1126 Washington Street - Casa Marina Area - Key West - Bank Owned - Buying Opportunity

This is a RAH RAH moment. I have been waiting for this one for a long time. The foreclosure took forever. The house at 1126 Washington Street in the Casa Marina Area of Key West is now Bank Owned. I am particularly interested in this property because I live nearby. This house has been an eyesore for at least 15 years, and now some new owner gets the chance to buy a real fixer with a huge lot in a truly great neighborhood at a great price.

Longtime Readers know I don't jump up and down about new listings very often. This is the exception! This is one of those times when buyers who want a really good deal need to act quickly. 1126 Washington Street is offered at just $369,000. I predict it will go under contract within a matter of a few days. The price, location, and ability to re-do or to create a new house in a great location make this property worthy of serious consideration.

There are two prime areas in Key West - Old Town and Casa Marina. Everybody knows Old Town because of the quaint old houses and nearness to dining and cultural events. Casa Marina is known for its proximity to the Atlantic Ocean (a five minute walk) and the extra large lots and larger homes - most of which are valued over the one million dollar mark. Some of the houses in the Casa Marina Area that have not been renovated may qualify to be razed because they are not located on historic maps. (You basically can't tear down in Old Town and must renovate-often on small lots.) Additionally, homes that are unsafe may be approved for demolition on their own right. The house at 1126 Washington Street is a likely candidate for demolition in my opinion. It is a nasty old mess that needs torn down, or it needs a really gifted architect and contractor to turn this old house into something special. CLICK HERE to view photos I took of this house for an out of town buyer.

1126 Washington Street as it looked in 1965

Exterior photo May 2011

Garage and huge parking area

East side of house has large yard and immense decks

Steel Posts and Beams added to Prevent Ceiling Collapse

Forget about how bad the house 1t 1126 Washington Street may look now and instead focus on the location, lot size, and ability to create your own private paradise on the 8304 sq ft lot (89' x 94'). While the size may not seem like a large lot up north, it is a very big lot by Key West standards. The Monroe County Property Appraiser says the house was built in 1938 and has 1539 sq ft of living space. I suggest that you consider the asking price of the land value which is offered at $44 per sq ft. Compare that price to the lot at nearby 1426 Reynolds Street which sold April 12th at $70 per sq ft (11,500 sq ft). The Reynolds property has an excellent location closer to the beach but it is also located across from the Casa Marina Hotel. CLICK HERE to read what I wrote about that property. I think most Readers would agree that $44 is better than $70 any day of the week. Of course there are pluses and minuses for any property and each offering or sale must be judged on its own merits.

I counted five different floor levels in this house and numerous kinds of windows, doors, air conditioning units, fans, odd light fixtures, glass block walls and mirrored walls in the bathrooms. There is no cohesive style. There are orange warning cones and yellow tape to warn of potential hazards. Since costs of renovation can often be much higher than new construction, I suggest that a new owner raze this old house and build a new two story house and take advantage of the large lot to create a wonderful pool and garden area.

If you are looking for a project property in Key West, give this listing serious and prompt consideration. If you are not working with another agent, please consider calling me, Gary Thomas, 305-766-2642, or contact me by email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Don't wait too long!

719 Chapman Lane - Bank Owned - Key West

719 Chapman Lane - Key West - May 2011

The newly listed Bank Owned single family house at 719 Chapman Lane in the Bahama Village area of Old Town Key West was just listed for $499,100 or $237 per sq ft. The house has been bank owned since since September 30, 2010 but was just listed in the Key West mls on Friday.

The same house was listed for sale in the go-go years at $1,200,000 (2005) and later $1,099,000 in 2006. It did not sell. The house was built new (not renovated) in 1999. It has 2108 sq ft of living space on three floors. It sits on a 27' x 98' (2646 sq ft) lot. See the diagram and photo below that show the house layout and how it it looked in 2006.

2006

Above is a current listing photo of the same area

The Monroe County Property Appraiser took the above photo in 1965 but notes the house at 719 Chapman Lane was razed in 1967. Proof that the new house really is a new house.

For comparison purposes the house next door to the south (721 Chapman Lane) SOLD on March 29, 2011 for $370,000 or $195 per sq ft. (It sold 18 days after being listed at $425,000.) I wrote about that house when it was also a bank owned property. I even did a broker's price opinion on that property and pegged the probable sales price at $375,000. My estimate was pretty close. That house was livable but I felt it needed some work. It certainly needed cleaned and painted. It had a pool, but the front yard had a pretty white picket fence instead of parking.

Two years ago I wrote about the then short sale at 710 Chapman Lane. I loved that house. It was a renovated single family with 1200 sq ft of living space, a white picket fence, and room for a pool. It ended up selling for $385,000 or $321 per sq ft.

710 Chapman Lane is located across the street. It sold last year.

This Chapman Lane house did not sell and is not for sale.
It is just damned beautiful!

All three houses are located on Chapman Lane which is three blocks from Duval between Petronia Street to the south and Angela Street to the north. One block long and most of the houses have been renovated. If that block were located three blocks east of Duval, we would not be writing about any of these houses at selling or being offered for sale as such low prices.

The City of Key West is nearing final approval on the redevelopment of the Truman Annex marina and park. It is located just a couple of blocks further west of Chapman Lane. Angela Street is supposed to provide a walking lane type entrance into that area. When the redevelopment is completed, I believe that property values in the immediate area will increase dramatically.

Breakfast at La Creperie

Dinner in Heaven

Spend the day at Ft Zach

In the meantime if you owned the house at 719 Chapman Lane you could walk a little over one block to have breakfast at La Creperie or dinner at Blue Heaven or maybe do tapas at Santiago's La Bodega. You could ride your bike over to Ft Zach Taylor beach and work on that Key West tan. Or you could do any manner of things people in Key West do every day. This block is populated mostly by full time homeowners but there are a few second homes located here as well. After the Truman Annex is completed I expect there will be a shift between full time and second home ownership.

If you are looking for a newer home in Key West and want the convenience of being located near major Key West attractions but don't want to pay the high cost of ownership by being located on the supposed best street, you should really take a serious look at 719 Chapman Lane. Understand that a similar house on a more sought after block in Old Town will cost about $500,000 more. Please call me, Gary Thomas, 305-766-2642 to schedule your visit. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

829 Simonton Street - Old Town - Key West - Historic Investment Property

I distinctly remember going inside the old building at 829 Simonton Street on Superbowl Sunday (January 25, 1987). The place was a sandwich shop called "La Bodega". I had spent the afternoon at Atlantic Shores and wanted to grab a sandwhich. The place was near and the food was good. My needs were met. Fast forward 24 years and the building looks pretty much the same.

The unpainted facade looks pretty much today like it did when the two photos below were taken.

829 Simonton Street Key West May 2011

The building was called The Square Deal Market when the photo above was taken in 1965 by the Monroe County Property Appraiser. The appraiser says the building was built circa 1974. The sign at the street advertises "STEAK 89 cents lb." and "Homo Milk".

The pic above was taken in 1970 before Key West got gentrified.

The 4662 square foot building (listing agent provided) which is located on a 51' x 106' (5353 sq ft) lot near the top of Solares Hill and just one block south of Truman Avenue. The listing Realtor describes this investment property this way:

Exquisite mixed use piece of property- Historically renovated with exceptional eye to detail. The downstairs of this property consists of two commercial bays each with about 998 square feet. The upstairs is made up of two residential units. One unit is a 2br/2ba with 1678 square feet. The other is a 1br/1ba affordable housing unit with 463 square feet.It features 7 off-street parking spots."

The property has been renovated a couple of times in the past ten years. The most recent renovation converted the front downstairs space into offices which are now used as a real estate office. The photo above was taken from the large parking lot located on Olivia Street. Listing agent says there is parking for seven vehicles. Note the beautiful Royal Poinciana Tree that frames the lot.

The asking price on the investment property at 829 Simonton Street is $1,600,000. If you are interested in this property, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

2026 Seidenberg - Mid-Century Classic in Mid-Town Key West

2026 Seidenberg Avenue - May 2011

You know you are getting old when houses that were built when you were a kid are now considered classic and chic. If only that applied to guys my age.

I got a chance to revisit 2026 Seidenberg Avenue last week during Realtor caravan. That is when we Realtors get on a bus and travel from house to house to see new listings. The Seidenberg home is worthy of noting. The listing agent (who is also an owner) describes the property this way:

"Mid-Century Modern architectural gem in Mid-Town was renovated by Colombian architect, Guillermo A Orozco, & awarded the Star of Excellence by the Historic Florida Keys Foundation. 3 bedrooms & 2 baths. Many fine features include bamboo, river rock, new terrazzo, & Brazilian flagstone floors. Full wall mural by local artist, Rick Worth, depicting a mangrove forest. The kitchen has custom cherry wood cabinetry, honed-slate countertops, stainless steel appliances, wine cooler, & reverse osmosis water purifier. All impact resistant windows & doors. Black lagoon pool with coral stone waterfall. Outdoor seating/lounging areas plus bamboo structure with Arabian-style tenting for outdoor dining."

I wrote about his house in 2009, and I have mentioned Guillermo A. Orozco's architecture in my blog on several occasions. He is one of the more talented architects in Key West. So seeing how he re-designed or re-styled his own home was a treat. I firmly believe that anybody who buys a noted architect's house or contractor's house is probably buying more style and more substance than you would get in a comparably priced property. Every architect or contractor home I have been has always been superior to other houses in the same price range.

New Kitchen Fits Right into Place

Understated Update - Clean Lines without Pretension

Second Floor Bedroom/Office Overlooks Pool

Pool View from Master Bedroom Balcony

Chill!

Elegance

CLICK HERE for more detailed information and photos of this very thoughtfully re-designed home. The house has 3 bedrooms, 2 baths and 1500 sq ft of living area under roof. It sits on a nice corner lot of 5000 sq ft. There is a terribly expensive bamboo fence that gives the yard both privacy and distinction. The asking price is $685,000 or $457 per sq ft. (That's high for the area, however, this house is not like other houses in the area). I took more interior photos which you can see if you CLICK HERE.

I re-drove the area this morning as I took exterior photos. This house is perhaps over-improved for the area, but there are others that fall into that category. And like Old Town, there are some pitiful 'palaces' as well. I bet it is like that where you live as well. For readers unfamiliar with the location click GOOGLE MAP . The property is two blocks north of the main entrance to Key West High School in the Mid Town area of Key West.

If you are into Mid-Century Modern architecture, you owe it to yourself to look at 2026 Seidenberg Avenue. And if you are looking for an architect, you owe it to yourself to visit Guillerom Orozoco's website to see other properties he has designed in Key West.

Please contact me, Gary Thomas, 305.766.2642 to schedule a visit to view this property. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. I wonder if I qualify as a "classic".

1216 Catherine Street - Short Sale - Key West

1216 Catherine Street - Key West - Short Sale

Bargain hunters looking for a nice house at an affordable house in Key West ought to consider the Short Sale at 1216 Catherine Street. The listing Realtor describes this renovated two bedroom with 2 1/2 baths this way:

"A Grand Restoration of an Historic Conch Home with an Attention to Detail. The Kitchen is Finished with Stainless Steel Appliances and Granite Countertops, Beautifully Restored Dade County Pine finishes Throughout. Pool with Waterfall in the backyard surrounded by a Lush Tropical Landscape and a Pool House nearby for Storage with Many Potential Uses. This Home is in a Great Location, Just Steps from White Streets Shopping and Art Galleries. A Short Distance from All of Key West has to Offer."

The house has 1440 sq ft of living space and sits on a 29' x 88' lot just east of White Street in the Arts & Deco District of Key West. Click the GOOGLE MAP to view the aerial and street views. You will note the house is located near the Island Gym, a real estate office, a doctors office, a car wash, and many nearby restaurants, galleries, gas stations and government offices. There is a small assisted living complex across the street. More than anything, I think the location is driving this short sale (see photo below). The area is not bad. But it isn't what most second home buyers dream of owning. Potential primary home buyers may dismiss considering it as well because of the nearby commercial activity. If some or all of the above issues bother you as a buyer, stop reading. But if you are open to compromising your wish list to get a good price on a nice house, read on.

Assisted living located across from 1216 Catherine Street - Island Gym is on the corner

CLICK HERE to checkout the Key West mls database on this house which is offered at $599,000 or $415.87 per sq ft. The photos below show the pool and part of the interior of this house.

Bricked pathway around the house and back to pool

This is a house definitely worth taking a look at, even if only for price comparison purposes. If you are looking for a Key West house with a pool; off street parking, and a picture perfect facade, you might just want to call me, Gary Thomas, 305-766-2642 to arrange a showing of this property. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.