Don't Fret - Still some Low Priced Deals in Key West

Don't Fret!

I get calls and emails from buyers that want to purchase only bank owned properties or properties priced under $300,000. Having worked in a major bank and having sold lots of bank owned assets during a previous economic downturn, I know that all bank owned assets are not deals. I do understand budget buying and setting realistic shopping constraints. With that in mind I did a quick search for residential properties on the Island of Key West priced under $350,000. (I believe in the power of negotiation and have a reasonable expectation that a buyer may be able to acquire any of the properties for $300,000 or less.)

CLICK HERE to see the list of properties that I culled out from the mass of somewhat uninteresting and maybe undesirable properties priced under $350,000.

3325 Pearl Street is a bank owned townhouse located near the east end of the island. A lot of properties in this development have either sold as short sales or as bank owned foreclosures. This is a development where many local Key Westers live. This is not a vacation destination. This unit is priced at just $164,900.

818 Whitehead Street is a bank owned stand alone cottage located at the rear of five homes that make up the condo association to which this unit belongs. All Other Units In This Condo Are Still Owned By The Original Developer. Condominium Does Not Allow Dogs. This unit cannot qualify for any type of financing. That means you will need to pay cash. I have shown this unit on many occasions and most buyers like it but feel the size is the most limiting factor and not the requirement to pay cash. The unit has a main floor living dining area, kitchen and bath. A spiral staircase leads of the second floor loft bedroom that opens to the downstairs. There is no privacy but there is also no room for others. This unit is more like a very nice hotel room than a long term living situation. This unit is now offered at $235,000. I think it will sell for less and that it could make a decent monthly vacation rental.

910 Simonton Street #4 is an Old Town condominium with a licensed transient rental license. This unit is located near the very busy intersection of Simonton and Truman. This is a budget rental that seems to always be full. It is offered at $299,000. This may not be your "dream home" but it might help you acquire it someday.

3685 Seaside South Drive #312 is a condominium located near the far east end of the island. It has a transient rental license. Seaside has a beautiful pool and other amenities that might attract an owner to use this for full time use. The current owner rents this unit on a monthly basis. But it could be rented as a legal transient unit as well. This unit is offered at $299,000.

905 White Street is located on the edge of Old Town. This is a condominium with a transient rental license and it stays busy all the time. It is offered at $325,000. The listing agent reports this unit had "Gross '09 Income Was $33,500".

CLICK HERE to search the Key West Association of Realtors mls database. You may find your very own personal deal. If you see a property that interests you, please call me, Gary Thomas, 305.766.2642 I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Strip Center - 1200 White Street - Key West

1200 White Street Strip Center Key West Florida in 1965

The same strip center in 2010

The strip center shown above is located at 1200-1206 White Street in Key West. Locals know the building by sight. Ugly sight. A sight that needs razed and rebuilt or renovated into something befitting the location. The asking price has been reduced to $999,000. CLICK HERE for more info and photos.

This is how the listing Realtor describes this property:

"A rare, mixed use strip center with adjacent parking lot on busy White Street in Key West. There are three commercial units and two residential units on this property. Property was formerly used as a bakery and has the potential to be opened under a similar use. White Street is the fastest growing commercial corridor in Key West, acting as a border of Old Town and New Town Key West.Owners may consider owner financing package. Included in sale 1212 White Street."

The property sits in the last block of commercial property in the 1200 block of White Street. All of the remaining properties situated to the south lead to the Atlantic Ocean and the beaches except for two small churches and a doctor's office that is located in a house. The commercial enterprises in the immediate vicinity include the Island Gym, a real estate office, a super expensive hamburger joint, a hand job car wash, Island Tile, Dog 30, a real estate appraiser's office, several yoga places, two gas stations that sell very expensive gas (must be imported or something), several art galleries and antique stores, several hair clip joints, a very confusing French restaurant, more art galleries, a travel agency, a few guesthouses, and Faustos Grocery. The National Weather Service is located one block to the south across the street from the old Key West High School that is used as an elementary school today.

Two parcels that are for sale that have a total square footage of 8147 sq ft according to the listing Realtor. The two properties have approximately 153'.26" frontage on White Street. The lots are 51'9" deep per the Monroe County Appraiser's website.

The adjacent parking lot at 1212 White Street is included in the offering

1223 White Street Key West Florida in 1965

The same location but all new and really attractive mixed use development in 2010

Cars enter on United St and exit on White Street

Look a the three photos immediately above. The black and white pic was taken in the 1960s and shows a one story CBS building (concrete block structure) that was used as a pizza parlor. That structure was razed and a new commercial /residential building with parking was erected in 2007. The new building is mixed use of commercial office space on ground level and residential apartments on the second. A nice bricked parking area and landscaping complete the parcel development. The property at 1200 White has about 40' less frontage but the lots are just about equal in depth. I think that a structure somewhat akin to the building above might work for 1200 White Street. The 1200 White Street lot size is smaller and a new building could not be as large as the one pictured.

There is a real need for nice new office space with parking in the Old Town and Mid Town areas. If you are an investor or developer looking to acquire a development parcel such as this, please call me, Gary Thomas, 305-766-2642 or Phil Wilson, 305-394-4105. We are both full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Phil Wilson has extensive commercial sales and leasing experience. Together, let us help you find your investment opportunity in Paradise.

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2301 Linda Avenue - Bank Owned - Key West

2301 Linda Avenue is the large corner property above with huge pool

2301 Linda Avenue is a Bank Owned house located on a very large lot just off Flagler Avenue in the New Town are of Key West. You can't miss seeing this property. It's distinctive profile is a testament to the hip 60's architecture that can still be seen all over the land. In Key West the architecture is just more in your face!

This property was listed previously and then some flaws in the legal description were found. Those issues are now corrected and this property has just been re-listed at a very attractive asking price of $359,900 or $121 per sq ft. The house has 2980 sq ft of living space and sits of a huge but irregularly shaped lot of 11,930 sq ft.

The listing Realtor at Preferred Properties describes this property this way:

"Huge lot! Incredible buy! Unique A frame architecture in midtown Key West. Great potential for a large estate style home. Lofted ceilings, pool, covered parking. Being sold as is. Bank owned."

This property has covered off street parking, a huge sunny pool, and is priced to sell quickly.'
CLICK HERE to checkout the mls listing sheet and to view more photos of 2301 Linda Avenue. The home is zoned Single Family-2.

If you are one of the many bargain basement lookers that want a good deal on a bank owned property, this may be your baby. Please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com if you would like to see this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. This property ought to sell very quickly.

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613 William Street - Old Town - Key West

613 William Street Old Town Key West as it appeared in 1965

613 William Street Old Town Key West in April 2010

Just listed, but not by me, 613 William Street in Old Town Key West. The listing Realtor describes this classic cottage this way:

"Wonderful Old Town Cottage in excellent condition with 10+ ft ceilings, hardwood floors and Dade County pine walls throughout. The floor plan of this home is two bedrooms, one bath and open living/dining /kitchen downstairs with French doors opening to the rear yard. The third bedroom and bath are on the second level. Located on one of the most desirable blocks in Key West this charming home has a rocking chair front porch and a back porch with retractable awning overlooking the beautifully landscaped bricked courtyard. The rear yard measures 22 feet by 22 feet and should accommodate a small pool."

This 1130 sq ft house is priced at $799,000. CLICK HERE to see more detailed info on 613 William Street in the mls listing page and to view photos of the interior and rear garden. I agree with the listing agent that this is one of the most desirable blocks in Key West. This block has a combination of similar cottage style houses plus eyebrows and great Conch houses. Some homes have postage stamp lots while others have huge rear yards with delightful pools and gardens. Much of this block of William Street has large specimen trees that provide ample shade.

The famous Solares Hill Grocery (now called Charlie's Grocery) is located near the summit of the hill (elevation 18 feet) at 648 William (corner of William and Windsor Lane). It's the only store or commercial enterprise for several blocks. The Key West Writer's Compound is around the corner on Windsor Lane. The compound was established in 1976 and was once the winter home to writers including Richard Wilbur, John Ciardi, John Hersey, and Ralph Ellison. Across the street from 613 William Street is the home of the late Shel Silverstein. Jerry Herman (Hello, Dolly!, Mame, and La Cage Aux Folles among many) revamped the big grand Conch (Greek Revival) at 626 William Street. It is offered for sale at $3,499,000. Our office has a smaller less expensive and just delightful mid-level priced home at 628 William Street offered at $1,095,000.


The Historic Key West Seaport is three blocks to the north. You can moor your yacht or catch a ride on one of many boats that take fishermen fishing or tourists touristing. You can catch sunset while sipping champagne or beer. You can dine at the A&B Loster House or eat it raw at the Half Shell Raw Bar.

Duval Street is a five minute walk to the west. You can walk north or south and travel to the Gulf of Mexico or the Atlantic Ocean within 15 minutes walking time in either direction. If you go north you'll see Sloppy Joe's but it you go south you may not make it past La Te Da, it's that damned intriguing.

Most people who want to buy a place in Key West envision a house like the one just listed at 613 William Street because it has what people want in their Key West dream home. Please call me, Gary Thomas, 305-766-2642 if you would like to see this home or any other house in Key West. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

Key West Open House Event

Preferred Properties Coastal Realty, Inc. in Key West is s joining forces with the
National Association of REALTORS^® by participating in the National Open House Weekend on April 10-11. The event is designed to offer buyers the convenience of touring dozens of homes for sale in one weekend.

Sunday, today, is the last day of the Key West Open House Weekend. The April 30 deadline for the federal homebuyer tax credit is quickly approaching. Homes need to be under contract by that date and the sales closed by June 30 for buyers to take advantage of up to $8,000 in tax credits.

Many Key West REALTORS^® will participate in this Open House event. Preferred Properties will host ten of our listings on Sunday. If you are out and about this weekend, please stop in to see our homes. Also checkout the homes other REALTORS^® are hosting. The inventory of houses is dwindling. Help it dwindle a little faster.

Please CLICK the blue hotlink below for more information and photos of each property.

626 Grinnell Street - Old Town - $1,395,000 hosted by Frank Kirwin

511 Frances Street - Old Town - $1,575,000 hosted by Cory Held

1502 Petronia Street -Meadows area - $975,000 - hosted by Laurie McChesney

905 Elizabeth Street - Old Town - $1,495,000 - hosted by Everett Watkins

1315 Eliza Street - Casa Marina area - $1,495.000 - hosted by Walter Schmida

419 Porter Lane - Truman Annex - $899,000 - hosted by Terry Wilson

625 Louisa Street - Old Town - $619,000 - hosted by Bob Elkins

712 Southard Street - Old Town - $749,000 - hosted by Everett Watkins

1412 White Street - Casa Marina area - $799,000 - hosted by Laurie McChesney

628 William Street - Old Town - $1,095,000 - hosted by Dan Skahen

Each individual listed above is a Realtor or Broker at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Our office is the exclusive Lower Florida Keys affiliate of Christie's Great Estates.

404 Grinnell Street - Old Town Serene Sensation - Key West

404 Grinnell Street - Old Town - Key West

The listing Realtor, not me, describes 404 Grinnell Street this way:

"Sensational designer renovation in the heart of the Historic District. Dade Co pine is used throughout this master craftsmans' four bedroom, three bath home from the kitchen cabinets to the custom cabinetry in the living room. The marble and granite bathrooms have beautiful hardware and details that make this home irresistible. The house opens through tall French doors to the covered porches and Chicago brick patio that surrounds the 35' swimming pool with water wall of coral and shells. Lush tropical plants and off street parking make this the perfect island retreat."

Sensational is an understatement. I fell in love with this house as soon as I walked inside the front door. I showed the property last week and did not take any photos as I hoped my buyers would snap up this great property themselves. The house did not meet their needs, so now I am free to tell my readers what I think about this Key West charmer.

If you live in Key West or have gone on house tours here you may recognize the names of the design team that renovated this home - Blair Gordon and John Alvarado. Their homes are unmistakable. Local architect Guillermo Orozco completed the design team. Guillermo said "Special attention was given to ensure a sense of serenity and privacy. All spaces open out to the back garden and pool area."

Many houses in Old Town rely on Dade County Pine walls to be a major focal point in the interior design. Some designers would have taken the design cue and would have settled on building another quintessential Key West Cottage. This design team too this home in a different direction.

The wood walls and other natural materials used in the design merge the indoors with the outside. All rooms on the ground floor open onto the outside. And what an "outside" it is. To quote Guillermo, "serene".

Two sets of French doors open from the living room onto the rear covered porch where a separate covered outdoor living space looks down upon the pool and gardens. A set of windows open from the kitchen onto the porch. That opening provides a nifty space where the cook can see and hear or be a part of what is going on outside.

Look at the photo at the top of this page and note how you are brought down three steps to the Chicago bricked terrace at the garden and pool level. The third photo shows the transition from the outdoor living space to the garden level from a different perspective. The pool is cool and the greenery is lush, private, and almost exotic.

I borrowed some photos that Guillermo Orozco has on his website that show off some of the creative details incorporated into this home. I borrowed others from the mls listing presentation.

My comments follow.

404 Grinnell Street sits behind a traditional white picket fence and has a gated entry to the bricked off street parking space that leads to the most traditional front door.

The entry is the first signal that this home is really something special!

Note how informal the living room is and how the French doors lead your eyes to the outside.



The custom stairway leads to the two upstairs bedrooms that share an incredible bath.

Back downstairs you will note how the design elements flow between room to room, from stairway to the kitchen as well. The wide window in the photo below is where the kitchen is located. That wide opening sets the tone for this informal living space where again the inside becomes part of the outside.

The master bedroom (pictured below) with vaulted ceiling is just a knock-out!


The Master Bed and Bath are in newly constructed addition at the rear. Each room opens to the outside but it is the bath that makes you want to jump out and into the spa or pool for a late night dip before you go beddy-bye.

404 Grinnell Street is a 2204 sq ft home located on a 4762 sq ft lot. CLICK HERE to see the mls listing details and to view more photos. It is offered at just $1,325,000. This place, Dear Reader, is a great buy at that price. There is just one place like this in all of Key West. There are many great conch houses and cottages. One person or family is getting an opportunity to be the owner of this serene sensation.

Please call me, Gary Thomas, 305.766.2642 if you would like to see this home with a buyer's agent. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

6 Lowes Lane - Old Town - Key West

Lowes Lane another slow lane in Key West

Just listed, but not by yours truly, is 6 Lowes Lane in Old Town Key West. For the uniformed Lowes Lane is an "almost" one block long slow lane that runs from Grinnell Street toward the east. It runs parallel to Southard Stree to the south and Fleming Street to the north. The most familiar notable landmark is 5 Brothers Grocery which is located southwest corner of Grinnell and Southard Streets. Stop by 5 Brothers any weekday morning for a cup of coffee con leche and listen as all the big wheels, cops, politicians, contractors, and many tourists as they exchange notes on what is going on in Key West.

The listing Realtor describes 6 Lowes Lane this way:

"Situated between Southard & Fleming Street, you will fall in love with this 2 bedroom, 2 bath home on a quiet & friendly lane in the heart of Old Town. It even has a rare find, a detached one car garage! The master suite is on the first floor with an additional sitting area and the 2nd bedroom is up stairs with a bonus room or home office. Nice eat-in kitchen , Dade County pine floors, well & cisterns. Plenty of room to relax on your wonderful lot with a bricked patio surrounded by mature tropical foliage. Fully fenced for privacy and lovingly cared for by the same family for several generations. Room for pool. $799,000."

This 1566 sq ft home sits a fairly large lot (50.25' x 70' or 3417 sq ft) according to the Monroe County Property Appraiser. The home has been in the same family ownership for many years. Nobody ever built a pool, but there is room for one. Plus this home has a garage. In fact, many of the charming houses on this lovely lane have garages and pools. This lane, in fact, is one of the pricier locations in Old Town. I won't give out any names or addresses, but some notables live on this little lane. CLICK HERE to read more detailed info on this home and to view more photos of it.

When I show a house or Grinnell or on the oft chance I always park on Grinell Street and walk my customer down the lane. They just fall in love with this place. It is so picturesque that it is like something out of a Norman Rockwell painting. The houses have all been updated over the years-some more recently than others, but all look just so damned quaint and cute. I found a pic from 1965 that shows 6 Lowes Lane as it appeared then. Compare that view to the pic from this morning. The roof lines are a little different now.

6 Lowes Lane in 1965

6 Lowes Lane in 2010

6 Lowes Lane is located in the heart of the Old Town area. Other than 5 Brother's Grocery mentioned above, there are no commercial enterprises nearby, no guest houses, no apartments or condos. This little block is populated with single family residential homes most of which are of similar size on this lane. The homes on Southard Street to the immediate south are very large by contrast. And very expensive. Those expensive homes will help this location maintain its long term appeal and value. (The big house at the end of Lowes Lane has a street address of on Southard Street. The entrance to the carriage house is located there. Preferred Properties (that's where I work) sold that house in 2006 for $5.5 million in 2005.) All of the neighboring grand Key West Conch houses and small Key West cottages have the same quick access to the Historic Key West Seaport located at the foot of Grinnell Street just three blocks to the north and to the restaurants, nightlife, and attractions on or near Duval Street four blocks to the west.

If you are looking for a storybook cottage like the one at 6 Lowes Lane, 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 Fl0rida Keys affiliate of Christie's Great Estates. CLICK HERE to search the Key West mls database. If you see something you like, let me know. Let me help you find your place in Paradise.

Are You Afraid of Cuba?

700 Block of Duval Street in 1930s when Havana Tours were possible

900 Block of Duval Street in early 1960s when you could still get "there" from "here"

Every once in awhile I have a potential buyer ask me what I think will happen in Key West when, not if, Cuba opens up to the United States again. I always say something like "I don't think it will be a big deal." Cuba is just 90 miles away from Key West. It is closer than Miami.

Key West used to be a launching spot to send tourists to that island nation to our south. I found a couple of old photos (above) that show Havana Tour locations located on Duval Street and a photo of an almost ancient (1930s vintage photo) of a steamship bound for Cuba. It seems like today you can't walk a block on Duval without some huckster trying to sell you tickets to a day trip to the Dry Tortugas or a sunset sail. I don't expect opening Cuba will be much different.

There will surely be some flights out of the recently expanded Key West International Airport (I laugh every time I say that name). But there may also be seaplane rides as well, because there used to seaplane rides before Castro. (Seaplanes actually departed near Mallory Square in olden days headed to Cuba.) I expect there will be slow cruises and hydrofoil's as well. There is a new launching spot built at the Historic Key West Seaport for just such a purpose. That spot is already bringing lots of tourists from the Ft Myers area.

If you think about it, Havana will be an attraction that is something new and different to most Americans. Canadians and Europeans go there all the time. A lot of Key Westers legally go there every year for "educational" purposes. I think many Americans will embrace the idea of going to see the forbidden country. And if Key West becomes the launching spot, so what? Big deal. I think it will be good for businesses here. But I don't think it will bring many more people to Key West. It may divert some dollars that would be spent here which will then be spent there. It's cheaper there than it is here, so I have been told. It's cheaper in New Jersey, too. That doesn't stop people from South Jersey from coming to Key West every year.

The only time I was afraid of Cuba was as a teenager when we almost went to nuclear war over it. That time is over. I am hopeful that sometime in the first or second Obama administration the airways and waterways to Cuba will be opened to Americans. I think potential buyers who fear Cuba may be looking for an excuse not to buy in Key West. They may be the same people who think that housing prices in Key West will continue to fall and that if they wait long enough, they can buy that really big place of a really small price. I have a bit of news for them: the seaplane has left the dock. Prices are on the uptick. Some Key West locations that had lots of inventory have none. I'll be writing more about this in a few days. Fear of the unknown is natural. Fear of the future is irrational.

If you are hoping to buy a place in Key West, please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in sunny Key West. Our office is the exclusive Lower Florida Keys affiliate of Christie's Great Estates. CLICK HERE to search the Key West mls. If you see something you like, please call me or shoot me an email at kw1101v@aol.com. Don't be afraid of the future, embrace it.

Happy Easter Key West

731 Waddell Avenue - Key West - Short Sale

731 Waddell Avenue - Casa Marina Area - Key West - Short Sale

The asking price on 731 Waddell Avenue in the Casa Marina area of Key West was just reduced again. The new asking price is $1,099,000. Compare the current price to the price when this newly constructed home (completed in 2007) was originally offered at $2,750,000 in July 2007. The market has made a correction and this home is aggressively priced to sell. This is a short sale which will require the approval of the lender(s).

This is how the new listing Realtor describes 731 Waddell Avenue:

"Elegant new home situated on a gorgeous corner parcel in the Casa Marina area. Built new from the ground up this home enjoys a modern open floor plan with great room that overlooks a spacious backyard, pool/Jacuzzi & gorgeous stone patio. Built above flood elevation featuring impact doors & windows, hardie plank siding, fenced yard & irrigation system. 4 proper bedrooms with ensuite baths + 5th optional bedroom or den with full bath. 3 bedrooms on 2nd floor each enjoy spacious covered balconies. Tile & wood floors throughout,11 ft ceiling heights, great storage & more. Centrally located where a short stroll will take you to the beach, park, tennis courts, famous Duval Street or fabulous neighborhood waterfront restaurants."

The listing Realtor shows the houses have approximately 2892 sq feet of living space on a 5000 sq ft lot. Five bedrooms and five baths are unheard of in Key West. These are houses that can actually accommodate owners with large families or friends. No more sleeping bags or futons will be required. No more over-crowded bathrooms to endure. CLICK HERE for more detailed information and photos.

The size of this home really sets it apart from most other new construction in Key West. The physical size and interior living space is bigger than just about any other new property in all of Key West. The lots are large. The interior and outside spaces are well designed and user friendly. Each bedroom has its own exterior porch. The master bedroom on the front has an extra large second floor balcony with a partial view of the Atlantic Ocean. The two large second floor bedrooms each have rear balcnies that overlook the large pool and courtyard.


731 Waddell Avenue is located one block north of the Casa Marina Resort in the Casa Marina area of Key West. Higgs Beach, the private beach at the Casa Marina Resort, and Doggy Beach are within a couple of minutes walk. Duval Street is an easy five to ten minute walk as well.

This home has plenty of space for a large family or a buyer with lots of friends. It would make an excellent vacation rental because of the number of full-sized bedrooms, bathrooms, and pool. This home was designed for relaxed Keys living.

Please call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com for more information. I live in this area and love it for its convenience and the quality of life this area provides.

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