1505 Pine Street - Bank Owned - Key West - Do the Math

Do the Math

The local bank that owns the three remaining homes for sale at The Meadows just dropped the asking price. Two of the Bank Owned homes are three bedroom models and those are the properties I want to discuss with you today. I think they are a real deal and you may feel the same after you do the math.

1505 Pine Street is a 3 bedroom 3 1/2 bath home that was built in 2008. The bank foreclosed on the entire development (except the model which was financed by another lender). The units have not been lived in. This three bedroom unit is a two story 1629 sq ft home that sits on a 2503 sq ft lot. It is now priced at $825,000 or $506 per sq ft. The listing Realtor describes this home like this:

"...Built with quality materials and craftsmanship, this home offers everything one expects in a luxury residence. The first level features marble floors, soaring 11' ceilings, a wall of glass doors leading to the private pool and spa. A gourmet kitchen provides solid wood cabinets, high-end stainless steel appliances, luxurious granite countertops & lots of storage space. The living room features a wet bar and is great for entertaining. The bedrooms are en suite and feature high ceilings & sumptuous baths plus a second floor laundry. A private carport has an entry through a gated drive. Lush landscaping provides a tropical backdrop for this spectacular home."

If you have walked inside as many Key West houses as I have you would be impressed by the quality of the materials used and craftsmanship that went into the design and construction of this home. Light fixtures, fans, toilets, kitchen cabinets, etcetera all have functions but life teaches us that some things are made to last and some things are made cheap. Sometimes cheap lasts a long time. Usually not. These homes were designed and built to sell in the $1,700,000 and higher price range. The developer built quality and long term value. The developer obviously missed the market: these homes came onto market after the decline had begun and failed to price the homes into the market quickly enough. But the developer did succeed in building quality homes.

Architectural details including crown molding, high ceilings, porches and solid wood doors. The wood doors on the first and second floor front are massive and of the highest quality. The 8' sliding doors that separate the living area from the pool are hurricane impact resistant to 155 mph that open wide to let the outside become part of the inside. The exterior features Hardiboard siding which is pest resistant and easy to maintain. The roof is a tradition Key West metal. While the home looks old on the outside, it is built to the highest building standards in the State of Florida. This means long term costs of maintenance and insurance should be lower than a similarly sized stick built older home in Old Town. A private, gated drive leads to the carport and a separate entry to the private pool and spa area. Each home is completely fenced and beautifully landscaped.



One of the biggest challenges to selling these homes is the fact that they are not "old". Buyers in the sub million dollar price range seem to prefer the original Key West homes with the Dade County Pine walls and profess a willingness to buy a fixer at a better price than to pay for a house that has had all the flaws of age fixed. Some will be willing to accept a home without a pool or parking or both if they can get a good deal. Yes, folks will settle for less to save money. I get it. I accept it. If a buyer wants old, buying new that looks old is not an option. Saving a few thousand dollars now (especially at today's historic cheap interest rates)

Here is the math quiz: 1505 Pine Street is offered at $825,000 or $506 per sq ft. CLICK HERE to review the mls listing info sheet on this property. I did a search of other 3 bedroom homes in the Old Town area (I even added a bank owned property on Atlantic Drive) priced at or under $825,000. CLICK HERE to see the mls datasheets on each comparison property. I have written about some of these homes previously. I have shown them. I know what they feature and what "issues" they may have. The average asking price on the comparison homes is $774,555 and the average price per sq ft is $396. It looks to me like the price difference is about $50,000 or so. The question is which is the better value. You do the math.

If you are looking for a quality Key West home priced below a million dollars, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. Let's go house hunting. Let's look at some of the homes shown above and do your own comparison shopping. Let's compare age, features, amenities, presence or absence of pool, parking and landscaping, quality of construction, location, and cost of insurance. I'm not saying that 1505 Pine Street is the best deal. But I do think it is a very good property that ought to be given very serious consideration. Do the math. You may agree.

1431 12th Street - Mid Town - Key West

1431 12th Street - Bank Owned - Key West

There is a Bank Owned townhome in the Mid Town area of Key West with bank financing that might make you want to take a look. In fact, the new financing offered seems like old times to me. This is how the listing Realtor describes this property and potential financing:

"Bank Owned Home!no Short Sale Hassles!special Financing Available. Zero Down,100% Financing With Rates Starting At 4.99%,No Bank Fees,No Points,No Appraisal Fee Required.No Income Verification To Qualified Buyers With As Little As 10% Down,Seller Financing Incentives."

Nothing in life (or banking) is free. Every time you deal with a bank there are strings attached. But like I said, you might want to take a look at this Bank Owned townhome which is located at 1431 12th Street. CLICK HERE to checkout the mls datasheet and the listing photos. Note the nice kitchen and in-ground pool. Also note the asking price of $350,000 or $190 per sq ft for this 1844 sq ft two story two bedro0om two bath home.

I have not been inside this place. The prior listing agent described the property this way:

"Huge 2 Story Townhome.1800+ Sq Ft.20' High Ceilings.Pool With Outside Covered Bar. Awesome Remodeled Kitchen With A Gigantic Granite Bar That Seats 8 Comfortably.Sound System Throughout.Entire Upstairs Is A Master Bedroom Loft With A Master Bath And Walk In Closet.2 Car Off Street Private Parking."

These townhomes are connected but there is no community association of common amenities. This property is located one block from Kennedy Drive and the baseball fields that run from Flagler Avenue to North Roosevelt. The three large Key West shopping centers are all within a three to five minute drive. For out of town buyers looking for a property you can rent as a vacation rental-this is not the property. But for buyers looking a good sized home with private pool at an affordable price, this may be what you have been hoping to find.

12th Street looking northeast

Please call me, Gary Thomas, 305-766-2642, to schedule a showing of this property. I am a full time Realtor at Preferred Property Coastal Realty, Inc. in Key West, Florida.

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1110 Curry Lane - Old Town - Key West

1110 Curry Lane - Old Town - Key West

Curry Lane looking east toward White Street - a world away

The delightful home across from 1110 Curry Lane to the east

The rear entrance to a larger home fronting on Fleming Street (west of 1110 Curry Lane)

The home immediately east of 1110 Curry Lane

For most of us fortunate enough to live in Key West year around, we live life in the slow lane every day. We don't have skyscrapers. We don't have big stores with escalators. There are no Interstate Highways. Our rush hour usually lasts five minutes or so. Many of us transplants have learned to live with less and certainly feel the need to buy less. We are not deprived but we are content. Our lives are simpler than before. No matter our religious beliefs or our political persuasion, most of us subscribe to the notion of One Human Family. For Key Westers who actually live on a lane, life is more slow and much more quiet.

Just listed, buy not by me, 1110 Curry Lane is an ideal example of the perfect cottage located on a quiet little lane in Old Town Key West. This Old Town gem is tucked away on one of Key West's slow lanes between Frances and White Streets. The cottage has been lovingly restored to maintain the character you would expect in a custom restoration.

The listing Realtor describes 1110 Curry Lane like this:

"This charming Old Town home is tucked away on a pleasant, quiet lane and was awarded a STAR from Historic Florida Keys Foundation for renovation. Dade County pine walls, Georgia heart pine floors and great attention to detail. The open floor plan and mature landscaping create a wonderful indoor/outdoor lifestyle in a lush tropical setting. There are two bedrooms and two baths. Serious cooks will appreciate the kitchen's utility with a commercial range, stainless steel appliances, and soapstone countertops. River rock decking surrounds the lagoon pool and the outdoor shower provides a cool, refreshing rinse in summer. Neighbor-freindly front porch & off-street parking."

Neighbor-freindly front porch & off-street parking

1110 Curry Lane is offered at the price of $875,000 or $767 per sq ft per sq ft for this 1207 sq ft treasure that sits on a 2321 sq ft lot. If you bought this house you could walk to Duval within 5-7 minutes. Same for the Historic Seaport. Or your job if you have one and it is located in Old Town. There are two convenience stores within a two minute walk as well. You won't hear the noise of Harleys roaring down your street or the clang of a trolley car filled with tourists passing buy snapping photos, because they never get near the house. All manner of motor vehicles pass by the entrance to Curry Lane on a daily basis but normally only people who live on the lane actually drive a vehicle there. Even your creditors will have difficulty finding you. You see, life on a slow lane has lots of advantages.

CLICK HERE to checkout the mls datasheet and accompanying photos of this charming cottage. If you are looking for a quite place to call home in Key West, this may be the place you have been hoping you would find. Please call me, Gary Thomas, 305-766-2642 to schedule an appointment to see this hidden gem. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Give me a call and let me show you how slow life can really be in Key West.

Casa Loca

Casa Loca - 535 Petronia Street - Old Town - Key West

My Google translator says that "casa loca" means " crazy house". I'm not convinced about that. I'm sure someone may provide us with a more clarified translation after reading today's blog or perhaps by someone who is really familiar with the new listing (but not mine) located at 535 Petronia Street in Old Town Key West. The listing agent describes the property this way:

"Large and Luxurious with almost 2000 sq. ft and furnishings suited to Architectural Digest, Casa Loca is perfect for the discriminating homeowner who wants to enjoy the finest Key West has to offer. This transiently licensed property has been renovated with a modern touch all while retaining its classic styling. Home enjoys a wonderful split floor plan with a very private ground floor master suite overlooking the heated pool and outdoor shower. Guests will love their treetop wing, complete with sitting room and full bath. The main floor features an open floor plan with breakfast nook, den, dining suite and half bath. This home also has the perfect front porch for having that morning con leche. Home is offered completely turn key."

I found and old photo in the Monroe County Property Appraiser's shoebox of this same property that was taken in 1965. The original house was built in 1889. Sometimes it's almost hard to believe one place can look so much different.

This house has a very valuable City of Key West transient rental license which means the owner can rent the on a daily basis-much like a hotel room. An owner would not rent it that way because the turnover cost and time does not make economic sense. But the ability to rent the place everyday provides more opportunities to rent than a place where only one rental per month is permitted which is the case in most of Key West.

Better than me trying to explain to you the earning power of this house, see for yourself. CLICK HERE to checkout the property manager's website for Casa Loca. After you have looked at the great photos and description of the property, take the time to look at the Reservation Request at the bottom of the page. That area shows a series of calendar months. The days dates where advance reservations have been made are marked with a Red X.

The primary reason people buy houses like this is to have a great place in Key West that they and their family and friends can enjoy. This house has a great Old Town location and the photos certainly make the place look inviting. You would be close to everything and still removed from the fray.

The secondary reason people buy houses like this is that somebody else gets to help the owners pay for it. Casa Loca is offered for sale at $1,295,000. That is quite a bit more than the other transient licensed homes I have recently written about in my blog. I would encourage a serious buyer to do some real serious comparison shopping. Cheaper price does not always mean better value. I'm not saying this place is superior because of how wonderful it looks or the potential rental income it could produce. The asking price is about $500,000 higher than the most expensive of the other transient licensed houses I have mentioned of late. But those places probably do not generate the level of income that this place is capable of generating because of its features and location.

I need to mention a fact that potential buyers sometimes overlook when they start to realize all the money they can make by owning a place like this: if they rent it they can't stay there. They can stay there, but they can't rent it. It is a Catch 22. But a good one. I guess. Maybe that is why it is called Casa Loca-it is crazy.

CLICK HERE to checkout the mls listing datasheet and to view listing photos of 535 Petronia Street. Please call me, Gary Thomas, 305-766-2642, if you would like to see this property or any other transient licensed homes in Old Town Key West. 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.

727 Waddell Avenue - Short Sale - Key West

727 Waddell Avene in the Casa Marina area of Key West

I have written several blogs on the two new homes at 727 and 731 Waddell Avenue in the Casa Marina area. The houses are nearly mirror images of each other. The layouts are reversed and some interior finishes are a bit different. Otherwise, they have the same basic design and construction elements, amenities, and upscale Key West location. The original asking price for each was $3,300,000 in October 2004 (pre-construction price). Over a protracted time period both became short sales. Today the Key West mls revealed that 731 Waddell Avenue sold at $900,000. The selling agent is Cory Held from my office. Congratulations to Cory and her buyers.

Today's blog isn't about what sold, however. Instead, it is about the remaining house at 727 Waddell Avenue that is still available. CLICK HERE to checkout the mls datasheet and the listing photos. It is offered at $999,000 as a short sale.

The main level of 727 Waddell Avenue has a formal entry hall that leads to the great room, kitchen and informal dining area located in the back one half of the house. Up front there is a den or fifth bedroom with bath that also serves as a main level guest bath. A beautiful stairway leads to the second floor landing. The master bedroom is on the second floor at the front of the house. The second floor also has two additional bedrooms on the rear. Each bedroom has en-suite baths. All three bedrooms on this floor have decks. The laundry room is also located on this floor. There is an additional (fourth) bedroom and bath on the third floor. This is not a tiny space, either. Five bedrooms and five baths are unheard of in Key West. This home can actually accommodate owners with large families or friends. No more sleeping bags or futons will be required. No more over-crowded bathrooms to endure.

Formal entry that leads to the great room and pool beyond

The size of this home really sets it apart from other new construction in Key West. The physical size and interior living space is bigger than just about any other new property in all of Key West. The lot is very large. There is a big grassy front yard with white picket fence and off street parking for more than one vehicle. The interior and outside spaces are well thought out and are very user friendly. The front and rear landscaping has matured nicely. This property has an exceptionally large and beautiful pool plus a spa. The deck is very large and provides lots of room for sunning or entertaining.

Extra large pool and spa

Large grassy yard and white picket fence

This home has a limited view of the Atlantic Ocean which is a little more than a block away. Higgs Beach a five minute walk to the south. And Duval Street and all of the excitement is a five minute walk to the west. Louie's Backyard is perhaps two minutes away by foot. Key Westers can buy beach club memberships at the Casa Marina Resort which provides full use of all facilities including the gym, spa and also get discounts on food and beverages.

Casa Marina area is close to everything but far enough away not to be in the middle of it all. The streets are broad and quiet. The trees are tall and announce the sea breezes as they pass over the island. Homeowners can be anywhere they need to be within a few minutes foot, bicycle, scooter, or car.

Now that we know what 731 Waddell Avenue sold for, we might imagine that 727 Waddell Avenue could sell for about the same price. If you are looking for a large home in Key West and the size and amenities of 727 Waddell Avenue meet your requirements, please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. I live in the Casa Marina area and love it. You are close to everything but located far enough away that you are not a part of it on a daily basis.

Preview

1006 Southard Street - Old Town - Key West

Just listed (by a new Realtor and at a much better price) 1006 Southard Street, Old Town, Key West. This charming property was previously listed by an agent in my office at $869,000 in 2007. Today's new price is an incredible $599,000 or $504 per sq ft.

1006 Southard Street is a charming renovated cottage in the historic district. The cottage is secluded down a shady bricked walkway. There is a bedroom and bath downstairs and the master bedroom with ensuite bath is upstairs. French doors open from the bedroom, living room, and spacious vaulted kitchen to a decked swimming pool. This cottage home has lots of Dade County Pine and historic details, yet it has been modernized with a new roof, well-appointed kitchen and pretty baths.

The house is 1188 sq ft and sits on a 2833 sq ft lot. The house sits to the rear, not the front, of Southard Street. So you cannot see the house from the street. That adds additional privacy for the homeowner. You are a five minute walk to Duval Street or the Historic Key West Seaport. And you are a two minute walk to Five Brothers Grocery and Sandwich Shop where you can get your morning con leche, Michael's Restaurant where you can get your steak fix fixed, or Mangia-Mangia Restaurant to get your pasta fazooled. I'm a big fan of Five Brothers inexpensive fare, Michael's very expensive steaks, but I'll pass on Mangia Mangia. But that's me. Lots and lots of people like Mangia Mangia.

5 Brother's is half a block away

Mangia Mangia is one block west

Get your steak fixed here

CLICK HERE to details on this little charmer and more photos as well. Note the Dade County interiors, the open and eclectic feel that this house exudes, and the utter charm of the pool and garden. You won't be spending all of your vacation time tending to fixing things and working on the yard. There is something to be said and cherished about minimalism.

Season is just around the corner. If you are looking to buy a place in Key West where you can nurse your suntan in the winter, this kewl Key West cottage may be just what you are looking for. If you want to see it, please call me, Gary Thomas, 305-766-2642. It's not my listing, but I'll be glad to show you this place and others in the Old Town area so that you can see for yourself why I think this place will sell quickly at the new, lower asking price. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.