Million Dollar Babies - Key West

I hosted an open house yesterday 1502 Petronia Street in The Meadows CLICK HERE. The property is currently priced at $975,000. It was originally priced at $1,795,000. It is now bank owned and priced to sell. There was a good turnout of "lookers" and there were some actual buyers out and about finding what they could get for their money.

One particular man looked around the property 1502 Petronia Street and said something to the affect "So this is what you get for a million dollars!) as if "not much" or "too highly priced". I had a sheet of similarly priced homes that I gave him so that compare 1502 Petronia Street to the competition.

Later in the afternoon I was driving some customers back from a showing. As we drove through Old Town the gentleman said he did not want to go through another renovation. He said he and his wife had gone through two and that was enough for a lifetime. He said he would rather spend more money and get exactly what he wanted.

I think there are a few properties located in Old Town that if purchased at the right price could become million dollar properties not too far into the future. Old Town followed by Casa Marina and then the Meadows are the most desirable areas for second home buyers in all price ranges.

I can't tell you how much any renovation will cost because each property is different. Depending on the property, HARC (Historic Architectural Review Commission) could be restrictive as to what it would permit. The lot size or configuration might also limit what a new owner could permissibly do on a renovation without getting a variance. I suggest that buyers talk to a local architect and to go to the building department to discuss in general terms what might be possible on any given property. The point of both conversations is to provide a quick education as the process one goes through and to get an idea on potential costs. Then the buyer can decide between a project property or one ready to move into.

I created a quick shopping list CLICK HERE of homes in Old Town, The Meadows and Casa Marina priced around a million dollar. Interspersed in that list are a few houses in good locations that have the potential to become million dollar houses.

I wrote about 911 Watson Street before. It could be incredible! The house itself is pure "Old Key West". And the lot is lush with all kinds of trees and plants. But it's gonna take money to renovate. (529 Olivia was added by accident and I am too lazy on Labor Day to remove it.) I wrote about 1000 South Street (it is another house where Ernest Hemingway once lived) and,if purchased at the right price, this house could be another great property.

A few months ago I wrote about 825 Southard Street. This house is next door to Michael's Restaurant to the east rear of the house. That is a serious locational minus to some buyers. And there is a cottage at the rear that is price around $300,000 that is a burden to this property. 825 Southard Street would have sold in a heartbeat, maybe more than the current asking price, if it were not for that cottage. This could be a great renovation if a buyer has the money to purchase both. Then you get to add in the costs of renovation and the property is well over the million range.

1415 Pine Street is a big house with potential. The house next door at 1411 Pine Street CLICK HERE is spectacular. It is priced at $2,495,000. Other houses on the blocks are much less expensive, but the location is really good.

A couple of weeks ago I wrote about 919-921 Southard Street. It is currently a multi-unit property that needs total renovation. I would try to get permission to tear the whole thing down and build all new. Since that is highly improbable, the next best approach might be to leave the facade and build all new beyond it. The lot is very large. My thought is that one could build a $400,000 new house on the lot, put in a $35,000 pool and add $15,000 worth of landscaping. The location would justify the cost. If HARC permitted it.

800 Elizabeth Street is burdened by those small cottages at the rear. If only they could be demolished that lot and that house have great potential. But getting permission to demolish those cottages would not be easy.

In the end I suspect a buyer would end up paying around a million dollars for any of the houses on THIS LIST. Renovations are not cheap nor are they quick. But the homeowner will get what they want (or are willing to pay for) in the end. I know that buyers can probably get bigger houses on bigger lots elsewhere. But then you wouldn't be in Key West, would you?

If you are looking for a place in Key West please consider contacting me, Gary Thomas, 305-766-2642, or by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. We are an affiliate of Christie's Great Estates.

Open House - Sunday - The Meadows of Key West

Dominique Barrera and I will be hosting an Open House on Sunday, September 6th between 1:00 to 3:00 P.M. at The Meadows of Key West. Two of the units will be open for you to preview 1502 Petronia Street and 1506 Petronia Street int the quiet area of The Meadows.

CLICK HERE for more detailed listing information on 1502 Petronia Street which is offered at $975,000. This property is the incredibly beautiful and stylish two bedroom mini-mansion. The main level has 14' vaulted ceilings with extra large crown moldings and baseboards. The bright & airy first floor features a sumptuous gourmet kitchen with beautiful granite counter tops, high-end stainless steel appliances, an abundance of storage in solid wood cabinets, and an adjacent wet bar in the dining area. The two bedrooms are en suite and offer luxurious baths including a stunning master bath with basket weave tile floors. The closets have built-ins and automatic lighting. There is a private second floor front porch located just off the master bedroom. It is the perfect place to watch the world go by on extra-slow speed on a quiet street in Key West. Hurricane rated doors lead to the stone tiled patio and private pool and spa. The professional landscaping provides a lush tropical backdrop to this fantastic property.

And CLICK HERE for more detailed listing information on 1506 Petronia Street. This home has three bedrooms and three and one-half baths. This home has the same features as the two bedroom model but the room sizes and room configuration on both floors is a bit different. But it has the same quality fixtures and finishes and that oh so wonderful second floor front porch off the master bedroom. The three bedroom homes are offered at $925,000.

Preferred Properties is the listing broker for The Meadows. CLICK HERE to see our website devoted just to this property. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to discuss this property, or better yet, make an offer to purchase.

August 2009 Real Estate Sales Report - Key West

It ain't over till the fat lady sings. But she's heading for the mike.

There were 18 single family home sales in Key West during the month of August. Sales prices ranged from $280,000 for a 1240 sq. ft ranch on Harris Street in Mid Town to $1,795,000 for a 3600 sq.ft. waterfront property on Shark Key (sold by Preferred Properties). I eliminated all non Old Town, Meadows, and Casa Marina area sales to determine an average sales price or $421 per sq ft. That number, however, is misleading because of the disparity among the sold homes. Two of the sales were short sales and one (1119 Von Phister St.) was a bank foreclosure. (Congrats to Walt & Mitzi.) By comparison there were 11 single family home sales in 2008 at an average price of $512 per sq. ft. Two of those sales were short sales and, again, one was bank owned. The price per sq ft was skewed a bit because one of those sales included the Thompson Estate that sold for $3,312,500 or $912 per sq. ft. And in 2007 there were 16 single family homes sales (two bank owned properties that I know of) that sold for an average price of $545 per sq. ft.

Key West had 17 condo and town home sales in August 2009. Three were identified as short sales and five were bank owned. The average unit sold at $258 per sq ft. By comparison there were 8 condo and town home sales in 2008 with an average price of $425 per sq ft. (Sad to report one of those has become a new short sale in 2009!) In 2007 there were 4 sales at an average price of $589 per sq. ft. (other than several sold by the developer of the Beachside Resort that sold way over $1 million each).

There have been 46 new single family home listings that have gone under contract that are now shown as contingent or pending in since August first. Twenty of those listings are short sales and six are bank owned properties. That sounds discouraging, I know. But five of those contingent or pending sales are for properties priced at over $1 million with an average asking price of $715 per sq. ft.

Interestingly there are 36 condos and town homes shown as contingent or pending since August first. Twenty-four of those are shown as short sales and two as bank owned. One of the number is a market priced uber-expensive unit at Key West Beach Club. (That is important. Maybe, just maybe, the Beach Club will bounce back now. One bad sale can drive prices down. One really good sale can drive sales back up. Here is hoping!)

There has been a flurry of sales activity during the past month. If you have been sitting on the sidelines waiting for the fat lady to announce the end of the down market, get up off your backside.

If you are a potential buyer and have not picked your property or better yet your Realtor, CLICK HERE to search the real Key West Association of Realtors mls website. If you see something you like, please contact me, Gary Thomas, 305-766-2642 or kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in beautiful Key West Florida.

Run Away to Paradise! It is now Bank Owned!

Back on April 15th I suggested that some buyer ought to buy the little sandwhich shop at 811 Fleming Street. CLICK HERE to read what I wrote then. That deal is gone.

The former Paradise Cafe located at 1000 Eaton Street in Key West, Florida is now Bank Owned. It is offered for sale at $750,000. The purchase price includes the 1491 sq. ft. building that sits on the 4020 sq.ft. lot at the busy intersection at the corner of Grinnell and Eaton Streets. (The parking lot has ten parking spots.) Also included is the signage and the kitchen equipment in place. Bank Financing may be available to a qualified buyer.

This place was always packed with locals and tourists. A new owner ought to be able to recapture the market. I purchased a foreclosed guesthouse in December 1993. It had be shut down for two years. Boarded up even. I did some cleaning, put up a new sign, and opened the doors for business on Februrary 2, 1994. My rooms were sold out in a week. People go back to places they like. They are creatures of habit. Good locations attract new business, especially when people see that the place is busy.

I made a decision to run away to Paradise and I did it. I sold that business and made a real good profit. I have never regretted leaving life in America and coming to Key West. You can spend the rest of your life working your rear off to save enough to buy a place here-someday. Or you can learn to make a great sandwhich in Paradise and live the life you have dreamed of for a long time.

Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. This property is not listed with any real estate company. It is not in the mls.

Old Town - Key West - Windward Park - Short Sales

Just Listed, but not by me, two units at Windward Park located at 606 Truman Avenue in Old Town Key West. CLICK HERE to read the listing information on Unit #6 which is listed at the asking price of $375,000. And CLICK HEREto read the listing information on Unit #2 also priced at $375,000. Both units are short sales.

Windward Park Townhomes are located just a little to the east of the corner of Simonton Street at Truman Avenue. It is located immediately to the west of the St.Marys of the Sea church grounds. The rear of both units back up to the peacefully landscaped church grounds. The location is just great for a second homeowner that wants the convenience of being able to walk everywhere in Old Town and have deeded off street parking CLICK HERE.

There are nine townhomes in this complex that was built in 1988. The units are all pretty much the same as far as initial construction. The facades look similar but they are not "cookie cutter". CLICK HERE and CLICK HERE for photos of the pool and surrounding units.

CLICK HERE to see Unit #2 (YELLOW) which is located midway in the complex on the east side. And CLICK HERE to see Unit #6 which is located at the far south end of the complex.

Each unit has two bedrooms and two baths, washer & dryer, private outdoor space, main level and a second floor porch CLICK HERE.

These units will not last but a couple of days at this price. I would suggest anyone looking for a nice place in Old Town consider making an offer sight unseen. Seriously.

Please call me Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. By the way, I had the last sale in this complex. That was in January 2009.

50 Seaside South Court -Key West - Bank Owned - Luxury Water View

50 Seaside South Court is something a little different for a Bank Owned home. The four story luxury townhome is located at the eastern end of the Island of Key West and has direct water views. And here is the feature that sets it apart from most other properties in Key West: it has never been lived in.

The listing Realtor describes 50 Seaside Court South this way:

"This 4 level luxury townhome has never been lived in. Features include; 2 car garage, 6 balconies, sun roof, elevator, laundry room and ocean views. Kitchen has granite countertops and brand new stainless steel appliances. Key West Seaside Residence offers plenty parking, 2 large swimming pools, a fitness center and clubhouse."

CLICK HERE to read details posted by the listing Realtor and view photos in the mls. But let me add a few thoughts of my own regarding Seaside as a place to live and offer some suggestions about this unit in particular.

This property has 2736 sq ft of living space on four levels. You will find the garage, laundry,and storage on the ground floor plus about 500 sq ft of courtyard space which you might use as a private garden. This space faces South Roosevelt so you will get some noise from passing traffic. There are east facing balconies on each floor. And then there is that private rooftop sundeck where only God and people in low flying airplanes can see you. I was there on Sunday around 6:00 PM to take some photos. There just was not a lot of traffic at that time at that location. I was expecting more. I was surprised.

There are ocean views from the master bedroom and livingroom. The kitchen is on the top level on the west side, and it has a vaulted ceiling and sunset views. The building is poured concrete construction and has Category 5 hurricane rated windows and doors.

I sometimes ride my bike out to this end of the island in the mornings--before it gets hot. The ocean is calm. The runners, roller bladers, bicyclists, speed walkers, dog walkers, and just people who enjoy a casual walk populate the esplanade from 1800 Atlantic east past Smathers Beach all the way down to the point where Flagler intersects South Roosevelt. I drove out there late Sunday to take some photos and was suddenly reminded of how sweet this end of the island is. I could hear the birds yelling at each other about a food find. The temperature had cooled and the sun was preparing to put on a show its night show at Mallory Square. And I thought to myself that I could live there. I took in that view and envied those that get to see it everyday come rain or come shine.

One of the reasons people move to Key West is to experience living life on this island. It sometimes amazes me that some people end up living in places without any outside space. Being cheap can really be foolish. I mean why live in Paradise if you have to live in a room with no view or a place with no space?

I looked at the buildings and decided they are appropriately designed and built. They don't look like the charming little cottages and big Conch houses that populate Old Town Key West. But they do mimic the essence of Old Town architecture without copying it. Ships chandlers built many of the grand old Conch houses in Old Town in the 19th Century. These grand new structures were built by 21st Century architects, engineers, and contractors whose job it was to design and build housing that can withstand our sometimes intense weather and the demands of modern day living.

Snowbirds may really find a place like this enticing. There are two swimming pools, a little corner grocery, and even a day spa withing walking distance. This unit has a two car garage so you won't need to worry about your car getting rained on. It has a private elevator to travel from floor to floor. That makes carrying groceries a snap. The area is totally secured and the grounds professionally maintained. So all you need to do is unpack your bags--that is, if and when they show.

50 Seaside South Court is priced at $1,100,000 or $402 per sq ft. That's for all new, never been lived in space with quality finishes and an ocean view.

But Wait! The place next door at 51 Seaside South is also available. Same size as 50 Seaside South. But it is priced at only $950,000 or $347 per sq.ft. for the same sized space and same view, but it has been lived in a bit. (The seller on 51 Seaside South will contribute $10,000 towards closing costs. 51 Seaside South Court is NOT bank owned!) CLICK HERE to read the mls listing info and view photos of this unit. I am sure that you can get a similar place in Miami for less. But then you'd be in Miami!

If you would like to see 50 Seaside South or 51 Seaside South, or any other of the units in this complex, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties in Key West Florida.

Grand Bahmian - 1123 Washington Street - Key West

Just listed, but not by me, 1123 Washington Street is this Grand Bahamian Style home in the Casa Marina area near the beaches. This home was built (not renovated) in 2002 and captures the essence of island living.

The listing Realtor describes 1123 Washington Street this way:

"Stunning and Elegant home in the highly desirable Casa Marina neighborhood. Bahamian architecture featuring high ceilings, great porches and incredible finishes. Crown molding, chef's kitchen with designer cabinets and open floor plan. First floor master suite overlooking lush tropical yard, pool and spa. Dramatic staircase with vaulted ceilings adds an air of sophistication and brightness. An Exquisite Island Retreat for The Most Discerning Buyer!"

Let me add that this 1841 sq ft homes has three bedrooms and 3 1/2 baths and sits on a large 4973 sq ft lot (44.4'X 111'deep). CLICK HERE to read more info and see several photos of the interior and exterior.

1123 Washington Street is listed at $1,195,000 or $649 per sq ft. Listen-up! This is a real bargain at this price and at this location. There just aren't very many nice three bed and three bath homes with beautiful pools that are located in good locations in Key West. I just created a "comprables list". The list only includes similar homes in the Old Town and Casa Marina areas. CLICK HERE to view the list so you can do your own comparison shopping. I have written about some of the homes on the list before.

I live a block away. I love this neighborhood. It is convenient to everything. But for the most part it is really nice and quiet. I can bike to the gym or Fausto's Grocery on White Street in about two minutes. The beaches are a five minute walk. I can get to the airport in about five minutes by car. On July the 4th I could watch the fireworks shot off at Higgs Beach from my pool. Key West is a great place to live. And 1123 Washington Street is a house you can pretty much move right into.

If you would like to see 1123 Washington Street, or any of the other houses on the list above, or any other house in Key West, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties in Key West Florida. Our office is an affiliate of Christie's Great Estates.

1021 Washington Street - Casa Marina Estate Property - Key West

In a place like Key West where there are so many "one of a kind" properties, it sometimes seems silly of me to tout a listing as being one of a kind. But I must on 1021 Washington Street which is located in the Casa Marina area of Key West. There is not another property like it.

Look at the photo above. Look at it. It just shouts "Old Florida!" Old Florida before the invasion of the hordes of snowbirds, the colonization of South Beach, the gayification of Fort Lauderdale, and the gentrification of Key West.

The pre-World War II architecture is so simple and elegant. The listing Realtor describes 1021 Washington Street this way:

"Remarkable Casa Marina Estate like no other! Stately historic residence situated on a massive 27,000 + sq. ft. of land, one of the largest residential estates in Key West, on the corner of Washington Street and Whalton Street. Beautifully maintained and lovingly cared for over the course of 74 years by the same family. Totaling 6 lots laid out in an L shape with 4 consecutive vacant lots facing Whalton Street that can be divided. 3 structures in total which include the main historic home, guest house and 3-car garage. Gorgeous meandering gardens and lush landscape manicured to perfection and irrigated by 6 wells. Rare opportunity with many possibilities for development or subdivision."

I live a half block from this house. I drive past it every day. It is like having a private park located across the street. Something pretty and graceful that has a timeless beauty never to be touched. But then the Realtor suggests the property could be "developed". Heavens No! There must be some buyer out there that will see this beautiful property for what it is and has the money to preserve it just as it is.

This CLICK HERE is a photo of the side yard at 1021 Washington that was taken from the house next door to the north. And CLICK HERE to read all of the listing information and view lots of interior and exterior photos of this great estate property.

I have written at least a gazillion times about the charm and convenience of living in the Casa Marina area. We are close to everything. But we are not living in the midst of it all. We are near the beaches. We are within walking distance (it's a 10 minute walk at least) to Old Town. We are five minutes to the Key West International Airport. And we are five minutes to any of the three shopping centers. There are several gyms, many galleries, the Dairy Queen, a pre-school and an elementary school within three blocks. Louies Backyard and Salute on the Beach are two minutes by foot. If you can afford this place, which is offered at $4,500,000, you might have a yacht (or at least a good sized boat). We got several convenient marinas that are also located nearby.

If you are looking for an estate property such as this, please call me, Gary Thomas, 305-766-2642, 0r e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. Our office is an affiliate of Christie's Great Estates. I live nearby and I would love to welcome you to the neighborhood.

728 Windsor Lane - Old Town - Key West

If you are a potential buyer that is looking for a "small" project house, I may have found the house you are looking for. You may have driven by or walked by this house before and thought "cute" but decided it is too small or needs "too much work". Let me suggest that any buyer that wants a small house in Old Town with a pool keep an open mind and consider 728 Windsor Lane.

The listing Realtor describes 728 Windsor Lane this way:

"If you are a ready-to-act buyer who has been waiting for the chance to live in the charm district of Key West, this may be the house that causes you to take immediate action. While small, it is difficult to find a home in this area for under $300,000. The house has a great private shady yard. On the weekends, you can look forward to Operation Recharge. Sleep in on Saturday morning, drink your coffee, and relax. In the afternoon, jump on your bike and ride around and enjoy the tropical ambiance. As the sunsets,take a stroll down to Mallory Square and witnesses Key West's most famous sunsets!It's thrilling to live so close to the heart of KW music and entertaining district.There is some work to be done but for the size the price is a fit!"

CLICK HERE to read the listing info and view photos of the house. The house is only 654 sq ft. It presently has a living room,2 bedrooms, one bath and a kitchen. I guess you could call this a modified "eyebrow" house with a sawtooth addition. CLICK HERE. There is a recent addition to the rear that houses the laundry area. The lot is 1279 sq ft. 728 Windsor Lane is offered at $270,000 or $413 per sq ft.

A house like this will likely require total renovation. I'm no builder but I would expect the house to need some pier replacement, new joists, demolition and total renovation of the interior, new windows and doors, new electric, plumbing, and HVAC. The good thing is that the small size ought to keep the renovation costs somewhat contained.

The rear yard is surprisingly large. There is room for a real pool. The seller owns the adjacent property and will provide easy access for a backhoe to remove dirt and coral to keep the pool construction costs economical. CLICK HERE and CLICK HERE to see photos of the rear yard as it presently exists.

I have been in several old houses like this over the years. I always tell buyers to forget about what the inside structure or room configuration looks like today. Your architect and builder are going to rip it apart and will come up with a new house designed for today's living and put it inside of the four walls that presently exist. They'll probably wrap a pretty bow on the outside and end up getting a historic preservation award. Little gems like this mean so much and become so valuable once all the hard work is over.

728 Windsor Lane sits on Solares Hill in the Old Town area of Key West. The location is about a five minute walk to the shops and restaurants on Duval Street. The Historic Seaport is an equal distance walk. There is one little corner grocery about one half block to the east. And if you are afraid of cemeteries, the Key West cemetery is one block to the east. Windsor Lane at this location is a one way street that gets its share of lost tourist traffic. Most traffic is from locals and bicyclists. 728 Windsor Lane sits across the street from the Key West Writers' Compound which I have written about before. The former inhabitants of the Writers' Compound didn't settle on this location by accident. The red "X" on the aerial photo (above) marks the location of 728 Windsor Lane.

Please call me, Gary Thomas, 305-766-2642, if you would like to schedule an appointment to see this little cottage. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

See Click Fix

I have added a link above to a website that may interest some readers. http://www.seeclickfix.com/ is a citizen powered 811 service (non-emergency govt issues). With it, people can report problems that others can fix, or the local govt can keep tabs on.

Okay citizens of Key West, click and fix our city and country government. And our Monroe County School Administration. While you are at it, give President Obama some much needed help in getting the Public Option into health reform. And finally, would somebody get some government money to repave A1A (South Roosevelt Blvd.) from the airport back into Key West. SeeClickFix!