Licensed to Make Money - Key West Waterfront Condo

Just listed (but not by me) 1500 Atlantic Boulevard Unit No. 108, Key West Beach Club Condominiums. Besides being located directly on the Atlantic Ocean (as opposed to having a view), this 1500 square foot three bedroom two bath unit has a Transient License. That means you can legally rent the unit everyday of the year to help defray costs. Unit No. 108 is offered at $895,000 or $597 per sq ft.

This is how the listing Realtor describes this new listing:

"True Oceanfront with a Transient License! Spectacular Views and All of the Quiet Elegance for which The Key West Beach Club is so Well Known. Your Own Private 345 Square Foot Oceanfront Balcony. Oceanfront Tennis Court. Two Oceanfront Swimming Pools with Covered Outdoor Grill Entertainment Areas. Oceanfront Gym. Life in Paradise is Best When Lived on the Water!"

CLICK HERE to see the mls listing information and view photos of the interior of the unit.

Even though our office does property management, I always tell buyers that want to purchase an income property that they should keep the property with the current property management company unless they feel that company is not doing an adequate job or the personalities don't mesh. This unit is managed by another company that does a good job. I have recommended this company to other buyers. This is how the property manager describes Unit No. 108. "Unique oceanfront living sitting 65 feet from the Atlantic. Listen to the water as ocean breezes cool you. This elegant 3 bedroom/ 2 bath unit features a huge oceanfront balcony accessed from both the living/dining area and master bedroom. The unit features central heat/air, cable TV, washer/dryer, well equipped kitchens, 2 baths, security entry, and elevator access. There is one reserved parking space. Resort amenities include heated oceanside pool, tennis court, outside cooking facilities, workout room and sauna."

Rents on all transient properties in Key West vary depending on date and length of stay. Unit No. 108 rents from $340 to $520 per day and $2310 to $3640 per week. Experienced property managers have repeatedly told me that three bedroom units (such as this) tend to rent more quickly than two bedroom units because they can accommodate more people more easily.

Every time I take prospective buyers into a unit at the Key West Beach Club they are awed by the view. Each unit is located directly on the water. None of the units have a partial water view. Every unit has a dead-on up close view of the Atlantic Ocean. The beach is just below. The neighboring units do not have views of the balcony unlike many other condos in Key West. And the ocean view at night is just magical with the twinkle of little lights on boats far away.

If you are thinking of buying a second home in Key West with a transient rental license, please contact me, Gary Thomas, at 305.766.2642 or by e-mail at kw1101v@aol.com to get more information on 1500 Atlantic Unit No. 108 or any other property in Key West. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Shopping Lessons

I am bored with TV. The over-paid programming executives (except for the USA Network!) have ruined TV. There is nothing new and plenty of old that has been re-furbished to look "new". I watched the trailers on the new ABC TV program called "V" and thought I had seen all of this before. I did. About 20 years ago. Reality TV is cheaper to produce so we get to see races and hear the filthiest insults from so called adults acting worse than children. Why in the world would I ever want to buy their designs or eat their food is beyond me. And HBO, once my favorite place on TV, has grown old and wary. I am paying well over a hundred dollars a month for cable TV and getting little that really interests me. That is until I found the Sundance Channel's new series "MAN SHOPS GLOBE".

The program follows Keith Johnson (buyer-at-large for the Anthropolgie stores) as he goes around the world looking for antiques and objects that he can take back to the US where his company can either use them as marketing displays or as a prototype that can be reproduced for resale. He seeks out things that nobody has seen before or he creates new things by re-interpreting old things. Example: on a trip to Belgium he found a beautiful old wood headboard with lots of character. Nothing new about that. But he found this talented graffiti artist and told the guy to create. I know we have all seen painted furniture, but what this kid did was entirely different.

Keith Johnson tells the viewer the purpose of each destination and the general types of things he seeks. On his trip to France he wanted a few really grand one-of-a-kind pieces that could be used as major display items in the Anthropologie stores. He shared his frustration with over-priced items in Paris. He took us along to Avignon to the flea market and later to an artists studio. He gave up a lot of information on price negotiation methods. I'm not sure he really should have done that. His negotiating style was definitely worth watching.

The series' official website MAN SHOPS GLOBE has lots of helpful information about each destination Keith Johnson visited. There are useful links and some great photographs that provide more detailed information for someone like myself who was just totally taken by this series. You can watch full episodes ON DEMAND or when they appear on the Sundance Channel.

Keith Johnson is quoted as saying

"The flea markets in France are legendary. The best part of the Saint-Ouen Flea Market in Paris is the Paul Bert Section. It has the most decorative things. My advice on buying is to ask yourself, "How much is this worth to me?" Then bargain, be fair and be willing to walk away. The truth is that you'll only regret the things you don't buy... you'll never regret what you do buy. In the context of the market, surrounded by similar objects, a piece may not seem special. That's the hardest part of being a buyer - taking things out of context."

The thing I appreciate most about Keith Johnson is his collegial style. He's obviously successful but he does not come across like some know it all that talks through his teeth with disdain for little people. Instead he asks opinions of others and gives them the opportunity to create.

Go to the Food Network to learn how to cook something or watch DYI to learn how to fix something. But if you want to learn how to shop and get something you really want, watch "MAN SHOPS GLOBE" on the Sundance Channel and take shopping lessons from an expert. If you are thinking of buying a place in Key West keep Keith Johnson's admonition in mind "The truth is that you'll only regret the things you don't buy... you'll never regret what you do buy."

If you want to go real estate shopping with a Keith Johnson wannabe, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Disparate* House Buys - Key West

*Disparate
Function: adjective
Etymology: Middle English desparat, from Latin disparatus, past participle of disparare to separate, from dis- + parare to prepare — more at pare
Date: 15th century
1 : containing or made up of fundamentally different and often incongruous elements
2 : markedly distinct in quality or character
synonyms see different" from the Merriam Webster Online Dictionary.

I thought it would be interesting to compare similarly priced properties that are located in good locations in the Old Town, Casa Marina and Meadows areas of Key West. The point of the comparison is to show the disparity of similarly priced homes in desirable locations. My criteria:

Property Type Residential
Include Property Subtype Single Family County Monroe County
Statuses Active, Active-Short Sale
Price 1,600,000 to 1,800,000 Area Area 1-2

CLICK HERE to view the ten houses that fit that criteria. I wrote about the smallest of the houses at 511 Frances last week. It is priced at $1,649,000 or $970 per sq ft. The largest of the properties is located at 1307 Truman Avenue. It is a short sale and it is priced at $1,799,000 or $395 per sq ft. (Both properties are listings of my office.) 1307 Truman Avenue is also the least expensive house on a per sq ft basis. The most expensive property on a per sq ft basis is located at 608 Angela Street. It is priced at $1041 per sq ft. (I previously wrote about both houses in detail. 608 Angela is cute, has a great location, was the former home of actor Richard Burton's father, yada, yada, yada. The house at 1307 Truman Avenue is the grande dame of Truman. It is a house from another age and is so damned big that it is almost impractical as a single family residence. I happen to think it is an incredible buy. (I wish I had a buyer for it.)

All houses, even in the same areas and that are similarly priced, are not equal. The average price per square foot on the ten houses is $708. Using that as a benchmark, do your own price point comparison between the various houses. You can see for yourself the disparity between the asking price, size, location, and amenities offered in each of the ten properties.

I need to mention once again the best bargain in Key West: 906 Johnson Street. CLICK HERE to see why I think this house is such a great value. It is offered as a short sale at $1,769,000 or $476 per sq ft -- that is $272 less than the average price of the ten homes shown above on a per square foot basis. 906 Johnson Street was listed earlier this year before it became a short sale at $3,495,000. Somebody is going to get the bargain of this new century on this house.

If you are looking to purchase a primary residence or a second home in Key West please call 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. Our office is the exclusive lower Florida Keys affiliate of Christie's Great Estates.

October Real Estate Sales in Key West

There were several real estate closings in October that mark the resilience of the Key West real estate market. There were 18 single family home sales in all of Key West. I found 4 single family short sales and one bank owned sale during that time. There was only one sale in the core area of Old Town. ( It was a small Conch house at 726 Fleming Street. Great location and it had a pool. But I don't think the city knows there is a pool there. It looked more "homemade" than any pool I ever saw. The place has a transient license, but the license had not been used in years. That house sold at $537 per sq ft.) In October 2008 there were 14 single family home sales. That is a 23% increase in sales over last year.

There were 13 condo and townhome sales in October 2009. We had the same number in 2008. Four of the 13 were noted as short sales and three were shown as bank owned. But CLICK HERE to see a shocker. I missed it when it happened because I did not recognize the street address. You see there have not been many sales at 281 Trumbo Road (more commonly referred to as The Steam Plant). This 2884 sq ft unit was sold Doug Mayberry for a whopping $2,835,000 or $980 per sq ft. Congrats!

I was also encouraged by the brisk activity of recent listings that went under contract this past month. 907 Elizabeth Street, 1126 Stump Lane, 709 Windsor Lane (all Old Town locations) went under contract within a couple of days of being listed. Despite what some naysayers may espouse, the Key West real estate market is very active.

It is listing season again. Many sellers traditionally wait until just before the holidays to list houses for sale. The asking prices for Old Town and Casa Marina appear to be rising on a per sq ft basis for nicer homes in the Old Town and Casa Marina areas. I'm not saying that the sales prices are up there, but the asking prices are starting to rise. There aren't many houses under $1 million in Old Town or Casa Marina. But there are a lot of single family homes priced just under $1.8 million and higher in those same areas. It will be interesting to see how the law of supply and demand works out. I know there are some very pricey houses whose owners need to sell. And there are some cash rich buyers looking for a prize property at a bargain price.

There are still plenty of condos and townhomes on the market, but the availability of units in some locations (like the Key West Golf Club) is starting to shrink. Most of the cheaper units are not where second home buyers want to be. Eighteen of the houses or condos that sold in October were priced at or under $500,000 with an average price per of $254 per sq ft. Again, most of those units are in areas that most second home owners would not consider as a second home location (except the golf course or Old Town).

The market is contracting. The market is demanding. The market is not egalitarian.

CLICK HERE to search the real Key West Association of Realtors mls database. If you see a property that you like, please contact me, Gary Thomas, 305-766-2642 or reach me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

1223 Royal Street - Key West

1223 Royal Street is a small Key West compound, an investment property, if you will. It is offered for sale at the asking price of $524,900 or $393 per sq ft. This is how the listing Realtor describes this property:

"Behind the privacy of the wood fence sits a very private very Key Westy compound. 1/1 in the front with a stone path leading to 2/1 plus loft in the rear. Lovingly cared for with etched glass, cathedral ceilings, wood floors, built in shelving and French doors opening to a yard with room for a pool.This legal duplex has two electric,garbage and sewer accounts? Central air through out."

You may not recognize the neighborhood or the area by the address. El Siboney Cuban Restaurant is located down Catherine Street two blocks to the east. And Duval Street is four blocks to the west. St. Mary's of the Sea Catholic Church is two blocks to the north. The Atlantic Ocean and South Beach are a five minute walk to the south.

CLICK HERE to read more details on this property and to view photos of the interior and grounds. The lot is 4278 sq ft (46' x 93').

If you are familiar with the street numbering system in Key West you will know that most odd numbered houses are on the east side of the street. 1223 Royal Street is located on the west side in this block. Key West planning officials do this just to keep everybody on their toes. (There are two Thompson Lanes which are located about a mile apart. Planning did that to drive taxi drivers crazy.)

There were three sales in this same block earlier this year. CLICK HERE to see what sold and the prices paid. 1223 Royal has been used as a vacation rental so I am not sure it really compares to any of the properties that recently sold. I have not been inside of this property so I can't add much to what the listing Realtor has provided. If you are looking for an investment property you may want to see 1223 Royal Street.

1019 Flagler Avenue - Casa Marina Area - Key West

1019 Flagler Avenue is now offered for sale at $650,000 or $130 per sq ft. You cannot build a house in Key West that cheap. I'll grant you that it is not the prettiest of houses but that is why God created gay designers and architects. They can turn ugly into sassy with the snap of their fingers.

This is how the listing Realtor describes 1019 Flagler:

"This large 3bd/3ba house is situated on 2 lots totaling 9100 sq. ft. The home has multiple entrances which allows this property a wide variety of uses. Corporate retreat, large family home or a very stately single family residence. Each bedroom has its own bath and the living room and kitchen open onto a very large covered lanai which overlooks the very private pool and back yard. There is off-street covered parking and a detached garage. There is also a commercial rental (Doctor's office)downstairs for additional income."

I'm not so sure I would call it "stately" at present. And a retreat it is not. But the place is really big and solidly built. CLICK HERE to view the mls listing sheet and photos.

The Monroe County Property Appraiser shows this house as having 3256 sq ft of living space (this is in conflict with the mls listing) and sits on a 9160 sq ft lot (90.25' frontage X 101.5' depth). Records show the house was built in 1938. The house was originally built of Indian Block, a man made material used in several of the larger Key West houses. There is a newer addition to the front where it appears the original first and second floor porches were enclosed with concrete blocks and 1960's or 1970's era windows and door were installed. There is also an addition on the east side with a "disco" bedroom and bath. The Florida room on the ground level has iron bars on the sliding glass doors that open on three sides. All of the windows are shuttered. The downstairs front portion of the house is now used as a doctor's office. The second floor space includes a sitting room, bedroom, large bath, nanny suite, and an office. The result is godawful ugly.

This property has a covered off street parking plus a vintage garage. The kidney shaped pool is very attractive but it looks a bit dated. The rear yard needs yanked into the 21st century just like the house. The pool are garden area could be so much more without a huge expenditure of money.

I think the price reduction is a signal that the seller is now ready to sell. The asking price of $650,000 makes this property very competitive. If you are looking for a project house in a good location, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties in Key West, Florida.

511 Frances Street - Old Town - Key West

Just listed by Preferred Properties (but not by yours truly), 511 Frances Street in Old Town Key West. The front porch is open and inviting. There is a chair on one side and a big swing on the opposite side. The porch provides a great view of the front yard with the white picket fence and the pretty houses that have been updated over the years.

CLICK HERE for an aerial view of 511 Frances Street. You will note it is located on the eastern edge of Old Town Key West. The 500 and 600 blocks of Frances have some of the most expensive and most photographed homes in Key West. The location is still within an easy walking distance to all of the attractions of Old Town but it is far removed from the zaniness. Maybe that it is why this location attracts buyers with money. You will note that 511 Frances Street abuts Carey Lane (one of the prettier little lanes in Old Town). The aerial view also shows the size of the lot which is pretty big for Old Town: 5,062 sq ft or 53' frontage X 97' depth.

This is how the listing Realtor describes 511 Frances Street:

"Built in 1983 is a true replica of a Key West old town home with the luxuries of today located on one of the very best blocks in Old Town. There are three large bedrooms separate from one another with unique style bathrooms, his and hers offices off the living room, and an a separate artist studio off the pool. There is a wonderful serene outdoor covered dining space for those large dinner parties surrounded by lush landscaping and gentle lighting. The interior is Dade County pine with vaulted ceilings and molding throughout. Located two blocks from the Seaport."

511 Frances Street is offered at $1,649,000 or $729 per sq ft. The house house has 2263 sq ft of interior living space. But it is the pool and rear deck where the real Key West style of living occurs. CLICK HERE for more detailed info and photos of this property.

If you would like to see 511 Frances Street, or any other house in Old Town, please call me,Gary Thomas, at 305.766.2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. We are the lower Florida Keys exclusive affiliated of Christie's Great Estates.

907 Elizabeth Street - Old Town - Key West

Just Listed (but not by me) 907 Elizabeth Street in Old Town Key West. You know the neighborhood. Seven Fish Restaurant is on the corner at Olivia Street (CLICK HERE).
It's an easy to walk to St. Mary's Sar of the Sea Catholic Church CLICK HERE up on the opposite corner on Truman Avenue. Duval Street is two blocks west. The new Old Town Gym is a three block walk east of Elizabeth. The Coffee Mill is a couple of blocks beyond that. The point is the location is really convenient for the second home owner who wants proximity to everything. And here is the best part: this house is listed at $625,000 or $406 per sq ft. CLICK HERE for an aerial perspective of 907 Elizabeth Street. I even noted the location of Seven Fish to help the viewer.

This is how the listing Realtor describes 907 Elizabeth Street:

"Just an easy stroll to Duval Street, this is a lovely Conch House built in 1928 with two bedrooms and two baths, living and dining rooms with high ceilings and a nice eat in kitchen with Viking gas range and new refrigerator. Laundry room, 2 zone central air, a covered rear sitting porch that leads to a bricked patio and loggia with many mature palms and flower beds, and room for a pool."

The 1540 sq ft house sits on a very large lot (3275 sq ft or 25' x 131'). The house has the obligatory white picket fence. But the front has an electric gate that opens onto bricked off street parking CLICK HERE.

CLICK HERE for more detailed information on this listing and to view more photos of the inside and outside.

CLICK HERE for a look-back at what this house looked like in 1965. CLICK HERE to see it from a different angle.

If you are looking for a second home in Key West and would like to see 907 Elizabeth Street (or any other house) please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc.

615 Grinnell Street - Old Town - Key West

The very charming house tucked off the beaten path at 615 Grinnell Street (Rear) just got a lot more attractive. I have shown this property several times and I think it is poised for a quick sale. The reduced asking price is now $685,000 or $538 per sq ft. This is how the listing Realtor describes this home:

"Tucked away down a quiet Old Town lane is this lovely, renovated historic home. Three bedrooms plus a loft/office, high ceilings, quality finishes with an open floor plan for comfortable island living. Lush tropical lot, inviting pool and porches make this a Hidden Island Oasis in one of the best neighborhoods of Old Town Key West."

You can't see this house from the street. It is actually located at the tail end of the little lane mentioned above. The house has a wrap around porch on two sides. The pool and deck are on the third side. The north side abuts the adjacent lot. All three "public areas" are very neat and nicely landscaped. The owner recently added a gate to permit off street parking inside of the grounds. The lot is fairly large (approximately 50' x 60').

This is definitely a Key West house. You won't find one like this in the burbs, wherever you are. All of the rooms open to the outside. CLICK HERE to see the view from the kitchen looking toward outdoor dining and the pool. (There is even a small building that is just aching to become a poolside bar.) While none of the rooms are huge, they open onto each other and the vaulted ceilings and multitudes of French doors that open to the outside make the outside feel like it is part of the inside. CLICK HERE to read more detailed information on this listing and view several very good photos and even take a virtual tour. Speaking of tours: Grinnell Street dead ends on the Key West cemetery. You won't be seeing Conch Trains or Trolleys dragging tourists down the Grinnell Street. Most locals avoid it because they can get where they want more quickly. So if you are looking for peace and quiet, this street is one of the better addresses in Old Town.

This is not my listing. But don't let that stop you from 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. Our office is the exclusive Lower Florida Keys affiliate of Christie's Great Estates. It's Fantasy Fest Week in Key West. If you owned 615 Grinnell Street you could walk one block to join the People's Parade CLICK HERE on Friday. On Saturday you and your friends could walk four blocks to join in on the craziness on Duval Street. And on Sunday morning you could walk one half block to 5 Brothers CLICK HERE for a couple of shots of Cuban coffee and some Aspirin.

639 United Street - Key West Charmer !

I showed 639 United Street last week. I had not been inside for a few years. The last time it was offered for sale it got purchased right away. I sort of remembered how cute it was -- how it meets the needs of a buyer that wants to buy that "Quintessential Key West Cottage" (the personification of idyllic living space in our little town). Well, I just fell all over myself again. This house just about everything a buyer could want - except the location.

I'll discuss the property first and then the location. 639 United Street is a 1350 sq ft main house with guest cottage. There are a total of three bedrooms and three baths. The lot is deceptively large (31' x 118.5') . The front yard is fenced and gated. The front porch belies the truth of this non-traditional shotgun style house. You see the actual entry is made into the living area midway through the house on the west side. The front of the house is where two of the bedrooms and bathrooms are located. The bedroom configurations are therefore larger and more user friendly. (See interior photos.)

The living area (kitchen, dining, and livingroom) open onto the rear of the house and have views of the pool and guest cottage where that third bedroom and bath are located. There is a side gate on the east side of the house that provides access to the rear area for the poolboy or guests staying in the cottage.

The  living room has a big vaulted ceiling that makes the entire space seem larger. The Dade County Pine walls are artistically painted. The kitchen opens onto the living area so the cook is always part of the action. There is an indoor dining area but there is dining space by the pool as well. Oh, and the outside is wired for tunes. The pool gets lots of sunshine but it is also nestled by some tropical foliage so users can get the tan but not get baked if they don't want to. CLICK HERE to see some excellent photos that really showoff each room and living area.

639 United Street is offered at $790,000 or $585 per sq ft. It does not have off street parking. And it is located on what I call a feeder street. United Street is a somewhat busy street during the daytime. At night the traffic is infrequent. There is commercial activity across the street and there is a trailer court a couple doors to the east. But Duval Street is only two blocks to the west and South Beach is only a five minute walk to the south. A week ago I wrote about the property just to the south of the guest cottage (622 Louisa Street). CLICK HERE to see the pool there. 622 Louisa is a little grander, I will grant you that. It's got a better location, I'll grant you that. And it is priced $500,000 higher.

Fantasy Fest started last night. The King and Queen were crowned and town is full of party-goers and some potential buyers. If you are looking to purchase the nearly perfect Key West getaway place, please call me, Gary Thomas, 305.766.2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. We are an affiliate of Christie's Great Estates. Let me help you find your place in Paradise.