1200 Varela Street - Compound Investment - Key West

Talk about "compound investment", checkout the legal duplex at Varela Street Compound (located at 1200 Varela Street) in the SoTru area of Key West. SoTru is South of Truman.

The listing agent describes this property thus:

"Charming Key West Compound consisting of 7 homes and a shared pool. Completely fenced and very private. Lower unit has large covered deck and upper unit has large covered balcony.Both units are 902 Sq Ft under air w/dishwashers and stack W/D. Upper unit has vaulted ceilings & stained glass transoms. Entrance to compound and duplex off Catherine St. through secured gate."

Entrance to the Compound shown above

Notice the palladium windows in the lower level unit

The photos above show this two story unit that sits at the corners of Catherine at Varela Streets. CLICK MAP The duplex is equally divided into two floors of 902 sq ft each. Each unit has two bedrooms and two baths. The asking price on this short sale property is $550,000 or $305 per sq ft. CLICK HERE to see the mls listing info and to view photos of this unit. Checkout that pool!

This duplex might be the perfect property for a buyer that wants his cake and eat it too. One could rent one unit long term and use the income to help make mortgage payments and save the other unit for extended owner visits. Or a new owner could rent both units.

This compound has historically had a low turnover of units. Most of the other units are owner occupied. The neighborhood has a mix of expensive to moderate priced homes and condos. There are many rentals in the area as well.

Corner of Catherine and Varela Streets in the SoTru area of Key West

The shops and galleries on White Street are just one block to the east. The Atlantic Ocean and beaches are about six blocks to the south and Duval Street is and equal distance to the west.

If you are looking for a place to stash your cash, please call me, Gary Thomas, 305-766-2642. Let's take a look at 1200 Varela Street to see if it will meet your investment needs. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Key West - July Sales Report

Three of the 18 single family homes that sold in Key West in July were mentioned in my blog. They include 1124 Eaton Street that was on the market for 3 days. It sold for $175,000. It was bank owned. The second house was 812 Johnson Lane. I wrote about it at least twice and showed it many, many times. A cute two bedroom with a pool and a small cottage behind it an doff street parking in front, this was a deal at the sold price of $415,000. I wrote about 1305 Reynolds Street several times as well. It eventually became a short sale and sold for just $600,000. That buyer got a great deal.

Three of the 18 single family homes that sold in June were bank owned properties and three were shown as short sales. The highest priced sale occurred on Shark Key for the house located at 39 Cannon Royal Drive. It sold for $1,625,000 or $542 per sq ft. (The original asking price on this property was $2,475,000.)

By comparison 26 single family homes sold in 2009 of which 2 were bank owned and 9 were shown as short sales.

July 2010 saw a total of 19 condominium and town home sales in Key West. Five of those sales were for bank owned properties and 3 were shown as short sales. Sixteen of the sales were priced below $500,000. The most expensive unit to sell was a Steam Plant unit that went for $1,745,581.

By comparison 19 condos and town homes sold in 2009. Ten of those sales were bank owned and four were short sales.

The mini-estate at 3820 Eagle Avenue went into the mls too late to qualify for a July sale. This 4600 sq ft home sits on a huge 18,000 sq ft lot. Laurie McChesney of Preferred Properties was the listing agent on this home that sold for $2,100,000 and Terri Spottswood represented the buyer. Congratulations to you both!

CLICK HERE to search the real Key West Association of Realtors mls database. If you find a place that interests you, please consider contacting 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.

824 Eaton Street - OldTown - Key West

824 Eaton Street (behind the overgrown bougainvillea)

824 Eaton Street nearly fifty years ago - clean lines - simple but sweet

It's on a busy street. It has a distinct odor of dog. It is livable for now. It could be so much more. I am referring to 824 Eaton Street in Old Town Key West. The listing Realtor describes this house this way:

" Here it is! Close to the waterfront, marina, restaurants, art galleries etc. Same owner for the last 36 years. Good floor plan in this 1 & 1/2 story charming home with original dade county pine, virtually untouched, claw foot bath tub, 19 x 25 ft upstairs sleeping loft. Large yard with room for a pool."

I've shown the property a couple of times and I took some photos which you can see CLICK HERE. This place is rented and the current tenants have a couple of dogs. Hence the dog smell. And dog poop on the back deck. And barking. Then there is the locational issue of being located on Eaton Street. This house has no off street parking. The stairway to the upstairs "loft" has no handrails and was, to me, quite dangerous. The place needs a thorough cleaning, painting, and some general fixing. So was I possessed by some demon yesterday, Friday the 13th?

The first time I saw this house I took photos for a potential buyer. The house was new on the market and my potential buyer thought the house looked interesting. The doors were open and other agents were there taking a similar peek. I could see thru the oblivious "flaws" of the house and did not smell the dogs nor did I step in their mess-that day. The second time the smell and poop got to me and to my buyers who did not have the stomach to even consider this place. The house has been on the market since March 31, 2010. It was originally listed at $459,000 but not it is offered at $339,000 or $281 per sq ft. It was briefly under contract, but that deal did not workout for some reason.

I recently sold a nearby house that was a short sale in far better condition and at a lower price. It was also tenant occupied and that tenant also had a pet. But the place was very clean and the house was cared for as if the tenant were the loving owner. An Eaton Street location bothers some buyers, but not all. Many buyers are looking for project houses that have the potential to be something greater in the future. This property is not a short sale so you won't have to wait for months to find out if your offer gets accepted. CLICK HERE to checkout the mls listing information and photos and then read on.

A new owner will likely want to renovate so the current tenants and pet smells will go away. The house will get ripped apart in some fashion and new rooms and spaces will get created. The two things that really attracted me to this house still are attractive: (1) the facade-it is so Key Westy and (2) the backyard-it has so much potential. A good architect and a competent contractor can clean up the problems with this place. The sawtooth addition at the rear could become a spectacular new living area that could be opened up to look onto a new pool and garden. And I am not talking about a cocktail pool.

Imagine a rear wall of French doors opening onto a new garden and pool area!

This property is located little over one block from the Historic Key West Seaport. It is within easy walking distance the numerous neighborhood restaurants like Michael's, Azure, Mangia Mangia. Duval Street is only a five minute walk. This location would work great for a part time owner that wants a place with lots of charm and a convenient location.

If you would like to see 824 Eaton Street, please consider calling 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.

721 Chapman Lane - Bank Owned - Key West

Entrance to Bahama Village Petronia & Duval Streets Key West

721 Chapman Lane built 1906 as it appeared in 1965 (above)

721 Chapman Lane Key West as it appears in 2010

I wrote about 710 Chapman Lane in June 2009. It is located directly across the street from 721 Chapman Lane. That place was a "bargain" if I ever saw one. It was artfully renovated for today's lifestyle. That property was a short sale and the new owner got a terrific deal at the purchase price of $385,000. There are three houses for sale on that block today. One is a short sale (a cute house but a new owner will probably need to do some serious fixing); one is a regular sale and over-priced (have not been inside and probably will not-not at that price); and then there is 721 Chapman Lane. 721 Chapman Lane sold for $900,000 in December 2006. Today it is BANK OWNED and offered for $469,000 or $247 per sq ft.

The listing Realtor describes 721 Chapman Lane thus:

"Old town Key West treasure! Tucked away in Chapman Lane is this quaint, two story bungalow style single family home with private swimming pool. You will not believe the space and layout. Just a few steps from Duval Street and Fort Zachary Taylor beach. Paradise awaits you in the heart of Old Town Key West. Come see it before it's gone!!"

The pool at 721 Chapman looked like this in 2006. Not now!

The original cottage (see black and white photo above) located at 721 Chapman Lane was built in 1906 according to the Monroe County Property Appraiser. The house was enlarged and a pool was added. The house as now configured has large rooms and big spaces. This is not the cottage of yore. This photo CLICK HERE probably best demonstrates how the house grew so large. A new two story addition was added to the back of the old cottage. Downstairs you will find the livingroom complete with black and white checkerboard style floors, a bedroom and bathroom, and a large eat-in kitchen with French doors that open out onto the back deck and pool area. Upstairs you will find two other bedrooms each with private bath. The tub-shower in the master bath looks like something you might find in the International Space Station.

The 1900 sq ft home has 3 bedrooms, two and one-half baths. It sits on a 2646 sq ft lot. There is a white picket fence in front. In my opinion this place needs a serious "fluff" but I did not see any major renovation expense. I do think the master bath is odd, and a new buyer may want to redo it. The color choices and carpet selections throughout the house are a little overwhelming, but the cost to spruce this place up won't be. Most new home owners want to paint and do a bit of cleaning anyway.

Corner of Petronia Street and Chapman Lane

CLICK HERE to see photos I took of the house and the other houses on Chapman Lane. Chapman Lane is located in Bahama Village-one block west of the famous Blue Heaven Restaurant and La Crepere (notice the tourists riding the wrong way on a one-way street. Don't you just love 'em. Not a care in the world.) Many of the neighboring houses have been redone. Chapman Lane runs just one block and is accessed off Petronia and Angela Streets. It's an easy two or three minute walk to Duval Street. The new Key West marina and boardwalk will be a two or three minute walk when it is completed. I believe the new Truman waterfront development will invigorate growth and development in the Bahama Village area as well.

CLICK HERE to review the mls listing info and to view mls listing photos. Better yet, please call me, Gary Thomas, 305.766.2642 to schedule a showing of this old-new house. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

Psychic

The Psychic on Duval appears to be out of business.
Couldn't he see the future when he signed his lease?

On July 15th a reader posted this comment in regard to a property I had written about:

"There was a report released today and covered on CNN about a jump in foreclosures and news that banks are beginning to act faster on booting delinquent homeowners (or second or third homeowners) and also liquidating the houses more quickly.

Any thoughts about that from a local perspective? There are also reports that more high-end owners with mortgages are defaulting. I've noticed the foreclosure and short-sale numbers have been ticking upward again in Key West."

I questioned his/her source and was referred to a local real estate website. The commenter later added:

" Foreclosures were down in the teens for awhile but are up to 26. Short sales were also down around/below 100 and have moved up to about 110."

I made my own inquiry in the Monroe County Clerk's online records. I did a very superficial review of two fields that show the filing of new foreclosures (which occurs with the filing of a Lis Pendens). I did a similar review to determine how many Certificates of Title were recorded. (A Certificate of Title is the document by which the Court approves the sale of property at public auction through judicial foreclosure.) The results are shown below.

Number Lis Pendens Filed 2008 (1473) 2009 ( 1948) 2010 (609) [Jan to Aug]

Number of Cert of Sale 2008 (321) 2009 (721) 2010 (341) [Jan to Aug]


It appears that 2009 was just horrible because the number of foreclosures was very high and the number of Certificates of sale increased over calendar year 2008. When I saw the the number of Certificates of Sale for the first six months of 2010 was .5599% of the new Lis Pendens I almost started to believe the naysayers that the end of the world is near.

But then I stepped back and used by noggin. There is no definitive time link ( or certainty) between the filing of a Lis Pendens and subsequent issuance of a Certificate of Title. The time lag is quite analogous to the listing of houses for sale. Many are listed. Some are sold quickly. Other take months if not longer to sell. Some properties are withdrawn from the market and are not sold. Some foreclosures go quick and the property is sold at public auction. However, some owners hire lawyers and drag the foreclosure process through the courts for as long as they can get away with it. And some owners find a way to avoid foreclosure by selling through the short sale process or through a conventional sale.

I then reconciled the passage of time between the date the Lis Pendens was filed and the date the Court approved the judicial foreclosure bid amount and authorized the Clerk to issue a Certificate of Title. I assume that the large number of recent Certificates of Sale are from lawsuits filed in 2007, 2008, and 2009 that have wound their way through the judicial process and that finally got approved for court ordered sales.

I also did a simple comparison of the first six months of 2009 versus 2010 to see if there was an similarity of numbers or percentages.

Number of Lis Pendens Filed Jan 1 to Jul 1, 2009 1022
Number of Lis Pendens Filed Jan 1 to Jul 1, 2010 609
Percentage Difference -48.5% in 2010

Number of Certificates of Title Jan 1 to Jul 1, 2009 221
Number of Certificates of Title Jan 1 to Jul 1. 2010 599
Percentage Difference +200.7% in 2010

These numbers are for all of the Florida Keys. I am not certain that what happens in the other Keys reflects what is happening here. I look at the real property records every week but I only search Key West. What happens in Marathon or Key Largo does not concern me anymore than what happens in Altoona, Pa. What I do see are fewer new Lis Pendens and even fewer Certificates of Sale for just Key West.

I would caution readers to take what you see on any website that extracts raw data and converts it to use to fit into that website's format. I have been cautioning readers to understand that bad info into a computer database will cause equally bad info out. Not all agents nor their assistants fill out the mls listing data sheets completely or correctly. Some agents do not encode short sale or bank owned properties even though they are supposed to do so.

My answer to the reader who asked for a "local perspective" is that I believe the number of new foreclosures in Key West is down from a year ago and the number of bank owned properties is about the same this year as last year. What I have seen is more short sales are getting approved. The short sale approval process has gotten more efficient and a bit quicker. I would also caution readers not to infer what goes on elsewhere in the United States (or even Florida) is what is happening here. There is a huge pent up demand for housing in Key West. It is the high price of housing and the cost of construction that prevents our market from over-heating. But the demand is still there. You don't need to be a psychic to predict that people will always be looking for a place in Key West.

Key West - The Real Thing

The above photo is of the Key West Cafe - the one located in Wildwood, New Jersey. There is a reason people that live in places like New Jersey try to recreate places that remind themselves of the real thing-Key West. It is the fact that they probably have had some of the best moments of their lives in Key West. Many dream of eventually moving to Key West. Some who dream of moving to Key West live in other places, like the ten cities listed below

There is a piece on the Internet today that discusses the ten worst places to live in America which are (according to the item) 1. El Centro, California, 2. Cleveland, Ohio, 3. Detroit, Michigan, 4. Las Vegas, Nevada, 5. Oklahoma City, Oklahoma, 6. Los Angeles, California, 7. Phoenix. Arizona, 8. Newark, New Jersey, 9. Miami, Florida, and 10. Memphis, Tennessee. CLICK HERE to read the story and get the details. The reasons cited for naming these cities bad places to live include crime, crime rate, violent crime, joblessness, foreclosures, weather, and traffic. (Most sane people don't dream of moving to places like these cities.)

I once toyed with the idea of moving to Laguna Beach, California. It is a small town much like Key West. Lots of laid back people living very comfortably from what I was able to see. The old part of Laguna has mix of California bungalows and mission style homes built before World War II. The oceanfront climate keeps the area lush compared to the tinder dry hills that protect Laguna from the megalopolis to the east, north, and south. Like Key West, it is isolated. The big Interstate highways are several miles to the east but are close enough to get you back to mass civilization within minutes. The isolation the seaside community once had is only ephemeral today.

The other side of Laguna Beach, the side that I did not care for, was the fixation the Lagunatics have on their own self-importance, flash, vanity, call it what you will. The ever present pre-occupation with self-indulgence is really magnified in a small town. And while I loved the idealic little town of Laguna Beach with the roaring Pacific Ocean and the wonderful beaches, I opted in favor of a location where "style" is often more about wearing clean clothes and riding bikes as opposed to wearing designer labels and driving flashy cars. That place is Key West.

I grew up in Denver in the 1950s. I lived in the suburbs as a kid and moved to the Capitol Hill area near downtown Denver when I started law school in 1969. I lived there until I moved to Key West in late 1993. Towards the end I started to feel ill at ease about Denver. The air (smog) was getting worse each year. Driving, even just a few blocks to work, became horrible as the streets were incessantly clogged with too much traffic. The crime rate started to rise all over the metropolitan area. (We didn't have a metropolitan area when I was a kid. But we had a huge one when I left town.) I remember a senseless drive by shooting where a little three year old girl was shot and killed in her parents' car in a northern suburb. Once my house was broken into. I came home and found the burglar standing in my kitchen where he had smashed in the back door. My Old English sheepdog was quivering under the breakfast table. My house had been ransacked, and I felt very violated. A woman Realtor was raped and killed little over a block from where I lived just before I left town. That was about one of the scariest things that ever happened to me. (I lived in a very good part of town.) I know individual acts of violence can happen anywhere, but there were too many of them occurring too frequently and then too near me.

The "air" in Key West is not the same as the air in Denver. Thank God!

I made my first trip to Key West during spring break in 1984. It was buzzing with people. I fell in love with this place very quickly. I imagined what it would be like to live here all of the time. The rational good angel on my shoulder told me to step back and not act rashly. I waited nine years before I took the final step that got me to Key West. I passed up several good opportunities waiting for the right place, the right price, the right time. But during the nine years I never gave up dreaming about moving to Key West because I knew my life would be different here.

I had a preconception of what life in Key West would be like. It didn't turn out the way I thought. It was better.

A few days ago on Duval Street - Key West

I found the photo (just above) on the Internet on Wednesday. It was taken in front of St. Paul's Episcopal Church on Duval Street. The two signs are self-explanatory. The guy who hates Fags carries his sign anywhere he can attract attention. He is a daily sight somewhere in Key West. The guy with the "other" sign is new and is making an equally forceful counter statement. What caught my attention was the two guys kissing to the left rear of the photo. In case you missed it, a federal judge in California ruled on Wednesday that Proposition 8, the ballot issue that outlawed gay marriage in California, was unconstitutional. I thought this photo pretty much sums up the debate on the issue: some hate; some hate back; and some make love in Key West where it is okay to be gay in public. Key West is pretty non-judgmental no matter who you are or what you want to do.

Key West has changed a lot in the twenty six years since I first came here. Many of the houses look much nicer, and the sidewalks and streets are certainly in better repair. There is more traffic for sure. During season the streets are filled with Conch Trains, scooters and those damned electric cars. All the tourists bring lots of money to Key West and that keeps our economy running, Thank You very much. The talking heads on TV do their damnedest to stir up trouble by scaring people about hurricanes, oil slicks, Cubans who float over to Key West to escape old what's his name. It works sometimes but the public eventually remembers how much fun it is to be in Key West. So they return year after year after year.

"Pinkie" the beautiful home (left) in Truman Annex - a new addition to Key West

Right now the island is in the summer doldrums. Town is still busy, but not like it is in season when everybody is making lots of money. Each weekend something is happening that targets certain groups to come here. A couple of weeks ago it was Hemingway Days. Last week it was the start of lobster season. It will be something else every weekend-forever.

After living here for several years I figured out that life here is not about the houses, the climate, the ocean and beaches, the gay acceptance thing, the culture, or the laid back lifestyle. No, to me, it's just about living life each day and being very contented.

People who live here learn to adapt to Island time and Island style. I remember getting on the highway and sometimes city streets, and speeding a lot. I always felt the need to get ahead of the guy in front of me so I could get where I was going sooner. Key West is so small there is no reason to speed and no place to do it. You gotta be pretty lame to get a speeding ticket here.

When I moved to Key West I brought 14 suits. I had two Donna Karan's, a couple of Ralph Lauren's, Alexander Julian, Hugo Boss, and others. They are all in a cedar chest. There is no place to wear them. I wear shorts in the summer and usually khakis in the winter. Designer labels aren't important like they used to be. But I still wear clean clothes and normally they are pressed. I am not alone. Most Key Westers dress down, not up. I doubt that the book "Dress for Success" had many buyers here.

Doing it doggie style in Key West

I don't have the need to "shop". I can buy what I need on the Internet. I need less living here. Really! I remember going shopping for hours on a Saturday or Sunday afternoon. That is how many people up north in America spend their private time. Buying stuff. Here you need less stuff and you end up spending your time doing more fun things. Or nothing at all.

If you are in to social and political affairs, there are plenty of people with whom you can mix and do your thing. Or not. If you are into the outdoors and love to run, bike, workout, box, do yoga, sail, fish, or just boat, this island is full of similarly inclined folks that share your passion. If you are cerebral the arts community flourishes here. We have several theaters and our own symphony. Key West has lots of artists and writers that live part or all of the year here. We even have dress-up affairs where women wear gowns and gents wear tuxes. But you will also find people who don't participate in much of any thing, mind their own business, and wear the same clothes for several days in a row. It's not that they are anti-social, but they are just living their own lives.

Almost everybody dresses up for the annual Fantasy Fest People's Parade

In my old life I could be pretty demanding. Everything I did was important. Or so I thought. So I needed stuff done right away. Timing is important in what I do now, but either my advanced age or my acceptance that things move more slowly in Key West has made life (normally) much easier to accept. "Island time" is for real.


I have found the experience of living here to be more fulfilling than I ever imagined. It's the little things that happen every day (or every season) that make life in Key West so pleasant. Each morning around 8:00 AM a flock of sea gulls (I think that's what they are) sit atop the electric lines at the corner of Reynolds and Von Phister Streets awaiting their breakfast which is supplied by the guy who lives at the house on the corner. It's not uncommon to see an egret walking around the Casa Marina area. I've had blue crabs walk the four or five blocks from the ocean and end up in my pool. One even walked into my kitchen a few years ago. I've seen iguanas and even a raccoon in my yard. I don't like the frogs that screech in the night each summer but they eventually stop. Otherwise, the little animals and birds make life in Key West interesting and sometimes entertaining.

This iguana lives in the yard by my pool. Photo taken from pool at close range on a float.

A few blocks away on the corner of White at Virginia Street cops and construction workers and everybody else stops at Sandy's to get a cup of Con Leche or a buche. People in the nearby neighborhoods walk their dogs and say "Hello" as the pooches pee and sniff butt. The town comes alive as the cars, scooters and Conch Trains begin to move around. About eight hours later most locals return to home and tourists go to Sunset or a bar, or both. Dusk sets in and locals walk their dogs again and say "Hello" again. The traffic such as it is really shrinks to a snail's pace. Soon the sky is black and if you live in a place like the Casa Marina area, you can listen and hear nothing. You can sit outside by the pool and feel the gentle breeze and maybe see palm fronds waive just a bit. If the wind is strong enough you might hear the trees as they woosh.


Riding a bike in Key West is more than exercise or a convenient way to get from place to place. I get "mushy" when I ride my bike under the flowering trees. I think how lucky I am to live in a place this beautiful.

Bayview Park - Key West - Memorial Day 2010

I don't feel alone or isolated even though I live at the end of the world so to speak. I can get anywhere I need to go. But I have found that I don't need to go to as many places as I once did. Living in Paradise makes going other places kind of pointless. Seriously.

I do not miss the snow and cold of Denver. Nor do I miss the awful choking smog or the horrible traffic. I don't know how or why people live in places that are so far removed from where they work that they must endure commuting. I don't miss the crime and all of the people. Real life in Key West is much more fulfilling than I ever dreamt.


If you live in Wildwood, New Jersey or anyplace else and dream of someday moving to Key West, please consider using me, Gary Thomas, 305-766-2642 as your Buyer's Agent. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. If you live in one of the ten worst cities in America, get the heck out. I don't want all of you coming here. But go someplace safe and live your lives more sanely.

529 United Street - Old Town - Key West

The quaint little cottage at 529 United Street was just listed by Preferred Properties Coastal Realty, Inc. The listing agent implores the reader to "Think Outside the Box" when exploring the possible uses of this cottage. This is how the agent describes 529 United Street:

"Think outside the box on thischarming 2 bedroom, 2 bath cottage. Legally zoned to house one commercial space and one residential apartment, its all in place. Your location could not be better, just 1/2 block from Duval Street with plenty of street parking available. This cottage is a receiver site for a transient rental license offers great curb appeal and would make a delightful vacation rental property or single family residence. Past uses of this cottage include a Real Estate Office and a Mortgage Brokerage office."

The listing agent says the house has 900 sq ft of living space and sits on a 1563 (58' x 226') sq ft lot. The cottage is located near the corners of United and Simonton Streets at the southernmost end of the island. The place does not have room for a pool or even a hot tub. What it does have is an excellent location that is near the Atlantic Ocean. (South Beach is just one block away.) The quieter section of Duval is just one-half block to the west. Old favorites like La Te Da and the Banana Cafe are only a couple of minutes by foot. For a cup of con leche or an economical lunch, Ana's Cuban Cafe and the adjacent Southernmost Deli & Groceries is one block to the south.


529 United Street is offered at $389,000. I was inside the building a few years ago when it was used as a mortgage broker's office. The price and location make this listing interesting enough to take a look to see what uses it could be put to today. I agree, think outside the box on this listing. CLICK HERE to checkout the mls listing data on this property.

If you are looking for a place in Key West, please consider working with me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

711 Georgia Street - The Meadows Area - Key West - Bank Owned

711 Georgia Street - The Meadows Area of Old Town Key West
It used to be that potential buyers would ask me if I could find them a good bank owned property and I would tell them there are none. That was then. This is now. There are various kinds of kinds of bank owned properties. Some are real dogs. Some have "issues". And some are sweet deals ripe for the picking. The new listing at 711 Georgia Street is one with only a couple of minor issues and it might just work for you. Read on.

711 Georgia Street is BANK OWNED and it is located in The Meadows Area of Key West. MAP This property was previously owned by a real estate agent and was previously offered in 2006 at $1,199,000. The place had top of the line stainless steel appliances then. Now that the property is bank owned the same property is offered today at $429,000 or $339 per sq ft. The appliances are missing. Other than the missing appliances, everything else about the place looks pretty much the same except that price. It got a whole lot better.

This is how the listing agent describes 711 Georgia Street:

"711Georgia Exceptional 3 bedroom 2.5 bath light filled sancuary on quiet, beautiful tree lined Georgia street. Between Angela and Newton in the prestigious Meadows. Tiffany colored jewel box with a brick drive and white picket fence surrounded by pretty Conch homes and lovely neighbors. Just a short bike ride to Duval Street, historic Old Town, Art District, beaches and Bayview Park. Exquisite use of space. Splendid architectural renovation in 2005. Ambient lighting, stunning gourmet kitchen, gorgeous baths, master bath ensuite with private balcony. Small yard. Impact windows and metal roof. Looks brand new. Centrally located."

There is a lot of "house" in this place. Things are compact but not tiny. The kitchen and livingroom share the main floor where there is an adjacent guest bath. The bedrooms and baths are on floors two and three. The finishes and construction look to be in good order. I did not see any thing objectionable except the missing appliances. There is a good sized off street bricked parking space surrounded by a bright white picket fence. Just beyond the parking area is a private fenced in area that the former owner claimed provided room for a pool. Bring a blow-up pool if you want to have chairs, however. That space is pretty dinky if you ask me. There are plenty of people who do not need a pool but do need a nice house that does not need fixing. CLICK HERE to see a bunch of photos I took of this property.

Potential with a grain of salt!

This house is one block off White Street and within easy walking or biking to all of Old Town. This block is really quiet because the adjacent street (Angelica Street) abuts the gated Peary Court Naval property. There is hardly any vehicular traffic. Nothing important happened nearby so you won't be seeing a Conch Train.

View from second floor balcony at 711 Georgia Street - it ain't bad!

If you are looking for an affordable house in a good location, please call me, Gary Thomas, 305-766-2642 to take a look at 711 Georgia Street. 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.

Tennessee Waltz - The Waltz of Realtors

Every night when I was a little boy my dad would take me to my room. We would kneel beside my bed and I would say my prayers. I blessed my entire family and my dog each night. I didn't know what "if I should die before I wake" meant, but I said it and meant it. Then I would get in bed and my dad would either tell me a story, whistle a gentle tune, or sing me to sleep with either "Red River Valley" or his favorite "Tennessee Waltz". The lyrics go like this:

I was dancin' with my darlin' to the Tennessee Waltz
When an old friend I happened to see
I introduced her to my loved one
And while they were dancin'
My friend stole my sweetheart from me.

I must immediately state my mother never, ever cheated on my dad. The thought would have never crossed her mind. The melancholy in his voice rang just too true when he sang that sad song, even to a little boy who knew nothing of the world.

Last week I met with another Realtor to take photos of her new listing for my buyer. I don't recall exactly how it happened, but she unburdened herself of a recent phone call or email from a buyer for whom she had been working for several months. It seems the buyer "bought" a house using another Realtor in Key West. Key West is a small place with maybe 350 Realtors. She let go and told me how much time she had spent on this buyer. How many different places she had gone to take photos for him or her. How many emails and phone calls she had made. And then to find out the buyer actually consummated the deal with somebody else.

She said she felt like such a fool. She complained that this had happened before. She said she trusts people too much. And then she complained that she will have to see this other agent for maybe 20 more years, each time remembering that he stole away her buyer. Frustrating. Hurtful. Maddening.

I'm sure all Realtors have had this happen. I have. I even know the physical feeling I get when it happens. It is very similar to the finding out that your sweetheart has been cheating on you, like in the song, and has run away with your best friend. If you have not experienced such a feeling, congratulations. And if you have, welcome to my world.

617 Fleming Street - Old Town - Key West - Bank Owned

617 Fleming Street Old Town Key West August 2010

617 Fleming Street Old Town Key West c 1965

The Campbell Courtyard Condominiums have one of the best locations in Old Town. They are close enough to Duval and the Historic Key West Seaport that you can be in either place in five minutes. But they are far enough away that you do not hear the frenzy on Duval. Many of the neighboring properties are among the highest priced homes in Old Town. The condos were "developed" or assembled in the late 1990s from a group of unrelated buildings into the compound with a shared location, identity, and an incredibly inviting pool. The nine units were sold off and there has not been a large turnover of ownership since then. The main building shown above was built in the 1920s and the eyebrow cottage (just below) was built in the 1890s. All buildings were totally renovated during the condo conversion.

Unit No. 1 at Campbell Courtyard is BANK OWNED and was just listed for sale at $259,000 for this 842 sq ft one bedroom unit. CLICK HERE to see the mls listing and view agent provided photos. The unit is offered at $309 per sq ft. Compare the size and prize per square foot to units in Truman Annex Shipyard that are 680 sq ft priced at $587 and $616 per sq ft (these units are two bedrooms).

This units is located on the first floor front of 617 Fleming Street. I took some photos which show how the unit is laid out CLICK HERE . The space is optimized. All of the rooms seem large and inviting. The combined living, dining and kitchen area open onto a private courtyard through French doors at the rear. (A large storage closet and a separate private laundry room are located in this area.) That private courtyard then leads through a little white picket fence to the pool. Imagine taking a late night dip in that incredible pool then going back home to hit the rack.

Campbell Courtyard Pool August 2010

Same spot sans pool c 1965

The last time a unit in Campbell Courtyard was offered for sale was in December 2009. It was gone in a flash. The mls records show 11 days, but I showed it the day it hit the mls and it was already under contract.

If you are looking for a well priced and not too expensive a place in Key West, may I suggest that you consider this unit very hard and very quickly. I have seen and shown a lot of little condos at very big prices. This is the reverse, but I understand one bedroom will not work for many buyers. I do have a suggestion for potential buyers that have lots of friends who may want to come and visit, Ambrosia Guesthouse and The Marquesa Hotel are located within 150 feet. Let your friends stay nearby. Or buy a sofa bed. I'd prefer that they stay someplace else but that's just me.

Don't wait, dear readers, this one will go quickly. Please call me, Gary Thomas, 305.766.2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. If you snooze on this one, you lose.