Don't Get Shut Out of Key West !

This has been one crazy winter so far. The weather has been uncharacteristically cool by Key West standards. We have had cold days, hot days, cool days, rainy days, and sunny days. But one thing for sure: we did not have one SNOW DAY!

People come back to Key West year after year after year. A lot of the buyers I work with have been coming to the Keys since the 1970's and 1980's. Most of my buyers are in their late 40's or older, and almost everyone is looking to purchase a place in Key West where they can retire at some future point in time. If you are among the many who want to buy a little piece of Paradise, my advice is simple: don't wait too long.

There were 23 single family home sales in Key West during January 2010. Four of those sales were bank owned properties and 11 were short sales. The average sales price was $305 per sq ft. But that sales data includes all of Key West whereas most second home buyers prefer properties located in Old Town, Casa Marina, and the Meadows. I refined my search to only those areas and excluded the one short sale at 1015 South Street (hell of a deal !). The result was four homes that sold for an average of $510 per sq ft.

The number of sales in January 2010 (23) more than doubles the number of single family sales in January 2009 (10). There are plenty of buyers for lower priced properties. We did not have any sales on larger, more expensive homes in the Old Town, Casa Marina or Meadows area.

Currently 145 single family homes are shown as contingent or pending in Key West. Thirteen of the 145 contingent or pending sales are priced above $1 million with an average list price of $787 per sq ft. Six of those properties went contingent or pending in January. A lot of short sales that have been hanging around and getting gray hair are starting to get approved and closed.

A couple of weeks ago I wrote about Key West has reached the bottom of the barrel. I stand by what I wrote. Within a couple of days a couple of nice houses priced under $500,000 were listed. One sold on the first day it was listed. CLICK HERE to see the 8 houses in the target area that are priced at $499,000 or below that I think most second home buyers might actually wan to buy. We have an abundant supply of homes priced over one million dollars, however. But that supply may be starting to shrink as well. The pickings, Dear Reader, are getting slim.

If you are looking to purchase a piece of Paradise and do not want to get shut out again, 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. We are the exclusive Lower Florida Keys for Christie's Great Estates. CLICK HERE to search the mls.

Size Matters - Key West - Short Sale

727 Waddell and 731 Waddell Avenue - Key West

731 Waddell Avenue Key West

Pool and deck behind 727 Waddell Avenue

Small and cute are often quaint. Quaint usually costs a lot of money. Quaint in a good location, with a pool, off street parking normally cost a whole lot of money in Key West. Even in today's tough market.

I've seen a lot of big houses and most are never equated with quaint. But that doesn't mean they don't matter, because we all know that Size Matters.

The two really big houses at 727 and 731 Waddell Avenue in the Casa Marina Area of Key West are now listed as short sales at a very affordable price of $1,299,000 and $1,199,000 respectively. I have written about both houses several times. Both houses are essentially the same. 731 Waddell Avenue is located on a corner lot. 727 Waddell is located next door to the west. In my opinion 727 Waddell is the superior property because the kitchen, floors, and some interior finishes show a bit better. I think the pool and rear grounds of 727 Waddell are also superior to 731 Waddell. But a corner location has a great appeal to many buyers.

This is how the listing Realtor describes 727 Waddell Avenue (pretty much ditto for 731):

"Custom built Casa Marina home newly constructed in 2008. Barely ever lived in with a spacious 4 or 5 bedrooms each featuring ensuite bath, great storage & large covered porches off 3 of the bedrooms on 2nd floor. Through the front door you will be graciously welcomed to a great room & light filled kitchen all overlooking spacious yard, custom pool/Jacuzzi w/ water feature & stone patio. Enjoy 11ft ceilings, granite countertops, stainless appliances, built in bar, custom marble & tile baths, hardie plank siding, impact windows & doors, fully fenced, irrigation & more. A comfortable & spacious home centrally located to beach, tennis, dining & famous Duval Street. This is a potential short sale transaction subject to lender approval."

Each of the five bedrooms has its own bath. All bedrooms except the third floor bedroom have balconies. The bedrooms actually were built to be bedrooms and have lots of good usable space. They have closets as well. I created a list of comparably priced homes in Key West that have at least three bedrooms. CLICK HERE to checkout the competition as far as size, location, and amenities. Not everything good comes in small packages.

If you are looking for a "big" house and a good value, either of the two houses at 727 or 731 Waddell Avenue deserve a look. CLICK HERE for more detailed info and mls photos ON 731 wADDELL. I have more photos that I can send to sincerely interested buyers. The Casa Marina Area is close to the beaches and within walking distance to upper Duval Street.

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.

728 Windsor Lane - Old Town Renovation Project - Key West

728 Windsor Lane - Old Town - Key West

Room for a pool behind 728 Windsor Lane

728 Windsor Lane as it appeared in 1965 (above) and today (below)

728 Windsor Lane - Old Town - Key West

Similar home on Petronia Street undergoing remodel today

Similar home (but larger in size and with pool) on Carey Lane that is priced at $1,150,000

The listing Realtor describes 728 Windsor Lane thus:

"If you are a ready-to-act buyer who has been waiting for the chance to live in the charm district of Key West, this may be the house that causes you to take immediate action. While small, it is difficult to find a home in this area for under $300,000. The house has a great private shady yard with room for a small pool. On the weekends, you can look forward to Operation Recharge. Sleep in on Saturday morning, drink your coffee, and relax. In the afternoon, jump on your bike and ride around and enjoy the tropical ambiance. It's thrilling to live so close to the heart of Key West music and entertaining district. There is some work to be done but for the size the price is a fit!"

This two bedroom house has 654 sq ft of living space and sits on a 1279 sq ft lot 1/2 block from the top of Solares Hill, the highest point on the Island of Key West. 728 Windsor Lane is offered at $260,000 or $398 per sq ft. The property is tenant occupied and we need at least 24 hours advance notice to see this property. I'm neither an architect nor builder, but I came up with a plausible plan to renovate this house in such as keep the historic facade intact but that would allow a new owner to totally redo the inside to create new living spaces that meet today's lifestyle.

My idea is to remove all existing interior walls, doors, and windows. Repair the foundation as necessary and reconfigure the house with a large bedroom with ensuite bath at the front. Create a new side entrance on the west side of the house with entry into the new living-dining-kitchen areas at the rear. A door off the kitchen would permit guests to use the bath without going into the bedroom area. The existing structure is a double sawtooth with an addition at the rear. I would remove the existing ceiling and create new vaulted ceilings throughout. New French doors would be added to the rear of the house that would open onto the rear deck and pool. I have seen similarly sized and styled homes have been renovated in similar fashion. Local contractors have done lots of houses like this. I cannot say everything I suggest will work or would get approved by HARC or the city planning department. And I cannot guarantee the price of the work. But this only a 650 sq ft property. I just have difficulty believing construction could go beyond $150,000.

728 Windsor Lane is not a big house for starters, and you can't grow the house much larger. But you could immensely improve the structure and the space. The location is great. There is a neighborhood grocery 1/2 block away. Duval Street is three blocks to the west and the Historic Seaport is five blocks to the north. You could walk to just about any spot in Old Town in about ten minutes or less. There are two other houses in the Old Town area priced under $260,000. GO HERE to compare all three. Those two houses are both short sales. 728 Windsor Lane is not. That means you will know that you are getting the house for the price you negotiate and that you will not need months of waiting for some "negotiator" or should I say "procastinator" to decide if you get to buy your place in Paradise.

I did another comparison of single family homes under 800 sq ft in Old Town. I did not put any price limit on my search, but I did look for houses that have been renovated and that have pools. The only one is a house I wrote about a week ago at 812 Johnson Lane. CLICK HERE to see what you can get for $499,000.

The Red "X" marks the spot where 728 Windsor Lane is located

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CLICK HERE to read more about 728 Windsor Lane. Please call me, Gary Thomas, 305-766-2642 to arrange a showing on this special little house. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

The Incredible Shrunk ! Key West

113 Petronia Street - Key West - Re-created by Ronny Bailey

113 Petronia Street - Key West - Re-created by Ronny Bailey

113 Petronia Street - Key West - Re-created by Ronny Bailey

113 Petronia Street - Key West - Re-created by Ronny Bailey

Local artist Ronny Bailey came by our office yesterday and showed off his latest gem. Everybody had to stop work and go take a peek at portrayal of 113 Petronia Street that got shrunk to table top size.

You have to see Ronny's work in person. You cannot resist getting up close and personal with his art. You will be awed!

I wrote about Ronny before. CLICK HERE. He grew up in Key West and was a carpenter for 30 years. Recreation of Old Town Key West homes in miniature sizes is now his passion. He beams with pride as he talks about his work. This is a man in love with his life and his work. And his work is a testament to his love of the place that he has called home. He loves the Key West of yore and recreates houses the way they looked before the gentrification and HARCifornication.

Ronny told me he had discussed creating a piece about 113 Petronia Street with its owner. The owner had some of the original wood used in building the house and gave it to Ronny. Ronny cut, sawed, and carved the wood and created the incredible shrunk.

113 Petronia Street as it appeared in 1965

Ronny will be one of many artists showing their creations at The 25Th Annual Key West Craft Show January 30 to January 31 10:00 AM to 5:00 PM. Juried artisans and crafters display their talents at a popular show on lower Whitehead and Caroline Streets in historic Old Town.

Visit Ronny's website if you are not in town. CLICK HERE. But if you are here, stop by and see the Incredible Shrunk.

If you are looking for a life size house, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. I sell real houses. They sometimes cost a lot of money. But you can really live in them. CLICK HERE to search the Key West mls. If you see a place you like, please call me. Thanks.

905 Elizabeth Street - Old Town - Key West

2004 Historic Preservation Award Recipient

Preferred Properties just listed the really charming four bedroom three and 0ne-half bath totally renovated home located 905 Elizabeth Street in Old Town Key West. This is the way the listing agent describes this home:

"This fully-renovated 4 bedroom, 3.5 bath house on a quiet street in Old Town surprises. Renovation won coveted 2004 Historic Preservation Award. House naturally flows from living and dining areas through French doors to private outdoor tropical setting with semi-enclosed rear porch, lush landscaping, pool and spa. Outdoor cooking and entertainment zone was featured in a 2009 national publication. Upstairs is the master suite with ensuite bath, vaulted ceilings and French doors leading to a wonderful balcony, plus additional bedrooms and bath. Downstairs bedroom with ensuite bath plus a powder room make this property ideal for guests and a large family. Classic historic house with modern additions, provides indoor outdoor living at its best!"

"French doors to private outdoor tropical setting with semi-enclosed rear porch"

Potential buyers that want a "big" house ought to checkout this property. The listing agent shows the property as having 2091 sq ft of living space. If you live up north or the Midwest that may not seem very large. But it is a big deal here. The lot is also fairly large for Old Town: 25' X 131' or 3275 sq ft. I always tell people you have no idea what sits behind so many of the houses in Old Town. The remark of the listing agent about this house as being a "surprise" is only an invitation to take a look to see what is beyond the facade. And a pretty facade it is.

If you have done your "looking" at Key West homes before, you already know that homes that have been remodeled with outdoor living spaces in mind. In fact in mind is an understatement. We come to Key West to live in the outdoors as much as possible. And many homes are recreated to bring as much of the "outside" in and vice versa. Look at the night time photo below of the rear living area overlooking the pool. Take a glance to the second floor as well. You will soon see that the outside is a big deal.


CLICK HERE for more detailed information and to view several photos of this really charming home. 905 Elizabeth Street is offered at $1,695,000.

If you would like to see this home or any other property listed for sale in Key West, please call me, Gary Thomas, 305-766-2642. 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.

1119 Catherine Street - Legal Duplex - Bank Owned - Key West

1119 Catherine Street Duplex - Bank Owned - Key West

The new listing at 1119 Catherine Street ought to sell like Hot Cakes. This property was offered as a short sale for several months and the lender was outrageously difficult to deal with. Or so I was told. Now the property is BANK OWNED. It is priced at $449,900 or $277 per sq ft.

The photo above is a bit deceptive. The photo shows a glass enclosed front porch. In real life the porch area is now part of the master suite with drywall that cleverly conceals the windows on the exterior. That deception enabled the renovator to use the interior space much more efficiently. The downstairs unit would make a really great place for an owner to live. The kitchen has higher end cabinets and tile already installed. The appliances still need to be purchased. The baths are nearly complete but are missing a couple of sinks and toilets. And the living area still needs hardwood floors installed.

Upstairs the views are just wonderful. This place is really bright and cheery. It needs a few finishing touches as well. But overall the upstairs and downstairs unit can be completed fairly quickly and cheaply-maybe $20,000 or so.

There is room for a pool in the backyard. There are some nuisance trees that will need to be removed and the pool would need to be hand dug. That happens quite often. I think the existing main level deck could be extended into the rear yard so that the depth of the pool need not be so deep. A pool and deck like that might add an additional $50,000 to your investment.

I don't do property management, but the upstairs unit would be an easy rental with or without a pool. The downstairs unit would be great for an owner live-in situation. Maybe you use the upstairs for the occasional guests instead of as a long term rental. CLICK HERE for more detailed info and to see photos.

This property is located about 50 feet west of White Street near the Island Gym and Faustos Food Palace. There is a $20 hand wash car cleaning place on the corner CLICK HERE. The area has several neighborhood restaurants, galleries, shops, three gyms within three or four blocks, grade school and the Montessori School within walking distance, and so on. Sandy's Cafe, Island City Tile, and the $35 per hour Sandbox are two blocks to the north. The Atlantic Ocean is about six blocks to the south and Duval Street is a seven to ten minute walk to the west. MAP.

If you are looking for a property like this, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

625 Eaton Street -- Old Town - Key West

625 Eaton Street - Old Town - Key West

I have been watching the renovation taking place at 625 Eaton Street for several months. The old Grand Dame just kept getting prettier and prettier every day. And then today it was listed for sale at the asking price of $929,000 or $536 per sq ft. My research shows this house was built in 1889 which would make it one of the older buildings in Key West.

625 Eaton Street in 1965 - What a Dame. She hasn't aged a bit.

But read on, Dear Reader. The listing Realtor describes the property this way:

"The finishing touches are being done to this Historic Beauty in the heart of Old Town Key West. This 1938 home was once owned and lived in by the famous artist Stephen Avila and just recently was renovated by the new owners that purchased this property from the Avila family. The Historic preservation award has been given to this Key West charmer. Huge porches and Dade county pine accent this 3 bedroom 3 bath gem. Footsteps to Duval and all of it's wonderful restaurants and galleries."

I have not been inside since the work has been done. But I showed the house several times when it was listed for sale two years ago. I wrote this about the house then "I was captivated by this property the very first time I stepped inside. The rooms just take you back to another time. The rooms are gracious in their simplicity." The people I showed it to loved the house but thought the lot was too small or they fretted over not having off street parking. Others didn't like the Eaton Street location. You can't have everything. Well, you can. You just have to pay for it. So the owner did the renovation and now the work is nearly complete. There still is no parking and the house is still located on Eaton Street. There is a cocktail pool on the rear west side. And the house looks really nice on the outside.

The cocktail pool at 625 Eaton Street Key West

I used to own the really big house one block to the west at 511 Eaton Street. I know that Eaton Street can sometimes be busy and noisy during the daytime. But the traffic slows down on the weekends and is almost non-existent at night. The location is great for people that want to be able to walk all over Old Town. Duval Street is just two blocks to the west. From there you can turn left or right and see just about everything you need to see and maybe more. You can walk two blocks to the north and end up at the Historic Key West Seaport. The Monroe County Library is a block to the south. If you head east and go about 120 miles you will end up in Miami with all those crazy drivers and crooked politicians.

CLICK HERE to read the info provided by the listing Realtor and view some photos of the house as it looks today. Better yet, please call me, Gary Thomas, 305-766-2642, to schedule a showing of this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

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510 Frances Street - Old Town - Key West

510 Frances Street Key West as it appeared in 1965

510 Frances Street Key West as it appears in 2010

I was born and raised in one of the western suburbs of Denver. Everybody I knew lived in new homes (then, now they are called "mid-century modern). When I decided to purchase my first house I decided to look for an old house because I thought old homes had more character and probably had more intrinsic value. I have owned three historic homes over the years. During my first trip to Key West I fell in love with this little island that was just filled with old houses. Back then there were a lot of houses that needed restoration. Today many of the older places have been updated. Such is the case with 510 Frances Street in Old Town Key West.

This is how the listing Realtor (and owner) describes 510 Frances Street in Old Town, Key West:

"Stunning and Elegant restoration of a classic large historic home on prestigious Frances Street. An architectural gem featured on the Old Island Restoration Tour of Homes. Quality renovation including new electric, plumbing, roof, central air, pool, spa, designer kitchen and baths. Granite countertops, Sub Zero and stainless appliances. Bright, open floor plan with high ceilings, crown molding, hardwood floors and Dade County Pine walls. Master bedrooms on first and second floors, 3/3 plus office with built-in cabinets. Multiple porches, brick patios, gated off-street parking and lush tropical lot. Located on one of the most desirable streets in Old Town Key West."

This property has 2294 sq ft of living space and sits on a 50' X 74' (3724 sq ft) lot on one of the best streets in Old Town. The houses was renovated in the past five years and has a new roof, plumbing, pool, spa, bricked courtyard, yada, yada, yada. It is priced at $1,695,000 or $739 per sq ft. The character of the house has not changed. The facade is nearly the same today as it was nearly half a century ago.

CLICK HERE for more detailed information on 510 Frances Street and to view photos.

The pool and spa are recent additions to 510 Frances Street

If you would like to see 510 Frances Street or any other house in Old Town Key West, please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. Our office is the Lower Florida Keys exclusive affiliate of Christie's Great Estates.

Just Listed - 304 Julia Street - Key West

304 Julia Street Key West, Florida

The Red X marks the approximate location of 304 Julia Street Key West

Just listed by Preferred Properties is 304 Julia Street located in the Bahama Village area of Old Town Key West. This is how the listing Realtor describes this home:

"Renovated two story Conch House. Upgraded kitchen and bathrooms with wood floors throughout, stainless steel appliances and granite countertops. Large master suite on second floor with additional bedroom and bathroom. Private master suite rear balcony. First floor guestroom with attached bathroom and french doors onto pool deck. Large front porch and upstairs balcony. Covered deck overlooking the heated pool. Fenced for privacy."

This home has three really good sized bedrooms and four real bathrooms. There is even a second floor rear balcony just off the master bedroom perfect for checking out the views of the Atlantic Ocean. The views aren't great, but there is an ocean view. The living room is large and spacious. The kitchen opens into the dining room so the cook can always be part of what is going on elsewhere in the home. This home provides a lot of real usable living space unlike a lot of houses in the Old Town area.

The house comes complete with a heated pool and a nice private deck area. CLICK HERE to read more detailed listing info and to see several photos of this really attractive family-sized home that is priced at $524,900 or $287 per sq ft.

304 Julia Street is located two blocks off of Upper Duval. You can walk to the beach at Ft Zachary Taylor in about 10 minutes or ride your bike in about five minutes. I put up a couple of pics of the beach because it is so damned nice. So what if we don't have crashing waves. We have whispering pines and lots ocean without thousands upon thousands of locals and tourists crowding our beaches (unlike Ft. Lauderdale, Miami, Daytona, etc.). Blue Heaven and other neighborhood restaurants are nearby as well.



CLICK HERE to checkout the Key West Association of Realtors mls database. If you see something you like, please consider calling me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties in Key West, Florida.

903 Southard St -Old Town - Key West

903 Southard Street Key West, Florida

The pool!

Just listed, but not by me, 903 Southard Street in Old Town Key West. This house is priced to meet the market at $550,000 or $924 per sq ft. Read on to see why it will sell right away.

The listing Realtor describes 903 Southard Street this way:

"This cute & adorable renovated Old Town cottage is located on a corner lot and within walking distance of great restaurants, the Key West Bight and Duval Street and clubs. The French doors leading from the living area open onto the tropically landscaped inground pool with lots of privacy. Please note interior of property is approximately 594 sf. Possible encroachment onto property by adjoining rear property."

903 Southard Street has been actively rented as a vacation rental for a couple of years and has a good rental history. The cottage has two bedrooms and one bath. The kitchen opens into the living area. And then there is the pool and courtyard. CLICK HERE for more detailed mls listing info and photos.

The cottage is located at the corner of Southard and Margaret Streets. Mangia Mangia restaurant is located directly across the street. Michael's Restaurant (the tony T-bone joint) is located on the opposite side of Margaret. Five Brothers is located one block to the east; the Historic Key West Seaport is a five minute walk to the north and Duval Street is a five minute walk to the west. You could not ask for a better location. I showed this cottage several times and it is always rented. I've repeatedly ask renters how they like the location and the house. Everybody raves about it. All of the above photos were taken about one year ago.

If you read my blog from yesterday you know there is very little for sale in Key West in the $500,000 range, let alone a good location with a pool. I urge serious buyers to contact me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.