient Licensed Property this way: "Located just steps from both Duval Street & the Historic Seaport this commercial store front plus 3 transient rental unit property is in the perfect Old Town spot. Behind the bustling street lies a peaceful garden where each renovated unit enjoys its' own private covered porch. Relax in the ambiance of a wonderful custom dip pool with natural seashell waterfall. Front unit is commercial, Captain's Quarters (2nd unit) is a 2 bedroom, 1 bath, Crow's Nest (3rd unit) is a 1bedroom, 1bath & Pirate's Den is a freestanding 1 bedroom, 1bath bungalow. All units are offered fully furnished, turn-key including flat screen TV's & wireless internet access. Walking distance to all that Old Town Key West has to offer. OWNER SAYS SELL - MAKE OFFER!"

CLICK HERE to read more details on this property and see photos supplied by the listing Realtor. This property is a potential money maker for someone wanting a small hands-on day to day transient rental operation. I see the potential owner as someone who does not mind a little work to make a modest income from a property in a terrific location that may increase in value as the economy recovers. I can tell you this, the Monroe County Property Appraiser values the property highly. The location is what makes the modest buildings so valuable. That, and the ability to produce income either from transient rentals or other commercial activity that the Hrcc1 zoning permits. 614 Greene Street is not a Short Sale, but the seller is willing to entertain offers.

If you are thinking of buying a second home and potentially buy a small business in Key West, please call me, Gary Thomas 305.766.2642 or my associate Phil Wilson 305.394.4105. Phil has been in the commercial real estate business for years and either he or I may be able to help you put this deal together or maybe another property. Prices are low compared to years past, and there are some real buying opportunities.

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.