1305 Reynolds Street - Short Sale - Casa Marina Area - Key West

1305 Reynolds Street in the Casa Marina Area of Key West

I have written before about the house at 1305 Reynolds Street in the Casa Marina Area of Key West. I have shown the house several times. The property is now being offered as a short sale and the new asking price is $649,000 or $382 per sq ft. The new asking price seems like a bit of a deal to me. Read on.

The listing Realtor describes this house this way:

"Very spacious 2 story home located in one of the most desirable neighborhoods in Key West - the Casa Marina. The open floor plan of this home includes an entrance foyer, very spacious living/dining room with french doors to a large covered porch, a galley style kitchen, half bath and a laundry room. Originally the second floor was three bedrooms and two baths but is currently a master bedroom with private bath and walk-in closet and a large second bedroom and hall bath. The upstairs can easily be converted to 3 bedrooms if desired. Both bedrooms open through french doors to an oversized porch. Outdoors is a tropical garden with meandering pathway and a large pool and deck plus a separate storage building. There also is covered parking."

I think I have figured out why the house has not yet sold, and I have some suggestions as how a new owner might overcome some of the objections to the property. What I say is opinion. I may be wrong. I could be right. I am not trying to say anything negative about the property.

The house at 1305 Reynolds Street was built in 1976. The house is a CBS (concrete block structure) with what appears to be a stucco finish. There is a bit of gingerbread trim on the first floor deck and second floor balcony. The house does not seem to have any cohesive architectural style. It is part Conch-cute and the other part is late mid-century modern. In short, it doesn't know what it is.

The house has 1697 sq ft of living space with two bedrooms and two and one-half baths. The kitchen and baths are a bit dated. There is a little storage building by the pool that might make a a cute pool house. The remember the pool as being quite large and very deep. But I also recall that there is an abundance of concrete decking that seems blah and most uninteresting or inviting. The area gets quite a bit of sun. But there is also a shaded deck area to protect from getting too much sun. The rear area is just as ripe for renovation as is the inside and the exterior. CLICK HERE for more detailed information on this property and to view more photos.

The lower part of the house is hardly visible from the street. There is an old fashioned chain link fence in the front yard that is overwhelmed by tall greeny just behind it. A white picket fence flanks the front driveway. The two fences clash in style and function and both mimic the same dis-function elsewhere.

The inside of the house is very neat and clean but it comes across as very dated. The front garden hides the front facade and the rear pool area shows potential but potential always translates into the expenditure of money.

My suggestion is for a new buyer to develop a simple but current "theme" for the property. Since Casa Marina area has a mix of modern, traditional Conch homes, and arts and crafts styled homes, the house and gardens at 1305 Reynolds could probably go in any architectural direction a new buyer would want. I'm pretty sure a new owner would want to rip out the current kitchen and baths. The current bedroom and bathroom layout on the second floor is dated as well. The rooms are laid out in a linear fashion that is no longer "in fashion". Reconfiguring the bed and bath layout would do wonders for this house.

Finally, I would rework the whole exterior of the house. Nothing would be sacred. The pool is very large-perhaps too large. The concrete deck area is too big and unattractive.The rear needs to be redesigned to give the house a cooler and more intimate feel. The little storage building could become quite a pool bar. Maybe the concrete could be replaced with more garden area. The front of the property could be equally improved by removing all of the overgrown trees, shrubs, and chain link fence. The facade of the house could go modern or it could go "Conch" by adding Hardy Board siding to replicate the traditional lap siding we are familiar with in Old Town. The new owner could install a new CBS fence to insulate the house from street noise or go the opposite direction and put in a white picket fence to show off the clean new facade of the restored house. This would be set off with new and smaller shrubs and trees.

Of course all of the things I mention cost money. I don't do construction but I think a 1700 sq ft remodel ought not cost more than $200 per sq ft. That would be $340,000 added to the purchase price. The total price would be around one million dollars plus or minus. A good architect, designer, or contractor could give a better estimate of real construction costs.

If you are looking for a reasonably priced home in the Casa Marina area that has upside potential, please call me, Gary Thomas, 305-766-2642 to set up a showing on this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Affordable, Adorable, Doable! Southpark Condo - Key West

Southpark Condominiums pool is shared by just 16 owners

The super sweet one bedroom condo at 808 South Street in the Casa Marina area of Key West is affordable, adorable, and doable. It is not a distress sale, not a foreclosure, nor is it bank owned. It is however priced to sell: the condo is priced to sell quickly at $349,000. The listing broker describes Unit 201 this way:

" This beautiful Southpark condo has been totally renovated with all new kitchen, gorgeous cabinets and countertops, all new wood/tile floors, a lovely bathroom, cedar closet and 3 ductless AC/heat units. Off Street parking. Rarely available."

Beautiful new floors throughout the unit

CLICK HERE to locate the Southpark Condos on the Map. You will soon see that the condo is located just a short walk or bike ride to both Duval Street and the beaches near the Casa Marina Resort.

The newly listed Southpark condo has 640 sq ft of very livable space. The owner recently updated the kitchen and baths and installed new hardwood floors (real wood not the fake stuff) and new tile in the kitchen and bath. A floor to ceiling mirror in the dining room enhance the spacious feeling of the combined living and dining area. This unit is almost equal in size to the two bedroom units at Shipyard. I think this place has a lot to offer someone who respects mid century architecture and construction. This development has a feeling of solid construction that has weathered the test of time. CLICK HERE for more info on this unit and to view more photos of the unit and the complex.



There are only 16 units at Southpark condos and each has a designated off-street parking space. The four building complex has four units in each building with two units on the ground floor (such as Unit 201) and two on the second floor. The front garden is always superbly maintained. And the rear gardens and inviting pool are just too beautiful. I showed this unit on Saturday afternoon and that pool looked so tempting that I sped home right away and jumped into my own pool. This unit has its own private rear deck that is just so compfy. CLICK HERE.

For comparison purposes I created a shopping list of similarly priced units for sale in the Old Town, Casa Marina, Meadows, and near Mid Town areas. CLICK HERE to do some comparison shopping. There are some nice units in the above list. None are short sales and two have transient licenses.

The equally nice thing about this unit is that it is not bank owned so we won't have to go through hell trying to buy it. It is not a short sale so it can be purchased right away. There is nothing broken, so you won't have to fix something. All you need to do is make the offer, seal the deal, and move on in. That's why I say this property is "doable".

If you are looking to purchase a property in Key West, please consider using me as your agent. Call me, Gary Thomas, 305-766-2642, or send me an e-mailat kw1101v@aol.com. 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.

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1012 Southard Street - Old Town Premier Location - Key West

1012 Southard Street - Old Town - Key West - Short Sale

I have previously written about 1012 Southard Street extolling the many reasons why I think this property is a great buy. Now there is an additional reason: the asking price has been reduced to just $699,000 and the property is now offered as a short sale. The three bedroom and three bath home has the makings of true wish fulfillment for those who are willing to do a little work in exchange for getting a lot in return.

Just below you will see photos of 1012 and 1014 Southard Street as they appeared when photographed in 1965 with new photos taken this week.

1012 Southard Street was built in 1899

1012 Southard Street - December 2011

1014 Southard Street built in 1895 - 1012 Southard St is adjacent to right

The same location in December 2011

The listing broker at Preferred Properties, that is where I work but this is not my listing, describes the property this way:

"Renovation project in a most sought after location in historic old town! This charming property features a 3/2 home that could be a show place plus a move in ready 1/1 guest cottage. Both houses open to the covered lanai and spacious, sunny decked pool area. The large lot features off-street parking. This is a great opportunity!"

Doors from the living room open out to the covered veranda

The main house at 1012 Southard Street was built in 1899. The home was renovated sometime after 1981 and has remained pretty much unchanged since then. The renovations of that era now seem a bit dated, but the house is perfectly livable as is. The house currently has three bedrooms, two baths, a small sleeping loft which would be great for the grand kids. The kitchen and the wonderful covered veranda overlook the large and inviting pool. The adjacent guest cottage with a mini kitchen and bath was added was built a few years ago.

Guest Cottage Exterior

Guest Cottage Interior

Main home living room

Main home kitchen

The Property Appraiser's records show the house has 1676 sq ft of living space situated on a 5,000 sq ft lot (50' x `100') on one of the very best blocks in Old Town Key West. I have included photos of the cottage and the pool area. I always tell potential buyers to use their imaginations and plan to reconfigure existing spaces inside the big empty box that are the initial start of any renovation project. Existing interior walls, cabinets, and fixtures are often moved, sometimes replaced, and typically improve what was in the property for years. CLICK HERE to view the Key West mls datasheet on this property.

I held an open house at this property a couple of years ago. I remember a lady from Miami with a large family studied every aspect of the property. She then told me that if she bought the property she would paint the interiors but would then live with the house the way it is for several months. She said she could then figure out how what really needed to be renovated. I think that makes sense with a lot of houses, but it makes a huge amount of sense with this property. We have become so accustomed to granite, marble, and stainless steel that we often miss the simple elements of good design that make some spaces so very comfortable and inviting.

The Gingerbread Man house is located at 1020 Southard Street

1022 Southard Street has been totally dolled up for Christmas

Notice 1022 has the same basic design and roof line as 1012 Southard St

Jan George Design is located at the corner of Southard & Frances Sts.

Cafe Sole is on the opposite corner

1013 Southard St is directly across the street

1015 Southard Street - one of the great homes of Key West

Every time I have shown 1012 Southard Street I have tried to get buyers to sit down and take in the pure beauty of the pool and garden area. The house next door at 1014 Southard Street was the cover feature in Architectural Digest a few years back and it shares the same excellent location. I also walk potential buyers down Southard Street to see similar one story houses like 1016 and 1020 Southard Street that have undergone some magical transformations of their own.

Now that 1012 Southard Street is priced at just $699,000, someone will snap up this short sale in a snap. The real estate maximum "location, location, location" was never more true than it is with 1012 Southard Street in Old Town Key West.

Time waits for no one. Act quick before this Key West short sale is snapped up by someone else. Please contact me, Gary Thomas, 305-766-2642 and let me you buy your place in Paradise. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

April 2010 Real Estate Sales in Key West

Don't get left behind wondering "If"

April did not bring Key West many showers but it did bring lots of sales to cheer the Realtors and Buyers who took the plunge to buy Key West properties once again.

You may have noticed I have written my blog very much this past month. There is good reason: I have been swamped with work. And every Realtor I know is equally busy. April has been an extremely good month for real estate sales in Key West. I am posting raw results that I culled from our mls data base. More sales will likely get posted by other Realtors that occurred in April but that did not get posted by yesterday.

There were 26 single family home sales in Key West for the month of April. Three were bank owned properties and seven were shown as "short sales" although I am convinced more were sold that way because the sellers either brought money to the closing table or part of a loan was forgiven. The average sales price per sq ft for all 26 homes was $393. However, the more important item of note is that there were five home sales with prices above $1,000,000. The average sales price of those five homes was $793. And even more heartening was the sale of one of those quintessential Key West cottages on a lovely quiet lane. The cottage at 3 Hibiscus Lane sold in just six days on the market for $800,000 or $855 per sq ft. CLICK HERE to see what sold in April 2010.

During April 2009 there were just 13 single family home sale in Key West. The average price per sq ft in 2009 was $378 as compared to $393 in 2010. That is a 9.6% price increase over 2009. There were but two single family homes that sold over $1,000,000 last year and they sold for an average price per ft of $612. In 2010 the million plus homes sold at $793.

There also appears to have been a rebound in condo and town home sales in April 2010 as compared to the same period in 2009. This past month there were 22 condo and town home sales in Key West that had an average sales price of $332 per sq ft. Three of those sales were for bank owned properties and nine were short sales. The average price for condos and town homes in Old Town was $459. A bank owned unit at Santa Marie sold for just $414,900. That same unit sold new in May 2007 for $1,300,000. Ouch! Somebody either got a very good deal or a lot of other owners in that complex better watch out!

In April 2009 there were 12 condo and town home sales. Of those, six were bank owned properties and five were designated as short sales. The average price per sq ft in 2009 was $273. The average price for condos in 2010 was $332 in all condos. That is a 18% increase in price per sq ft over last year.

The really interesting thing to report is all of the sales activity or new properties that went under contract this past month. It is incredible. Houses are selling again. So are condos and town homes. A year ago there were few sales at the Golf Course. Now buyers are waiting to make offers. There are only a few homes left for sale in Old Town and Casa Marina area under one million dollars. Nice homes in good Old Town locations are going under contract within days of getting listed.

I don't have the statistics to back up this statement, but I am noticing a lot of new construction activity. Things are picking up, Dear Readers. If you are thinking of buying your place in Paradise, CLICK HERE to search the Key West mls database. If you see something you like, 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. Our office is the Lower Florida Keys exclusive affiliate of Christie's Great Estates.

Key West Beach Club - Ocean Front Unit

One of Two Pools at Key West Beach Club

Key West Beach Club at Sunrise

This is one of those Just Listed but not by me blogs. The newly listed property is Unit # 107 at Key West Beach Club Condominiums located at 1500 Atlantic Avenue in Key West. For the uninitiated the Beach Club Condominiums are unlike any other condo development in Key West. The condos are located right at the beach front. If you had legs long enough, you could dangle them over the edge of the balcony and wiggle your toes int the the sand. The coral reefs protect the Keys from roaring waves. Instead of hearing roaring tides crash ashore you will only hear the gentle lapping of the waves. Wouldn't that be a nice sound to put you to sleep by every night.

Unit #107 is located on the first level of the western building at Beach Club. The listing agent shows that this unit has 1550 sq ft of living space including two bedrooms, two baths, a remodeled kitchen, living room and dining area. The living room and master bedroom each have dead-on killer views of the Atlantic. The master bedroom with en-suite bath is extra large and extra nice.

This is how the listing Realtor describes this property:

"Fabulous oceanfront view and location in one of Key West's finest gated communities; The Key West Beach Club. This beautiful, sunny 2 bedroom, 2 bath condo with full length balcony comes fully furnished including a kitchen stocked with everything needed to cook and serve fine meals. Turnkey for vacation rentals or for the pleasure of the new owner. Extra large jacuzzi tub in master bath, large walk-in closet, bonus area at entry, renovated and upgraded kitchen including granite countertops. The parking space is conveniently located next to elevator and close to unit. Two oceanfront swimming pools, gym, covered entertainment areas with grill, tennis court and downstairs storage unit. This condo is earning vacational rental income."

The Beach Club was built to be and became the premiere condominium development in Key West. Most of the original owners that purchased when the buildings were built in 1987 still own their units. There has been little unit turnover during the past twenty odd years unlike most other condominium developments in Key West. That is important to consider because it means the condo association has a solid financial foundation. The buildings and grounds are professionally managed and very well maintained. (Some places in Key West have hit the skids. The buildings and the grounds in some developments are showing the signs of financial strain.)

It used to be that there was never a unit for sale at the Beach Club. There just has not been a big turn-0ver of units like there are at other developments. So when a new unit goes on the market it is cause for attention. Unit #107 is offered at $1,250,000. Unit # 107 has been rented as a vacation rental. The unit is professionally managed and the monthly rental rate charged is $6,000 to $9,000 depending upon date. CLICK HERE to see the listing info on this unit and to view some really great photos.

Please call me, Gary Thomas, 305-766-2642 to schedule a viewing of this property or send me an email at garythomaskw@yahoo.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. There are currently 4 other units available at the Key West Beach Club. Let's take a look at all of them and that may help you pick your new home in Paradise.

This Will Sell in a New York Minute

611 Southard Street Unit # 3 offered at $434,900

Everybody knows what a New York Minute is, right? I checked the URBAN DICTIONARY for a readily understandable definition and read this:

Approximately 36 seconds, as opposed to the normal 60 seconds in a minute

"So would you do her?"
"In a new york minute."

When I first saw the new Hollingshed House listing at 611 Southard Street Unit #3 I knew instantly that it would sell in a New York Minute. This is how the listing agent describes this property:

"Wonderful property with EXCELLENT rental record. Transient License included! One block from Duval. Totally renovated in 2008. Wood floors, new Kitchen and bath. Professionally decorated."

This very same Hollingshed House unit was listed for sale on December 12, 2006 and sold (closed) 39 days later. That is a New York Minute in Key West real estate speak. And I think the current asking price, location, and Transient Rental License will create the same buyer response in our current market. Here is why: This Hollingshed House unit is a bit larger than a typical Shipyard Condominium unit. The Hollingshed House unit has just one bedroom whereas most at Shipyard fit two bedrooms into the same square footage or less. The Hollingshed House pool is shared by only a couple of other units whereas Shipyard pool is shared by half of New Jersey at any given moment. This second floor unit has a balcony which provides views of the comings and goings on Southard Street as people make their treks to Duval Street and beyond. Unit #3 is offered at $434,900.

Sarabeth's is located across the street. Fast Buck Freddie's is a block away at the corner of Duval and Fleming Streets. Starbucks, Rick's, Sloppy's, and tons of bars and feederies are located to the north. You will find some fine dining establishments to the south including La Trattoria, Antonia's, 915, Martin's, La Te Da, and Denny's. (I went there once. That was enough.) There is live theatre at The Waterfront Playhouse and The Red Barn. The Tropic Cinema always has something you will not see at the Regal Cinema in New Town. The Tennessee Williams Theatre is a jaunt so you will need friends or a taxi, but Key West has lots of taxis and lots of people who are very friendly.

CLICK HERE to view the mls listing info on this property. Do your comparison shopping and you will likely agree with me that this property will sell in a New York Minute. Please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

The Phones are Ringing Off the Hook !

The Wall Street Journal ran a piece today on Queenly Restorations and chose a house in Key West for inclusion. CLICK HERE to see the house as shown in the Wall Street Journal.

The house the WSJ presented is a listing of Preferred Properties Coastal Realty, Inc. (that's where I work). I wrote at least two blogs about the particular house at 1307 Truman Avenue. CLICK HERE to view the mls listing info and to view more photos of the property. This house is a short sale and it is under contract at this time.

They (whoever they are) don't make houses like this anymore. It is a grand old dame, that is for sure. It has high ceilings, large rooms, a stately presence on Truman Avenue across from Bayview Park. The house was totally and tastefully renovated. The 4426 sq ft home was offered for sale at $1,750,000. It is presently under contract. The WSJ did not mention that in the nice little piece they did on queenly restorations. The phone has been ringing off the hook all day with people asking for more information on the property. While the queenly restoration at 1307 Truman may be gone (if the contract closes), there are still some really nice homes available at good prices.

CLICK HERE to search the Key West mls to do your search for homes in Key West. If you see a property you like, please call me, Gary Thomas, 305-766-2642 or email me at garythomaskw@yahoo.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 Chrisite's Great Estates. (There are a lot of old queens still left here. Don't fret.)