906 Johnson Street - Casa Marina Estate - Short Sale

One of my very favorite homes in Key West just became a short sale. Some buyer is going to own one of the very best houses in all of Key West for a fraction of what it is worth. They don't make houses like this anymore. And you could not duplicate this house if you were to try to build a new one. The cost would be prohibitive.

906 Johnson Street is a 3720 sq ft estate type property situated on a 10,750 sq ft lot located one block from the Atlantic Ocean. You can see the Atlantic Ocean from the master bedroom and master bath on the second floor. The main house has a formal living room with fireplace and an informal family room overlooking the rear terrace. The west wing provides living quarters for staff. There is a separate dining area that overlooks the large pool and outdoor kitchen on the east side of the property. The master bedrooms and master bath have ocean views. These two rooms are just elegant without being prissy. There are two additional bedrooms on this floor-one even has a terrace overlooking the pool below. There is a fully contained guest cottage with living room, bedroom, small kitchen, and bath. Off to the far west you will find another casita or writer's cottage with its own bath.

Entry to 906 Johnson Street is made through a formal gated entrance. Brick pavers encircle the entire property as do gardens filled with towering palms and assorted tropical plants. This place is a gardener's paradise. Every point is different; every point is a delight.

I created a photo album of photos that show the house and its relationship to the neighborhood. CLICK HERE to see those photos.

Preferred Properties is the listing broker on 906 Johnson Street which is now listed at the short sale offering price of $1,769,000 or $476 per square foot. Remember, the bank set the asking price. This is truly a great buying opportunity for a discerning buyer. Please call me, Gary Thomas, 305-766-2642 to schedule a showing.

La Casa Roja - 1403 Catherine Street - Historic KeyWest

Just listed by Preferred Properties Coastal Realty (but not by me) La Casa Roja at 1403 Catherine Street in Key West, Florida.





La Casa Roja is the kind of home that you would expect to see featured in Architectural Digest or Coastal Living magazine. It is of that caliber. But you lucky readers get to see it here in my little blog instead, keywestproperties.

CLICK HERE to see the before photo of this historic 992 square front home as it appeared five years ago with its white clapboard siding and chain link fence. If fit right into the neighborhood. But a very creative young architect and his partner bought the house and transformed it into a work of art. CLICK HERE to see the renovated property as it now appears. The six room house consists of the living room, kitchen, guest bedroom, guest bath, and master bedroom with en-suite bath. Other living areas include the outdoor lounge off the master bedroom, the open-air dining alcove near the pool, the bar off the kitchen, and the two story carriage house with upstairs loft. Each room or area is rich in architectural detail and quality construction. There is nothing "undone".

This simple little house is simply just that: a simple little house. But that is an understatement of grand proportion. It is elegant in its simplicity. The new wide oak plank floors were custom milled as were the extra-large crown molding and the extra-wide baseboards. New cedar doors were custom made. The original windows were restored to retain their character.

Doors and floor patterns in the original house were reworked to make the house flow efficiently. The relocated kitchen for example opens onto the hallway adjacent to the living room. The kitchen windows tilt and provide access to the covered outside veranda bar. I would not call this home a "party house", but it was certainly designed for an owner who loves to entertain in style. The kitchen is the heart of this home. And the several social gathering spots flow from or toward the heart of this home.

What was once the kitchen is now the master bedroom with its own private covered porch with hot tub. The master bedroom features two sets of pocketing French doors and screens which allow the room to open up to the back yard. Mirrored pocket doors conceal the generous ten foot long closet. Paneled wainscoting and coffered ceiling add depth and interest to this cozy retreat.

And then there is the two story carriage house. It's the perfect place to house your classic Key West car or the perfect place for your own gym, workshop, or studio. Upstairs there is a secret retreat that is just as simple and just as elegant as the rest of the main house. Some people skimp on things that are barely seen. Here, the barely seen is treated as a treasure for the very few.

I dare the reader to walk around the outside of this property and find something amiss or something not done. Every place you look you see solutions to everyday issues. Here is a "for instance": the front door hurricane panel was turned into a whimsical work of art and greets guests near the cocktail bar.

This is the kind of house a second home buyer should consider because the present owner designed the house and all of its components to standout from the crowd and function properly. It does. Indeed. Some readers may say "I could do that." Perhaps. But most of us see a home like this and admire it with awe. That is why I discerning buyer will seize the opportunity to own a property of this caliber.

La Casa Roja is offered at $1,299,000. If you would like to see this simply elegant property, please call me, Gary Thomas, at 305-766-2642. Some very lucky person is going to buy this little treasure and experience the elegance of living well...in Paradise. Preferred Properties Coastal Realty, Inc. is an affiliate of Christie's Great Estates.

P.S. I have shown this charming home to several buyers that actually purchased a home from me. They ended up hiring the owner-architect of La Casa Roja to design the remodel of their new Key West property. My advice to buyers: save the trouble and hassle of months and months of construction. Buy the real deal now.

Keep It Simple, Cuz!

A few years back Key West had an Assistant City Manager that was full of pomp and circumstance. He blustered about making Key West a leader in technology by getting the entire city wired for the future. I like it when government gets simple jobs done correctly and efficiently. I don't care if Key West is a leader, but I do care if things work correctly, efficiently, and as inexpensively as possible. This blog address but one issue: getting new utility services started.

I have a gripe about how difficult some departments or utilities have made the establishment of new service. It is a nightmare! This is the set-up. New property owners (and tenants that personally pay for utilities) must (1) fill out an application form to establish a new account; (2) pay a deposit to insure payment of monthly fees; and (3) demonstrate proof of ownership or proof of residency by providing a copy of a deed or a lease for the proposed new account.

The forms have repetitive and redundant information data fields. Some require disclosure of personal information such as social security numbers, driver's license numbers, birth dates, etc.
Each utility asks the same basic information but then requires other information related to that departments specific account data fields. One utility requires that its form be be notarized and accompanied by a copy of a drivers license. But that same form can be faxed. It seems to me whoever created the form was trying his or her bureaucratic best to make the application as "legal" as possible.

My suggestion is simple: create one application form that meets the data requirements of all three utilities: Keys Energy, Florida Keys Aqueduct Authority, and City of Key West Sewer & Trash. The same goes for Suburban Propane and Amerigas. They have made the transfer of existing systems in place from the prior owner to the new owner an absolute nightmare. Comcast Cable has its own outlandish requirements for installing new cable and Internet service. Whoever designed this requirement must have graduated from the Bank of America Screw The Customer Training Academy & Car Wash.

My Modest Proposal is for the electric, water, and sewer utilities to create one simple Application Form for New Service. This form could be filled out one time. It should contain general data fields to identify the owner (or responsible party) and ancillary data fields to link the new customer with the specific locator fields used by each individual utility. A simple form could be filled out one time and submitted by a buyer or closing agent as soon as title passes. Keep it simple, Cuz.

1218 Varela Street - Key West - Foreclosure

Just listed, but not by me, 1218 Varela Street CLICK HERE in Key West, Florida. This is a house you big house shoppers really ought to consider. I have not been in the house for a long time. But I vividly remember the first time I saw it. I thought it was amazing. Owners changed. The place got changed a bit as well. It was just foreclosed upon (but it is not a bank foreclosure)and now it sits empty. This may be an opportunity to get a great house in a very good location at a good price. You never know until you try. CLICK HERE to see the listing information and some photos of the interior and exterior of the house.

The listing Realtor describes 1218 Varela Street this way:

"Fantastic private compound available for your consideration now! The stately main home is comprised of three bedrooms, two and a half bathrooms and a den. The cottage contains a bedroom and a bathroom and makes an excellent private office. The guest house was at one time a legally separate address and contains one bedroom, one bathroom and a living and kitchen area. Bring your ideas to personalize and update this into a grand showplace!

This place is BIG! There is 3348 sq ft of living space on the 5855 sq ft lot. It is offered at the price of $1,500,000. When this same property was listed for sale (and sold for $1,100,000 in 2001) the then listing Realtor described the house this way "A Meticulously Renovated Key West Residence. The 2 Story Main Home Includes 3 Bedrooms / 2.5 Baths And Office. French Doors From The Rear Of The Home Lead To A Dramatic Loggia And A 43ft Heated Pool And Spa, Guest Cottage And A Separate 1 Bedroom / 1 Bath". I included his description because it adds detail I cannot provide. But it hearkens back to what I said at the outset about being amazed by this house. My first visit was at a party or something at night. The place just oozed sophistication. Everything at that time was tony.

1218 Varela Street is located across the street from the Montessori School.CLICK HERE and CLICK HERE. The kids arrive in the morning and go home in early afternoon. If the sound of little kids laughing annoys you, this house will not work for you. The house is located near the shops and galleries on White Street and it is a five minute or so walk to the beaches. And the house does have covered off street parking CLICK HERE. Except the "covered" part is missing at the moment. CLICK HERE for an aerial perspective.

If you are a big house buyer please call me, Gary Thomas, 305-766-2642, or contact me by e-mail at kw1101v@aol.com, to schedule an appointment to see this property.

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.