No Regrets, please! Key West

When I am not busy showing property, I am sitting at my desk watching my emails and checking the mls as properties new properties get listed and existing properties go under contract or get sold. Some agents have a life and do other things, but I mostly sit at the computer and try to find properties for my buyers. Finding buying opportunities is getting harder and harder. The market of available properties in Key West priced under one million dollars is drying up.

Most of my buyers live elsewhere and are looking to purchase a second home in Key West. In the past year I had two potential buyers for whom price was no object. They wanted places with all the bells and whistles and the very best location. I showed both parties pretty much the same properties and neither bought. I coulda used the deal guys! But most of my buyers, even the wealthy ones, have been looking for value and have zeroed in on price.

Most of the prospective second home buyers have set a budget of $500,000 or less. There are 19 such properties available today. CLICK HERE to see what half a million bucks will get you in the Old Town and Casa Marina areas of Key West. Without going into specifics let me just say that I have shown many of these houses. Some are really cute and sweet and ready to move into. And a couple are just plain awful. (There are more houses available in the midtown and newtown areas, but most second home buyers won't consider those locations.)

There are 68 single family houses available in the Old Town and Casa Marina areas priced between $501,000 to $999,000. The list is too large to post but you can do your own search. Just CLICK HERE to set your price range and location to search the Key West mls database.

There are some very nice homes available in the above price range. But getting buyers to look there and seriously consider buying in the half million dollars and higher price range is a different matter. Almost every potential buyer has already done his or her homework and comes to Key West with expectations of what is available and what the property ought to sell for. Many come expecting to get a bargain deal on a bank foreclosure or buy a short sale for next to nothing. Life does not work like that. Here or anywhere else. Especially not here!

Nice listing photos and Google Maps can make some properties look more enticing than they actually are in real life. Once you get the chance to smell a place that reeks of cat urine you understand why it has been on the market for months on end.

Then there are properties that are locationally challenged. Just because a house is located on a busy street during the weekdays during the daytime does not mean it should not even be considered as a place to buy. Some potential buyers won't look at homes that are located within view of the Key West cemetery. That cemetery takes up a mighty big piece of Old Town and some buyers are really missing buying opportunities when they exclude homes based on nearness to the departed.

As the housing market for secondary homes priced below a million dollars continues to shrink, don't get squeezed out by being too tight or too demanding. I know it is easy for me to write that another $50,000 isn't a lot of money. It is if you don't have it. A $50,000 increase in purchase price might result in increasing a mortgage by $270 per month. But that extra $50,000 might result in your getting the place you have dreamed of owning in Key West versus getting something inferior or not getting anything at all.

Don't end up like the guy in the cartoon above and end up regretting that you failed to buy a house in Key West before the price of houses goes up. Please call me, Gary Thomas, 305-766-2642, to help you find that special place in Key West. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

Affordable Key West "Getaway" Condo

804 South Street - Key West

Your view while doing the dishes! Sure beats looking at snow or trailers!

I found the just perfect spot for the buyer that wants an inexpensive but nice Key West "Getaway". It is located near Duval Street and the beaches. It has an incredibly beautiful pool and off street parking. It is in really nice condition, has a new kitchen, private washer and dryer, front porch to watch the cavalcade of Key West loonies and a private second floor balcony where you could dine or suntan al fresco.

The al fresco rear second floor deck. Total privacy.

This is how the listing Realtor describes 804 South Street Unit #3:

"Rare second floor unit at desirable Southpark Condominiums with hard wood floors and whole house audio system. 1BR/1BA with a large deck off the bedroom with a retractable awning. There's a new kitchen with dishwasher, stainless refrigerator, Bosch washer and dryer, and a travertine tile floor. Southpark offers a large heated pool, storage, laundry facilities and assigned off street parking."

CLICK HERE to read the listing info details and view more photos. This 640 sq ft one bedroom unit is offered at $325,000 or $508 per sq ft. I have shown this place a couple of times and I think it is a really attractive place in a very good location. The Casa Marina Resort and Higg's Beach are a three minute walk. Duval Street and South Beach are maybe a five minute walk at most. (This unit is NOT a short sale nor is it bank owned. The seller has purchased a larger property and wants to sell this unit.)

The pool area is share by three buildings that each have four units. All the units are the same except for being first or second story units. This unit is on the second floor. The rear gardens are just plain beautiful. The walkways lead to the inviting pool near the east end of the property. There is a great sunning area to boot. A cottage at the very far end has individual storage lockers for each unit as well.

This unit would make a great full time residence for a single person or couple. And because the price is so affordable, it would make a great getaway. If you are looking for a good deal on a small place in Key West, please call me, Gary Thomas, 305-766-2642 or contact me by email 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.

1320 Grinnell Street - Casa Marina Beauty

1320 Grinnell Street - Casa Marina Area - Key West

I frequently write about homes in the Casa Marina Area. I know the area well. That is where I live. I am always advocating that potential buyers look in this area because the area has so much to offer. Won't you be my neighbor?

Just listed, but not by me, 1320 Grinnell Street which is offered at $2,850,000 or $1,001 per sq ft. This is how the listing Realtor describes this home:

"Modern tropical designer home with natural stone, bamboo, and hardwoods. Walls of glass doors open for breathtaking views from every angle of the living and dining area. Top-flight kitchen designed for entertaining and a DCS outdoor kitchen just a step away. First floor master suite with den and double bath opens to private deck with hot tub. Upstairs guest bedroom suite with relaxing area overlooking the pool. Outdoor living room under the lanai has a gas fire pit in the waterfall and sweeping views across the pool to the main home. Separate guest home with loft. Two parking areas for multiple vehicles. Day or night, this home is magical in every detail.

The property was totally renovated and expanded in 2006. Today the property has 2848 sq ft of living space that sits on a large 5992 sq ft lot (74' X 80'). I live nearby, and I watched the construction as it went on for months and months. The Casa Marina area is known not only for its dissimilarity to Old Town but also for its proximity to Old Town and other important Key West destinations. Here the lots are large and the houses are separated by large spaces. While there are a few great Conch houses in the area, most of the homes were built or renovated after the 1950s. . There is nothing "cookie cutter" about Casa Marina area architecture or the neighborhood. CLICK HERE to view some fabulous photos of this special property.

This house is located at the corner of Seminary and Grinnell Streets. Most of the streets in the area do not have curbs and gutters so the area has retained it's country feel somewhat. Perhaps as many as 50% of the homes in this area sit behind large six foot privacy fences with tricked-out entry gates and ornamental shrubs that make each property unique. 1320 Grinnell Street is open to the street with only the space between the main house and the guest cottage fenced from view. I guess one could say that it has "No curb appeal" and get away with that being a genuine compliment.

1320 Grinnell Street is a two minute bike ride south to Higgs Beach, the Casa Marina Resort, and Louie's Backyard. The Island Gym is a two minute bike ride to the east where you can get fit and trim. Faustos Grocery is located nearby on White Street as are a bunch of neighborhood coffee shops, restaurants, and the Dairy Queen. I can usually drive to the airport in about seven minutes from my house. Old Town is a quick bike ride and maybe a 10-15 minute walk depending on where you want to go.

If you are looking to purchase a very sophisticated home in Key West and are not stuck on having to own a "conch house", please call me, Gary Thomas, 305.766.2642, to arrange a showing of 1320 Grinnell Street. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. I live in the Casa Marina area and I love it. Won't you be my neighbor?

811 Carey Lane - Old Town - Key West Cottage

811 Carey Lane

From 811 Carey Lane (left) looking east toward Margaret Street

The asking price on 811 Carey Lane just got better: reduced to $649,000 or $605 per sq ft. This is how the listing Realtor describes this charmer that is located on one of the best little slow lanes of Key West:

"Located in an area of million dollar properties, this charming home has an exceptional location on one of Key West's most desirable lanes. You'll find peaceful tranquility and the Key West ambiance you're looking for in this home. Open living and renovated kitchen, dining room, good storage, outdoor shower, covered porch for lounging and lovely gardens complete with inground hot tub. House opens beautifully to the well-kept gardens and outdoor areas. Excellent condition with 4 ductless air units. Fall in love with this fun and artistic quintessial Key West cottage."

The cottage is almost 1100 square feet and has two bedrooms, two bathrooms, a new kitchen, and it just oozes charm. The ceiling in the main living area is vaulted with exposed wood shingles (covered by metal on the exterior). The ceiling is really dramatic. The living, dining and kitchen area are just captivating. Although this cottage has two bedrooms, neither bedroom is really large. There are two bathrooms plus the essential outdoor shower. The existing outdoor covered porch is so inviting and relaxing. There is room for a good sized pool. The rear of this property abuts Carsten Lane. So all one need do is take down the fence, bring in a backhoe, dig out the dirt, install a new pool for about $25,000, and put the fence back up.

Carey Lane is a one block lane that runs perpendicular between Margaret Street and William Street and just south of Southard Street. It is within walking distance of everything Old Town has to offer, yet you almost need a map to find it. The five homes on Carsten Lane abut Carey Lane to the rear. Each of the houses on Carey Lane and Carsten Lane run through to the other side. Some front on Carsten Lane and the rest have that super valuable Carey Lane address.
Here are some photos of neighboring cottages.

810 Carey Lane (pictured above) is opposite of 811 Carey Lane

811 Carey Lane is at far end of the lane on the right

Neighboring cottage on Carsten Lane

811 Carey Lane is one of my favorite little houses in Key West. It is very simple. It does not need any fixing.It has room for a pool, but a pool is not necessary to everyone. CLICK HERE to view the mls listing info sheet and to view more photos of the cottage.

811 Carey Lane has a great location. Conch trains and trolley cars will never bother the owner. Tourists on motor scooters and bikes probably won't even know it exists. Life goes on in these special little island oases within the island that is Key West.

Yet the property is only a two minute walk to the corner of Margaret and Southard Streets. Five minutes more and you are on Duval or at the Historic Key West Seaport. So close and yet so far away. If you are looking for a place in Paradise, please consider working with me, Gary Thomas. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

Key West - Bank Owned - Open House

1502 Petronia Street, Key West, Florida

I am hosting an Open House on Sunday, January 3rd between 1:00 to 3:00 PM at 1502 Petronia Street in the Meadows Area of Key West. CLICK HERE to see the mls listing info and to view photos of this unit. This property is Bank Owned and it is priced aggressively to sell at $975,000 or $568 per sq ft. This property is a listing of our office and the listing broker describes the property this way:

"This stunning home is part of The Meadows condo association. Newly built in 2007 with top of the line materials and craftsmanship, this home features soaring 14' ceilings in the living area. The kitchen is top of the line with s/s appliances, beautiful granite and solid wood cabinets plus a wet bar in the living room. The bedrooms are en suite with 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 pool area. Completely fenced and beautifully landscaped, this home is also perfectly located."

I created two comparison samples so that potential buyers can compare this property to other similarly priced and located properties. CLICK HERE to see that list

The second comparison was created to compare this property with similar units that were constructed about the same time (or later) but that are priced much higher. Nothing constructed then is priced lower than these units. CLICK HERE to view those properties.

Happy New Year !

Bank Owned - Key West - No Snoots Need Apply!

Just listed, but not by me--again!, 2521 Patterson Avenue in the Mid Town area of Key West. CLICK HERE to see the mls listing info and listing Realtor provided pics. But read on dear reader.

This Bank Owned house is a modular home and it was newly constructed in 2005. I gotta tell you, I was really taken by this house. Not because it is Key West cute. It certainly is not the quintessential Key West cottage. But this is a big house with a lot of real living space for a family. The layout is thoughtful and utilitarian. Each of the four bedrooms has its own bathroom. The master bedroom occupies the full front of the second floor. It has a large sitting room adjacent to the bedroom. French doors open from the master bedroom onto the second floor balcony. The master bath is quite large and has a Jacuzzi tub and separate shower. Two other large bedrooms each with en suite baths are also located on the second floor.

The main level has a good sized living room, separate dining room, large kitchen, laundry room, and a large bedroom with en suite bath complete with French doors open onto the main level front porch. There is a nice back porch that leads to a large backyard with enough space for a big pool. There is also a magnificent shade tree to cool the house in the hotter days of summer.

In today's blog title I said "No Snoots Need Apply!" That's because this is a working class neighborhood. Regular Key West families live here. Patterson Avenue is one block south of US 1. The neighbor to the rear is the Conch Plaza Shopping Center. (The Key West Yacht Club) is across the street from the shopping center for point of reference.) This house is one of the nicest homes on the block. Many of the other houses were built in the 1960s or later. They are not fancy. And they probably won't be fancy for years to come.

This house is priced to sell at $314,820 or $162 per sq ft. This 1944 sq ft house sites on a large 5000 sq ft lot. The house has storm shutters, crown molding, and many features you will not find in a similarly priced home with a fancier address.

Call me, Gary Thomas, 305-766-2642 to schedule a showing of this house. It is easy to see. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. If you want a good deal, this is the one. CLICK HERE to search the real Key West Association of Realtors mls website. Search single family homes priced at $320,000 or less. You will quickly see why this particular house is a good deal.

5 Fletchers Lane - Old Town - Key West

The two houses are connected to create one very large living space.

You can't find a slower lane in Old Town Key West than Fletcher Lane. The lane is only one block long, and it is located between Grinnell and Margaret Street just off Eaton Street. The lane is populated by only a few houses. Most people have never heard of it because few houses located there ever get offered for sale. But the new listing at 5 Fletcher Lane (not my listing) is your opportunity to purchase a really special property. The listing Realtor describes the property this way:

"Luxurious & Elegant Historic Home on one of the most desirable lanes in Old Town Key West. Situated at the end of a quiet lane on a lush tropical lot, this 4 bedroom home underwent extensive renovation and additions in 2007. High ceilings, hardwood floors, bright & airy kitchen with open floor plan overlooking tropical yard and inviting pool. Master suite on first floor with vaulted ceilings, 2 large guest bedrooms plus a wonderful guest cottage provide comfort and privacy for you and your guests. Off street parking for two vehicles, brick patio for entertaining, and central Old Town location make this the Quintessential Luxury Oasis in Old Town Key West."

CLICK HERE to read more detailed info on this listing and to view some really beautiful photos of this special property. The two houses pictured are connected to create one very large living space of 2352 sq ft. The houses sit on a 3819 sq ft lot which is situated at the end of the lane and in the middle of one of Key West's very large city blocks. The result is an island oasis within the island oasis of Key West.

The Historic Key West Seaport is two blocks to the north. There you will find Harpoon Harry's, my just about favorite spot for breakfast or a good old fashioned real cheeseburger. The Schooner Warf Bar is right on the waterfront as are Turtle Kraals and the Half Shell Raw Bar. Coles Peace Bakery (where you can get some great artisan bread and incredible sandwiches) is a two block walk east of Fletchers Lane. Duval Street is five minutes to the west. Everything a man (or woman) could want in life all located within a five minute walk from the house.

5 Flethcers Lane is offered at $1,749,000 or $744 per sq ft. If you are looking to purchase a very special getaway in Key West and would like to see this property, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida where today is a bright and sunshiny day!

Bank Owned - Key West - Waterfront - Affordable

How about my title for today's blog "Bank Owned - Key West - Waterfront - Affordable"? Four things that entice many buyers to take a further look. They included bank owned - the owner is a local bank. Key West - just about every body's dream place to live. Waterfront - okay, the house is located on a Key Haven canal but it provides quick access to the big ocean. And, yes, it is affordable by Key West standards - priced at $599,000.

This bank owned property is located on Key Haven at 3 Aster Terrace. The house has four bedrooms, three baths, a big new kitchen, and lots of living space. The house is 2200 sq ft and sits on a large 6,000 sq ft lot. This is how the listing Realtor describes the property:

"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."

The house was freshly painted when I showed it in was first listed in September. The electricity was turned on and the house has not sat festering away like so many properties owned by the big banks that are too big to fail and too big to care. CLICK HERE to read more details about this house and view some really good photos. This house shows well.

There is a cute little front yard complete with palm trees, picket fence, grass, and off street parking. The rear deck (canal side) needs a little landscaping, but that could be a great weekend project for the new homeowner. The house appeared to be in move-in condition. This property is priced at $599,000 or $265 per sq ft.

If you would like to see 3 Aster Terrace please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. It may be snowy and cold in the northeast today, but it is always wonderful in Paradise.

1012-1014 Thomas Street - Key West - Short Sale

Consider this little Key West compound an "After Christmas Short Sale" with a really big markdown. The main house has two bedrooms and two bathrooms plus all the niceties we have grown accustomed to expect. There is a separate one bedroom that has a double set of French doors that open onto the pool area. The property has a corner location and the pool gets lots of that fabulous Key West sunshine. This property has been previously listed at $1,400,000, $1,149,000, $699,000 and it is now offered as a short sale at $619,000 or $459 per sq ft.

1012-1014 Thomas Street was just listed, but not by me. CLICK HERE to see the mls listing info and more photos of this property. But to see a different view when the house was listed at a much higher price CLICK HERE but note, these photos depict the condition and furnishings in this property three years ago.

This property is located one block south of Truman Avenue and Thomas Street-two blocks west of Duval Street. The Southernmost Point is only a couple of blocks further to the south on Whitehead Street (one block east).

I believe the planned redevelopment of the recently ceded US Navy property to the City of Key West will create an urgency for the gentrification of the remaining homes in the Bahama Village area where 1012 Thomas Street is located. The former Navy grounds will include a large marina. That means new boats and yachts and that means new money. Money drives real estate investment and redevelopment. A huge amount of money will be spent on the new marina and the rest of the redevelopment project. I think the surrounding properties will get swept-up into the redevelopment of the entire area. I don't think it will happen immediately, but I do think it will happen sooner rather than later.

I have been noticing something occurring that I have not seen in quite a while - more and more construction sites. There is not only a lot of "new" remodeling but also new construction. The city is not dying as some naysayers might lead you to believe. There are very few houses in Old Town with room for a pool that are affordably priced. Potential buyers are once again looking for more reasonably priced properties that they can remodel. The Bahama Village area is close to Duval Street and it also has the proximity to the new waterfront redevelopment.

There is ongoing debate about preserving Bahama Village for the people that grew up there. That's cool and I appreciate not pushing people out of where they have lived for decades. But I have seen enough real estate sales in the Bahama Village area to believe the owners (sellers) are not adverse to taking as much money for their houses as they can possibly get. I think the "market" will absorb the houses in the area and the redevelopment will drive up the property values in the long turn which may not be all that far off. This is just my opinion. Take it for what it is worth.

During my first trip to Key West in 1984 I went to a bar called the Old Plantation located at the corner of Thomas and Southard (CLICK HERE to see a photo of the building in 1965 but note its facade was changed when it turned it into a gay bar years later). The gates to Truman Annex are now located directly across the street. But back in 1984 the location was far off the beaten path. By 1991 or 1992 the gates to Truman Annex were abuzz with activity and the Old Plantation was history. The Old Plantation was razed a few years ago and was replaced by two office condominium projects. Today the location is the forefront to some of the most expensive homes in Key West.

I think the entire Bahama Village area will be abuzz with activity and new construction when the redevelopment of the former Navy property begins. If you would like to see 1012 Thomas Street or any other property in Key West, please call me, Gary Thomas, 305-766-2642 or contact me by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West.