The Key West Bank Dick - Part Two

I've complained before that the Key West Association of Realtors mls database does not automatically show bank owned properties. Some Realtors believe that lender-owners do not want to disclose to the public that a bank owns a piece of property. I guess that is possible, but having worked in the Special Assets division of two banks, I know that we advertised we were selling bank foreclosures. There is a segment of the market that wants to buy bank foreclosures: they think they are going to get a deal. They have watched those late night infomercials on how to buy real estate in a down market.

I decided to do my best imitation of W.C. Fields as The Bank Dick and went through the mls database and found the properties CLICK HERE that are bank owned. These properties are primarily single family homes in Key West. A couple of the properties are very nice. So there may be a real bargain if you play your cards right. I suggest that you look at 3 Casa Roma Lane and 1710 Bahama Drive, both are water properties and are located in Key West.
If you are interested in MidTown CLICK HERE to see 1300 Ashby. It is a large house with 3 beds, 2 baths, on a large lot at only $309,000.

If you are looking for commercial property, CLICK HERE. There is a Duval Street Transient Licensed property ($4,300,000), a Stock Island multi-unit property (2,300,000), and a Key Largo commercial property ($3,300,000) that are each Bank Owned. Bank financing of these properties may be available.

Most of the bank owners periodically reduce the asking price on properties that do not sell. Some of these properties are getting stale. They have been on the market a long time and nobody wants them. A couple actually look pretty interesting. Checkout the list and if you see a property that you like, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Let me be your Bank Dick and let's find a deal.

Half-Price in Key West

I've noticed several "For Sale By Owner" signs in the area near the gym I go to. One caught my eye the other day and I decided to share two photos with you. See above.

My purpose is not to try to find a buyer for this property or to dissuade anyone from looking at it. I will tell you this much: the asking price on this 1254 sq ft house that sits on a large 7830 sq ft lot (90' x 87') is now $750,000 or one half the original price of $1,500,000.

I just did a quick search of other houses listed for sale in the Old Town, the Meadows, and the Casa Marina areas that are priced up to $750,000. CLICK HERE to view the list. (I did some "heavy" editing. There were 82 houses in this price range.)

You will note that there are two houses on the list (529 Olivia and 726 Fleming) that have valuable transient rental licenses. I wrote earlier at 715 Ashe Street. I think it could be a great house for somebody who wants a small project house. 407 Catherine is adorable and the owner is looking to sell it. 706 Chapman Lane is as cute as a button and has room for a pool. 1016 James Street is an eyebrow house that needs total renovation, but it has an existing out building and a large backyard which means this could be a great project house if you get it for a good price. 618 Petronia Street has a huge rear yard which opens the property to potential development possibilities. 723 Southard Street is a real sleeping beauty. 825 Southard Street is a great big old place that needs total redo, but it has strong bones and great curb appeal.

1009 Watson Rear sits behind other houses located on Watson Street. You cannot see the property. So it is really hidden. Livable as is, but it is not a protected house so it can be demolished and a new house built on this incredible lot. Easy to show and worth looking at. The house next door at 1007 Watson is a short sale. I think we should look at both houses at the same time. Bring your imagination.

719 Windsor Lane is the former home of writer John Hersey and is located in the Writer's Compound. I wrote about this house last year. CLICK HERE. I've shown the property several times, mostly to writers want to soak in the atmosphere that populates this compound. The owner sold the small cottage I mentioned in my earlier blog. So it is now time to sell the main house.

If any of these properties appeals to you, please call me, Gary Thomas, 305-766-2642 to schedule a showing. I don't think a property has be offered at half price to be considered a good deal.

The One that Got Away!

While searching for pics to help convey the sense of loss we feel when we realize we missed a great opportunity, I cam across a sad blog posting from a would-be buyer in The Hudson Valley. She said in part "THIS is the one that got away. This is the heartbreaker, the one I can’t stop thinking about, measuring all others against. “Another house will come along,” said the same person who told me there wasn’t anything on the North Fork of Long Island for under 300K. Well, there was, and it was a beaut, but I didn’t get there fast enough." CLICK HERE to read her lament in full.

I had a reader call me on Saturday. She wanted to see a house I mentioned here a while back. I called to set up a showing. It had gone under contract the prior afternoon and was not yet in the mls. Noteworthy? No. But more and more houses in the most desirable Key West locations are going under contract.

When I thought of the title "The One that Got Away!" I was thinking about houses, of course. I've had my share of properties I missed and regret some of them to this day. But don't fishermen lament the "big one" that got away? Don't lovers rue the one that got away? Don't athletes and fans alike cringe at the win that was lost by a fleet second? The ones that got away can haunt us all forever because we know that if we had only acted differently, the outcome (and maybe the rest of our lives) would be different and possibly better.

I did a quick search of the real Key West Association of Realtors mls database and found these properties CLICK HERE that went under contract since April 1, 2009. I know there are a lot of very savvy buyers that keep real good track of the status of our real estate inventory. They know how old and stale some listings have become. They know when a new property hits the mls sometimes more often than some Realtors. And they should appreciate the fact that the inventory of available properties is dwindling.

Here's my take on a couple of the houses in the list CLICK HERE: 711 Elizabeth was on the market forever and priced to high. New Realtor, new photos,new price, and it went under contract immediately. 1229 Florida offered forever until bank foreclosed; then new Realtor, new price and under contract over-night. 531 Olivia has been for sale "forever" and as luck would have it I had a buyer who wanted it the day after it went under contract. 1 Pinder Lane on the other hand was barely on the market for a day before it went under contract. The same is true for 1020 Southard, the Gingerbread man House (offered at $1,975,000). Under contract in one day. 929 United Street is one heck of an asking price at only $1,295,000. Somebody is getting one of the biggest deals of this market downturn. 1020 Von Phister is another sweet deal for an excellent house in an excellent location. I wrote earlier about 1209 White Street, a bank owned house for only $329,000. That house had already been partially redone and it had a huge side and rear yard awaiting a pool and garden. Another missed opportunity. And then there is the cute property at 811 Fleming where you could operate a little business and live up above like in the olden days. The house had room for a pool to boot. 1021 Johnson Street is another house that was listed and went under contract within a couple of days, asking price $1,995,000. That house was a bank foreclosure last year. Search my blog for it. Bought, fixed up, and put back on the market. And under contract right away. I told you folks it was a good deal last year. The big house on Noah Lane ($2,750,000) went under contract as well. So did the cute little cottage at 1018 Thompson Lane, also in my blog.

If you don't want to miss the opportunity to buy your place in Paradise before the number of available properties shrinks even more and prices start to rise (and they will), CLICK HERE to search the real Key West Association of Realtors mls database. No one will track your internet activity and no one will send you unsolicited emails. But if you see something you like, please consider contacting me, Gary Thomas, to assist you in buying a place in Paradise. You can find me at 305.766.2642 or email at kw1101v@aol.com.

Casa Marina - Short Sale - Do It Your Own Way

We are getting to a difficult point in real estate pricing in Key West. Many of the bargain properties are gone (not all). Many of the properties that remain are either located in bad locations (you decide what that means) or the properties seem over-price (we all know what that means).

I am fortunate enough to have some active buyers that want nice houses priced just under one million. They want a good neighborhood, good neighbors, and a very nice house. You would think for a million bucks that would be easy. It isn't. Not in Key West. That's not to say we can't make it happen, but there are not a lot of properties priced to sell at that magic number.

In the 1980's and 1990's industrious buyers sometimes bought neglected properties and renovated them to get exactly the kind of Key West treasure they wanted. As Key West became more popular and the price of real property increased, the cost of doing renovations became almost cost prohibitive.

There are individual properties in Old Town and Casa Marina that I think a serious buyer should consider as an option to buying a house already completely "done". I have said before on numerous occasions that people with nice houses who do not need to sell do not have their properties on the market. Those houses have not lost any value despite what is going on with their neighbors. They may have even benefited from real property tax adjustments downward. But the intrinsic value of their homes(short term and long term) has not diminished.

1316 Whalton Street is located between Seminary Street and South Street just one block west of White Street. I mention the location because many locals don't even know where Whalton is located. Think of it as Frances Street on the other side of Truman because that is what it is. CLICK HERE to read more info provided by the listing Realtor who describes the property this was: "Development opportunity in the Casa Marina district of Key West! Priced for only $520,000, this sale offers the rare opportunity to purchase 2 legal addresses that can be combined or redeveloped into separate properties. Complete working drawings are available for 2 luxurious 4 BR & 3 BA, 2200 sq. ft. custom homes. As an added bonus, according to public records, the lots are situated high atop an X500 zone presenting a preferred elevation. The existing property consists of a 2 BR & 1 BA cottage, a pool, garage & 1 BR & 1 BA apartment. This sale requires 3rd party approval by seller's lender, & all offers must be accompanied by a buyer's lender prequalification letter for financing or statement of assets for a cash purchase." This property is offered as a short sale at $520,000.

Here are some photos I took of the property. CLICK each photo: Livingroom, rear bedroom,two story rear house viewed from sideyard, pool, pool and two story rear house, neighbor to the south, neighbor to the rear on Grinnell Street. These houses can be demolished and one or two new houses built at this location. The property has been divided into two parcels, but the offering is for both properties as a single short sale purchase.

Just one block to the west is another short sale that is raring to be purchased. It is a development lot at 904 South Street in the Casa Marina area. The listing Realtor describes the property this way: "This is a fantastic build able lot with a Rogo in the heart of the Casa Marnia.HARC Approved plans for 2550 sq ft home including a pool and off street parking are available and will need recertification. This is a potential short sale." This lot is 5187 sq ft according to the information provided by listing Realtor. This short sale is listed at $350,000. It will not last long at this price. Better act quickly. CLICK HERE for more detailed listing information. Here are some additional photos, CLICK lot, lot, adjacent house to the east, and the house across the street.

If you are interested in a project property, please contact me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties in Key West Florida. Our office is an affiliate of Christies Great Estates.

1119 Von Phister Sreet - Key West - Bank Owned

This foreclosure stuff is starting to get personal. Eight months ago a fellow Realtor got to help select my new neighbor by placing the house at 1119 Von Phister Street in the Casa Marina Area of Key West on the market. It is owned by a local Key West bank. You see I live right next door. The neighborhood is very nice and very quiet. There are no apartments or businesses nearby. Here are some photos of neighboring homes: CLICK, CLICK, CLICK, CLICK.

Let me tell you about 1119 Von Phister Street and why I think it is a great buy. And let me tell you about the neighborhood and why you might just want to live there.

The original house is constructed of Indian Blocks, a building material used in maybe 30 of the older homes in Key West. The man who owned the house before the last owner added room after room during a time when there either was no building code or there was no enforcement of building codes. The lot is huge and the house and the structures on the lot were many and very strange. That man passed away and when the most recent owners bought the house the additions and contraptions were removed. What was left was the core of the original house and a huge lot. Other than the exterior walls in the front, everything is new.

The renovation of the former house and the construction of the new additions was done with an unique style and a devotion to detail. Room after room feature unique woods, tiles, and decorative treatments. You will not find this home constructed with materials available at Home Depot or Lowes.

This is how the listing Realtor describes this house: "Exquisite residence in the Casa Marina neighborhood. This custom home is owned by a LOCAL bank. The original structure with Indian Block facade dates to 1943 and was recently remodeled/expanded. Many custom features make this 3 bedroom home unique. Custom kitchen flows into great room, covered porch, back deck and pool. First floor has great room, kitchen, living room, study (or bedroom), one bedroom, one full bath room, pantry, laundry room, computer nook, two half baths, covered front porch, covered back porch & covered car port. Second level has master bedroom, master bath, dressing room, 2nd bedroom, 2nd bath, office, covered porches front & back plus back balcony."

Click each word or phrase to see parts of this home: Greatroom -- Great room and dining alcove -- Kitchen -- Pool and rear deck -- Pool and spa -- View from second floor front balcony
-- Bath second floor front -- Master bedroom and sitting room -- View from master bedroom -- Master bedroom balcony -- Master bathroom -- First floor front bedroom -- First floor bath.

There is a huge old Mahogany tree at the front of 1119 Von Phister. I have one in front of my house and there are several others on our block. Many of the houses are quite old but renovated. The block looks stable, as in real people who take care of their homes live here. The house is a five minute walk or take a bike ride to the Atlantic Ocean and the beach. This is the real deal my friend. And the good thing is you won't have any sand in your feet by the time you walk back home. Of course you can ride your bike or drive your car or scooter.

You can also walk or bike over to Duval Street(5 minutes); or go down to the shops on White Street like Faustos or go to the Island Gym and watch me lift weights in the early morning (2 minutes): or you can grab a cafe con leche at any of the several neighborhood joints. You can be at the Historic Key West Seaport as fast on your bike as in your car (if you consider parking in your travel time) (5 minutes). And you can be in the Key West suburbs at the shopping centers or leave on a jet plane (we got 'em) at the Key West International Airport, all within a 5 minute drive from 1119 Von Phister. We don't have Conch Trains and motorcycles going through the area. We don't have noisy bars and noisy tourists walking home at four o'clock in the morning singing songs or arguing about how much they love or hate each other. We are so close to everything we all love about Key West, and yet so far away from the things we don't like.

There was a contract that unfortunately did not close. This property recently went back on the market as an "active" listing. The property is still offered at $1,895,000 or $616 per sq ft for this 3078 sq ft house under roof on a huge 5761 sq ft lot.

If you want to test me out as a potential neighbor and take a look at 1119 Von Phister, please call me, Gary Thomas, at 305-766-2642. CLICK HERE for more detailed information and photos of 1119 Von Phister Street.

Verry Interesting!

If you are old enough to remember Rowan & Martin's "Laugh In", you'll surely remember Arte Johnson's German Soldier character as he peered through bushes and chortled "Verry interesting!". I don't know that I am chortling, but I do think I just found some very interesting sales statistics for Key West real estate. Earlier this month I recapped the April 2009 sales figures. We have had a fairly remarkable sales week just in my office. And that got me to wondering what else is going on. This is what I found:

There are seven single family homes sales "pending" in Key West. A pending sale means that all conditions of the contract of sale have been met and that the parties are just waiting to close. Two of the seven pending contracts are for "bank owned" homes. Three of the seven pending contracts are for properties priced above $1,180,000. There are nine condo, town home, duplex, and multi-family homes under contract. Two of those are short sales and three are "bank owned" properties. We should see most of the pending contracts result in actual closings sometime in the next 30 to 45 days.

This next part is "verry interesting": there are 88 single family homes listed as contingent in our local mls database. Contingent means that some condition in the contract (such as financing, home inspection, or other condition precedent) has yet to occur. When all conditions have been cleared, the contract is then re-classified as pending. If the condition cannot be satisfied (buyer cannot obtain financing, for example), the contract may fail. Fifty-six (or 63%)of the 88 single family home contracts are designated as "short sales" and 8 (or 9%) of the contacts are for "bank owned" properties. And those numbers only reflect what the listing Realtors have committed to writing regarding the contracts. I have spoken with other Realtors that have told me properties shown as contingent are also short sales but are not designated that way in the mls database. The importance of this is that something in excess of 75% of the single family homes sales in Key West that are effectively designated as distress sales.

The news on condos, town homes, duplexes and multi-family is about the same. There are 100 such properties designated as contingent. Fifty-six of those (56%) are short sales and 8 (8%) are bank owned properties. Not all short sales actually close, but the lenders are speeding up the approval process. More importantly, the number of short sale and bank owned contracts is whittling away at the perceived "over supply" of property. When all the excess (most of which are low-end)properties are sold, the Key West real estate market may be headed back to a sense of equilibrium. I mentioned the three pending single family home sales above $1,180,000. That's because we haven't had many such sales. The market has been depressed and buyers have not been buying. They have been sitting on the sidelines. Waiting. Waiting for the prices to fall more and more. And they have. Fallen.

There are 425 active single family homes listed for sale in Key West (from Mile Marker One at Mallory Square to Shark Key). None of these houses are officially designated as "short sales". Two Hundred-two or 47.5% of the active listings are located in Old Town, The Meadows, Casa Marina, and Sunset Key. There are an additional 12 single family homes in the same areas that are designated as "short sales" in the mls database. They range in price between $299,000 to $1,998,000 with a price per square foot variance between $304 to $572.

There are 147 condos, townhomes, duplexes, and multi-family properties in the Key West area actively listed for sale plus and additional 28 officially designated "short sale". (Some Realtors do not designate their listings correctly, so I am reporting what they input into the database even though their listings may be in error.)

I sense that we may be nearing the end of the down market. We still have to sell off all the excess inventory of unsold houses and condos. But for buyers looking to purchase a dream home in Key West, there just are not a lot of dreamy houses available. People that do not need to sell are pretty much not listing their properties. Buyers are resisting the prices of nice houses and are waiting for prices to fall. By the end of August or early September we will see who wins the waiting game. Hurricane season is approaching. It will be interesting to see how many buyers will be heading this way to snap up a house this summer. Verry interesting.

If you have been waiting for the bottom of the market, maybe you will agree with me that we may be near the bottom. CLICK HERE to search the Key West Association of Realtors mls database. If you see a property that you like, please consider working with me to help you find your place in Paradise. Please contact me, Gary Thomas, 305-766-2642, or e-mail me at kw1101v@aol.com.

604 Elizabeth Street - Old Town - Key West

This is how the listing Realtor (who is also the owner) describes 604 Elizabeth Street: "Perhaps the perfect house in the perfect location, the 600 block of Elizabeth Street, 3BR/2.5 BA, very near Solares Hill. Recent renovations with easy island living in mind, granite counter tops, stainless steel appliances, dense foliage,heart shaped cocktail pool for those romantic Key West evenings, off street parking, open living/dining area, and much, much more. Must be seen to be appreciated Recent appraisal available for review!!" CLICK HERE for more info and photos of this house.

Let me add a few comments. The location is great. The house is located two blocks from Duval and just steps from Southard Street. So it's a quick walk to the shopping, restaurants, and nightlife but not near enough to hear it. The neighboring houses are a mix of super expensive to moderate, but nothing cheap. The house directly behind 604 Elizabeth Street (620 Southard Street) is on the market for a mere $14,400,000. Not a typo.

You enter the property through a white picket fence into a brick courtyard complete with a bubbling fountain and gated off street parking. There is a two story front porch for people viewing and navel contemplation. (The yard isn't all that large so you will have time to contemplate something.)

The main level is shared by the kitchen and living area. There are three sets of French doors that open onto the pool at the rear. The present owner replaced just about everything in this house which was originally constructed in 1997. (Not a typo.) All the materials are high end and the quality of the materials and installation of materials shows.

The owner removed one interior wall at the top of the stairs to create an open office area (wall could be replaced to restore use as bedroom) with access to the second floor front porch. There are three or four transoms between the office area and the master bedroom at the rear that create a clever source of additional (but subdued) light in the master bedroom. The master bedroom has a little Romeo & Juliet balcony where you can peer down to the pool. The master bath and closet were totally revamped and the result is two great spaces that you normally do not see in Key West houses in Old Town. This house actually was designed to be lived in. There is a (third) bedroom also on the second floor and that has its own door onto the front porch.

604 Elizabeth Street is now offered at $1,249,000 or $797 per sq ft. The house has 1568 sq ft of real living space situated on a 2528 sq ft lot (79' x 32') in a great Old Town location. If you would like to see this really attractive home, please call me, Gary Thomas, 305-766-2642. I think you will be in for a very pleasant surprise. I can email you more photos if interested.

CLICK HERE to search the real Key West Association of Realtors mls database. No one (including me) will track your moves on the internet or send you emails by using this official site. If you see something you like, pleas call me or send me an e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc, an affiliate of Christie's Great Estates.

Oh, Dear!

I found some photos on the internet about recent picketing in front of the Key West Police Department headquarters on North Roosevelt. Maybe you have driven your car past the station on your way to or out of Key West. It's located next to the dinosaur pond on Roosevelt & Eisenhower. The photos were taken and posted by Iowapix with the disclaimer that reads "Affiliates or friends of the Westboro Baptist Church conducting an anti-gay picket in front of the Key West, Florida police department. The Westboro Baptist Church (WBC) is headquartered in Topeka, Kansas and was founded by Fred Phelps. The WBC is monitored as a hate group by the Anti-defamation League and the Southern Poverty Law Center."

The photographer gives us this description of what he saw and photographed:
"Key West is very low key. I saw nothing in the local newspaper or on the Miami television stations. From experience with Kluckers, sometimes the news media, NAACP, and other organizations will completely ignore, boycott, or avoid hostile protests. That prevents the protesters from getting the publicity that they are looking for.

The first protest that I saw was against an Episcopal Church. The second protest (one doofus) was in front of the main police station. In hindsight that may have been for the protesters own safety.

Key West has a very diverse population of Caribbean islanders, Cubans, blacks, and whites. I could envision any number of people wanting to give these fellows a real thrashing. They probably would not be safe for very long. Especially calling people f*gs or whatever else.

Because of the potential for either violence or claims that the protest was being interfered with, these photos were taken out of a car window across the width of a two-lane commercial driveway."

I sent the photographer a request to re-publish his pics, and he agreed. Thank you. A couple photos are shown above and the rest are Here, Here, Here, Here, and Here.

This morning's Key West Citizen has a front page story about the impending visit from the Holy Man himself. CLICK HERE to read the item.


He'll probably get his pictures all over the internet and maybe end up on CNN or maybe FOX. What a sad little man.

Key West is a great community made up of people from all over the world. And we get tourists from everywhere on earth. The other day the Crown Prince of Denmark was in Key West. We have our own royalty, of course--the drag queens on Duval. But we all get along. The straight men who live here are not threatened by the gays. We seem to have achieved what Rodney King implored: “Can we all get along?”

The Holy Man may not have thought out his choice for a demonstration. Even though not every tourist that walks down Duval is totally cool with gays, I'll bet you that each American male will be pretty upset with the Anti-American signs. We have a large military presence in Key West as well. It will be interesting to see how Key West responds.

630 Elizabeth Street - Old Town - Key West - Bank Owned

630 Elizabeth Street is a big old house located at the very top of Solares Hill. The black and white photo above has a little ^ showing the location of the house and its commanding location and view to the east and south. What you can't see in the photo is the topography. Windsor Lane drops off to a right angle and slopes gently toward the Key West cemetery two blocks to the east. This is important for those worried about flooding. It doesn't flood. It won't flood. If it did flood, the entire island of Key West would be under water. I don't think that will happen during the lifetime of anyone able to read this.

This property is Bank Owned. It has been bank owned since September 2007. There was a recent contract that failed because the potential buyer could not obtain a new mortgage on this property. So the property is now aggressively price to sell for CASH ONLY at $246,900 or $123 per sq ft. The house is 2012 sq ft and sits on a 1682 sq ft lot. As you can see from the photos above and CLICK HERE this house has no front yard. The rear yard is presently about 12 wide by the length of the property.

This is how the listing Realtor describes this property: "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. CASH OFFERS ONLY." This Realtor is very fair and submits offers to the bank owner promptly.

What I say and think doesn't really matter because my opinion doesn't count when it comes to HARC or the Key West planning department. But I think a buyer could chop off the rear addition and create enough space for a decent sized first and second floor new rear porches and still have room for a small, but real, pool. A variance may be necessary and nothing can be assured in life, but I've got to think a good plan to preserve the looks of this old house might get some massaging by HARC and planning. But, like I said, what I think doesn't matter.

Somebody is going to get a great deal on this house. CLICK HERE to read more about the property and view the photos. Here are a couple of additional pics I took this morning. Pic 1, Pic 2, Pic 3, Pic 4.

If you would like to see this house or make a sight unseen offer on this old house, please contact me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. The offer must be all cash and all offers must show proof of funds.

800 Elizabeth - Old Town Key West Renovation Project - Short Sale

I get emails and phone calls from prospective buyers looking for a renovation project in Old Town in a "good location" where there is no worry about flooding and that has off street parking and room for a pool. The new listing at 800 Elizabeth Street CLICK HERE could potentially fit those requirements provided a buyer gets permission from the Historic Architecture Review Commission. That will not be easy.

The listing Realtor describes 800 Elizabeth Street and 624 Petronia Street this way: "A special opportunity to own 2 Old Town homes with an overwhelming total of 8 bedrooms and 3 1/2 baths presenting investment rental income potential. Located in Old Town just 2 blocks from Duval Street, the home offers numerous possibilities for large families, employee housing or use one rent one. The property features preferred elevation sitting high atop an X Flood Zone. Each home has separate electric & water meters. This is a potential short sale requiring third party approval."

800 Elizabeth Street and 624 Petronia Street is offered at $510,000 or $230 per sq ft. The house sits near the top of Solares Hill which means there is no danger of flooding. (Nothing is certain in life, but I'm pretty confident that the location will not flood.) And the location is just a two walk block to Duval Street. Elizabeth Street is a one way street so you don't need to worry about Conch Trains or Trolleys passing your house all day long.

This property is currently used as apartment rentals. A buyer could keep the current use for a few years and then do a renovation. The options are wide open.

If you are looking for a renovation project, please call me, Gary Thomas, 305-766-2642, to schedule an appointment to see this property.