1709 George Street - Short Sale - Key West

For those who think I only write about high-priced Dream Plazas, here is one that proves the opposite: 1709 George Street which was just listed as a short sale. Big deal, you say. Big deal, I say! A year ago this 4 bedroom 2 bath house with a beautiful pool and new kitchen and baths was priced at $675,000. It did not sell. Now it is a short sale and it is now offered at $350,000 or $258 per sq ft for this 1355 sq ft home that sits on a 44850 sq ft lot. The listing Realtor describes this house this way:

"Behind the privacy wall you will find this beautiful home, tropical landscaping and a fabulous pool. Very nice four bedroom two bath single family home just a few blocks from the beach. Upgraded kitchen with granite countertops, stainless steel appliances, tile throughout and much more. This is a potential short sale transaction subject to lender approval."

1709 George Street is located about two blocks north of the Atlantic Ocean just past 1800 Atlantic Condominiums. CLICK HERE for an aerial perspective of the location and surrounding properties. This entire area was flooded during Hurricane Wilma. I have shown enough houses since then to know just about every buyer is sensitive to potential future flooding. That is why we have flood insurance.

Once you get over what happened in the past and theoretically could occur in the future and consider how you could actually live in this house and this area, the house, the location, and the price may have a change your view of things. Look at the aerial photo again. That vast area at the bottom right of the photo is Smathers Beach. People from all over the world to come to Key West to lay there and play there; to soak of the sun; and to chill.

I think 1709 George Street could make a nice family home or an inexpensive second home retreat for the budget minded. The area has a mix of homes that have been upgraded and remodeled. But there are some mid century houses and duplexes in the area that have not. At $350,000 this house offers a lot of value in my opinion. CLICK HERE to read the detailed mls listing info and to view photos supplied by the listing Realtor. For additional comparison purposes I created a list CLICK HERE of other 4 bedroom homes in Key West offered at $400,000 or less.

CLICK HERE to perform your own personal search of the real Key West Association of Realtors mls database. You can manipulate the search criteria any way you want. If you would like to see 1709 George Street (or any other property in Key West) please contact me, Gary Thomas, 305-766-2642. This is not my listing but I would be happy to show you the house and the area so that you can appreciate the value of this property. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

1039 Buttonwood East - Sugarloaf Key - Waterfront Property

What can I say. Look at the photo of the little boat and the big ocean all within view of 1039 Buttonwood East on Sugarloaf Key at Mile Marker 17. This property is a new listing of Preferred Properties. The listing agent describes the Buttonwood property this way:

"Open water beauty on Sugarloaf Key. Two bedroom, two bath CBS home on huge private lot with SE exposure. Tile floors, vaulted wood ceiling, new kitchen, covered deck overlooking beautiful open water. Direct access to ocean with no bridges. Dock permit is included."

CLICK HERE to read more detailed information on this house and view some great photos of the interior and the waterfront views that this house offers every day of the year.

1039 Buttonwood East is offered at $614,900 or $385 per sq ft. The house was built in 1975 and has 1686 sq ft of living space on a huge 14,972 sq ft lot. CLICK HERE for an aerial view of the house and its relationship to the water and surrounding homes. There are two bedrooms and two baths. The property has a seawall. Interestingly, the Monroe County Appraiser added this note to the Appraiser's Records "GOOD VIEW". And Howdy!

If you are looking for a waterfront property with a "good view", please call me, Gary Thomas. I can be reached at 305-766-2642 or by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in beautiful Key West, Florida. We are an affiliate of Christie's Great Estates.

3 Aster Terrace - Key Haven Canal Property - Key West

Just listed, but not by me, 3 Aster Terrace in Key West's bedroom community of Key Haven. This is the area where many of the local Key West business owners and professionals live. Just about every house is located on a canal. And so it is with 3 Aster Terrace. Most of the houses were constructed in the 60's and 70's and many of those have been renovated. A large number of new "showy" homes were built at the north end of Key Haven at the beginning of this decade. Those houses are large and grand and pretty pricey. If you watched The Real World on MTV during 2005 you would know that the house the kids lived in was located on Key Haven.

I showed 3 Aster Terrace last week, the same day it was listed. The place is very clean for a Bank Owned property. The listing agent told me the bank is going to do some additional painting to spiff the place up a bit more. The house was built in 1960 and renovated in 2007. The listing Realtor describes the house this way:
"Bank Owned! Large Key Haven home with 4 bedrooms and 3 bathrooms, with one bedroom and bath that could be used as a mother-in-law unit or lockout. Renovated in 2007, some of the upgrades include kitchen with stainless appliances and maple cabinetry, new plumbing, new electric, impact resistant windows, and recessed lighting. Excellent floor plan with living room, den, dining room, and Florida room. Key Haven is a waterfront community located just minutes away from Old Town Key West. Excellent boating access to Gulf and Atlantic waters."

CLICK HERE to read more detailed info on this house and view some good exterior and interior photos. There is a white picket fence in front set off by off street parking. The photos of the interior do this house justice. The rooms are good sized. There are real closets. The windows and doors are impact glass which means you do not need shutters. This 3 bed 3 bath home has 2272 sq ft of living space and sits on a 6000 sq ft lot. The entire rear of the property backs onto a canal. This house is priced at $599,000 or $264 per sq ft.

This house could be a good deal for a family that plans to live in Key West full time or for a second home owner that wants a place provides water access. Please call me, Gary Thomas, 305-766-2642 to schedule a showing of this Bank Owned property.
Houses like this are selling quickly these days. Don't assume that because it is for sale today that it will be around tomorrow. Let me help you find your home in Key West.

3810 Flagler Avenue - Key West Waterfront

I have written about the expansive property at 3810 Flagler Avenue before. I've shown it a few times. It is intriguing but the size of the place almost overwhelms potential buyers.

3810 Flagler Avenue is 3207 sq ft house on a gigantic (by Key West standards) 14,175 sq ft lot. It sits at the far east end of the Island of Key West. The entire rear of the property has a seawall that abuts the Sunrise Canal. The Sunrise Canal opens into the Riviera Canal and that leads to the deep waters of the Atlantic Ocean. CLICK HERE for an aerial perspective of 3810 Flagler. The principal view from the rear of 3810 Flagler is water, more water, and then mangroves. You can see the rear of a couple of homes. But the main view of the water and the mangroves beyond is just captivating.

I said the house is big. It has three bedrooms, four bathrooms, a huge living room, a family room, laundry, garage, gazebo, spa, and a beautiful pool. Part of the rear deck is covered but most of the rear area is open to the sunny skies of Key West. Most of the exterior rear grounds are covered in brick pavers so there is not a lot of high maintenance landscaping. CLICK HERE to see the mls listing information with details about the property and view many interior and exterior photos.

3810 Flagler Avenue is offered at $1,375,000 or $429 per sq ft. If you are looking for a large home with a Key West address that has space for a large boat, 3810 Flagler Avenue might work for you. Please call me, Gary Thomas, 305-766-2642 to arrange a showing.

September 2009 Real Estate Sales - Key West

Summers are historically slow selling times for houses in Key West. A lot of locals leave town and shut their businesses in September because business is so slow. But September 2009 saw a flurry of real estate activity.

There were 30 single family homes that sold in September. Six were bank owned houses and eight were short sales. The sellers on a couple of the other sales offered bonuses to selling agents so even though those sales were not "short", they may have been goosed a bit. But lest you think only the low end houses are selling, consider the sale of 1425 White Street at $2,683,000 CLICK HERE or $771 per sq ft (Casa Marina Area on one of the busiest intersections in Key West nonetheless!). CLICK HERE to view 6 Lopez Lane which I wrote about a few months ago. It sold for $1,225,000 or $586 per sq ft. Earlier this month I wrote about the sale of 503 Noah Lane in Truman Annex that sold for $2,325,000 or $668 per sq ft. Don't overlook 1 Pinder Lane that was under contract for less than a week. This little Old Town fixer-to-be CLICK HERE sold for $810,000 or $618 per sq ft-that is for a house that needs work but that is located on a great Old Town lane. (The house was purchased by the adjacent property owner. It does not matter. Someone else would have bought that treasure at that price.) CLICK HERE to see all of the single family houses that sold in Key West during September.

If you are a potential buyer and know the Key West real estate market look over the list of solds and consider the locations and price per sq ft. We are still in depressed real estate environment but the sale of 1425 White Street in an arguably bad location is one heck of a price. Same thing for the fixer on Pinder Lane. It had a great location but the house needs work. If a buyer put $250 or $300 per sq ft into remodeling Pinder, that would price that house finished at just somewhere around $900 per sq ft. Think about it.

In 2008 there were 24 single family home sales in Key West of which 15 were bank owned of short sales. But in 2007 there were only five single family home sales that closed in September. Wow!

Key West had a total of 25 condo and town home sales in September. Five were bank owned units and ten were short sales. I mentioned in an earlier blog that our office represented principals in two of the high priced sales this month - one at Harbor Place that sold for $1,200,000 and the other at Beach Club that sold for $1,550,000.

There was one very interesting short sale located at 31 Seaside Court South CLICK HERE. I wrote about it in my blog months ago. I showed it a couple of times. The place was stunning. It sold for $599,000 or $313 per sq ft. There are several short sale and resale units at Seaside. It will be interesting to see how this sale affects the sale of those units. I was in one of five recently listed short sales units. They do not compare to the quality of interior finishes of the one that sold. That is just my opinion.

And five of the condos and town homes that sold in September were located at the Key West Golf Club. The sales price averaged $247 per sq ft. A few months ago there were 20 or so units available at the Golf Club Development. That number has dwindled to nine active listings. Only one listing is shown as a short sale and one is priced in the stratosphere for no good reason. I called the listing agent about that place a couple of months ago. I thought maybe he/she had made an error in posting the price. No the price was correct, but way out of this world. The remaining units are normal market resales at asking prices much higher than the recent solds.

I started to write a blog entry the other day and bit my tongue and decided to shut up. I was going to rant at what I see as a revival of the greed factor. Everybody in Key West is an expert on the real estate market and the mls database provides lots of information for the public. So it is not surprising that locals can determine for themselves what I have been saying for a couple of months that our little real estate market is on the uptick. Those that do not need to sell are demanding higher prices. They can see that inventory of available houses is down, so they are asking more for what they have to sell.

That's all well and good if the entire market was heading up. It isn't. Parts are. There just are not very many single family homes in Old Town or Casa Marina offered for sale. There are still a lot of short sale condos and bank owned units all over Key West. Financing condos is a bit of a problem, but financing is available for qualified units. I think there will be more short sales and foreclosures of condos and town homes, especially in developments that have already experienced a lot of short sales and foreclosures. Once those properties get gobbled up at bargain prices that segment of the market should start to recover.

If you are looking to purchase a place in Key West please consider calling me, Gary Thomas, 305-766-2642, or contact me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. There are still some good deals left. Let me help you find one that works for you. If you wait too long, you may have to spend your vacations at the Heart Break Hotel.

Waterfront - Transient Licensed - Key West

The Coconut Mallory Condominiums are located at the far east end of the Island of Key West. They sit at the edge of Cow Key Channel and provide immediate deep water access.
There are three units left unsold. Two of the units are one bedrooms that are priced at $250,000 and $260,000. Each has a transient license and a boat slip. But the one I want to tell you about is a two bedroom two bath unit on the top floor (the building only has two floors). It occupies one-half of that floor and has the premium water view. This unit is offered at $450,000 or $400 per sq. ft. Like the other condominiums at Coconut Mallory, it has a transient license and a boat slip. It comes fully furnished and ready perhaps to turn Cow Key Channel into a cash cow for the new owner.

The listing Realtor describes Unit 201 this way:

"Boat slip & transient license! Second floor unit boasting an open floor plan with water views. Elevator access from pol area to private wrap around balcony accessed from living area and bedrooms. Recently renovated kitchen and baths. Offered fully furnished ready to move in today or start earning rental income. Dock Fees associated with the boat slip are $1,140.00 paid one time annually. Condominium Fees paid monthly include all utilities, electric, water, sewer garbage & cable along with exterior insurance and building/common area maintenance."

CLICK HERE to see the detailed listing information on this unit and to view many photos. Note the monthly maintenance fees are $795 and cover Cable, Sewer, Exterminating, Water, Trash Removal, Bldg Exterior Maintenance, Building Insurance, Common Area Maintenance.

There are many condos offered for sale right now in Key West that have transient licenses that are priced similarly to this unit. You might be able to buy a Shipyard Unit in Truman Annex with two bedrooms and one bath unit with 680 square feet for around $450,000. Shipyard is very popular with returning vacationers because of its easy walking access to everything in Old Town. The units with transient licenses have some restrictions not applicable to Coconut Mallory. The Shipyard location is a valuable asset indeed. On the other hand, you might be able to purchase a 1380 square foot unit with two bedrooms and two baths with a transient license at 1800 Atlantic. 1800 Atlantic is located directly on the ocean and has beach access, tennis courts, a huge spa, and a huge pool. Many returning vacationers prefer the 1800 Atlantic location over Old Town because of the waterfront amenities and larger sized units. Units with transient licenses at 1800 Atlantic do not have any restriction on the number of days per year a unit may be rented.

Unit No. 201 at Coconut Mallory has 1126 square feet of newly remodeled interior space and wrap around covered lanais. The living room and both bedrooms have immediate access to the lanais and this makes the interior spaces seem even larger. The are no neighbors across the courtyard or next door to watch your every move. The only "neighbor" occupies the west one-half of the floor and that unit has no view. The neighbors to the south, east, and north are open skies, some palm trees, and the waterfront where the Coconut Mallory Marina is located CLICK HERE and CLICK HERE.
This unit has a real killer view of the adults only pool just to the north. (There is another pool that does permit children. That pool is secluded and surrounded by palm trees.)

Unit 201 has a large covered parking space with easy access to the enclosed stairway or elevator. That means you do not need to get beat up by the occasional rainstorm or blistering heat when you are bringing in the groceries. There are no bowling alley long hallways or tourists to dodge on scooters zooming around the parking lot. When you are home, you are home.

The interiors were very recently tastefully renovated to provide both utility and style. The space was designed for a lot of potential use but it looks great. I recently took some interior photos. CLICK HERE, CLICK HERE,CLICK HERE,CLICK HERE,CLICK HERE.

Life is full of choices. If you want a place in Key West to make your permanent home or that you can rent out to help pay for itself, there are many options available in the mid $400,000 price range. Unit No. 201 at Coconut Mallory is one of them. Please give me, Gary Thomas, 305-766-2642 a call to schedule a showing. These units cannot be showed when they are occupied. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in beautiful Key West, Florida. If you lived here you would not need to be fretting about the coming snow storms and high heating bills.

1305 Reynolds Street - Casa Marina Area - Key West

The house at 1305 Reynolds Street was constructed in 1976. The house is a CBS with what appears to be a stucco finish. There is a bit of gingerbread on the first floor deck and second floor balcony. The house is 1697 sq ft with two bedrooms and two and one-half baths. There is a little storage building by the pool that might make a a cute pool house. The pool is fairly large and deep. It gets quite a bit of sun. Part of the rear deck is covered so you can have your sun and shade too.

The house sits on a large lot (59.75' x92') in the Casa Marina Area of Key West. This house is not all glitzy and tricked out like a lot of new places in Key West or older homes that have had recent renovations. The property is nearly hidden away behind the trees and tropical foliage. The asking price is $785,000 or $463 per sq ft. CLICK HERE to see the mls listing page and view all photos of this house and grounds.

The listing Realtor describes 1305 Reynolds Street this way:
"Very spacious 2 story home located in one of the most desirable neighborhoods in Key West - the Casa Marina. The open floor plan of this home includes an entrance foyer, very spacious living/dining room with french doors to a large covered porch, a galley style kitchen, half bath and a laundry room. Originally the second floor was three bedrooms and two baths but is currently a master bedroom with private bath and walk-in closet and a large second bedroom and hall bath. The upstairs can easily be converted to 3 bedrooms if desired. Both bedrooms open through french doors to an oversized porch. Outdoors is a tropical garden with meandering pathway and a large pool and deck plus a separate storage building. There also is covered parking."

I created a short list of comparably priced two bedroom homes with pools in the Old Town and Casa Marina areas. CLICK HERE to compare 1305 Reynolds Street to the fifteen homes on the list. If you happen to see a house you like, please call me, Gary Thomas, 305-766-2642 to schedule a showing of any of these properties.

2718 Harris Street - Bank Owned - Key West

I chose the lopsided photo of 2718 Harris Street for a reason: the property is Bank Owned and the price on this property is askew. Let me explain further.

2718 Harris Street is located just at the beginning of New Town. It is a couple of blocks directly north of Grace Lutheran Church on Flagler Boulevard I toured this house over a year ago on Realtor caravan with about 40 other Realtors. What first struck me about this house was the asking price at that time $1,899,000. That was an awful lot of money for that block and that house at that time! Once I got inside I could see all of the love and creativity that went into the remodel that the owner was just completing. I think most of us thought the house was over-built for the area and way over-priced PERIOD! As the months passed the owner progressively dropped the asking price down to $1.1 million. Then the bank foreclosed.

Take a moment and CLICK HERE to look at the photos and read the description of 2718 Harris before it became Bank Owned. Note how attractive the place looked with appliances. They are missing now. CLICK HERE to see the current mls listing info and look at the current photos. You will see the same rooms, similar views, same location, lower price, work to be done, and more money to be spent by a new owner. This is how the current listing Realtor describes the house today:

"Bank Owned awaiting a loving new owner. Take advantage of this rare opportunity to acquire a sprawling home in great New Town neighborhood. Totaling 4 bedrooms and 3 1/2 baths including a 1bd/1ba private guest suite. Gorgeous state of the art finishes throughout, overlooking custom pool situated on a spacious 9000+ sq. ft. double lot. Minimal amount of finish work required including appliance package and a few other miscellaneous details. Vacant and easy to show."

2718 Harris Street is now priced at $699,000 or $179 per sq ft. It's a big house: 3910 sq ft that sits on a really big 9164 sq ft lot. The house has 4 bedrooms and 4 baths, a great kitchen, and lots of open living space. I have included photos of neighboring houses so that you get a feeling for the area. CLICK HERE and CLICK HERE (house next door to west). There are some other larger homes in the immediate area, but most of the houses are 1960's and 1970's vintage ranches. I'm not telling you anything you can't see for yourself about this house being over built for the area. Here are some other photos I took of 2718 Harris Street this morning:
CLICK HERE, CLICK HERE and CLICK HERE.

The house at 2718 Harris Street is owned by a local bank so we ought to get a quick response on any offer. This property is vacant (YEAH!) and easy to show. If you are interested in looking at this bank owned property please call me, Gary Thomas, 305,766-2642 or contact me by email at kw1101v@aol.com. This is a house you bargain hunters just might want to take a look at.

1104 South Street - Casa Marina Area - Key West

Ernest Hemingway rented the house at 1100 South Street in 1928-1929. He completed his novel 'A Farewell to Arms' in that house. That location is just magical as you will note from the gigantic tree at the corner CLICK HERE. The new listing next door at 1104 South Street was built about 70 years after Hemingway left the neighborhood. But the enchantment of that location remains steadfast.

1104 South Street was just listed by Preferred Properties. The listing Realtor describes the one of a kind property this way:

"This dramatic & stylish home in the Casa Marina neighborhood was designed and built by a noted architect in 1999. A series of open-air, vaulted pavilions surround the very private and tropical swimming pool. Thoughtfully separated from the main house is a second floor guest suite with balcony. Over the garage, there is a licensed one bedroom apartment with two balconies overlooking the street."

The County Appraiser shows this house as having 1977 sq ft of living space that sits on a 44' x 112' lot. CLICK HERE for an aerial view. There are three bedrooms and three and one-half baths. The extraordinary master suite overlooks the gardens and pool. There is a second bedroom en suite located at the far backside of the property. The apartment or guest suite located above the garages is located at the front end of the property. The separation between the three bedrooms provides total privacy for everyone. And each living space is really, really special. This house is not for the buyer who likes cookie cutter living or who wants the Old Town quintessential cottage look. The look here to dramatic and sophisticated. The asking price is $1,875,000 or $810 per sq ft (based on the listing Realtor's statement of sq ft). CLICK HERE to read more detailed info on the house and to view the photos of this intriguing property.

I live two blocks to the south and I love this area. It is an easy walk or bike ride to the beaches or one of several gyms, Faustos Grocery on White, the Dairy Queen on United, or any number of little shops and restaurants in the Casa Marina area. Old Town is about a five minute bike ride. The airport is five to seven minutes away depending on traffic. The location is close to just about everything that is important without living right in the middle of all the commotion near Duval Street.

To see other houses in the immediate area CLICK HERE, CLICK HERE, CLICK HERE and CLICK HERE (this house is going to be in an upcoming issue of Architectural Digest).

Please call me, Gary Thomas, 305-766-2642 to schedule a showing of 1104 South Street in the Casa Marina Area of Key West, Florida. I am a full time Realtor at Preferred Properties Coastal Realty Inc. Our office is an affiliate of Christie's Great Estates.

Conch Harbor Boatslips - Key West - Priced to Sell!

One of the interesting things about Key West real estate is the continued development of boat slips in the Key West area. The Historic Seaport "Conch Harbor" was re-vitalized a few years back and it looks great. It has great new facilities including pool, showers, restaurants, and businesses that meet the needs of boaters.

CLICK HERE to read what the listing Realtor has to say about Boat slip No. 12 at Conch Harbor Marina that was JUST LISTED and PRICED TO SELL at $325,000. This is a 45' slip. It is part of an association whose monthly fee of $553.82 includes electric, water, and cable. Owners have full use of the facilities at the Conch Harbor Marina including showers, pool, restaurants, and other fun stuff. Taxes are presently $3150.43.

There are two other new boat slip listings.

Boat slip No. 15 CLICK HERE is a 50' slip and it is offered at $399,000. The monthly condo fee of $714.56 includes electric, water and cable. Current taxes on this slip are $3150.43.


Boat slip No. 21 CLICK HERE is a 60' slip. It is offered at $499,000. The monthly condo fee of $964.80 includes electric, water and cable. The current taxes on this slip are $4201.00. This slip is located at near the outside entrance to the marina for easy entry.

I took some photos of the area this morning before the birds woke up. This place is so quiet right now. Wait till Fantasy Fest in October and the boat races in November. This place will be a madhouse of activity very shortly. CLICK HERE to see the photos.

CLICK HERE to do your own personal search of Key West Association of Realtors mls database. If you see a property you like, whether it is a boat slip, a little Key West Cottage or a big old house, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.