405 Olivia Street - Key West - Bank Owned

Just listed (but not by me) a very interesting Bank Owned house located directly across the street from the Ernest Hemingway Home in Old Town Key West. One of the great marvels of the internet is Google Maps. CLICK HERE to view 405 Olivia Street. Use the toggle switch to get a different aerial perspective or click 'street view' to see the area.

The two story bank owned house was built around 1890. The county records show the house has 1380 sq ft of living space. I have not been inside so what I write is just speculation. This place looks like it may be bigger than the records state and that there may have been alterations and or additions that the county is not aware of.

405 Olivia Street as it appeared in 1965 - notice the porch columns

405 Olivia Street in January 2011

This photo demonstrates the width of the side yard which is 89' deep

The lot is 55' wide

The county records show the lot size as 3828 sq ft with a frontage onto Olivia Street of 55 feet. The lot is basically 89' deep but there is a small cutout at the left rear which makes the lot not perfectly rectangular. Otherwise, 405 Olivia Street has a big lot with room for a good sized pool, more gardens on the west, north, and east side. In my opinion the existing carport is an eyesore. The space could easily be redone and made attractive and useful.

CLICK HERE checkout the Key West mls database on this bank owned home. I found some earlier photos of the interior. Please see below. The place has been tenant occupied and looks the worse for wear. Big deal. That's what bank owned bargain hunters look for. They want good deals on places with upside. They expect the worse. I don't know that I would classify this property as "worse" but it is not the best. But the previous owner paid $1.1 million for this same property in January 2006. TODAY this Bank Owned property is listed for $450,000 or $326 per sq ft (again square feet according to county records which sometimes are wrong).

interior

old interior photo

old photo

old photo

I may be accused of being a cheerleader, but I think this is a really good buy for someone that wants a bit of a project house. The big lot and solid looking (at least from the outside) are certainly worth a serious look.

If you buy this property your neighbors will include the Ernest Hemingway House (museum) which has thousands of visitors all year long. The entrance to the museum is on Whitehead so most of the visitors won't be passing your doorway. A parking lot is located immediately adjacent to the west and a simple Key West cottage is the neighbor to the east. The Six Towed Cat cafe is located at the rear. The Lighthouse Court guesthouse is located on the far side of Whitehead Street and a small public housing structure is on the opposite corner. See the photo below taken from the nearby Key West Lighthouse. It gives a decent perspective of the area.

The Hemingway House before the ugly fence was built

Corner of Whitehead & Olivia as viewed from atop KW Lighthouse

Ft Zach Beach

The tourists normally head north to Mallory Square in the late afternoon so they can view sunset. They don't return to the area until mid morning. The area turns into a regular neighborhood to the extent possible during that time. Yes, tourists bring people walking down the sidewalks with cameras and cellphones. And lots of money, too.

Ft. Zach Taylor is just a few blocks walk. So are the restaurants, bars, shops galleries, and other hangouts on Duval Street. I can see why someone paid over a million dollars for this house and this location. Today you can buy it for less than half the recent sales price.

If you are interested in this bank owned property or any other house 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.

526 William Street - Old Town - Key West

Just listed by Preferred Properties Coastal Realty, Inc., (that's where I work) 526 William Street Unit No. 5, a second floor condominium in the beautifully restored and centrally located Delancey Hall building in Old Town Key West. Each unit in this five unit building is unique. Unit No.5 is special. The front door opens into a formal foyer with views of the living room and old fashioned porch beyond. Just to the right is the beautiful master bedroom with its extra large en-suite bath. (See photos below.) A second full bath is located at the far end of the foyer, and it serves as a guest and/or second bath.

Formal Entry Foyer

Master Bedroom

Master Bath

The entire back end of the unit is presently combined as open living room, dining area and kitchen. The kitchen has polished granite counters and custom wood cabinets. This area has a vaulted ceiling which makes the entire living area feel extra spacious. Charming details include original Dade County Pine walls, new Brazilian purple-heart hardwood floors throughout and Italian marble bath floors, high ceilings with crown moldings, and a multitude of windows on three sides. The kitchen features cherry wood cabinets with polished granite counter tops and stainless steel appliances. A guest room is located at the north end of the living room. It has floor to ceiling doors that partition this area off for use as a bedroom when the need arises. The space expands into the living area at other times. Relax and enjoy the peaceful covered rear deck that overlooks the bricked courtyard and pool below.

Covered Rear Deck overlooks the heated pool below

10' x 18' Pool

This building was one of the very best renovations I have seen in Key West. The quality of the workmanship and the superior interior finishes look as good today as they did ten years ago when the original renovation was completed. The current owner purchased this unit new at that time and has maintained the unit.

Locals and frequent visitors know the value of a good location, and 526 William Street is located in the very heart of the Historic District. The Key West Seaport is three blocks to the north. There are lots of great restaurants and water based activities there. Duval Street is just a five minute walk to the west. The very incredible and very expensive Old Town Bakery is on the corner of Grinnell at Eaton- just a two block walk. Fausto's Food Palace has a great wine selection plus one of the best real butcher markets in Key West. And Fausto's always has fresh sushi. The point is you can get to where you want by foot or bike anywhere in Old Town in about five minutes or less.

Food, booze, and water sports just a couple of blocks away

Old Town Bakery

Where locals shop

I will be hosting an OPEN HOUSE at 526 William Street on Sunday , January 9th from 12:00 to 2:00. Please stop by to see this lovely 835 sq ft two bedroom, two bath condo that is offered at $429,999. CLICK HERE to checkout the Key West mls datasheet and to view more photos.

If you are interested in scheduling a private showing of this unit please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

Home, James

What do you think of when you hear the phrase "Home, James"? My mind conjured up a vision of a chauffeur driving someone very rich to some fancy house. I Googled that phrase and up popped a pic of King George V (see above) with a beggar chasing his carriage. And that is the roundabout explanation of today's blog except the home I offer for your consideration isn't fancy, but it is located on James Street.

Today's blog is about the hodge podge house located at 1018 James Street in Old Town Key West. The Monroe County Property Appraiser photograph below says the house was built in 1900.

1018 James Street as it appeared in 1965

1018 James Street - January 2011

I met a gentleman last weekend who told me the story of how he almost never saw Old Town. Many years ago friends told him about this wonderful place called Key West. He drove his car to see what the commotion was all about. When he reached 'new town' he was so disappointed he thought of turning around and going back to Miami. He couldn't imagine anything worthwhile beyond new town. Since he had already driven 120 miles, he decided to drive a couple more to see if Old Town was any better. Then he discovered why so many people return to Key West year after year after year.

James Street is a two block long street located between Frances Street to the east and Margaret Street to the west. The Key West Seaport is located one long block to the north. There are three notable landmarks at the corner of James and Grinnell Streets: Finnegan's Wake Restaurant and Bar, the Key's Energy building, and the Old Town Garage.

Finnegan's Wake

Keys Energy Building

Old Town Garage

1018 James Street is located four houses east of Grinnell Street, and it is not affected by the traffic. Thompson Lane is the rear boundary. Thompson Lane is a tiny lane with some houses that 'front' onto the lane whereas 1018 James has a large lot that extends from James Street to Thompson Lane. It is the size of this lot that makes 1018 James Street so appealing. The listing Realtor says the lot is 3508 sq ft.

The listing Realtor describes 1018 James Street this way:

"Classic Old Town diamond in the rough! This property has the charm of a cute Conch cottage backing up to Thompson Lane. In it's present state, this 3 bedroom/1 bath has Dade county pine throughout, large bedrooms,great front porch, large cistern,off street parking in the rear, and a new roof. Motivated sellers that are willing to entertain all reasonable offers. Great renovation project with a great location within a block to the waterfront."

Historic Key West Seaport as it appears in 2011

1018 James Street is offered at $425,000. The photo below shows the property from the rear. I numbered five (5) different roofs that show how this house was cobbled together. This place cries out for someone to do something creative.

Count the roofs - five in total

CLICK HERE to checkout the Key West mls datasheet on 1018 James Street.

The house next door at 1016 James Street CLICK HERE is also available. It is priced at $325,000.

1016 James Street (above) is also for sale

View east of 1018 James Street

Manley deBoer Lumber Yard is located northeast of 1018 James St.

I know the neighborhood with its mix of commercial and residential will not appeal to most buyers. The thought of such a big renovation will scare most other potential buyers. This property will take a special buyer who has been coming here for years who appreciates the value of the land and its proximity to the waterfront. That buyer may not end up with a place grand enough to have a chauffeur named James, but the buyer surely will end up with a nice place to call home.

If you are looking for a fixer property please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

1217 Grinnell Street - Old Town - Key West

It's time to take a second look at 1217 Grinnell Street in the Grinnell Gardens Compound which is a listed by Preferred Properties Coastal Realty, Inc.

This is how the listing Realtor describes this home:

"This fee-simple unattached townhome in the Grinnell Gardens Compound has it's own private, heated swimming pool and spa. In addition it has access to another heated compound pool shared with the six other homes, so you can follow the sun around. The home has a surprisingly large rear garden and an assigned parking space. The spacious, sunny house has large open rooms with many windows and French doors and four covered porches -two up and two down. The new designer kitchen was recently featured in the newspaper."

A picture is supposed to be worth a thousand words. Here are some pictures I took of this ready-to-move-into home. I had been here before many years ago when a friend lived there. I remembered the place being really neat back then. But, baby, look at it how.

The main entry to 1217 Grinnell Street

The private pool and spa are located just off the livingroom at 1217 Grinnel Street

The spa

The new kitchen is incredible

A room with a View!

French doors open out to the private pool at the rear of 1217 Grinnell Street

French doors in living room also open onto front porch on main level

Master bedroom on west side has French doors and private balcony off sitting area

A separate master bedroom has a sitting room with French doors opening to private balcony

Shared pool with privacy entrance on the left

Shared pool and common entry to the Grinnel Gardens Compound

CLICK HERE to see the mls listing info and view more photos. 1217 Grinnell Street is offered at $695,000 or $446 per sq ft for this 1560 sq ft home. The home sits on a fee simple lot of 3945 sq ft. The lot includes a separate cottage the houses the laundry; the private pool and spa are located at the rear ; a lush side yard to the east offers a private sanctuary for the contemplative types; and the deck just off the kitchen provides a nice place for al fresco dining.

1217 Grinnell Street was built new in 1990 as were the other homes in this compound. Some of the other homes also have private pools but others do not. Beside the shared community pool, the compound provides lush gardens and a share off street parking area. Each unit has its own dedicated parking spot. I know a lot of potential buyers want a place of their own and have never thought of living in a compound. I "get" the resistance argument. But there is also a group of potential buyers that do not mind having nearby neighbors that live in close proximity to keep an eye on the place when the owner is not in residence. The people who live in compounds pretty much love it. Compound living may not be for everyone, but it is easy peasy with others.

This home is located at the southeast corner of the compound. There are French doors located off of each room downstairs and on the second floor. So each room has beautiful views from every room, and every room has immediate access to the beautiful outdoor spaces. The two master suites on the second floor have adjacent sitting areas and en-suite baths. Both bedrooms have separate balconies that overlook the gardens below.

Click MAP to see where 1217 Grinnell Street is located if you are unfamiliar with the area. This property is located in the area knows as South of Truman-Old Town by Key West Realtors. It is a stones throw to the Casa Marina area. The beaches are about six blocks to the south. Upper Duval Street is a five minute walk to the west. The shops and restaurants in the arts district are a five minute walk to the east.

If you would like to schedule a visit to see this terrific home, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.