1124 Eaton Street - Old Town - Key West - Bank Owned

Just listed, but not by me, 1124 Eaton Street in Old Town Key West. I wrote about this same property last year. It went under contract within a day or so. Something happened. I don't know what. But the previous offer did not close. New listing agent and new asking price of $158,400 or $119 per sq ft. Bank Owned.

This is how the new agent describes this property:

"Make Highest And Best Offer. Old Town Home Ready For Renovation. Being Sold As-is. Check On Permit Status With Carolyn Walker, Kw Bldg. Dept. For Special Financing & Incentives, Seller Requests Potential Buyers Contact Chase Loan Officer Jose Rodriguez, Jr. 305-593-1076 Ext. 3. Loan Approval Letter, Proof Of Funds To Close And Cashiers Ck Payable To W. Craig Eakin Must Accompany Offer."

To save time I am copying and pasting what I wrote a year ago. Look at the pretty pics I took then and read the description. This is a fixer but it is priced to sell - quick.




Say all the bad things you want about Eaton Street being a bad location. I can hear the chorus getting ready to sing. Throw in that 1124 Eaton Street is BANK OWNED and is about as much "undone" as it is "done", and you have a really bad deal. Except all of those negatives are already priced into the asking price of 1124 Eaton Street.

1124 Eaton Street is located one house to the west of the corners of White and Eaton Streets. That has got to be one of the busiest streets on our little island. Traffic does die down at night, but it is busy during the daytime. The house is located across the street from The Restaurant Store. CLICK HERE to see a view looking out of the second floor window.

Somebody started to do some nice renovations. The kitchen has been roughed in. There is a laundry room without any appliances. The living room has what appears to be new floors (as does the kitchen). There is even a powder room on the main level. Upstairs you need to avoid the hole in the floor. I'm not kidding. It is dangerous. But it can be fixed. There are two bedrooms-one at the front and one at the rear. And set in between the two bedrooms is a master bath that was really nicely done. The toilet and sinks are missing. I don't know if someone removed them or if they never got installed. But those are not big ticket items in either case.

The room sizes actually work. The house is bigger on the inside than it appears from the outside. Or so it seemed to me. I have no idea as to the condition of the plumbing, electrical, or anything else except I can say without equivocation the house needs tented. Termites have worked their way around this house over many years. The place needs HARC approved windows and door installed. The outside needs scraped, cleaned, and a new coat of paint applied. The roof should probably be replaced and with HARC's approval, the ugly lean-to carport replaced with something a little more suitable. I would add brick pavers and some landscaping and re do the front porch. CLICK HERE to see what I think 1124 Eaton Street could look like.


if you are looking to buy a Key West fixer at a good price, don't scratch your head an analyze this to death. A property like this is either something you can do yourself and are willing to live with or it isn't. The location will never change, but you can improve the house.

If you are seriously interested in making an offer on 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.

1800 Atlantic Condominium - Bank Owned - Key West Waterfront

Just listed, but not by me, 1800 Atlantic Condominium Unit # A-109. There are several units for sale at 1800 Atlantic but this one caught my eye because it is "Bank Owned" and priced at just $375,400. Just a few weeks ago it was offered at the asking price was $650,000. Yikes!

This unit is located on the first floor (above covered parking) in the A wing (or the west wing). It has courtyard and partial pool and ocean views. The listing Realtor describes this bank owned unit this way:

"Lush Tropical Courtyard View. 2 Bedroom 2 Bath Located In The Most Desired Condominium Complex In Key West. Completely Remodeled From Top To Bottom, Kitchen And Bathrooms. Hardwood Floors, Crown Molding. Seller Will Credit Buyer Up To A Maximum 3% Of Sales Price Towards Closing Costs If Negotiated In Final Signed Counter Offer."

Now let's see how the previous listing Realtor descried the exact same property:

"Luxurious tropical courtyard view two bedroom condo. This exceptional condo has a City of Key West Transient License which permits the owner to rent on a short term basis.This property is totally remodelled, no attention to detail was spared, top of the line finishes, hardwood floors, Crown molding, Recessed lighting. This unit was designed by an interior decorator and is being sold totally turn-key. This unit is on a Transient rental program and will require notice to show if occupied by a guest."

I "borrowed" photos from the previous listing that show what this unit looks like when it is nicely furnished. CLICK HERE to checkout the current mls listing info and to view the current photos. I'm not faulting the agent, most unfurnished spaces do not show well. That 's why looking at pics of this same space can give buyers feel for what they can do with the same space. Except now the same space is priced much better.

(Remember, these are all photos from before this property became bank owned and do not depict what this unit looks like today.)

If you have looked at units at 1800 Atlantic before you know that some units have been remodeled and others are pretty much the same today as they were when they were built. The photos show that this unit has been remodeled. The air conditioner was replaced in 2005.

1800 Atlantic Condominiums have a great reputation. Guests return year after year because they know exactly what to expect. The love the ocean, the huge Olympic pool, three tennis courts, and proximity to Smathers Beach. The condos are close enough to town to bike but far from the madding crowd when distance is held dear.

If you would like to see this unit, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty,Inc. in Key West. This unit probably will not be on the market very long at this price.

Property Values in the Key West Indies

The title of today's blog is not a typo. A few years ago I had floor duty at the Prudential Real Estate on Duval Street. A guy in his mid 30s and his father came in to discuss something. I left my office and met with the two in the reception area. The younger guy was heavy weight and wore an ill fitting tank top that showed off his root beer belly. His dad sat on the sofa and offered no comments on anything.

The tank topped man asked me about the stock market and I said we sold real estate, not stocks. He asked "This is Prudential, isn't it?" "Yes" I said but added that the Prudential Securities was a totally different company. This discussion went on for a few minutes until he gave up on securities, and then asked me how much his house in Ocala was worth. I asked where and again he said Ocala. I told him he needed to talk to a Realtor in Ocala, that I had no idea what houses are worth in an area so far away. He queried "You are Realtor, aren't you?" And I said I was but that I don't even know where Ocala is located in Florida let alone have any idea what houses are worth there. (In mind mind's eye I could just see his double wide mobile home rusting in the hot Florida sun.)

Then he started in on housing prices in Key West. I asked what type of house and in what location was he interested. Tell me all, he said. I pressed for more info and then he asked where the all you can eat buffet is located on Duval. "I haven't a clue" or something like that I said. But I had an idea that his belly was not just from too much root beer. We went back to housing prices in Key West again. We went back and forth. He was very frustrated with me and my lack of knowledge about prices of houses in Key West. Finally, he asked in all sincerity "This is the Key West Indies, isn't it?" With that I said I had work to do, got up and excused myself and went back to my office.

I could hear the front door shut as the office receptionist thanked the two men for stopping by. When I saw the coast was clear and determined they had actually left the premises, I went back to the reception area and asked "Where is the camera?" I was sure I had been punked or was on Candid Camera.


That office episode was six or seven years ago. It has never gone from my memory. I just checked the distance between Key West and Ocala. It is 436 miles. It is about 109 miles from Key West to the Key Largo area. Those distances are important when you consider a story that appeared in today's Key West Citizen about property sales in Monroe County in June. Sales are up but prices are down, so the story reports.

I wrote about June sales a few days ago in the Cat Pee blog. When I read the story in today's paper I was reminded of the tank topped bumpkin asking me about prices in Ocala. That's akin to asking me about prices in Key Largo. I have no idea and I don't care what goes on up there. I am almost out of my element on properties on the other side of White Street. I normally write about the market in a confined little space on a little island at the end of the county. The total area I care about is maybe one mile square. To equate sales statistics for Key Largo, Islamorada, Marathon, or Big Pine Key is, in my opinion, just as silly as comparing prices in Ocala.

To prove my point consider the disparity of housing types, values, and locations between Los Angeles and Palm Springs. The distance between those two cities is also 109 miles. If you have ever driven the road between the two you know exactly what I am getting at. Palm Springs is a long way away from the grit and crime of L.A. Much of the architecture of Palm Springs is unique, just like Key West. Comparing enclaves of really dreamy second homes to working class homes in either small town to nearby or far away cities is pointless. I don't mean to come off as a snob, but people that are buying second homes in Key West (or Palm Springs) are not in the same mix as people buying working class first homes in either locale.

I think statistics are very tricky and can be used to prove points that may be misleading by accident or on purpose. The article mentioned the elimination of the first time buyer's tax credit. Second homes in Old Town don't play into that mix at all. I think that discussion is irrelevant to what is happening in Key West. I just don't think it makes any sense in comparing sales prices on a county wide basis.

I am getting off my soapbox and intend to enjoy the Key West ("Indies") sunshine.

I Like Ike ! Key West Waterfront

716 Eisenhower Drive #6 Pictured above

Key West is famous for renaming its streets to honor former Presdients. Located at the water's edge at the Garrison Bight the former North Beach Road was renamed Eisenhower Drive. Read "The Streets of Key West: a History Through Street Names" By J. Wills Burke for a colorful description of how many of Key West streets got their names. Of Eisenhower Drive, Burke writes "From Palm [Eaton] to Truman, Eisenhower Drive runs a straight line along the shore of the Garrison Bight. Burke wrote "His name sums up the man. Dwight D.Eisenhower's boyhood nickname, Ike, stayed with him throughout his life. It reflects an affability that put everyone in his presence at ease, and it lent itself readily to the "I Like Ike" campaign slogan that helped him get elected twice... Like the man, his namesake street is direct and unambiguous."

716 Eisenhower Drive Unit # 6 in the Paradise Harbor Condominium is very "likable". In fact when I recently showed it my potential buyers stayed much longer than expected. We first looked at the developer's unit in the adjacent building. After seeing that unit, they wanted to leave. I convinced them to stay since the listing Realtor had taken his time to show this property. Big enclosed garage and storage plus a private elevator to all four floors was the same as next door. But that was the end of the similarities.

Each floor and each room of this very special place was designed for easy and comfortable Key West living. This place has no pretense, yet it is so very special. You know from the get-go that the place was designed and outfitted with the very best materials. Everything works. There is no hodge podge and no skimping.

The living space is on the second floor which includes kitchen, dining and living room. Sliding doors on the east open onto the balcony overlooking Garrison Bight. Another set of sliders on the opposite wall provide protected views to the west. The semi hi tech kitchen is separated by a comfortable island. Sitting in the tall bar stools I just imagined what a great party place this could be. We walked outside and looked at the boats bobbing up and down in the water. Yes, the Palm Avenue bridge is busy in the daytime. But at night the traffic is minimal. The doors are all hurricane impact resistant rated. You can't hear a peep inside the home.

Living area over looks the Garrison Bight Marina

Party Central or Divine Cuisine?

The Chef's Table de Cuisine

Floor three has two good sized bedrooms and each has an ensuite bath. Both bedrooms have separate balconies with one overlooking the water and the opposite toward the city. The fourth floor is the master suite. The ceiling is vaulted (like in some of the great Old Town homes) so the sense of old Key West is not lost in this 21st Century waterfront townhome. Imagine waking up in the morning with sunrise views across the Bight and walking to the private elevator to take you down to the second floor for your morning coffee. The stairway works just as well.

Remember this property also includes a private boatslip. After that morning cup of coffee you can go out to your boat and enjoy the waters of Key West.

Checkout the mls info and listing photos CLICK HERE. The architect owner over-indulged on this space. It will make you want to have one just as nice. You can. You can buy this one for $1,995,000.

CLICK HERE to see one of the two mansions across the street. And CLICK HERE to see The Meadows Townhome that I recently sold also located across the street at the corner of Petronia. I like the neighborhood.

Bedroom with west view

Bedroom with east view of the Garrison Bight Marina

Master Suite on third floor will make you green with envy

Interior stairway and private elevator take you from floor to even lovelier floor

If you would like to see this really lovely waterfront townhome, please call me, Gary Thomas, 305.294.3040. 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. Let's take a look and I bet you will say "I Like Ike !".

Key West Guesthouse - Bank Owned !

Just Listed, but not by me, the Nassau House guesthouse located at 1016 Fleming Street in the heart of Old Town Key West. This property is now Bank Owned and it has been re-priced to sell. This listing agent describes this property as follows:

"Bank Owned Guest House in Old Town Key West. Well known 9 room Guest House with full kitchen, outside decks and porches. Lush landscaping. Spacious rooms, each individual in it's location in the house, as well as it's theme. Lock out units provide flexibility in booking larger parties. Lagoon pool and Tiki hut provide relaxing area to congregate, as well as decks and porches on each floor. Priced to sell. Bank says Bring Offers."

Nassau House is a well established guest house located right in the heart of things at 1016 Fleming Street. For point of reference the famous Eden House is located across the street (it was the home of Goldie Hawn in the movie Criss Cross filmed in Key West in 1992). Click the MAP for the best view of the location. (Google maps give viewers great perspective views of the area as a whole and then zeros in onto the neighborhood. The street view is great as well.) The location is great because guests can walk to any number of nearby restaurants (Azur, Michael's, Cafe Sole, The Marquesa Cafe, A&B Lobster House, etc.). The Tropic Cinema, the Red Barn Theatre, and the Waterfront Playhouse (where you will occasionally see something deliciously naughty) are all within a ten minute walk. The seaport is only a five minute walk and the nightlife on Duval Street is a comfortable stroll both going and returning.

This property has been listed for sale over the past two years at an asking price as high as $2,750,000. It is now offered at $1,700,000. There are nine guest rooms but there are only five City of Key West transient licenses. The city is aware that this guest house, like many others, has more guest rooms than it has licenses. There is an inherent risk in buying a place with less licenses that the law requires. Yet, the law has not been enforced for years. Someday a new city administration may enforce the rules and only permit guest house owners to rent only the number of rooms for which they hold a valid transient license. My advice to a prospective buyer is to discuss the legal ramifications with a real estate lawyer in Key West. My opinion is that the city will continue to take the bed tax and look the other way. That being said, CLICK HERE to review the mls information and to view more photos of this property.

I used to own a guest house in Key West. I bought a place that had been foreclosed and I got a very good deal. I regret now that I sold it. But what I know now more than ever is the value of a good location and a good name. Tourists know what they want or expect for their money. People that want beachfront location and luxurious amenities don't stay in guest houses and vice versa. I suggest that a prospective buyer develop a good business plan that fits the expectations of guest house visitors and not to develop some grandiose miniature Ritz Carlton. Providing a clean and comfortable room, a friendly environment, and TV and internet that works, a pool and a place to get that enviable Key West tan plus a good cup of coffee in the morning are the framework for putting lots of heads in beds.

I think this property ought to sell fairly quickly at the asking price. I would love to work with a buyer that wants a Realtor that actually knows something about the guesthouse business. And having just listed or sold other guesthouses does not necessarily bring any expertise to the table. Like I said, I purchased a bank owned guesthouse and ran it. I know first hand what a prospective buyer will face. If you are looking to purchase a guesthouse in Key West and would like to see the Nassau House, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

The "Glass House" - Key West

When I first saw the beautiful home at 2309 Flagler Avenue my mind flashed to Phillip Johnson's Glass House that he designed for himself half a century ago. The lines and feel are so similar. The Key West Glass House, however, invites you to look right through the glass walls to enjoy the year around beauty of the side and rear gardens. And we all know that Key West has New Canaan, Connecticut beat when it comes to weather.

The listing Realtor describes this property this way:

"You don't want to miss this hidden gem located on an oversized 7500 SF lot within bicycling distance to Old Town. This enchanting two-bedroom, two-bath home features 64 feet of floor-to-ceiling glass sliders and windows opening out from the remarkable living and dining areas to the gorgeous lanai and gardens, with a yard big enough to add a generous pool. Beautiful new Chicago brickwork at the entrance, driveway and circular patio, with multiple mature palms and verdant landscaping make this a very special property. Central air and heat, tiled and carpeted multi-level floors, new accordion shutters, loads of storage and an outdoor bar ready for entertaining. Cared for with love..."

2309 Flagler Avenue was built in 1953 but recently had a major addition added to the side and rear. The original house was a ranch, and it is similar to many in the area that were built during the 50s and 60s. But that is where the similarities stop. The addition is a "knockout". The new glass addition was built to surround the original house at the side and rear. While the much of the house opens onto the outside, the neighboring properties have no view of the house.


Most homes have defined spaces the we recognize as front yards, back yards, or side yards. The home at 2309 Flagler Avenue does not have the kind of landscaping you expect in a home priced at just $427,200. This home has multiple outdoor spaces where small gardens and paths take you from place to place. The covered lanai off the living room is like an extension of the house into the outdoors. But that is only one of several outdoor spaces where design and function create wonderful, separate outdoor living areas.

The lanai off the glass walled living room

The backyard is large and has plenty of room for a pool. A large covered outdoor bar area on the east side yard could easily be converted into an outdoor kitchen. (I say easy. Nothing is ever easy. But you get the point.) There are storage sheds on both the west and east side yards so there is no reason to ever see a garden tool, bike, paint can, or Christmas ornaments. This pace has been meticulously maintained so you "fixer uppers" need to look elsewhere.


CLICK HERE to checkout the mls listing information and to view more mls photos. If you click my TWITTER you can view more photos I took of the property as well. Better yet, please call me, Gary Thomas, 305-766-2642 to schedule a showing of this beautiful home. This is a lot of house and a lot of value for the asking price. Call me to take a look at the Glass House to see for yourself. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

Happy 4th from Key West

Old Town Key West - Commercial - Location

514 Southard Street - Key West

If you are an investor or user looking for commercial space in Old Town Key West with a great "just off Duval Street" location, the new listing at 514 Southard Street may be the property you have been trying to find. I know the location quite well because our offices at immediately next door. A more notable landmark is Bank of America's Old Town location which is next door to the right of the new listing. Click the MAP for both aerial and street views of the location.

This property is located about 200 feet east of the intersection of Duval and Southard Streets. CLICK HERE, you'll recognize that location for sure. Southard Street is a major feeder (one way) street for locals and tourists that make the pilgrimage to Duval. The seller is the current user of this building and it would "consider a leaseback". Seller is credit union that is in a conservatorship.

The county records show that the building was constructed in 1957. Just below you will see how snazzy it looked back in 1965 and what is looks like in 2010.

514 Southard Street Key West as it looked in 1965 (above)

July 3, 2010

Bank of America and 514 Southard have ATMs that are non-stop day & night

The listing Realtor describes 514 Southard Street this way:

"Affordably priced office building on Southard Street just steps from world famous Duval Street. This building is perfect for any type of office or professional service use. The building contains and extensive build-out of multilevel professional office space. The property contains a rear parking area. Seller would consider a sale leaseback. Priced at a recently appraised value."

Below you will see some photos of the rear parking area. Notice the covered awning. That area used to house a private mortgage brokerage company totally separate from the credit union up front. Also notice the enclosed walkway between the two buildings. This space is locked at night but during the daytime it provides quick access to Southard Street up front.


The building has 2900 sq ft of space on two levels. The asking price is $800,000 or $361 per sq ft. Zoning is HNC-1 which is short for Historic Neighborhood Commercial-1. Uses for this zoning include include residential (including single family, duplex, and multi-family) and limited commercial including professional offices, banking and financial services, personal service shops, specialty shops, limited retail, transient accommodations and guest cottages. Rather than rely on what I write, do your own investigation to determine suitability for the use you intend. CLICK HERE to read the City of Key West zoning ordinances and consult with your own attorney. Just because some use may be permissible does not mean you will necessarily be able to do what you want.

I did a quick search of comparable office and commercial space in the immediate Old Town vicinity so you can do your own price comparison. CLICK HERE to view. The average price on all of the properties is $429 per sq ft. But you need to compare location, construction, availability of parking in this mix.

CLICK HERE to see the mls listing info on this property. But better than that, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com if you would like to schedule a showing on this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.