8 Nassau Lane - Old Town - Key West - No Need to Look Further

A few years ago I had floor duty and some walk-in customers came in and wanted to look at small homes in Old Town. I showed them several houses on the computer and said there was a new listing on Nassau Lane. I called the listing agent and we drove over to see it. Nassau Lane is located just off Fleming Street between Grinnell and and Frances Streets. It is a one block long lane that dead ends perhaps 150 feet from Fleming. I parked on Fleming and we walked down the lane. As we approached the house the lady said "Gary, I love it. I want to buy it!" I said you haven't even seen the inside. She re-iterated she wanted to buy it. We had a signed contract (both sides) in about two hours time. We became friends and see each other occasionally for dinner. Last year I was walking another couple down that same lane when the couple that bought the house came outside. She came up and gave me a big hug and told my buyers that they love their house and Nassau Lane. I made a remark about only looking at one house and she said the house and the lane are what she had dreamed of. There was no reason to look further.

Just listed, but again not by me, 8 Nassau Lane. This beautiful 2083 sq ft home was just built in 2006. This is new construction and not a remodel. The listing Realtor describes 8 Nassau Lane this way:

"Hidden away on a quiet lane in Old Town is this recently built home in the style of Key West Conch architecture. The front porch features the classic 3 bays and opens into a wide gallery entry with an open custom designed staircase with cable railing. At the rear of the home is an expansive great room with a beamed 22 foot ceiling, maple floors, custom cabinetry and a well designed kitchen. This spectacular room opens to the landscaped yard with pool and spa. The master suite is on the main level while two guest suites occupy the second. Both levels are clean, crisp and light-filled. This contemporary take on a classic has been designed for low maintenance, carefree living with GE Smart Sense wiring and wind resistant doors and windows."

There is nothing for me to say except the price: $1,995,000 or $958 per sq ft. CLICK HERE to see more detailed info on this home and view some great photos of the interior and pool. And CLICK HERE to see an aerial perspective of 8 Nassau Lane.

If you are looking for a superior Key West home in a great and quiet location, please consider looking at 8 Nassau Lane with me, Gary Thomas. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West. We are the exclusive Lower Florida Keys affiliate of Christie's Great Estates. Contact me at 305-766-2642 or by email at kw1101v@aol.com. Once you see this home, you may not need to look any further.

1030 Fleming Street - Bank Owned - Key West

This may be the house you have been waiting for. Just listed, but not by me, 1030 Fleming Street t was built circa 1906. It looks a bit rough on the outside. I had a chance to see the inside a couple of years ago and was surprised at how good the inside appeared at that time. The above photos were taken at that time. It seemed to me that a prior owner may have done some extensive renovations without benefit of a building permit.

This property is now Bank Owned. It is offered at the reduced asking price of $589,900 or $234 per sq ft. The Monroe County Appraiser shows this house as having 2517 sq ft of living space that sits on a lot with 56.5' frontage on Fleming Street that is 75' deep (on Frances Street).

The listing Realtor describes 1030 Fleming Street this way:

"Diamond in the Rough......ready for your personal touch. Historic home that has endless possibilities. Inground private pool, some renovations completed on the second floor. Nice corner lot with wraparound porch 1st and 2nd floors. Easy to show-all offers must be accompanied with proof of funds if cash or pre-qualification letter for financing."

To see the MLS listing information and view a few photos of the inside CLICK HERE.

1030 Fleming Street is located at the corners of Fleming and Frances Streets. One of the most beautiful major houses in Key West sits directly across at 1029 Fleming Street CLICK HERE. (That beauty wasn't always as pretty, however. It has been lovingly restored and sits as a n inspiration as to what 1030 Fleming Street might become.) Both Fleming and Frances Streets have any number of beautiful older homes. Some of the nearby homes are large and some are small. But the area is vibrant and highly desirable. This is one of the best fixer houses in a great location currently available. I think this house will sell quickly.

If you are looking for a bank owned fixer upper, this may be the one you have been looking for. Please call me, Gary Thomas, 305-766-2642 to see the inside. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

November 2009 Real Estate Sales in Key West

The Internet has made it possible for ordinary people any place in the world to get all kinds of real time information on real estate listings in Key West. The Key West Association of Realtors has made public access to mls listings available to all for free with no strings attached and no requirement that you provide your email or personal information to any Realtor.

I mention the free access because so many people that come to look for homes have their three ring binders filled with listing sheets and property appraiser records and tax records (also available to the public). Buyers sometimes seem to know more about the listings than the listing Realtors because they have memorized (or at least documented) the details of each property they see. (Some of these buyers must have been honor society students in high school.) I digress.

I think some real estate search engines may extract raw data from the Key West Association of Realtors website or the websites of either the Monroe County Clerk or the Monroe County Appraiser and interpolate that data into something that could be misleading or false. All of a sudden nonsensical "data" can get transformed into real estate gospel. One buyer (with notebook in hand) recently showed me a list of "comparable sales" to a property he wast interested in purchasing. These comp sales were generated by Trulia. I looked at the Trulia generated printout: the sales were not comparable. My buyer wanted to purchase an inexpensive single family home in Old Town. I looked through the list of comparable sales. I was familiar with most by address. As I recall most of the "comps" were not comparable at all. But one in particular stood out. I knew it quite well because I sold it. It was an vacant lot in Casa Marina that sold for $500,000 cash this past summer. Trulia got it wrong: it incorrectly classified the property as single family residential which it was not. Trulia erred in the location. It was only by a mile off.

There were 20 single family homes in Key West in November 2009. Eight of those sales were bank owned homes and three were short sales. There were two notable houses that sold in November. The house at 723 Washington Street in Casa Marina area sold for $1.6 million or $650 per sq ft. The house at 631 Southard Street sold for $1,895,000 or $708 per sq ft. I wrote about that house right after it was listed. The buyer that got that bought 631 Southard Street got a hell of a good deal. In my opinion that house will appreciate significantly in value once the market finishes its correction.

By comparison there were 11 single family homes sales in November 2007. In November 2008 there were 7 single family home sales and 4 of those bank owned properties and 2 were short sales.

November 2009 saw 16 condo and town home sales. Six of the units were bank owned properties and only one was shown as a short sale. Most of the units that did sell are lower priced primary residences and most are located on the eastern end of the island. One Shipyard unit sold for $449,000. A first floor unit at Harbour Place sold in November 2009 for $1,175,000. Shipyard and Harbour Place are both located in Truman Annex.

There were 8 condos and town homes that sold in November 2008. Four of those were bank owned and one was shown as a short sale. The records show there were 8 condos and town homes that sold in November 2007. Four of those were "pre-solds" at Beachside. One condo at a totally different location became a subsequent short sale in 2009. A condo in an Old Town location sold for $926,900 in November 2008 and is back on the market and offered at $749,000. But that unit is not listed as a short sale. Do the math on that one. I did not make a typo.

The number of sales in November 2009 is clearly ahead of the past two years. The area of highest demand is still Old Town and the supply of single family homes in Old Town priced under one million is really small. The same can be said for Casa Marina. There is a large inventory of single family homes priced at $1.8 million or higher. I think there are a lot of houses priced in the $1.15 to $1.3 million range that are ripe for picking by a buyer with cash that can close quickly. The deal of the decade (906 Johnson Street) is under contract. That buyer is the luckiest and smartest buyer in Key West.

If you are looking to purchase your dream home in Key West, please consider working with me, Gary Thomas, 305-766-2642 or contact me by email at kw1101v@aol.com. Use the Internet to help search for your new place in Paradise. But use a good realtor to help you make a good buying decision.

Pretty as a Picture - 720 Passover Lane - Key West

If you are looking for the pretty as a picture Key West Cottage that sits on a secluded lane in Old Town, you need to see the new listing at 720 Passover Lane. The listing Realtor describes the property this way:

"Tucked away at the end of a quiet, walking Old Town Lane sits this beautifully renovated historic home. Manhattan meets Key West in the level of decor and finishes chosen for this historic jewel. Wonderful vaulted ceiling in the living room with open floor plan and chef's kitchen. Bright and airy dining/family room with glass doors all around to view the gorgeous tropical garden. Lovely master suite with loft and ensuite bathroom, bamboo wood floors and decorator touches. Granite floors add elegance, stained glass accents and Rick Worth painted doors add Key West Charm. The Ultimate Historic Oasis for the discerning buyer."

CLICK HERE to read more details and view some great photos of this property. The house is listed at $595,000 or $644 per sq ft. The house is 924 sq ft and sits on a 1798 sq ft lot. CLICK HERE to view an aerial perspective of the lot and the location.

This property sits at the far end of Passover Lane. This is a walking lane so you will never see a Conch Train or Trolley Car in front of the house. In fact you will hardly see anybody at that location as only three other houses are located on that lane.

With that being said, the property is located in just about the center of Old Town. The Historic Key West Seaport is a five minute walk to the north (down Margaret Street). Duval Street is a five minute walk to the west going down either Windsor Lane or Southard Street. St Mary's of the Sea Catholic Church is a five minute walk to the south (Truman at Windsor Lane). The Coffee Mill, Old Town Gym and Island Gym are located within a five to seven minute walk. And the best damned fried chicken in Key West is located at Dion's which is located inside the Citgo Gas Station at the corner of Truman and White. Scoff if you want, it is the best in Key West. And it's only a six minute walk back to the house or a two minute bike ride to the beach where you eat your chix and watch the chicks.

That's the thing about living in Old Town. You can walk to just about everywhere you really need to go. Season is almost here and that means the local theatre companies will start their new productions. The Red Barn and Waterfront Theaters are each a five to seven minute walk from Passover Lane. Tropic Cinema is located just off Duval on Eaton Street. There is always something interesting playing there.

If you would like to see 720 Passover Lane or any other house in Key West, 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.

Open House - Sunday - Key West

Preferred Properties Coastal Realty, Inc. is hosting an Open House at five locations in Key West. If you are looking for your place in Paradise, checkout any one or all of the locations below. These homes will be Open Sunday from 1:00 to 3:00 PM. Come by and see us at:

712 Southard Street CLICK HERE This two bedroom, two bath home with a beautiful pool is offered at $795,000.


416 Elizabeth Street CLICK HERE This grand home was built circa 1873 and it is unlike any other Old Town home. The interiors are rich and warm but unpretentious. The grounds are expansive. The main house, two guest cottages, verandas, pool, and grounds will surely make you wish you could afford the $3.2 million price. I'll be hosting this house.


1502 Petronia Street was constructed in 2007. CLICK HERE It is a bank owned property that is a real show stopper. This two bedroom, three bath unit has travertine marble and hardwood floors throughout. All rooms feature high ceilings, crown moldings, and top of the line finishes. It has its own private pool and covered parking. This 1717 sq ft residence us offered at $975,000.


1407 Patricia Street CLICK HERE is a starter home and is priced at $499,000. It is located about one block form the Atlantic Ocean and near the White Street Pier and Higgs Beach. Buy now and renovate later by perhaps adding a second floor where you could have ocean views.


32 Hilton Haven Road #2 CLICK HERE is a two bedroom, two bath condo with spectacular open water views priced at only $499,000.


Preferred Properties Coastal Realty, Inc. is the exclusive Lower Florida Keys affiliate of Christie's Great Estates. Remember to come by 416 Elizabeth Street and guess how old my photo is. See you Sunday.

1502 Petronia Street - Key West - Open Today - 12 to 2 PM

Looking for something to do this afternoon that does not involve booze or sex?

Visit me at an Open House today from 12:00 to 2:00 PM at 1502 Petronia Street.


Newly built in 2007 with top of the line materials and craftsmanship, this home features soaring 14' ceilings in the living area. The kitchen features stainless steel appliances, beautiful granite and solid wood cabinets, plus there is a wet bar in the living room. The main level has travertine marble floors. The bedrooms have en suite baths and are distinguished by impressive architectural details including crown molding, high ceilings, porches and solid wood doors. A private gated drive leads to the carport and a separate entry to the private pool. Completely fenced and beautifully landscaped, this home is located in the quiet Meadows neighborhood. 1502 Petronia Street is priced at $975,000.

Please drop by and see me, Gary Thomas, Realtor at Preferred Properties Coastal Realty, Inc. or call me at 305-766-2642 or by e-mail at kw1101v@aol.com.

Happy Thanksgiving

Happy Thanksgiving from Key West

Gary Thomas, Realtor
Preferred Properties Coastal Realty, Inc., 520 Southard Street
Key West, Florida 305-766-2642

Nickeled & Dimed to Death in Key West

I got an email a few days ago from a reader. He apparently bought a couple of places in Key West that have been used a vacation rentals. He kept the existing property management company in place because of the excellent rental history. He said the property management company had been over-charging him. He asked me if I could recommend a reputable property management company. Our office does property management, but I am not involved in it. I don't make any money or receive any token compensation for referrals. So I have no financial stake one way or another if someone uses our office or another. But I did refer the reader to Dan Skahen in our office. Dan is the property manager at Preferred Properties.

Late yesterday I had an opportunity to see one of the "bills" my reader had received. My reader pays a 20% property management fee. It included such expenses as $5 to move trash can to street. I went by the house. The trash can is located about 5 feet from the sidewalk. Another $25 was charged to turn on the propane tank that heats the swimming pool. That heater is on the other side of driveway, maybe 25 feet from where the trash can is located. Perhaps they charge by the foot. The reader was charged a fee of $20 to check-in and check-out the same "guest"- that's $40 in total. He got charged $36 to replace paper products (toilet paper and paper towels). And he was charged another $86 to replace a hair dryer. There's more but that's all I can remember.

When I show property to potential buyers I tell them that most property management companies charge about the same rate to manage property, but that they need to be certain what is included in the term "property management". I know that just about all property managers pass along cleaning fees, supplies, pool maintenance, repairs,credit card fees, and travel agent commissions. Some charge more for paying bills related to the property while others pay the bills as part of the management fee.

I am tempted to rat out the rat that nickeled and dimed my reader. But I won't do it. I don't have a dog in this fight. I'll tell you this, if you buy a property from me and you plan to rent it, I will tell you not to use that particular company.

I see this same crap happen down here all the time. There are plenty of contractors, electricians, plumbers, and handymen that are perfectly willing to take your money and take more and more of it. After Hurricane Wilma I made my noontime trek to Burger King on Roosevelt. The food was easy, hot, good to eat, and cheap. This local fat assed contractor was in line ahead of me bragging about all of the work he was doing in New Town. He was telling someone else how much he was charging the poor fools whose houses got flooded. He was laughing. That fat ass ended up loosing several houses in the market downturn. So there!

Several years ago I went to the Key West Post Office and asked to speak to a supervisor about my mail service. A guy came out to the customer service counter. I told him where I lived and stated I keep getting other peoples' mail. I told him I got someones income tax refund (which I walked to the correct address), but said I was getting the wrong mail quite frequently. He said "Well, this is Key West" as if that is an excuse not to do your job. But he added he would look into it. A few months later I went back and asked to speak to the Postmaster. A woman came out this time. I repeated my complaint and added the comment about excusing poor job performance on living in Key West. I still get other peoples' mail, just not as frequently as before.

For some reason individuals and businesses (and maybe government to some extent) tend to use Key West as a reason or a justification for doing a crappy job or for over-charging. We pay more for our gas than you would pay in Ft Lauderdale or Miami. The excuse is we are located far away. Yeah, well you can buy gas cheaper up US 1 about 10 miles. It's just an excuse to gouge people.

That property manager I mentioned will probably loose my reader's business. He should. It looks to me like his greed will cost him $20,000 in lost income for next year. Multiply that by five years. That $5 to move the trash could cost the property manger $100,000 over five years. Moron!

1800 Atlantic Condominiums - Key West

It's time to update the properties available for purchase at 1800 Atlantic Condominiums. I divided the units between those with valuable Transient Rental Licenses and those without. Units that have a Transient Rental License can be rented daily every day of the year to a different renter each day-just like a hotel room. Units without such a license may be rented on a monthly basis but may only be rented once each month.

There are a total of 13 units currently available for purchase at 1800 Atlantic Condominiums in Key West. The aerial photo above together with the photos of the pool and gardens ought to entice you to consider this oceanfront resort type property as a potential second home purchase. In addition to that fabulous Olympic sized pool and spa are the beach, three private tennis courts, garage parking, on sight property management, and 24 hour security. 1800 Atlantic is close to the Key West International Airport, Smathers Beach, and three shopping centers. It is quick jog down to Duval Street and all the craziness. The proximity to Duval Street (or maybe lack thereof) is one reason returning vacationers opt to stay at 1800 Atlantic year after year. It is close to everything, but it is a destination unto itself.

Smathers Beach (below photo) is located about 60 seconds west of 1800 Atlantic Condominiums. At Smathers Beach you and your friends can play volleyball, participate in all kinds of water sports, or just work on that killer tan. But remember 1800 Atlantic has its own private beach-but the action is down at Smathers Beach.

There are four other important factors to note. Each factor may influence pricing and value. (1) Location. Look at the aerial photo again. Note that the road to and from the airport (Bertha Street a/k/a South Roosevelt Blvd.) runs adjacent to Building "C". Most units that front Bertha Street are priced a little less expensively than other locations. Units that have the best views are usually priced higher. Units on the top floor have vaulted ceilings so they may seem larger. (2) Condition. Some units are "virgin" and look the same today as when they were built over 20 years ago. Others have been remodeled. Some have been tastefully redone. And some less so. Some units may be cheaper than others but may need a little tlc. (3) Transient License. The existence of a Transient License does not in itself mean you will make money right away. Some units have dormant licenses that the owners maintain to preserve the license, but the units have not been rented. Buying a unit with a successful rental history however might make more sense than buying a unit without such a history. Most transient licensed units are offered "furnished". Many are "turn key". Read the mls listing info. (4) Size. Most units are 1357 sq feet in size. Some units are larger. Make sure when you compare the units that you are comparing like kind units. Think of it this way: if you were looking at purchasing a twenty year old Mercedes would you want the cheapest car or would you consider the paint (body) job, the odometer, the engine, and the tires to help determine the better value?

CLICK HERE to look at the units with Transient Rental Licenses. There are seven such units and they are collectively priced at $455 per sq ft. Again, compare location, condition, and size. Unit A 403 is a penthouse unit located directly on the Atlantic Ocean. It is larger than the other units; it has a dead-on view of the water; it is being sold subject to probate court approval. Look carefully at the photos of Unit A 403.

CLICK HERE to look at the six units without transient licenses. You would expect the average price per sq ft to be lower (at least I would), since Transient Licensed units have traditionally been priced about $50,000 higher than units without such a license. At any rate, these units are price on average at $462 per sq ft. Check them out as well. Not everyone wants someone else's head in their bed to help make a mortgage payment.

If you are looking for a second home in Key West and think a condominium might work for you, please call me, Gary Thomas, 305-766-2642 to arrange a showing at 1800 Atlantic. Or send me an email at kw1101v@aol.com.

1410 Duncan - Key West

This is another one of those just listed but not by me posts. 1410 Duncan Street is located just across the street form the Tennessee Williams House located at 1431 Duncan Street. Tennessee Williams said this of Key West:

"This is the most fantastic place that I have been yet in America. It is even more colorful than Frisco, New Orleans or Santa Fe. There are comparatively few tourists and the town is the real stuff. It still belongs to the natives who are known as ‘conks.’ Sponge and deep sea fishing are the main occupations and the houses are mostly clapboard shanties which have weathered gray nets drying on the front porches and great flaming bushes of poinsettia in the yards. This is beginning to sound like very bad travel literature—but I do wish you were here. I am occupying the old servant’s quarters in back of this 90-year old house. It has been converted into an attractive living space with a shower. The rent is $7 a week. I shan’t do anything the next few weeks but swim and lie on the beach until I feel human again. Then I shall learn how to fish. A good fisherman can thumb his nose at all commercial enterprise in the world."

Can you imagine Key West on $7 per week or relatively few tourists? Egads! Back to the future.

1410 Duncan Street is located three blocks east of White and a couple of blocks to the south of Bay View Park (on Truman Avenue). Duncan Street is a five or six minute walk to the Atlantic Ocean. It's quicker on a bike or scooter, of course. Old Town is a ten minute bike ride, but you can walk to the restaurants and bars on upper Duval in about five to seven minutes. The listing Realtor describes the location as "the highly desirable Arts District of Old Town Key West". I describe the location as quiet. After you have heard enough tourists and locals walking home at 3:00 AM telling each other how much they love each other or despise each other, you appreciate quiet neighborhoods. Believe me.

The house has two bedrooms, two baths, off street parking, a beautiful pool, a white picket fence and lots of charm. The listing Realtor describes this 1492 sq ft house thus:

"Gorgeous Historic Home in the highly desirable Arts District of Old Town Key West. Fully renovated and restored to its original splendor. Hardwood floors, high ceilings, Dade County Pine walls. Wonderful eat-in kitchen with stainless steel appliances and gas cooking. Large and private master bedroom suite with amazing second floor outdoor sky shower overlooking a tree top view of Key West. Inviting pool, lush tropical yard, covered off street parking and a quiet, central location make this home the Quintessential Key West Historic Treasure."

The asking price is just $675,000 or $452 per sq ft. CLICK HERE to see more details on this listing and to view some great photos. I showed this house twice the last time it was on the market. It sold immediately then. Houses that are priced right and that have the features like this house seem to go under contract quickly.

If you are looking for a home like 1410 Duncan Street 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.