Woulda, Coulda, Shoulda - But Didn't !

Talk about mid-life crisis and the road not taken, how about the lost opportunities that people (buyers and sellers) regret day after day after day for years into the future. In a little town like Key West you can drive by that house you could have bought for a great price but didn't because you didn't like the seller, you didn't like the deal, you think you coulda bought the place cheaper, etcetera. As a seller you wish you wouldn't have been such an ass, that you had been more pragmatic, that you would have accepted an all cash offer with no strings attached instead of holding out to get more money which in fact you did not get. Life's lessons in real estate: woulda, coulda, shoulda, but didn't!

I've written this same theme before, but today's version is fresh. There are always life lessons in real estate. I want to share some recent sales about properties that I wrote about in this blog and which I thought might make a good home for a reader. (Just because I write about something does not mean I think it is a good deal. Sometimes I write about absolute crap and hope that you, the reader, can look at the property and see for yourself that crap is crap and just because it might have a high price does not turn it into something else. And just because some house is priced really cheap does not make it a bargain. If you have to spend tens or hundreds of thousands of dollars to fix something, maybe there is a reason no other Einstein bought the property.)

The new pricing paradigm in Key West real estate is tighter and much more realistic than in years past. Sellers who want or need to sell have generally reduced the asking prices to amounts that a knowledgeable ready, willing, and able buyer would be willing to spend. And the availability of cheap money provided at taxpayer expense is making purchase money very easy to obtain. Buyers who buying homes in Key West at this time are getting better price values and cheap financing. People who want to buy but who sit on the proverbial fence are missing out. These are the places you missed: (CLICK the blue hyperlink).

1415 Olivia Street Sold for $1032 per sq ft. That is pretty high. Very small getaway "house" on a good sized lot in The Meadows.


120 Angela Street This place is absolutely a fantastic deal. Great two bedroom, two bath condo with many upgraded features, top quality new construction, pool, parking and I think a good location. It is located in Bahama Village and too many buyers scoff at the idea of even looking there. This property was a short sale. The place sold for $363,000. You cannot buy this quality in Old Town for anything near this price. Smart buyer. Very smart.


711 Georgia Street This was a bank owned property. You will remember that someone removed the very fancy high end stainless steel kitchen appliances (kitchen cabinet pulls, hot water heater, toilet paper holder for Pete's sake). This is a lot of house in a very quiet Meadows location that sold for just $375,000.


1021 Fleming Street Another bank owned property located on one of the best blocks in Key West sold went under contract within a couple of days of being listed. This house has so much upside potential. It was listed for only$321,750 but sold for $400,000. I had a buyer. So did ten other Realtors. This place is like found money. There is an incredible upside potential on this house. Congratulations!


2309 Flageler Avenue the house I called The Glass House I normally don't go for modern houses or houses located on Flagler, but this place was so outstanding that I had to write about it. This beautiful home with exquisite garden sold for just $407,500.


915 Eisenhower Drive I wrote about the former home of Sally Rand several times. It was first offered as a market sale. Then it became a short sale. Finally, It was a bank owned property. I wrote an all cash offer for a cash buyer when it was a short sale. Time wore on the issues got very complicated. The mortgage lender went out of business and this property fell through the cracks so to speak. After a very lengthy time period a new lawyer finally got the property foreclosed and it became bank owned. I want to Congratulate the new owners who will be moving here soon. I represented them in this transaction and I am so happy they got this great old house at a fantastic price.


712 Southard Street This well located two bedroom two bath home with an incredibly beautiful pool and a great Old Town location was originally offered at $1.2 million. It sold at $635,000. (I had a cash buyer offer a lot more than that a year ago. They went on to buy a delightful home in Old Town.)


3632 Sunrise Drive This Sunrise Canal waterfront home was bank owned and is located a couple of doors to the east of Jimmy Buffett's former Key West estate. This property is huge and has a great waterfront presence. The place would be great as a permanent home for a large family or a getaway place for a buyer with lots of family and friends. I don't know who bought it, but the buyer got it for a great price of $750,000.


You shouldn't buy just because prices are cheaper and mortgage money is cheap. If you have been thinking of buying a place in Key West you ought to at least give the matter some serious consideration. Look for value in the property (present condition, location, long term appreciation potential). I've had a lot of regrets about properties I could have bought but didn't. I drive past them all the time. It doesn't get any better - ever.

If you are considering purchasing 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. Don't end up being a woulda, coulda, shouda, but didn't.

1104 Angela Street - Old Town - Key West

1104 Angela Street - Old Town - Key West - Pretty in Pink

One of the great things about living in a small historic town like Key West is the knowledge that more things change in life the more the houses tend to stay the same.

The Old Town area of Key West has been designated as a national historic district and houses in the district are supposed to be protected from changes that would significantly alter their street appearance. Now not everything stays perfectly the same. In recent years requests for change need to be approved by the Historic Architectural Review Commission (HARC) that is supposed to follow a set of guidelines that protects buildings from demolition or alterations that would change the character of the building in relation to its neighboring properties. But if we go back a few years and compare old houses that were updated before the HARC regulations went in place we may see a change or two on any given property.

The old house at 1104 Angela Street which has just been listed for sale, but not by me, is a good example of a simple Key West vernacular home that has stayed pretty much the same since it was built in 1933 - or maybe not. (The property records for Key West were lost in a major court house fired. During the Great Depression (the one before the one we are currently in) workers in the WPA reconstructed property records for Monroe County. Many of the houses had no actual documents that proved an actual construction date. So somebody decided to give all of those houses the date of 1933 as the date they were built. Let me just say that many of the neighboring houses were built in the late 1800's. Maybe this house was actually build in 1933. I doubt it.) Look at the Monroe Property Appraiser's photo below and compare it to the photo above and see if you notice any difference other than the house probably was not painted pink when the black and white photo was taken in 1965.

1104 Angela Street in 1965

The listing Realtor describes 1104 Angela Street this way:

"Picture perfect Key West cottage - picket fence, chicago bricked driveway, heated pool and lovely landscaped outdoor space for al fresco dining and entertaining. This two bedroom and two bath home has an open floor plan with new kitchen opening into a large living/dining room with vaulted ceiling and multiple sets of french doors to the pool area and bricked side yard. There is a spiral staircase to a sleeping loft which is included in the 1324 square feet of living space. Old Town Location is superb - Olivia Street between Frances and Ashe Streets."

This home has just about everything a second home buyer is looking for: two bedrooms plus two baths, a pool, off street parking, a good (and quiet!) location, a great price, and no work to be done. It is ready to move into so you can enjoy Key West's wonderful winter weather far from the freezing black ice in New Jersey (or wherever you live). This 1324 sq ft home which sits on a 43' x 63' (2709 sq ft) lot is price to sell sooner rather than later: $699,000. That is the key to selling Key West these days-smart pricing. CLICK HERE to checkout the mls listing datasheet and the accompanying photos.

CLICK MAP if you still can't place this old house. Then CLICK STREET VIEW for a view of the surrounding homes. Don't forget the scary Key West Cemetery is a block to the west. And the hoopla from Duval Street is several blocks away. Keep things in perspective and you will be content.

I remember when I would visit Key West searching for a place to buy. I would moan and groan at anything further than Margaret Street as being too far from Duval. Now that I actually live here I know for a fact that I hardly ever go to Duval even though my office is only 100' or so away. I go there when I need to but not because that is where people who live in Key West spend their waking hours. Duval Street is a destination or, for me, a point of reference. I mention time and distance to Duval for potential buyers to gauge the distance. That is all. If you are a homeless person or a street a peddler you might live your life on Duval. If you have a nice house in Old Town, you share your life with friends and family in your house or theirs. Duval Street is sometimes a place to meet, but not a place to live.

Neighborhood places near 1104 Angela Street include the Sunbeam Grocery on White Street where you can buy a loaf of bread or a gallon of milk, the Coffee Mill on Pohlankski Lane where you can do Yoga or dance, the Chevron Station on Truman at White where Wes will fix your car, Old Town Fitness at 1010 Truman Avenue where you can turn your fat to fit, and Cafe Sole on Frances Street where you can get fat again.

The Coffee Mill on Pohlanksi Lane is just a block away

Sunbeam Groceries & Deli is a block north on White

Preview

Wes can fix your car at Truman & White Chevron

Cortney can make you lose weight or get buff at Old Town Fitness on Truman

Stop by Cafe Sole a block away on Frances and put the weight back on!

If you would like to see the house at 1104 Angela Street or any other property in Key West, please consider working with me, Gary Thomas, 305.766.2642 or contact me by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

1219 Margaret Street - Old Town - Key West

1219 Margaret Street - Key West

The really big two story Conch style house located at 1219 Margaret Street in the South of Truman area of Old Town was just listed for sale, but not by me, at the asking price of $799,000. While this home may look old, it was actually built brand new (not renovated) in 1999.

The listing Realtor describes this home thus:

"Fabulous 3 bedroom 3.5 bath home with private pool, and covered carport for 2 cars. This home has been owner occupied since it was built in 1999, and is in exceptional condition. There is a 25 K whole house diesel generator, covered back porch rain/wind roll down curtains, oak floors throughout, Kitchen with new corian counter tops and appliances, an expansive 720 sq. Ft. 3rd floor which is suitable for bedroom plus work/play room. This home can be sold furnished."

If you are one of the value shoppers that looks and looks until you find the right house at the right price, your shopping days may be over. The listing agent says this home has 2160 sq ft of living space on three levels. The main floor is typical Key West with a large open kitchen, dining, and living area that open via French doors out onto the rear deck and tropical pool area. There are two good sized bedrooms and baths on the second floor. And the third floor has the bonus space you hardly ever see in an Old Town home. That space is perfect for use as a guest room, office, or playroom for the kids or grand kids. The front yard has the required white picket fence and there is covered off street parking accessed by a private rear lane.

Speaking of the private rear lane, I took the photos late yesterday afternoon. As I finished with the photos of the lane and parking and was heading for my car I looked up and realized the Atlantic Ocean and the beaches are only a five block walk to the south. Duval Street is a five minute walk to the west and Faustos Food Palace is a five minute walk to the east.

RECAP: 3 beds, 3 1/2 baths, pool, covered off street parking for two cars, Old Town, move-in condition, and priced at $799,000 or $370 per sq ft. This, dear reader, is a deal! Stop procrastinating and buy it before somebody beats you to the dotted line.

Private alley behind 1219 Margaret Street

Covered Parking for two cars

CLICK HERE to checkout the Key West mls datasheet and listing photos of this property. Take your time to look at the listing photos so that you can see too many features to enumerate. Don't undervalue the huge generator (either by cost and especially by value). A whole house system costs a lot to install but proves its worth when we are without power as sometimes happens.

If you are looking for a very clean and ready to move into house that is priced to sell, 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 No. B 218. This Bank Owned unit should sell very quickly based on the asking price of just $289,500.

The listing agent describes this unit this way:

"Located On The Courtyard With A Partial Ocean View This Unit Offers An Expanded Floor Plan With The Opportunity To Refinish To Your Tastes. It Also Features Aluminum Accordion Hurricane Shutters And Pull-in Garage Parking. 1800 Atlantic Offers Owners An Ocean Side Heated Olympic Size Pool, Hot Tub, Covered Grilling Areas, 3 Lighted Tennis Courts And 24 Hour Security."

This unit is located in the "B" building, the one that bridges the span between the "A" building that abuts the mangroves and the "C" building that is next to Bertha Street as it winds its way to Smathers Beach and the Key West International Airport. This unit is larger than nearly all of the units in buildings A and C which are typically 1357 sq ft. Unit B 218 is 1469 sq ft and has a full view of the beautiful tropical courtyard and the pool and ocean beyond.

Tropical Courtyard at 1800 Atlantic Condominiums

The huge pool, private beach, and ocean beyond

CLICK HERE to checkout the mls listing datasheet and photos. Note the nice way someone removed fixtures and made some gaping holes in the walls. I'll bet the condition figured into the pricing of this unit which is offered at only $289,500. I feel the need to repeat the asking price because it is very low. The unit is 24 years old. It is time for an update.
1800 Atlantic has its own private beach, but I must admit you would probably prefer to swim in the huge pool or take a dip in the giant spa. There are three tennis courts, a hidden and surprisingly beautiful interior courtyard, and covered parking with additional storage. Oh, Smathers Beach is located directly across the street from 1800 Atlantic.

Smathers Beach as seen thru rose colored glasses

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.

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611 Simonton Street - Old Town - Key West

611 Simonton Street in 1965

611 Simonton Street Old Town Key West October 2010

Just listed, but not by me, 611 Simonton Street in Old Town. You may recognize this great old house as it is located adjacent to the Conch Republic Embassy on Embassy Row in Key West. Priced at $699,000.

The Conch Republic Limo is parked next door to 611 Simonton Street

The listing Realtor describes this property this way:

"This is a wonderful spacious home which has a great covered outdoor entertainment area with a Fire-place. The Master-bedroom with balcony and master-bath is located upstairs. Downstairs is featuring a large open Living-area, two Bedrooms, 2.5 Bathrooms, separate Dining-room and Utility-room."

The original house was built in 1953 and was enlarged sometime later both downstairs and by adding the second prominent second story. The house now measures 2080 sq ft. The lot is an oddly shaped 3908 sq ft that wraps around the rear of the adjacent commercial two story building next door. This property is zoned 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 have not been inside this property. I could not locate any recent listing for this property either. The Google aerial photo CLICK HERE suggests there may be room for a pool in the rear if the pool would not interfere with the root system of the neighboring trees. You never what to expect in a place like this. There is always something to learn and often something to capitalize upon.

CLICK HERE to review the Key West mls listing data sheet and to view interior photos for this property. If you would like to see this property, 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. Our office is the Exclusive Lower Florida Keys affiliate of Christie's Great Estates.

Pigs Get what Pigs Deserve

I have a couple of thoughts about banks and bailouts. I was opposed to the bailout because it insured the fat bastards that got us into this mess would emerge whole and unscathed. Their bad acts have gone unpunished. And they continue to reward themselves with gluttonous bonuses. All of this earned on the backs of normal people. BP Chairman Carl-Henric Svanberg (not a banker, I know) said this of what I call normal people: "we care about the small people. I hear comments sometimes that large oil companies or greedy companies that don't care, but that is not the case at BP. We care about the small people." Big banks and big oil care a lot about small people, you bet they do.

The big banks continue to deal with the foreclosure mess which they themselves created. It's a numbers game to them. And the staffs (inside the banks and outside contractors) crunch the numbers so that the result of whatever individual deal they are working on produces an acceptable result for the bank.

And it is not just the big banks that function this way. One local bank was acquired by an out of state banking system a while back. Then it acquired another local bank that was shut down by the FDIC earlier this year. The new bank spends lots of money on local advertising and seeks new business. Loan officers do what loan officers must do in small banks, they join service clubs and participate in community organizations to "reach out" and encourage new banking relationships.

This same bank has a huge number of bank owned properties acquired through foreclosure. You would think it would have all of those assets listed with local Realtors so that the non-earning assets could be sold. I used to manage bank owned assets for a big bank in Denver. I know what I am talking about. This is not "theory". It is dogma.

Mr. Potter - the ultimate sting banker

Instead this particular bank holds its bank owned assets in its stingy bankers' hands and ineptly tries to sell the banks with "bank owned" signs placed on the various properties. A phone number to an out of state location may connect an interested buyer with a special assets person who may have information on the specific property. Maybe.

Now I know the local person who is responsible for these properties. But when I call this person, the voice mailbox is always full and will not accept my phone message. If I call the local bank I am referred to the special assets departmetn in another state. When I call there I am told a local bank person will call me to schedule a showing. Eventually I will get a call back and we can perhaps see the property. In a recent instance the bank person did not show up for our appointment. He called later in the day and by chance we had just finished our last appointment. We scooted over to the property when I asked a couple of pertinent questions like "What is the price? " To which he answered I would need to talk to Special Assets in the far away state. Outside the presence of my buyer I asked "Will the bank pay me a 3% commission if I produce a buyer?" To this he answered he doubted the bank would be that generous.

A few months ago I wrote about a property that same bank owned in Old Town. It was not listed with a Realtor, and I spoke with a senior bank official directly about that asset. I produced what I thought was a very good, clean offer to purchase the property. I even delivered the contract to banker's house just as he requested. Later when I had not received any response from him, I called him back. He said the Special Assets person would respond to me. That did not happen. So I made calls to Special Assets. My calls were not returned. I called the senior bank official again and reminded him that I used to do the same type of work for a really big bank. I said that if I had failed to respond to a written offer that way I would have been fired. Within minutes I got a phone call. My buyer's offer was countered by the bank. The counter: full price. A few months later the bank listed the same property with a local Realtor at a price less than what my buyer offered months earlier.

I used to refer my buyers to a great banker that works at that same bank. No more. It is not personal. It's business. As nice and as competent as the banker is, I want to do business with individuals and businesses that I like and trust. I don't trust this bank. There are two other local banks that I refer buyers to plus a national bank that is getting a big Florida presence. Why should I send my buyers to deal with a bank that does not want to deal with me and my fellow Realtors fairly. I'm not talking just about listings. I'm talking about pricing, availability to show properties, to have good competent knowledge of what the bank is offering for sale, and to offer fair market compensation for producing a buyer.

Key West is a small town. This particular bank is sitting on millions of dollars of non-earning assets. It spends money and time trying to get new business but refuses to list most of its bank owned properties with local Realtors. It's business plan sucks.

Pigs Get what Pigs Deserve.

901 Packer St - Old Town - Key West

The Key West Cemetery as viewed from 901 Packer Street

901 Packer Street in Old Town Key West is located directly across the street from the Key West Cemetery and is in desperate need of The Re-Animator.

The listing Realtor describes this property thus:

"Great Old Town Key West location within walking distance to Duval Street and all of the Key West attractions. Perfect renovation project on a corner lot with off street parking. Located in an X500 flood zone, this is one of the highest elevations on the island."

This house was built in 1948 or 1953 (there are two different dates in county records). The relative newness means the house is not a contributing structure and that means a new owner could tear down this property and build all new. A caveat to tearing down and building new is that the current building codes and set backs will control what can be built and the lot coverage area. "Re-animating" or renovating this house would permit the new owner to keep the existing lot coverage and setbacks in place. CLICK HERE to view the Key West Association of Realtors mls data sheet and listing photos.

Let me share my thoughts about the house. Unlike The Aadams' Family mansion, this house is no museum. The house itself is ooky and the layout is kinda kooky. I don't know that I'd say its mysterious and spooky, but it surely ain't imperious.

"it surely ain't imperious"

This place will need lots of work. These are things I think it needs: new doors and windows, a new roof, new electric and plumbing, new interior layout which means all new interior framing and drywall, a new kitchen and one or two new bathrooms. The existing covered parking is nice but it looks like the roof may collapse. There is an old homemade addition to the Olivia Street side of the house that looks awful from the outside and it looks terrible from the inside. There is spauling across the north side of the kitchen. (Spauling is prevalent in many Key West houses of that vintage. It's repairable but the cost depends on the condition of the house and how much area has been compromised.)

While the house is capable of re-animation (lol), it is a better candidate for demolition in my opinion. A good architect or contractor could help a potential new buyer determine what could be done on the 27' x 58' lot. I personally think a new owner could build a nice two story Conch style home on this lot. The 1566 sq ft lot may sound small compared to the big sized lots you readers who live up north in America have, but down here a lot this size in Old Town is quite common. What is less common is the view across the street.

I recently took photos of the property. It was a gloomy day in Paradise, that day. CLICK HERE to view. A lot of potential buyers absolutely refuse to consider a property that overlooks the cemetery. Some would see that location as gloomy forever. I think not so. That refusal to consider the location is their loss in my opinion. Of course the area is quiet at night. No pun intended. It really is. And that is a great feature in any neighborhood. Having quiet neighbors that do not party all the time is a blessing compared to those that do. Olivia Street is a small one-way street that runs parallel to the south boundary of the cemetery. That street is primarily used by locals and is not normally used by commercial vehicles or Conch Trains. That keeps street noise to a minimum.

More than the quietness of the location is all the sunshine one normally gets. If you love Old Town houses as much as I, you know that most houses are built so close to each other that there often is little space between properties. Since most houses are densely landscaped and typically have trees on all sides, natural light is often minimalized. The result is that many homes only have direct sunshine for a few hours a day. And most Old Town homes do not have clear open views of the beautiful Key West skies.

The house at 901 Packer Street has a vast sweeping view looking north across the Key West Cemetery. Locals appreciate such views because so few in Old Town have them. The house at 901 Packer Street was originally priced at $249,000 and recently reduced to $219,000. I have my own opinion of what it will sell for, and that price is nowhere near the asking price.

If you would like to see 901 Packer Street please call me, Gary Thomas, 305-766-2642, or contact me by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. I believe in Re-Animation, Renovation, and Innovation. But I am not a witch!