1304 Atlantic Drive - Bank Owned - Key West

I wrote about 1304 Atlantic Drive right after it was listed for sale as a BANK OWNED property six months ago. The asking price then was $695,000. The asking price was just reduced on this large recently constructed (2008) single family home to $550,000 or $282 per sq ft. This house at this price deserves a return to the blog. This is how the previous agent described this property just weeks ago when it was still a "short sale":

"Gorgeous top of the line new construction! Stainless steel Thermadore appliances, wood floors through out. Wired for sound system. Hurricane lock windows and doors, with storm shutters to boot. This home has it all with French doors opening to deck and pool. Less than a block to the ocean and a short walk to the Casa Marina. In area of multi-new homes. Does not get better than this! Owner is a FL Lic RE Broker."

I need to point out that the stainless steel appliances were removed. So a new purchaser will have to spend additional money to replace the missing appliances.

The current listing Realtor describes the property this way:

"Spacious three bedroom three and a half bath home with all the fine finishes. Granite countertops, wood floors and French doors leading out to the pool and deck. Great home for entertaining! This home is located in a very quiet neighborhood that is a short walk to the beach and the Atlantic Ocean."

Two other homes are also available in this development. Each is the same size, construction and amenities, except these houses have appliances. One is offered at $995,000 and the other at $1,099,000. CLICK HERE to checkout the mls listing information and view listing photos on all three units.

1304 Atlantic Drive has the same square footage and lot size as the other, higher priced units. All units have 1950 sq ft and have 3 bedrooms plus 3 1/2 baths. Perhaps 150 feet separates the three properties. All of these units were built in 2008. 1304 Atlantic Drive has been used as a vacation rental. The Atlantic Ocean is a five minute walk even though it is located only one block to the south. There is no direct access so you will need to walk a block out of the way to get to your favorite new beach spot. If you don't like sand in your toes and the sting of salt water on your skin, you can swim in your own pool instead.

The beach is just a couple of blocks to the South

Your private pool is just outside your back door

Your private pool is on the other side of the French doors

The bank that owns this property is a local bank in Key West. I think an offer should get prompt and fair consideration. If you want to see this home, or any other property in Key West, please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

1025 Thompson Lane - Old Town - Key West

1025 Thompson Lane as it appeared in a 1965 photograph

If you have little kids and live on a through street more than four or five blocks long, I'll bet you live in mortal fear that someday some sixteen year old boy will be dragging down your block and possibly run over your child. Who reading this blog hasn't seen some teenager (0r young adult) drive way too fast down a long suburban street? Few, if any, I'll bet. That is one of the charms of the slow lanes of Key West: they are so short, narrow, and hard to find that teenage boys (and Conch Trains and Trolley Cars) avoid them like the plague. There are some folks who need to live on a big street in a big house so that everybody can see how grand they are. But others are quite content living life on a hard to find and very quiet lane. The house at 1025 Thompson Lane in Old Town Key West is an example of the latter.

Thompson Lane - one of the slow lanes of Key West

The first day I arrived in Key West some 25 years ago was amazed by all of the neat old houses in Old Town. I only ventured to Casa Marina for a party that first trip. And other than driving past New Town, I don't think I really ventured out there until a trip in 1987.

Back in 1984 many of the houses that look so damned wonderful today looked like a lot of the still "undone" or "non-restored" houses that still exist all over Old Town. There just are not as many of them today. And I have seen enough of the houses that were "renovated" or "remodeled" back in the 1970's and 1980's to safely say they may need a bit of updating now. Back in 1984 it was the simplicity of design and the sturdy construction that endeared the houses of Old Town to me. That has not changed.

The house at 1025 Thompson Lane is a good example of an old house built circa 1891 that has been updated over the years. The rooms are colorful and cozy. I find the place absolutely charming. There is a fake fire in the livingroom that reminds you why you chose to move to Key West. (Fireplaces are unnecessary. We live in a frost free zone.) The dining area is located at the rear. The kitchen is to the right rear and an unusual stairway at left leads to the second floor bedrooms. The master bedroom and bath are to the right of the livingroom. The house is very livable. None of the rooms are really large, but they work. The upstairs is presently divided into a sitting room, a bedroom, and a bath.

There is presently a small second floor deck and spiral staircase (CLICK HERE) that are not historic to the house. I think it should be removed. That would allow the homeowner to utilize the ground area better. I think there is room for pool and still comply with the Key West building code set back requirements. Any serious buyer will need to verify the ability to add a pool and should not relay what I say.

1025 Thompson Lane has 1341 sq ft of living area and sits on a 1600 sq ft lot. The house has two bedrooms, two baths, a lovely living room and an open kitchen. This house has been on the market several months and the asking price was recently reduced to $475,000 or $354 per sq ft. CLICK HERE for more mls information and to view mls photos of the interior and exterior.

Thompson Lane is similar to many of the other slow lanes in Key West: quiet. It runs one block long from Frances Street on the east to Grinnell Street on the west. Finnegan's Wake is located on Grinnell Street and just a few feet past the exit from Thompson Lane. The City of Key West parking structure is located across the street from Finnegan's Wake. And the Historic Key West Seaport is a minute walk further to the north. You can walk to the Schooner Wharf in less than five minutes. The house and its location are very quiet but the property is located within easy walking distance to so many things that make Old Town Key West so vibrant and fun.

1025 Thompson Lane is a listing of Preferred Properties Coastal Realty Inc. Please call me, Gary Thomas, 305-766-2642 to set up a showing. No need to worry about getting run over by a teenager on this little slow lane.

2020 Fogarty Avenue - Key West - Short Sale

If I were driving down Fogarty Avenue and saw the for sale sign at 2020 Fogarty, I probably wouldn't give the property a second look. A big old wood privacy fence dominates most of the yard except for the space occupied by the unsightly homemade carport. But I would be wrong to do so.

The house at 2020 Fogarty was just listed as a short sale, but not by me. I decided to take a look at the mls listing photos and saw something I did not expect, a really charming indoor-outdoor space and a beautiful pool. I then compared the house to what it looked like when it sold a few years back and said to myself "Self, this looks like a great little house."

Today

2004

Today

2004

CLICK HERE to checkout the current mls short sale listing information sheet on 2020 Fogarty Avenue. I don't want to confuse you, so blink your eyes and also CLICK HERE to view the mls listing data sheet and photos when this same house sold in 2004 for $650,000. I think a side by side comparison may help those with poor vision to decide maybe they should take a personal view of this property. Even the old comparison photos show the ugly fence can look great. Who would have thunk!

This house was built in 1953 and is typical of other houses on the same block (in fact on other blocks in this mid town neighborhood). Some of the houses look pretty much today like they did when they were built. But others have been dolled up and look really nice.

I guess houses sometimes reflect the personalities of the people who live inside of them. Some are well maintained and have a very charming facade just like the one next door at 2016 Fogarty CLICK HERE. Others like one across the street CLICK HERE look a little unkempt.

You pretty much need to look at each house individually. I guess these houses are like the people who live in them. Some are fancy and some less so. They all provide shelter. Some are in better shape. Some like the house at 2020 Fogarty might get overlooked simply because of the ugly fence. Like I said, that would be wrong. I often refer to "the vision thing" and suggest to buyers to conjer up a vision of how a house would look if they owned it. I think the house at 2020 Fogarty Avenue would look a lot more inviting if that fence and bricked front yard were removed and a new lush green lawn and some delicate palms framed the yard instead. Replace the gravel driveway with brick pavers and maybe put up a white picket fence.

The house at 2020 Fogarty Avenue is 1496 sq ft of living space comprised of 3 bedrooms and sits on a 5000 sq ft lot (50' x 100'). The star feature of this house has to be the indoor-outdoor living space. Look at the photos above to see how Key Westie this house feels where the outdoors appears to be part of the indoors and vice-versa. This is what Key West living is all about. And when you consider the asking price is just $329,000, you just might want to look at this property to see for yourself how you might enhance this property.

If you are looking for a nice Key West family home at a modest price, please call me, Gary Thomas, 305-766-2642, to schedule a showing of this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Invoke that vision thing.

Dirty Rotten Scoundrels

I heard a story yesterday that really pissed me off. I feel the need to share it with you. It involves a local guy who wanted to buy an investment property, a local builder who had several very high priced houses to sell but no buyers, and a bank with money to lend. The story takes place just a few years back when real estate sales in Key West were still go-go.

We now know that a lot of people bought a lot of properties in Key West at what now seems very inflated prices. Up until the mid 1970s when Key West was "discovered" by gays and hippies, prices for real estate were low. A few years back I sold a small house on Stock Island to local woman who told me of the time when her father passed up the chance to buy an entire block on upper Duval that would have cost him $70,000 (which was a lot of money at that time). She implored "Gary do you know how much that would be worth today?" I did.

As Key West became a destination for gays, lefties, and counter culture types, prices for real estate started to tick up. More people came and saw how wonderful this little island is and decided they wanted to own a place in Paradise. The more people came, the higher the prices rose. A broader spectrum of visitors started to travel here when big cruise ships made daily voyages to the city. The allure of Key West became known around the world in magazines, TV shows, and movies. A new group of buyers who were more Wall Street than Duval Street types started to eye Key West as a place to invest. And prices for houses of any type went even higher. There was not enough supply of old homes to go around. New places were built so that more buyers could buy more new places in Key West. The new properties weren't cheap; most of the new properties were trophy houses.

The local guy had saved some money which he wanted to invest in Key West real estate. The problem is his wad was only large enough to pay a pittance of the asking price of a particular new Key West trophy house. He and a lifelong acquaintance pooled their funds and came up with just about 11% of the purchase price which they planned to use as the down payment. Since the property was classified by the bank as an investment, the buying duo would need to come up with a total 25% of the purchase price - or its equivalent. The builder had not sold any of his units at this point and really felt the need to get one sale under the belt. That sale was critical to his marketing plan for his properties since it would establish the bona fides of the asking price. One high priced closed sale would be proof to the world that the trophy house development was worth the trophy asking price. The builder offered to carry back a soft note (non interest bearing with principal deferred far into the future.) The builder even "advanced" over $300,000 in real cash money to the duo which was placed in a "reserve" account at the bank where the new purchase mortgage was made. The reserve funds were to be used to pay the principal and interest payments, taxes, insurance, and operating costs of the property as long as the funds held out. The $300,000 payment from builder to buyers was treated as a gift for federal income tax purposes and the buying duo used some of the reserve fund to pay their individual taxes. The bank (the mortgage lender) was fully aware of all this. Everything.

When I heard this story I asked "Why would the builder do this?" "He had no sales" I was told. This sale was the builder's first for this development, and it was done to entice others to close on existing contracts and to entice other new buyers. It worked. I asked if the bank knew what was going on and the buyer named the bank officer who was involved in the planning.

Over the following few years real estate property values sank across the board from their inflated highs. Some of the subsequent buyers in the same development have already lost their properties through foreclosures or short sales at new sales prices less than half of what they paid. The local builder forgave the soft loan to the local duo. The reserve fund is now depleted. The local buyer and his investment pal have no funds to repay the mortgage. The bank recently offered the defaulting duo a loan modification which would include reducing the on-book mortgage to a set amount (about a 50% reduction form what is owed) but would also require the duo to sign a new soft note for the balance. I assume the bank is trying to defer taking a present write off of the difference.

Do you remember the movie DIRTY ROTTEN SCOUNDRELS? It is about a pair of con men that set out to take other peoples money. In the movie the cons con each other and get conned themselves. It seems in con games nobody is safe, nor pure. I found this short treatise on The Art of the Con - CLICK HERE. It will only take a couple of minutes to read. Substitute "real estate" for "stock". The con is the same.

In the movie Dirty Rotten Scoundrels the con men were suave and funny, and even though everybody got screwed a little, it was all just fun in the end.

718 Olivia Street - Short Sale - Old Town - Key West

718 Olivia Street - Old Town - Key West - Short Sale - September 2010

718 Olivia Street as it appeared in the 1960s

The asking price on the large Old Town home located at 718 Olivia Street just got a lot more attractive. This property was previously offered at $1,149,000 then reduced to $849,000. Now the property is listed with a new company as a short sale at $679,500.

This is how the previous broker described 718 Olivia Street:

"Beautiful historic home on a huge lot in great Old Town Key West neighborhood. Nearly 10,000 square foot lot with huge potential for mini Old Town Estate. Handsome conch house with high ceilings, large rooms with bright, open spaces. Great front yard with potential for off-street parking. Home has been in the same family for several generations. A Must See for the buyer who values a great Old Town location and an estate size lot with potential for large pool, tropical gardens and large entertainment areas."

I found the above black and white photo taken of this property in the 1960s by the Monroe County Tax Appraiser. The Monroe County Appraiser notes that this house was built in the 1920s on one website and in 1938 on another. It's old either date. But the character of this old house still shines through. A huge Royal Poinciana tree dominates the front yard today. The front porch today still has the same wrought iron posts as shown in the 1960s vintage photo as well as the jalousie windows and the concrete block front fence. I would advise a buyer to check with HARC (Historic Architectural Review Commission) to verify that the 1960s additions could be removed and replaced by historically correct architectural elements. I think this house would make for a stunning renovation project.

Gated entrance to back yard

CLICK HERE to checkout the mls listing data sheet and current mls photos of this home. You will note that the listing states this house has 1538 sq ft of living space. The property site is much larger than it looks in the photos. The front parcel where the house is located occupies only about 2600 sq ft of the entire 9401 sq ft lot. The remaining lot is located at west rear of the front parcel. That is the space where one would likely put in a pool and/0r guest quarters. An adjacent property to the east presently could provide vehicle access to the site but some easement or other arrangement would likely be required.

CLICK MAP to help locate 718 Olivia Street. If you click the STREET VIEW you will see a mix of old cigar maker cottages, gentrified cottages, and the house next door CLICK HERE which is one of the prettiest homes on the Island of Key West. Duval Street is a four to five minute walk to the west on Olivia Street. Seven Fish Restaurant in only one block away. A small neighborhood convenience store is one block to the east. Olivia Street is a one way street that goes east. I don't recall having ever seen a Conch Train or Trolley car on this portion of Olivia. A lot of the neighbors have lived in the nearby houses for decades. This area really is a Key West neighborhood.

If you are looking for a renovation project in the Old Town Key West area this may be the house you have been searching for. The house certainly has street appeal and the yard space is just huge. Creating a viable plan for the property as a whole is the key to making a project like this work. We have lots of great local architects such as Matthew Stratton, Tom Pope, or Bert Bender that could help a buyer develop a winning concept for this one of a kind property.

Please call me, Gary Thomas, 305-766-2642, to schedule a view of this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. This is a short sale buying opportunity.

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Beachside Key West Resort Condominium - Short Sale - Live in Style in your "Reclining Years"

Six or seven years ago the old Key West Holiday Inn was demolished and replaced by the newly constructed Beachside Key West Resort Condominium. A lot of locals and many frequent visitors bought into the "concept" and purchased units during pre-construction.

During that same time period construction started on several other large condominium and townhome projects in the Old Town and the Casa Marina areas. Included in this group was the beleaguered Watermark Project at the Historic Key West Seaport, the also beleaguered Atlantic Shores condominium development (which got shelved and replaced by the Southernmost on the Beach Hotel), The Meadows Townhomes, Seas Isle Townhomes, Paradise Harbour Condominiums, The Steamplant Condominiums, Santa Maria Condominiums, and Casa Marina Estates - not to be confused with the Casa Marina Residences (planned to sell between $2.5 to $3.5 million each but which got shelved as well). There were two big developments south of Beachside including Seaside which had individual three and four story condominiums with private interior elevators and open water views.

All of the aforementioned projects were supposed to feature first rate construction and superior amenities to attract high-end buyers. There was too much of a good thing and too few buyers willing to pay the high asking prices. Many of the buyers that purchased during the pre-construction phase closed on their purchases. However, some "buyers" forfeited deposits and walked away from their contracts. Most of these high priced developments have had price adjustments downward in the past couple of years.

Buyers did close on many of the properties that were built. However, none of the six Sea Isle Townhomes sold. Several of the units at Casa Marina Estates have evolved into short sales. Santa Maria Condominiums has had its share of foreclosures and short sales. All of The Meadows Townhomes were foreclosed. The Watermark project floundered and the entire project went back to the bank. Seaside has had its share of short sales and foreclosures as well. None of these chic developments became the sales success the developers envisioned. But that does not mean that the condos and townhomes that were built did not deliver on the quality of development.

A lot of people in my generation (the baby boomers) are already making plans as to where they will spend their reclining years. Many will keep a place up north for the summer and want a place in Florida for the winter. There's nothing new about that. Except there are going be so many of us soon-to-be-retirees that there may be a run on retirement places in Florida. I don't think our generation will be ready for the nursing home type facility. Instead I think a lot of us may want a place that has all of the convenience of a home with lots of amenities but no yard work and limited housekeeping required. That's why I think the Key West Beachside Resort might make an excellent place to live.

The Beachside Resort is located at the east end of the island of Key West. It's close enough to drive to Old Town to see a play, to dine at a great eatery, or to party with friends. It is conveniently located near our three shopping centers. The airport and several marinas are all within a mile or so. And the Key West Golf Course is only five minutes away.

The Beachside Resort has all of the amenities you would expect including a private beach, huge pool with poolside bar and grill, gym, lush tropical gardens, private parking, plus the hotel amenities including concierge service and restaurants. Imagine the convenience of having all of that available every day.

There are currently 14 units for sale at Beachside. I am writing today about only one: Unit # 415 which is a fully furnished unit with two transient rental licenses and that is offered as a short sale at $575,000. This is how the listing Realtor describes this unit:

"This gorgeous two bedroom, two and one half bath courtyard condominium has two transient licenses; both of the bedrooms are lockouts that can be rented separately. The unit has top quality fixtures and fittings throughout. Beachside is arguably the finest resort condominium in Key West, the pool and garden area is large and beautiful with an unobstructed waterfront view of the Gulf of Mexico. Owners can live in this magnificent condo year round or just part of the year and rent it when they are not in town. The structure is rated for 175 MPH winds."

The units are designed such that the formal entry provides access to the "guest" bedroom (or second transient rental) which abuts but is not inside the main residence. I can imagine that an older couple might live in the main residence and possibly use the second bedroom by a live-in when and if that might become necessary.

Think about the luxury of calling downstairs and having the restaurant deliver your dinner to your residence on a night you don't feel like cooking or going down to dine. If you are reading this and think my logic is a little strange, consider the cost of living in a typical assisted living facility. The Beachside Resort would not substitute for a person who needs a nursing home type facility, but it would be a great alternative for someone who is healthy that wants a no maintenance environment with lots of amenities and convenient location to Key West attractions.


CLICK HERE to checkout the mls listing data sheet and photos for Unit # 415. Be sure to notice the monthly association fees of $1609 which includes "Exterminating, Trash Removal, Building Exterior Maintenance, Building Insurance, Common Area Maintenance, Pool Maintenance, and Security". CLICK HERE to compare Unit # 415 with the other units currently listed for sale. Remember to compare not only price, but also square feet and whether the other units have two transient licenses and are fully furnished. While you are doing comparison shopping, you might want to compare Unit # 415 with similarly priced units in other condominium and townhome developments in Key West. (CLICK HERE to search the Key West MLS.)

I am really serious about looking at this property for a purpose other than the original intended user. I think this would be a great place to retire to. A cash buyer could live in luxury for about $2000 per month (plus utilities). And if you are not approaching retirement but want a place you could legally rent from time to time, this property might make a great rental property as well.






(The photos shown are representative of units.)

Affordable Key West Townhome - Short Sale

14 Merganser Lane - Key West Golf Club Community

A couple of years ago there were lots of townhomes for sale at the Key West Golf Club Community. Times have changed. New properties tend to go under contract quite soon after getting listed.

14 Merganser Lane is a two story two bedroom with one bath townhome that is now offered for sale at the asking price of $200,000. This property is a short sale. This unit has 780 sq ft of living space plus a screen enclosed rear porch.

The listing Realtor describes this property thus:

"Great Price, Great Location. This 2 bedroom, 1 bath cottage is located directly across the street from the smaller community pool. The larger backyard is at the end of the signature, 3 par tee box with a fabulous view of pure nature off the covered/screened back porch and the master bedroom. Short Sale subject to third party approval."

CLICK HERE to view the mls listing info. I have shown this property a couple of times. You can CLICK HERE to view photos I took of this unit. I have a friend that calls things that are alike "standard units". This is a standard unit. It is pretty much like all of the other townhomes at the golf course. The photos I took show a little wear and tear on the windows which will need to be replaced sometime in the future. Otherwise, a fresh coat of paint and some new carpeting will make this place look pretty spiffy.

The Key West Golf Club is really pretty. As soon as you enter the property all you see are hundreds of trees and shrubs that frame the streets and lanes. If you go far enough you get to see the small lakes. The townhomes almost look like a Disney movie set of small town America. Every time I drive there I am amazed at how inviting the place is.


If you are looking for an affordable place to call home in a really attractive and quiet setting and would like to see 14 Merganser Lane, or any other property in Key West, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

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August 2010 Real Estate Sales Report - Key West

I did a quick search of real estate solds in Key West for the month of August 2010. There were 14 single family homes that sold during that time period. Three of those sales (21.4%) were bank owned homes; six (42.8%) were short sales. Five of the fourteen sales were priced over $500,000 which means that 64% of the sales were for homes priced under the $500,000 price point. Only one house sold in August above one million dollars. It sold for quite a bit more: $2,100,000. The average per sq ft sales price for a single family home in Key West in August 2010 was $319.

There were 26 single family home sales in 2009 compared to the 14 this year. Four of the 2009 sales (15%) were bank owned properties. Six (23%) were short sales. Interestingly, 9 (34.6%) of the single family sales in 2009 were for homes priced above $500,000 and two of those sales were for homes priced above $1,000,000. The average per sq ft sales price for a single family home in Key West in August 2009 was $315.

I then checked out the condo and townhome sales for August 2010. There were a total of 12 sales with an average sales price of $256 per sq ft. Seven (7) were bank owned units (58.3%) and 4 were short sales (33%). Only one low priced unit was neither a short sale nor bank owned. Just one property in Truman Annex sold over the $500,000 price point. The other 11 were below that mark.

During the same period in 2009 there were 13 sales (one more than in 2010). The average price per sq ft in 2009 was $264 or $8 per sq ft higher than this year. Eight (8) bank owned condos (61.5%) and only 1 unit identified as a short sale (7.6%) were sold in August 2009.

It is obvious that the 2010 sales compared to 2009 are fewer in number. Prices are up on a per sq ft basis for single family homes, but prices are down for condos compared to 2009. We are not seeing actual closed sales for higher end properties. There are still buyers for the nicer and more expensive homes. They are using restraint and not rushing to buy. Some higher priced properties have recently gone under contract and are awaiting closing. This is a Buyers’ Market and sellers better understand that they need to meet the market or their properties will not sell.

The photo at the top of today's blog shows a over-turned building in Key West after a hurricane in October 1910. The world must have seemed pretty upside down at that moment. I'll bet that the building got up-righted and that the perplexed fellow in the photograph got to live a decent life after that sad event. We've got a lot of unpleasantness in our economy right how. Things will work out and the things that are upside down will improve.

Quit Your Job. Move to Key West. Open a Hamburger Joint

I went to Hawaii in 1977 and got a brainstorm of buying a McDonald's franchise in Honolulu. I was absolutely amazed at how much business the McDonald's near Waikiki Beach did. I immediately understood the value of a good location, an inexpensive product, and a potentially huge number of buyers. I got over Hawaii idea real quick. Nothing like feeling like a second class citizen in the United States.

Jimmy Buffet wrong a song about cheese burgers in paradise, except his homage referred to the now defunct lunch counter at Dennis Pharmacy on United and Simonton Streets. I loved that place just like Jimmy. It was caught in a time warp with the curved counters and its pedestrian menu. Lots of locals and cheap tourists went there for lunch. Prices were cheap and the food was pretty good. You can't make money in Key West by selling cheap food at cheap prices, however. The pharmacy closed a about five years ago. The building was remodeled and is now a granite clad bank. The place lost all of its character. And there is one less place to find a cheap hamburger in Paradise.

One place I would have loved to go to no longer exists. It was the Charcoal Hut that was located next door to the STRAND Theatre on Duval Street. The photos below show the Charcoal Hut as it appeared in the 1960s.

Can you imagine a real hamburger for $.35 in Key West - today ?

The cute hamburger joints of 50 years ago are gone. But you can still buy a
Cheese Burger in Paradise. Read on.

217 Duval Street - Old Town - Key West

Just listed, but not by me, the Business Opportunity to run a restaurant / bar on the hottest block of Duval Street in Old Town Key West. The listing Realtor describes this business opportunity this way:

"Great opportunity in the 200 block of world famous Duval Street to take advantage of 157 seat Restaurant/ Bar with attractive long term lease in place, and extensive build-out of historic two story building with phenomenal built in foot traffic. (SRX Liquor License in place.) Highly successful high volume operation, ready to take to the next level. Trade name does not convey."

The Key West Chamber of Commerce reports that Key West had 3,322,555 visitors in 2009 CLICK HERE. You can bet your bottom dollar that nearly every one of those visitors walked by the Cheese Burger joint at 217 Duval Street at least once during their visit. I write this confidently as 217 Duval Street is located just a couple of doors south of the World Famous Sloppy Joes and across the street from Ricks. The 100 to 600 blocks of Duval Street are the money blocks. Day trippers (boat people for the most part but there are some people who drive down from Miami for a few hours in Key West) do most of their walking and shopping in those six blocks. Visitors who stay several days can be seen repeatedly doing the Duval Crawl because they don't know any better. (Seriously.) Rents are high but so are the revenues that this dynamic location provides.

The 35 cent charcoal burgers of 50 years ago have been replaced by $10.95 cheese burgers. The locations are only a few blocks apart but the world is much different now than then. The weather and relaxed lifestyle are a constant, and you can 't put a price tag on that.

If you are looking to buy a place in Key West, please consider calling me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Unlike Hawaii, Key West does not have any volcanoes. Our beaches are not as sandy, sad to say. But everybody is made to feel welcome in Key West. You do not have to be born here to belong. Quit your job and move to Key West.