1015 Eaton Street - Old Town - Key West - Eyebrow House - Short Sale

So you have been coming to Key West for years and dream of "someday" moving here. You imagine what it would be like to get up in the morning and have coffee out by the pool under the palm trees listening to the birds cheep while you watch the butterflies flitter and the geckos dither. Maybe you love going over to the Green Parrot or down to Sloppy's and getting a little crazy and think to yourself, I could do that all the time. Or perhaps you dream of being able to do something adventurous like parasailing, snorkeling, biking, or canoing through the mangroves whenever you want.

You regret not having bought years earlier when prices were cheaper. You remember that special house you saw at a Sunday afternoon Open House and say to yourself "I should have bought that place." But you didn't.

CLICK HERE to do your own personal search of houses for sale in Key West. You set the price range and see what is available today. Tomorrow, surely one of two of the properties you see will be gone. I expect more new properties will be listed, especially condos and townhomes in on the eastern side of the island. But there is a limited amount of single family houses under a million bucks in the Old Town area.

1015 Eaton Street is listed as a short sale at the asking price of $995,000. This house is a classic eyebrow house that has been tastefully restored. It has four bedrooms, three bathrooms, a new addition at the back with a large great room and kitchen that open onto the long and inviting pool and spa. The living area has a fireplace for those two or three days a year there is a bit of a nip in the Key West air. The great room doors open accordion style so that the entire outside becomes part of the inside. The master bed and bath are on the ground floor. The bath opens onto the spa making a late night dip just too inviting. And if you have looked at eyebrows before and been disappointed by "dinky" bedrooms, look at this house. The bedrooms are large and the ceilings tall. That means those rooms are actually livable. A claim not all eyebrows can make.

1015 Eaton Street is a listing of Preferred Properties Coastal Realty Inc. While this is not my listing, I hosted an Open House there and have spent enough time there to get a real feel for the house. I loved it. The kitchen and baths are new so you won't feel like you are roughing it like you might in many old Key West houses. The bedrooms are good sized so you have more room than to crawl into a bed. If you have looked at other eyebrow houses you know what I mean. But the really neat feature is the way that the back end of the house totally opens onto the pool area. You move to Key West to enjoy the outside. And the outside here is just wonderful. The one thing this house does not have is off street parking. If this were to be your second home, you can easily store your Key West car in the public garage which is one block away. (I believe the monthly storage fee there is $100.)

CLICK HERE to see more photos and read the detailed information on 1015 Eaton Street. This house is a short sale that is offered at $995,000 or $573 per sq ft. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com if you would like to schedule a showing of this classic Key West Old Town property.

April Sales Recap for Key West

It's that time of the month again: time to report on what happened in Key West real estate sales for the prior month. I think I am a pretty optimistic person. I'm old enough and seen enough not to get too rattled by the Swine Flu Scare and the Chrysler Bankruptcy. I know thousands won't die of the flu and that Chrysler will emerge from bankruptcy and continue to manufacture Jeeps and convertibles. That is why I am not frightened by the seemingly sad numbers for the month of April 2009 as compared to prior years.

There were 11 single family homes sales in all of Key West for the month of April with an average price per foot of $455. Two of the sales were "short sales" and one was a bank owned property. Notable sales included three I wrote about here earlier including 608 William Street that sold at $670,000 or $890 per sq ft; 708 Eaton Street that sold for $2,400,000 or $724 per sq ft; and 912 Fleming Street that sold for $372 per sq ft. 608 William Street is a tiny little gem in a great Old Town location. Remember when I wrote yesterday about people that buy a look, a lot, and a location? 608 William Street had all three nailed!

708 Eaton Street is a big property on a busy street during the daytime, yet it commanded a huge price per sq ft. Proof again that quality does matter to discerning buyers.

And don't forget 912 Fleming Street. It has one of the best locations in Old Town and is surrounded by multi-million dollar homes on all sides. The house is in good condition and has a gorgeous pool and rear courtyard. Congratulation to the new owners, Sean & Kellee.

In 2008 there were 11 single family homes sales in all of Key West and the price per sq ft then was $419.

Condo and Townhome sales in Key West in April were not quite as fortunate. There were 10 such sales in April. Three were "short sales" and three were bank owned properties. The average price per sq ft was only $271. In 2008 there were 11 sales with an average price per sq ft of $537. In 2007 there were 20 sales where the price per sq ft was $751. (Four of those sales were of units at Santa Maria Condominiums. Several units there are now offered as short sales with prices discounted in the hundreds of thousands of dollars!) And in 2006 there were 12 condo and townhome sales with an average price per sq ft of $791.

The number of sales in 2006, 2008, and 2009 is fairly consistent. If you take out the four Santa Maria sales for 2007, all four years have about the same number of units changing hands each year. But the price degradation is disturbing. Short sales and bank owned units at the golf course, Shipyard, Seaside, and similar properties have just decimated that market. I watch the filing of Lis Pendens in the Monroe County Clerk's office. The filing of new Lis Pendens on condos and townhomes is not stopping. I haven't tracked how many were filed previously and I can't state the numbers currently. But there are enough to make me think we have not seen the bottom of foreclosures in the condo and townhome sector of our market.

I think there are some real bargains in the condo and townhome market. A buyer has to look not only at the price of a particular unit but also the developments, the strength of the the home owners associations, the reserves held by the associations, and the condition of each unit. Some units are better than others. And some developments are better maintained than others. So if you are looking to purchase a condo or town home, take your time, do your homework, and buy wisely.

When I started today's blog I said I'm optimistic. Everything I just wrote sounds bad however. Sales are down in dollars and percentages over years past. On the other hand, there are lots of buyers. Everybody I know is writing offers. Many of those offers are screwball and low-ball offers that do not have a chance of getting accepted either by the seller or a lender in a short sale scenario. The other day I got an e-mail from a local lender offering 4.5% 30 year mortgage money. That makes buying a place in Paradise much more affordable. There are not a lot of houses in the Old Town and Casa Marina area under the million dollar benchmark. My advice is to think big and think bold. Houses that have not sold during season are languishing for a reason: they are probably over-priced. I think there is a group of houses in the $1.2 million range that are nearly ripe for purchase. Wait until hurricane season and see how ripe they are then.

If you are looking to buy a place in Paradise, please consider working with me,Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. E-mail me at kw1101v@aol.com. Let me help you find your place in Paradise.

The End is Near!

The End is Near! At least it is for the small eyebrow house at 405 Frances Street in Old Town Key West. No, the house is not going to be torn down, but after months of being on the market, a contract has been signed and the owners and buyers await the closing on the transaction. CLICK HERE to see the particulars on this old house.

The house on Frances Street is quite similar to many other Old Town homes that have been lived in by generations of Key West residents. A few houses in similar condition are still available for purchase. And you might be surprised to read that there are buyers looking to purchase old relics like Frances Street. All of the Old Town houses are in the Key West Historic District so the rules of the Key West Historical Architectural Review Commission ("HARC")will apply. CLICK HERE to read and download the HARC Rules. If you are thinking of buying any house in Old Town, you really need to know the general intent of the rules.

Some of the more valuable houses in Key West once looked something like 405 Frances Street to some extent. When I show old houses to prospective buyers I suggest that they forget about the often cramped interiors and take a different approach. I suggest that buyers look at buying the house as a box with no inside walls. Let the designer or architect rebuild the house utilizing the existing exterior walls and maybe add an addition to the rear or side, HARC permission required. Existing walls go away and new functional living spaces emerge. The look from the street hides the new functionality at the rear.

People who buy old houses in Key West are basically buying a look, a lot, and a location. If the buyer is lucky, the buyer gets a nice looking old house, a decent sized lot, and a suitable location. We all know certain locations suck. We know certain lots are tiny. And certain houses are just plain ugly. 405 Frances is cute and has a great location, but the lot is tiny. So the buyer gets two of three. That's not bad.

I created a list of active houses in Old Town that I think might make for good renovation projects. Some of these properties have been on the market for a long time. Some may not be in good condition--the kind where a buyer would feel comfortable moving right in and sleeping and eating. Some may still seem to be priced very high given their condition. I would simply suggest that buyers take a look at the house CLICK HERE for a late addition: 630 Elizabeth Street just went back on the market. It is bank owned and it would make a great remodel project.

CLICK HERE to see the houses that I think might make for good renovation projects. It is my subject opinion. The only caveat I would add is not to let the asking price dissuade you from considering the individual properties. I think deals can still be made in this tight market. Some of the houses listed have very inflated asking prices in my opinion. The sellers either are living in La-La Land or they are just waiting to get an offer and think they will negotiate.

If you are one of the many buyers who has postponed making an offer on a second home in Key West and continue to hold to the belief that prices will continue to drop, I would simply urge you not to wait too long. The end of the down market is near. The supply of houses is drying up. The supply of houses in Old Town is really drying up.

More on the current market tomorrow. If you see something you like, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc, an affiliate of Christies Great Estates.

715 Ashe - Old Town - Key West

Potential Dream Home in a quiet Old Town Location awaits a buyer. 715 Ashe Street is located one block west of White Street between Olivia Street to the south and Southard Street to the north. I give you the location because a lot of locals don't even know where Ashe Street is located. So how in the world can Conch Train drivers and moped riders ever find it. It's the next best thing to living on a slow lane in key West.

715 Ashe Street is a two bedroom, two bath home with a total of 1222 sq ft of living space that sits on a good sized 3055 sq ft lot. The interior has Dade County Pine walls and ceilings. Some of the walls have beaver board, an early variation on drywall. The walls I saw are in very good condition. The floors have been tiled and are also in good condition. The house seems level and several of the support piers have been replaced. There is even a new roof as of May first (or so). The owner has taken good care of this house. If I were buying the house, I would get permission from HARC to replace the jalousie windows with HARC approved windows that would make this little gem shine. The front porch needs some restoration to make it look like the other story book homes in the area. And there is plenty of room for a nice sized pool in the back. My advice: spend a few bucks and buy a cute house at a great price before all the deals are gone for good.

715 Ashe Street is offered at $549,000 or $449 per sq ft.

CLICK HERE to read how the listing Realtor describes this property and see more photos and information on 715 Ashe Street. Please call me, Gary Thomas, 305-766-2642, to schedule a showing of this home. It is tenant occupied, so 24 hour advance notice to view the home is required.

Stressed to Excess in Key West

One of the things living in Key West has taught me is to be more patient and not to let little things upset me so much. Following Conch Trains continues to stress me, however. I take evasive action any time I think I'll have to follow one more than a block or so. Getting stuck in a traffic jam in Key West (translated: sitting at a stop light for a couple of minutes) stresses me. People that are not handicapped that have handicapped windshield emblems and that park in handicapped parking stress me big time. And people and businesses that put up signs to prohibit the public from parking in the public right of way don't' just stress me: they p*ss me off.

Conch Trains bring business to our town. Not to me and not to most of the people who live here. But they are good for Key West. So I tolerate them. And try to avoid them.

Traffic jams here are not like they are up north in America in places like New York City, or Los Angeles, or Atlanta. I was in Atlanta a couple of months ago. It took us 45 minutes on a Saturday night to drive six blocks. We were on a six lane (one direction) road. I'd be nuts if I had to live through that every day. How do you readers cope with that?

There is a local Key West resident that drives a big rugged truck that exudes his "manhood" to no end. He has one of those handicapped parking permit that he hangs on his windshield mirror when he pulls into a handicapped parking space. I watched him do this one day. He got out of his big rig and strutted someplace in the small shopping center. He is no more handicapped than I am. I don't know the guy personally so this isn't a me vs. him issue. There is a real handicapped person that uses that same handicapped parking space regularly. His van is outfitted with a special lift that helps him get out of his van in his wheelchair. The guy with the big rig took the real handicapped person's parking spot.

There are a lot of older people in the Old Town area that have handicapped parking signs placed in front of their homes. I get it. I understand parking is tight in Old Town. But the streets are public. Giving certain people special treatment isn't right unless they really are handicapped. And being old is not a handicap.

Finally, I have to criticize property owners that put up signs or erect barriers that keep the public from parking on the public streets and right of ways. The photos above show a sign placed in the public right of way next to a Casa Marina area town home warning potential parkers not to park there. The neighbor across the street has grass planted in his public right of way, and he erected metal poles to prevent the public from parking on the right of way.

There is a new deli on Truman that just put up signs inside the deli and on the side of the building that state "CUSTOMER PARKING ONLY UNAUTHORIZED VEHICLES WILL BE TOWED AWAY AT VEHICLE OWNER'S EXPENSE". And in smaller letters at the bottom there is a spot for the police department phone number. The signs look like something the city would put up. That's the point I guess. Put up something to prevent someone from doing something that they have a legal right to do.

I guess in the scheme of things if this is all I have to worry me, I've got it pretty easy. If I had to move back up north I don't think I could handle it.

Big Bad George

I'm not going after the former President!

Last week I urged my readers to quit their jobs, move to Key West, and become an "I used to be" by purchasing a great little property at 811 Fleming Street (CLICK HERE). That property went under contract on Wednesday, so you are outta luck on that one.

But, fear not, there is another opportunity awaiting some sharpie with an athletic background, or a resauranteur, or maybe just someone with a good business acumen. I'm talking about the new listing at 19269 Bad George Road on Sugarloaf Key. CLICK HERE. This is a Preferred Properties listing.

The listing agent describes this property thus: "Great opportunity to have your own Restaurant, Sports, and Leisure Club with large pool and hot tub on a private 2 acre lot complete with 3 clay court tennis courts. 150 seat Restaurant and Bar for SRX license capability. Also, two residential apartments with a renewable transient license. Many improvements have been made including 2-zone A/C in restaurant. This property is only 15 miles away from Key West!"

The restaurant includes both inside and outside dining and a separate sports bar area and poolside service. Many improvements have been made including two zone air conditioner in the restaurant and the enlargement of the kitchen with a $25,000 hood.

Many people that work in Key West live in the Sugarloaf Key area. It is 15 miles from Key West. Sugarloaf is also the location of many second homes for people that live up north in America. Not everyone wants to get in the car and drive to Key West every morning to go to the gym or play tennis. And not everyone that lives up there has a pool, although most live on canals or have water views. It looks to me like there is a captive audience of locals in the Sugarloaf area that would use a facility like this.

If you are thinking of relocating to the Keys and want to have something to do, you owe it to yourself to take a look at this property. To see this property please call me, Gary Thomas, 305-766-2642.

Together We Have It All

Style. Grace. Warmth. Whimsy. Charm. Together they add up to quite a package when you are talking about a person or a house. Of course if you are talking about a person being at the right place at the right time is pretty important. And if you are referring to a house, location is most important! Don't we know it.

The new listing at 1108 Fleming Street has just about everything a discerning buyer could want. This is how the listing Realtor describes 1108 Fleming Street: "Beautifully appointed historic home on one of the most prestigious streets in Old Town Key West. Three bedroom conch house with guest cottage, inviting pool and off street parking. Open floor plan with high ceilings, french doors overlooking lush tropical yard. Large master suite with office area, family room with vaulted ceilings and bright, airy rooms. Deep lot goes through to Curry Lane with off street parking accessible from the lane. The quintessential Key West hideaway for the discerning buyer."

The last time this property was on the market it sold within a few days of being available. Times are more difficult today than they were then. But this old house is better and more cheerful than it was then. The house is bright and cheerful from front to back and bottom to top. Every room is different, but the entire place flows evenly and with purpose. The great room at the rear of the main house invites you out to the pool. The guest cottage at the rear invites you to come in and get cozy. You know you are in an old house. But everything inside is new so you are not fearful that something will break and cannot be fixed.

1108 Fleming Street is located at the far end of Fleming Street. It's a good six or seven minute walk to Duval Street and about the same time to get to the Historic Seaport. There are two convenience stores down on White Street and a couple of nifty restaurants within two blocks. Curry Lane runs behind the house and that is where the off street parking place is located.

The master suite is located on the second floor. There is a little sitting room or office outside the bedroom. There is a small set of French doors that separate the two areas. A little tag is affixed to the door handle. It reads: "We may not have it all together. But, together we have it all." This house has it all together in spades. What a perfect little Key West home. Style, grace, warmth, whimsy, charm, and location. (And off street parking!) 1108 Fleming Street is offered at $1,295,000 or $807 per sq ft. This is a really neat house. I don't think it will last long, even in this difficult market. CLICK HERE to read more info on this house and see more photos.

CLICK the following tags to see individual photos of the house: Kitchen, Guest Cottage Bedroom, Guest Cottage Exterior, Master Bedroom, Master Bath, Office off the Master Bedroom, Stairway.

1108 Fleming Street has Style,Grace,Warmth,Whimsy, Charm, and Location.If you want to have it all, please call me, Gary Thomas,305.766.2642, to schedule a showing. Town is very busy right now. Sales results for this month ought to be pretty encouraging.

726 Fleming Street - Old Town - Key West - Transient License

There is a new listing at 726 Fleming Street in the very heart of Old Town Key West that may interest you second home buyers that want a place you can rent to help pay part of the cost to buy the place. The listing agent, who is not located in Key West, and so far has not complied with our listing requirements and supplied any photos of the property, says this about the property: "LOCATED IN THE HEART OF KEY WEST!! THIS 2 BEDROOM, 2 BATHROOM BUNGALOW WITH HIGH CEILINGS HAS ONE OF THE FEW TRANSIENT RENTAL LICENSES!! DO NOT MISS THE OPPORTUNITY TO OWN THIS SPECIAL PROPERTY. NO NEED TO HAVE A CAR, WALK TO EVERYTHING! PRICED TO SELL." CLICK HERE to see all of the agent supplied information.

726 Fleming Street is located one house to the east of Love Lane. Love Lane is situated east of the Monroe County Library at the corner of Elizabeth and Fleming Streets. William Street is just about 125 feet east of the property. If you are familiar with those landmarks, you have a pretty good idea of the location. If you remember the house that was the subject of the This Old House renovation a few years back, 726 Fleming is right across the street to the south.

According to the listing agent, 726 Fleming Street is 792 sq. ft and sits on 1743 sq ft. lot. The asking price is $595,000 or $751 per sq ft. I have not been inside, but the house looks tidy from the street. You cannot beat the location. And the existence of a transient license which permits the owner to rent the property just like a hotel room for 365 days per year is a genuine bonus.

Please call me to see if this property meets your needs in a second home in Key West. Please call me, Gary Thomas, 305.766.2642 to schedule a showing. I took some potential buyers past the house yesterday afternoon and there were people looking at that time even though there is no for sale sign on the property or photos in the mls.
This property probably will not last the week.So you better move quickly.

6 Havana Lane Old Town Key West - Short Sale

This week the Obama Administration opened the door to travel to Havana just a bit. I'm thinking it's going to open pretty wide fairly soon. I think such a move will be positive for both Americans and Cubans. The exchange of commerce and ideas doesn't hurt anybody. Key West already has a brisk tourist trade by ferry from Ft. Myers. I assume there will probably be a similar Key West-Havana connection not to far into the future. But I have a better idea: buy a vacation retreat at 6 Havana Lane in Old Town Key West. Forget the 90 miles to Cuba bit. It's less than a 9 minute walk to Duval Street where you are still (technically) in the United States, most people here speak English (except at the Winn Dixie checkout register), and the American dollar is still accepted.

This is how the listing Realtor describes 6 Havana Lane in Old Town Key West: "This Conch style home in the heart of Old Town Key West has been beautifully renovated from top to bottom. Step behind the front door into a private oasis complete with a heated swimming pool and three - yes that's correct - three off street parking spaces. Immaculate home with Central air conditioning, updated kitchen, and three bedrooms. The third bedroom is located on the second floor with its own private bath making this the ideal guest suite. French doors on the first floor in the kitchen and living room open to covered porches leading to the private courtyard. All just steps from world famous Duval Street, shopping and restaurants."

6 Havana Lane is located in the southeast part of Old Town near the corners of Truman Avenue and White Street--just about 1/1 block to the west. It's near Truman but not on Truman. If you blink when you are driving on Truman, you'll miss the turn. That means few tourists will be riding down the street and certainly you'll never see a Conch Train.

The county records show that this two building property only has 1021 sq ft of living space and that there are 3 bedrooms and 2 baths. The lot is 2915 sq ft per the tax roll.

6 Havana Lane was recently converted to a Short Sale. The asking price was reduced from $869,000 to $699,000 or $685 per sq ft.

If you are looking for a Key West retreat and are among those that feel now is the time to buy before prices start to go back up, you may want to take a look at this property. Please call me, Gary Thomas, 305.766.2642 to schedule a showing.

Oh, if you think the price is too high, consider this: another realtor listed 1020 Southard Street a couple of days ago. It was listed for sale at $1,975,000 or $670 per sq ft. It is now under contract. In less than 3 days.

Quit Your Job, Move to Key West, and Become an "I Used to Be"

I sometimes tell people that I used to an attorney. Sometimes I tell them I used to do commercial loan workouts for banks. And sometimes I tell them I used to work for the Resolution Trust Corporation - the former government agency that got us through the last financial crisis. Last week the owner of my gym, Sam, and I were talking about some locals and he referred to them as "I used to Be's." "What?" I asked. He said just about everybody that moves to Key West "used to be" something more important where they came from. They came to Key West to live their lives and took up jobs that were either more fun, more fulfilling, or maybe jobs that just kept them busy so they could live life in Key West. Like death and taxes, living life in Key West beats the alternative.

After I moved here I met all kinds of people that had exciting former lives up north in America. If you have been thinking of moving to Key West and can't figure out how to do it, the little deli at 811 Fleming Street may be your ticket to life in Key West. 811 Fleming Street is a commercial property downstairs that has a lovely second floor owner's apartment. The lot is 23.75' wide and 100' deep. I think there is room for a pool behind the property. That's another issue for another day.

This is how the listing Realtor describes this property: "Fantastic Opportunity to own a commercial property and a money making business with a fabulous second story apartment in a great location. Flexible zoning allows for many uses while the property is situated in one of the best neighborhoods the island has to offer. The property has undergone many recent upgrades, including a full renovation of the one bedroom and one bathroom apartment. Parcel offers a deep lot and generous backyard to be used in conjunction with a commercial or residential use. Takeover and expand the existing convenience store/deli, Flora and Flipp, or bring your own ideas to the table!"

CLICK HERE to read more detailed information on this 1372 sq ft two story building located on a 2323 sq ft lot right smack dab in the middle of guest house row in Old Town Key West. Located on just this block are Equator Resort, Oasis Guest House, Curry House, Coconut Grove Guest House, and Coral Tree Inn. CLICK HERE to read about why one writer calls this block "the gayest street America". I've stayed in the guest houses there. And there are numerous other guest houses within a three block radius. Before moving to Key West I stayed at the Oasis several times and remember going to the deli to buy sandwiches so I could run back to the pool and get my take-home tan.

I am a firm believer in the theory of relativity when it comes to the denizens of guest house row: the place relatively close to the guest house is more likely to get their business than the place further away. Why walk a mile when you can walk a block and get exactly what you want. There is a captive audience in that location.

If you are thinking of running away to Paradise and want to look for a place to live and or work, please think of using me as your Realtor. I am a full time Realtor at Preferred Properties Coastal Realty Inc. I left reality 15 years ago, moved to Key West, and I have never regretted it. Please call me, Gary Thomas, 305.766.2642, or e-mail me at kw1101v@aol.com You, too, can tell your friends "I used to be...."