Slim Pickings in Key West

Dictionary.com defines the phrase slim pickings as

A small amount left after others have taken a share. For example, After each of the children took what they wanted of Mother's things, it was slim pickings for the rest of the family. This expression alludes to animals devouring a carcass.

A couple of short years ago the moaners and groaners were belly aching over the 'glut' of houses for sale in Key West. Much of the glut has been sold, but some of the houses that were for sale then are still for sale today. Of that group many were priced way too high for the market or were located in areas that buyers just would not consider either because of the price, price per square foot, flood elevation, or just perceived bad area. A seller cannot change location, but he can change the price to meet the market. Some sellers learn and others do like they did in 6th grade math - they fail.

Most full time Key West real estate agents are very busy these days showing houses. Town is full of would-be buyers looking for their dream place in Key West. I am here to report that what was once a glut of houses is no more. We have slim pickings.

Since December 19, 2010 32 single family homes (priced from low $200s to $1.8 million) have gone under contract. During the same time 22 condos, townhomes, and duplexes have gone under contract. Those 54 units constitute approximately 9% of the Key West market that went under contract in the last 32 days.

Most of the sales activity has been in the sub $400,000 range which is the comfort level for many second home buyers and most full time local buyers. Seven single family homes priced between $850,000 to $1,895,000 went under contract with four homes priced over $1 million. That's pretty impressive.

I don't mean to overstate or to understate the current market. There are still over 500 condos, townhomes, and single family homes for sale in the Key West area. CLICK HERE to do your own free search of the Key West Association of Realtors mls database. See for yourself what is left for sale. I work with buyers all the time that have similar dream homes and price expectations in their minds. The number of properties available has achieved the slim pickings status. I don't want buyers to give up on getting their dream home. There are still plenty of over-priced properties out there. We are now a quarter way through the Key West selling season. My job is to help my buyers find their dream home in Key West and turn those slim pickings into a good deal.

If you are looking to purchase your dream home 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. Let me help you find your place in Paradise.

605 Free School Lane - Old Town - Key West

Free School Lane during Fantasy Fest

605 Free School Lane is located at the end of the quiet little the lane

The listing Realtor describes 605 Free School Lane in Old Town Key West this way:

"Absolutely beautiful renovation from top to bottom: This transient licensed home situated at the end of a quiet dead end lane in the heart of the historic district is currently being used as a vacation rental. The spacious floor plan includes a main level bedroom and bath, large galley style kitchen and great room with French doors that open to a large covered porch. Upstairs are two enormous master suites with French doors to a partially canopied balcony overlooking the landscaped yard and pool. Features include high ceilings, wood and tile floors and heated pool. The property is being sold beautifully furnished. Prior owner parked small car on property. Landscaping would have to be reconfigured to accommodate small vehicle."

The property is located in the best location in Old Town. The house is hidden away near the very end of a quiet little lane that ends at Nancy's Secret Garden. Click GOOGLE MAP to see an aerial view of the location. Actually look at the map and see how far removed this house is from day to day life.

The house was built new in 1984 and has recently been renovated. It is used a legal vacation rental, and it has the requisite Transient Rental License which permits daily rentals (but this property is only rented on a weekly or longer basis). The house is almost always rented. The good new is the place is a solid money maker. The bad news is the more often you use it yourself, the less income you will get.


When you enter the gate from Free School Lane you first see a lush yard with free form heated pool and then you see the beautiful 2 story home with an inviting large covered front porch. The first level features a great room, large galley style kitchen, bar area, full bath, bedroom and tile floors. There are French doors on either side of the great room that allows pool and tropical garden views. Upstairs are two enormous bedrooms with private baths, vaulted ceilings and wood floors. All rooms throughout the home have French doors opening to the outdoors. You won't believe the views from the second floor. They will make your friends green with envy.

For further reference this property is located very near the Hotel Marquesa. Duval Street is just one block to the west. Sarabeth's Restaurant is only a half block to the south. The Tropic Cinema, Red Barn Theatre and The Waterfront Playhouse are within a five minute walk. The Historic Key West Seaport is also located within easy walking distance. There's even a Starbucks on the corner of Duval and Fleming, just one block away. Nearby Fausto's Food Palace is a great place to buy regular groceries, delectable bites, and it has a first rate wine selection.

605 Free School Lane is offered at $1,199,000. CLICK HERE to read more information in the Key West mls datasheet and to view interior photos. This property is consistently rented. Advance notice is required to arrange showings so that guests are not disturbed. Please call me, Gary Thomas, 305-766-2642 to arrange a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

Southernmost Point Guest House

Southernmost Point Guest House

Preferred Properties Coastal Realty, Inc. (that's where I work, but this is not my listing) just listed the Southernmost Point Guest House.


The listing Realtor describes this property this way:

"The Southernmost Point Guest House is a one of a kind property! The same family has been welcoming guests to this Victorian era mansion for over 20 years! Located on an enormous corner lot,the seven units are individual apartment units, not just rooms. Wide wrap around verandas offer views of the ocean, the pool and the tropical gardens. The grounds are large enough to accommodate parties on one side and peaceful solitude on the other. This versatile property could generate ancillary income through additional retail/commercial uses. Features include off street parking, a commercial grade laundry,and an A+ location in the heart of Key West's tourist area. This is a great opportunity. Seller financing possible to qualified buyer."

The county records indicate the house was built circa 1885
The above photo was taken in 1965

I went by the property this morning to take some current pics for you to see. I like to compare the way some of our grand old houses look today from yesterday. The sign on the front porch says it all -- NO VACANCY. That sign rarely moves because this place is always full.


The three most important words in real estate are location, location, location. The Southernmost Point Guest House has one of the very best locations in Key West. Click GOOGLE MAP for an aerial view that proves my point. The property is located about 200 feet from the Atlantic Ocean. Some of the rooms and verandas have ocean views. The property is one half block east of the world famous Southernmost Point so a lot of people walk by or drive by the location every day. The location is near the fun stuff and great restaurants on or near Duval Street, but it is not a the middle of the hubbub. At night the traffic is gone and the entire area is very peaceful. That is why so many visitors come back year after year.

South Beach

The current owner has a very successful business plan evidenced by that constantly hanging NO VACANCY sign. A new owner will probably develop a new business plan and perhaps redesign the spaces and usage. I think this property could successfully compete with a couple of our boutique hotels.

The Monroe County Property Appraiser shows 8296 sq ft of building space and a large 14,575 sq ft lot. That lot includes the buildings, gardens, pool, and the parking lot. The availability of on site guest parking is a feature most guest houses do not have.


CLICK HERE to checkout the Key West mls database and to view more photos on this property. Better yet, please contact me, Gary Thomas, 305.766.2642 or by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Our office is the exclusive Lower Florida Keys affiliate of Christie's Real Estate.

507 Frances Street - Old Town - Key West

507 Frances Street is located on one of the best blocks in Old Town

Dismissed. That's what buyers have done to this interesting property at 507 Frances Street in Old Town Key West: they have dismissed it. They have ignored it. They can't figure out what it is or why it should interest them as a possible home in Key West. I'm here to shed some light on this property and perhaps create a little interest in it.

507 Frances Street (above) in 1965 with suggested changes by me

507 Frances Street intersects with Curry Lane - January 2011

I found the Black & White Photo (above) that shows how this property looked back in 1965. Compare that photo with the color photo just below. The place has not changed much. You will note that I added some text to the Black and White Photo to suggest possible changes to this house because I think change is exactly what is needed.

The Red Doors on Caroline Street

701 Southard Street Key West - January 2011

507 Frances Street is one of five double gable houses that I am aware of Key West. The others are located in the Meadows area, Petronia Street, and two familiar properties (the Red Doors on Caroline Street and an apartment building at 701 Southard Street). If you study 507 Frances and compare it to either the Red Doors or 701 Southard you will immediately see that Frances Street architecture is basically the same. That is, there are two buildings seemingly joined at a common point with the resultant double gable roof. Frances is different, however, since the porches on Frances Street were enclosed sometime in the past (at least pre-1965). But the three properties share another interesting feature: they are all site-situated right at or very near the sidewalk. There is no front yard or fence to set the building off from the sidewalk.

Imagine the front porch enclosures eliminated and the interior ceilings vaulted

Imagine the rear with a pool and French doors up and down with second floor cantilevered deck

The county records aren't much help on this property. They state the building was built around 1930 but that is the story of so many old properties. Many of the homes in the area are pre-1900s so it would be pure speculation to say one date over another. The records do show the current building as having 2107 sq ft of living space that is situated on a 38' x 50' lot. The house abuts Curry Lane, one of the most of the slow lanes of Key West.

The listing Realtor describes 507 Frances Street this way:

"This sturdy double gabled building is situated in a very nice area of Old Town Key West. Historically, it is said to have served as one of the early schoolhouses in Town, then later as a church. Presently in use as a 3-unit licensed year round rental producing total annual rent of $48,000, with the tenants paying utilities. The building could convert nicely to a fine single-family residence."

I showed this property in early 2010 but neglected to take any interior photos. The front porches are integral parts of the current usage. I recall the original exterior walls at front are still in place and doorways open onto the porches. An interior stairway provides access to the three units as currently configured. It works fine for the current usage but a new stairway could redefine the usage as a single family residence. The second floor units is very charming but it could be a wonderful master bedroom with en-suite bath and rear deck overlooking a new pool below. The ceilings could be vaulted and the whole interior spaces transformed into a very decent sized Old Town residence with a striking architectural style. Conversion of the enclosed porches to open porches would reduce the living area by about 300 sq ft but it would add a tremendous amount of charm to the facade.

CLICK HERE to checkout the Key West mls database and to view listing photos of the interior. This is not a short sale but I would advise the current owner purchased this property in 2006 at a much higher price than the current asking price of $599,000 or $273 per sq ft. Keep the property as is and collect rent or do some interesting renovations.

If you would like to see 507 Frances Street please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. To those that dismiss this property I say HOOEY!

1012 James Street - Old Town - Key West

If you are looking for a cute Key West cottage with a pool and off street parking priced under $550,000, I may have the answer to your search. The very lovely home at 1012 James Street just had a price reduction to $535,000. The listing Realtor describes the home this way:

"This is a magical cottage with an open floor plan, saltillo tile floors, wonderful screened porch overlooking the 10 X 20 foot pool (7 feet deep with swim jets) and gardens. In addition, two sets of French doors from the living area open to a beautifully designed side porch which also opens from the kitchen and has access to the pool and gardens. There are two bedrooms upstairs each with private half baths and a full bathroom on the ground floor. Off street parking."

One of two bedrooms on second floor

Screened porch overlooks the pool and gardens

The back of the garden opens onto Thompson Lane

I wrote about this cottage the day it was listed in February 2010. I must say I am surprised it did not sell. I really thought it would go quick. I have shown the house several times since then.

The main living level is so Key Westy. You walk inside the front door and you either 'get' the house or you don't. By that I mean it has not been all fussed with. The living room isn't fancy but rather laid back and inviting. The stairs to the second floor (where the bedrooms are located) has no handrail. An accident waiting to happen for the alcohol impaired, perhaps, but the stairs become part of the architecture of this place. The kitchen is off to the left. There is no granite or marble or stainless steel. The kitchen is plain white, but it is so damned cute and utilitarian at the same time. And just beyond the living area is a screened in porch that overlooks the cool pool and bricked garden.

If this house was located on William or Elizabeth Street it would have sold in no time flat because it has all of the features second home buyers want except one: location. Oh it is in the right part of town, except it isn't. It is in Old Town but not the right street. Much of the nearby area is commercial including Manley deBoer Lumber Company, Keys Energy, Finnegan's Wake, and the Key West parking garage.

Just one block north other nearby neighbors include the Historic Key West Seaport and destination places like Dante's, Schooner Wharf, Harpoon Harry's, A&B Lobster House, etc.

If you have trouble with stairs, this is not the place for you. CLICK HERE to checkout the Key West mls database and view more listing photos. If you like what you see, please call me Gary Thomas, 305.766.2642 to arrange a showing of 1012 James Street. This really is a cute place and you owe it to yourself to look beyond the neighbors you may find objectionable at first. I think you will be delightfully surprised. Seriously! I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Porter Court - Key West - Money Maker

Southard Street in Truman Annex

View from second floor balcony overlooking pool

The list Realtor minces no words in the description of this sharp Porter Court townhome:

"Perfect end unit in exclusive Porter Court - a gated community of only 19 within Truman Annex in Old Town Key West. This beautifully decorated turnkey property can be rented transiently and has the best rental income in the complex. 2 bedrooms, 2 and one half baths with Plantation Shutters throughout and is ideally located with a private entrance off of Fleming Street. Large side and front decked yards and a second floor porch overlooking the pool and courtyard add to the feel of this tropical resort property. The perfect second home and investment with a great rental history. Paradise found!"

Private entrance off of Fleming Street

I got a chance to see this very successfully rented unit two weeks ago during Realtor caravan (lots of agents on a bus that tour new listings). We actually were lucky because the unit was occupied by vacationers that consented to let us traipse through their temporary home in Paradise. The place is really cute but the rental history is the best part. It was the top producing property in Truman Annex in 2010 and it has substantial pre-bookings for 2011 and 2012. A buyer who wants heads-in-beds to help make the mortgage payments on a second property like this can appreciate the value of having vacationers that return year after year. It is like having money in the bank.

This 1140 sq ft unit was built in 1992 but it does not look like it. The kitchen is very current as are the baths. All rooms are nicely furnished. French doors open from the living room onto one of two rear decks. I did not see any deferred maintenance. What I did see was a nice inviting back entry (right onto Fleming Street). That means you can or your guests can by pass going through the main entry and make a quick exit directly to your favorite Old Town hangout. Fleming Street as well as all other gates are locked at night but owners and guests have keyed access.This Transient Licensed unit is offered at $749,000.

Front Street meanders through Truman Annex from Southard Street

Gracious Truman Annex homes make visitors want to return year after year

Truman Annex gives vacationers a sense of security, comfort, and nostalgia

Truman Annex has seven different communities that include condos, townhomes, and single family homes with different features and various price points. The location has become a perennial favorite for returning visitors. It is close to everything but it is also very quiet.

If you are looking for a place in Paradise that you can occasionally rent to help with the mortgage payment, you might want to take a look at this Porter Court unit. Please call me, Gary Thomas, 305.766.2642 to arrange a private showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Key West Waterfront Condo - Bank Owned!

People are always looking for bargains. I remember many days several years ago when I had 'floor duty' at another real estate office on Duval Street. Several times potentially interested buyers would come inside and ask me about 'bargains' and include the word "foreclosure" as if the two were synoninous. They aren't and there were none. When properties were selling at incredily high prices, it was easy to sell even crap because people wanted anything they could buy. They figured they would buy it, fix it, and use it or perhaps 'flip' it. Since everything sold so easily in a rising market, there just were no foreclosures. When the market collapsed, there were too many foreclosures. The condo unit at Pelican Landing I am discussing today is one of those.

A few years later the real estate market in Key West has been fiercely shaken. The good properties in good locations are as valuable today as they were a few years ago. They may cost less now, however, because the overall market has adjusted downward. The down turn in the market has created hundreds of short sales and foreclosures in the Key West area. That downward spiral has reduced to a trickle in Key West, but the unsold properties are still out there. (There will be new short sales and more bank owned assets listed in the future, but the number of new foreclosures and new bank owned properties has been significantly reduced.)

The asking price on the waterfront bank owned condo at Pelican Landing 915 Eisenhower Unit No. 101 has just been reduced to $394,694 or $292 per sq ft for this 1352 sq ft two bedroom, two bath unit which looks right out to the marina. The listing agent describes the property thus:

"Harbor And Pool Views Enhance This 2 Bedroom 2 Bath Unit. Located A Few Short Blocks From Old Town's Duval St. Unit Has Private Stairway To Pool Area And Marina With Use Of Boat Slip. Large Covered Balcony To Take In The Awesome View. Seller Will Credit Buyer Up To A Maximum 3% Of Sales Price Towards Closing Costs If Negotiated In Final Signed Counter Offer."

Sometimes I like to compare how a previous agent listing agent discussed the same property when it was marketed at a much higher asking price. One of the very best agents (year after year) listed this same property a couple of years ago when it was priced at $999,000 and described the very same unit this way:

" ...waterfront condo spacious 2BD/2BA, with docking privileges and licensed for transient use. Enjoy wonderful waterfront views from the bright and open living & dining room. Glass doors open onto a spacious covered patio, tile floors, heated pool, elevator, garage, covered parking and right in town!!!"

Dining and Living area followed by covered deck as they appeared in 2008

Photo of covered deck as it appeared when furnished in 2008

This unit has a Transient Rental License and which can be managed by the on site manager at Pelican Landing. The large living room opens onto the huge rear deck that overlooks the Garrison Bight Marina and the Pelican Landing boat slips below. The new owner will have the privilege of stunning early morning sunrise views every day. The furniture (shown in the photos above) is gone but the unit is pretty much the same. Except the asking price is only $364,694. CLICK HERE to checkout the Key West mls database and current listing photos.

Key West's beautiful Bay View Park is located across the street

Pelican Landing Condos are located at the eastern edge of Old Town. Bay View Park is across the street to the southwest. The on site manager at Pelican Landing provides a wealth of information on this property. I was surprised to learn that most of the transient rentals actually occur during the summer months because boaters return to Key West year after year for summer fishing and family outings. That means a potential owner could actually use the property during prime time winter months and still rent it during the summer.

If you are looking for a Key West waterfront property with a transient license (that you can use or not use-your choice), please contact me, Gary Thomas, 305.766.2642 or kw1101v@aolcom. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me help you find your place in Paradise.