The Worm has Turned

This guy waited and waited and then his luck ran out! The worms got him!
(Photo take at 813 White Street Key West)

Shipyard in the Truman Annex - Key West

Shipyard in Truman Annex in Key West

Just like almost every other Realtor I watch the Key West mls throughout each day. I look for new listings and properties that have a price reduction because they create possible sales opportunities. But I also watch for properties that have gone under contract 0f that get sold because they can show us what is happening currently and give us insight into where the market may be headed.

In the first couple of months of this year I wrote about new listings in the Shipyard, President's Walk, and Porter Court communities in Truman Annex. Those communities have been the most popular areas for second home buyers in the Key West for nearly twenty years. A couple of years back there was a surplus of units at Shipyard. Now there are just three units for sale in Shipyard. (The average listing price is $664 per sq ft. Compare that to most other properties in Old Town. Shipyard is higher.) President's Walk has two units available and Porter Court has two.

There were 8 condo sales in Shipyard since January 1, 2011. The average "sold" price per square foot was $554 for a unit with an average square footage of 681 sf. (One unit was 580 sf and the largest was a two bedroom and two bath at 780 sf.)

During that same time period there were 23 condo and townhome sales in the Old Town, Meadows and Casa Marina areas for units that sold below $475,000 (the highest sales price in Shipyard. The average price per square foot in these units was $343. There is a clear disparity in sales price per sq ft between several of the least expensive units and Shipyard, but that disparity has nothing to do with quality of the unit or location. A one bedroom unit at Campbell Courtyard (has a beautiful pool and an incredible Old Town location) sold for just $228,000 or $359 per sq ft. Another newly constructed 3 bedroom townhome at 713 Emma Street sold for $399,000 or $354 per sq ft. The Emma Street property has a beautiful courtyard with pool and incredible water feature. The units have Viking kitchens and each unit has an off street parking spot. A bank owned 2 bedroom unit at 1108Duval Street that included a transient license and off street parking sold for $433,000 or $333 per sq ft (1399 sf unit).

Shakespeare coined the phrase "The worm has turned" to connote a reversal of fortune. Shipyard was the darling for years and years because the units met the spatial and amenities "must haves" that so many second home buyers require. The units are big enough to handle most families or couples that travel together. They have been affordable in comparison to many other properties in nearby Old Town. And they offered a convenient and secure location that second home buyers often feel is necessary. (I think most of Key West is safe unless you are in a bar with a lot of boozers. Drunks create most of the problems in our town whether they are in the bars on Duval or on the streets driving cars our walking home late at night fighting with a soon to be 'ex'. ) In the mid 2000s the prices increased on Shipard units while the economy took a dip. During the past year, however, the Key West real estate market has recovered and so has the desirability of Shipyard.

CLICK HERE to search the Key West mls. If you are looking for a getaway place in Key West and want to buy before the prices soar, please contact me, Gary Thomas, 305-766-2642 or 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. Remember the other "worm" phrase, the early bird catches the worm. Don't wait until it is too late.

Price Reduction - Harbour Place Condominium - Key West

Harbour Place - Key West - Waterfront Views

There are seven distinct communities at Truman Annex, and the community with the Million Dollar View is Harbour Place. If you are reading my blog, you are probably a baby boomer. Maybe you weathered the financial storms and are looking for that special place, perhaps a condo like Unit No. 302 at Harbour Place at Truman Annex in Key West.

When you step onto your private balcony and overlook the boardwalk and then view the private yachts and giant ships and Sunset Key and the smaller keys beyond, you will know you came out just fine. Harbour Place is Key West's most prestigious building, the former U.S. Naval Headquarters at Truman Annex. Your friends will be green with envy.

I wrote about Harbour Place Condominium Unit No. 302 when it was listed in February 2011 for $845,000. It didn't sell during season and the price has just been reduced to $679,000. This unit is listed by Preferred Properties (that's where I work, but this is not my listing). The listing Realtor describes this property this way:

"Bright desired Harbour Place unit in the Heart of Old Town Key West, with 10ft ceilings, two large bedrooms, two and 1/2 bathrooms and a beautiful open living/dining area. Great private community pool overlooking the Gulf. Deeded Covered Parking. Excellent income unit."

You can view radiant sunsets and the famous Key West waterfront from your personal balcony. This beautiful unit has been tastefully furnished so you can move right in and enjoy everything this property has to offer. ( The listing does not include the furnishings but says they are 'negotiable'.)

Harbour Place is a secure building located directly on the Key West waterfront. There is a large pool, beautifully maintained grounds, and designated covered parking and storage. One of the joys of buying the best is that you get things others don't have. The big sunny pool and the covered parking are great amenities. Nice cars last longer when they are protected from our hot sun. Oh, and the building has an elevator so getting up to the top floor is as easy as pushing a button. Living on one level and not having to cope with interior stairs can be a plus for the Boomers and their seniors. One more thing: this unit has a Transient Rental License should you choose to rent the unit. CLICK HERE to view the Key West mls listing database on this unit.

A retired Navy officer once told me that the United States Navy always, always takes the very best waterfront property for itself. Recall what I said in the first paragraph that this building was "the former U.S. Naval Headquarters". There are some really nice condos for sale in Key West right now, and a lot of them are priced at incredibly low prices. Unit No. 302 is priced to sell. The Harbour Place views and the location are un-paralleled in Key West. People from all over the world come to Key West and make the pilgrimage to watch sunset at Mallory Square which is a stone's throw to the right of Harbour Place. Most of those pilgrims just fall in love with the sunsets and the easy living in our little town. The new owner of Unit No. 302 will get to see those incredible sunsets every day. Forever.

I recently found the above photo taken in 1930. The boats were "working" boats and were likely shrimpers or Navy vessels. The Key West sunset, however, is eternal.

Sunset Key and tourist boats are recent props that distinguish our sunset from everywhere else

Don't miss the boat and pass up the opportunity to get this great unit before somebody beats you. To see this unit or any other property in Key West, please call 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.

901 Thomas Street - Old Town - Key West

The slow summer sales season is upon us. Sellers are re-evaluating their pricing strategies and some are reacting by reducing the asking price of their properties. Such is the case for 901 Thomas Street in the Bahama Village area of Old Town Key West. It was originally listed on March 23 at the asking price of $524,900. The price was reduced on May 23 to $509,900. Yesterday the price was reduced to $499,000. I have shown this property a couple of times and I really like it.


The listing Realtor describes 901 Thomas Street this way:

"Immaculate renovated one level cottage in the heart of Old Town in a lushly landscaped compound of three single family homes. 3 bedrooms 1 1/2 baths, shared pool with waterfall, outdoor shower and off street parking make this tropical paradise the perfect setting for a second home getaway or investment."

The home is part of a three home compound created about a decade ago. CLICK HERE to see 306 Olivia Street and CLICK HERE to see 903 Thomas Street. Each of the houses and the ground underneath are owned in fee simple, just as most home owners own their homes up north. The three homes share a limited common area that includes a bricked courtyard, garden and pool. The "condo association" maintains the pool and courtyard, but otherwise the individual owners are responsible for the maintenance, insurance, and taxes for their respective properties.

The bar and grilling area are part of the limited common area

The 'third' bedroom is currently used as part of the living area

This 993 sq ft home is super clean and meticulously maintained. It is currently part of a monthly vacation rental program. The formal entry is at side near the front. The living area extends to the far rear where the third bedroom is currently used as part of the living area. There is a full bath adjacent to the left. There are two bedrooms at the front of the house that share a separate bath. The kitchen pictured immediately above is the heart of this lovely cottage home. Not visible is a rear door at the right rear that exits off to the pool. The exterior of this house is crisp and clean. It has a 'new' roof and gutters and the place looks like it has been freshly painted. 901 Thomas Street is now offered at $499,000. CLICK HERE to checkout the Key West mls database on this house and to listing photos of this property.

901 Thomas Street is located two blocks from Duval Street and just one block west of the Ernest Hemingway House at 901 Whitehead Street. If you watch JEOPARDY, you would that Hemingway and Key West are frequent clues. One block to the north you will find two competing eateries, Blue Heaven and La Creperie which is a new addition to the corner of Thomas and Petronia. La Creperie is so cute and the food is good. Santiago's Bodega is one block further west on Petronia. Ft. Zachary Taylor State Park and the coolest beach in Key West is a five minute bike ride.

If you would like to see this sweet little cottage please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. 901 Thomas Street is a lot of house for the money. You owe it to yourself to take a look - with me!

The Rose Tattoo House - Key West

1421 Duncan Street (corner of Pearl & Duncan Streets) Key West

1421 Duncan Street as it appeared in 1965

The Rose Tattoo House at 1421 Duncan Street - Key West

The listing Realtor describes the Rose Tattoo House located at 1421 Duncan Street in Key West like this:

"Tennessee Williams' renowned movie, Rose Tattoo, was filmed at this house in 1954. This 1752 sf Conch cottage is ready for updating with high ceilings and good light. Currently configured with 3BR/1.5 BA plus a loft on the main floor, a bonus mother in law unit and a separate studio across the pool. Located on a lovely corner lot tucked behind hedges with lots of covered porches and gardens and off street parking."

The Monroe County Property Appraiser says the house was built in 1943. I question that date because we had a war going on at the time and everything was being rationed. But the record still says the house was built in 1943.

"...Conch cottage is ready for updating" is right but I don't know that I would mess around with this place all that much. A lot of my Realtor friends are tired of seeing the same sleek kitchens and stainless steel all the time. This place has a link to the past, and it would be a shame to make it into something it was never intended to be. The good thing is that this house already has lots of the features second home buyers are looking for. It may be possible for a new owner to upgrade without going overboard. A good architect and a competent builder should be able to give a new owner useful advice on what works and what needs updated.

Living room opens into kitchen

Guest cottage at pool's edge

Spacious side yard to the west

Tennessee Williams lived at the opposite end of the block and would
walk to watch the filming of the movie

CLICK HERE to view the Key West mls database on this property. It is now offered at just $615,000. If you would like to see this property, please consider working with me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

1433 Reynolds Street - Casa Marina Area - Key West

1433 Reynolds Street - Casa Marina area - Key West

Just when I think I have seen every house in Key West that is worth seeing, I find out that I am completely wrong. Thursday was Realtor caravan where local agents show their new listings to other agents to entice them to bring their buyers to see that particular new listing.

The listing broker describes 1433 Reynolds Street in Casa Marina area of Key West thus:

"This warm and inviting four bedroom and four and one half bath home has been lovingly renovated with the utmost attention to detail including a gated entry, grand staircase, custom paint finishes, hardwood floors, and wood beamed ceiling. The first floor living areas open through walls of glass doors to the outdoor porches, pool with waterfall, lush gardens and artist studio. The two-story master suite contains a loft office with private outdoor porch and full baths upstairs and down. The guest rooms each exude a unique Key West character. Located just steps from the Casa Marina Resort and Higgs Beach."

This home has a lot of street appeal. The yard is protected by a white picket fence and lots of trees and foliage soften the entrance. When you enter the home you are greeted a a friendly staircase to the left and open living areas to the right. Your eyes may peer down the entry hall and get a glimpse of the dining area to the rear. Each of the rooms evoke a sense of flair but also great informality. The extensive paint treatments are evident in every room. This is a place that needs no "fixing" because it ain't broken. Every room is done to perfection.

Formal entry with view of dining area at rear

Three above photos show the living area

Master bedroom suite as viewed from stairway to third floor office loft or "FORT"

1433 Reynolds Street is offered at $1,495,000 or $598 per sq ft for this 2500 sq ft (3 level) home. The lot is 4785 sq ft (about 97.5' x 448.75'). The Monroe County Property Appraiser says the house was built in 1928. It is located two blocks from Higg's Beach on the Atlantic Ocean. The famous Reynolds House is located next door to the south. CLICK HERE to view the Key West mls datasheet and more listing photos of this property.

Above aerial photo taken in 1970

I toured this house this past Thursday during Realtor caravan. I was seriously impressed. This is a place for comfortable living. Bedrooms area nicely separated and each bedroom is totally unique as are each of the baths. The master suite is on the second floor and it has an interior staircase to the third level office (which also has a bath). I remember telling another agent "FORT" as I descended the stairs. Kids or grand kids would love to spend time up there when it is not being used for more somber undertakings.

Real living goes on in the kitchen and dining areas in most homes. That is where the meals and made and families interact. Those rooms here are filled with whimsy and charm and pizazz (not pizza).

New but old fashioned kitchen just looks like home ought to look

Dining area with trompe l'oeil painted ceiling that resembles woodwork that needs painted - it doesn't.

Deck & Pool off to the right

The pool area is another marvel. You must cross a series of concrete piers that seem to float on water to get to the poolside cabana. There are ground level, second floor, and third floor decks that look down to the pool.

Poolside cabana on left

I took more photos which you can see if you CLICK HERE. Better than that, please call me, Gary Thomas, 305-766-2642, to schedule a viewing of this incredible property. Don't wait. This property has everything a sophisticated buyer wants. The listing broker told me the seller would consider selling the property fully furnished (minus some art work and personal items), but it is not offered furnished at the asking price. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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Care for a Double Dip?

Care for a Double Dip?

The AM political discussion today is the prognosis for a double-dip recession. The talking heads on morning TV do what they do best - they pontificate and the agitate. Republicans blame the Democrats and the Democrats blame the Republicans. And it seems to me that nobody does anything productive. The second most talked about issue on this date (and yesterday) is Congressman Anthony Weiner's alleged weiner picture. A close runner-up is Sarah Palin's upstaging of Mitt Romney in New Hampshire.

I will bet you that the discussion of a new potential dip in the economy will scare the beejeezus out of many potential buyers of real estate across the country. Too many people (myself included) get most of their information on what is happening from TV. I assume many watch or listen to networks or individuals that mimic their political philosophy and probably do not look for alternative discussions in other media. Networks and talking heads repeat the topic of the day (sometimes for days on end) and beat the topic into the psyche of any viewer or listener. That discussion becomes the basis for a current belief of what is actually going on. This belief may be true. But it could equally be just a theory that got repeated so many times that people believe it to be fact.

I am lucky enough to be working with some potential buyers who have not yet made the move to actually offer to purchase a property in Key West. Several have questioned "timing" and expressed concern about what will happen in the future. I understand that. Nobody wants to buy in a declining market and pay too much today what might be purchased in the future for less money.

I have written before and most likely will write again that what happens elsewhere in the United States does not necessarily happen here in Key West. While there me more and more new foreclosures being filed up north, the fact is that there are fewer new filings in Key West this year compared to last year.

There were 79 new bank owned properties in all of Monroe County between April 16, 201o to May 16, 2010. Only 18 were located in Key West and one of those was a weekly timeshare. During that same time period lenders filed a total of 93 new Lis Pendens (the legal document that gives notice to the world that a new foreclosure has been filed against a specific property). Just 25 of those Lis Pendens were for houses located in Key West.

During the 2011 April 16 to May 16 time period the number of new bank owned properties in all of Monroe County decreased to 21 and only 6 in Key West. New Lis Pendens filings for all of Monroe County also dropped to 47 with only 18 for properties located in Key West (with one timeshare included). Those numbers signify to me that the local real estate market has improved over the same time last year. The inventory of new bank owned properties has decreased and that should me bank owned properties will be less of a drag on the rest of the real estate market. The number of new Lis Pendens is less than before, but the new filings suggest that the market still has not recovered overall.

Several of the new Lis Pendens and new bank owned properties are for properties located at the Key West Golf Club and Las Salinas. Sales at the golf course have picked up over sales from two years ago but that has caused some sellers to maintain higher asking prices than they perhaps should. Presently there is a large inventory of unsold units at the golf course. If sellers really want to sell houses there, they need to meet the market. I have never shown a unit at Las Salinas and won't. I wouldn't want a buyer of mine to buy there.

Back in the hot summer days in the 1950s my dad would drive us over to the Dolly Madison to get double dip ice cream cones. I would always get two different flavors for just ten cents a cone. Nobody feared double dips back then.

CLICK HERE to search the Key West Association of Realtors mls database. If you are looking to buy a place in Key West please think of working with me, Gary Thomas. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Contact me at 305-766-2642 or by email at kw1101v@aol. Don't listen to the talking heads. There job is to pontificate and agitate. Think for yourself.

1203-1205 Von Phister - Casa Marina - Key West

Simple words can't do justice to the absolutely charming home at 1203-1205 Von Phister Street in the Casa Marina area of Key West. The listing Realtor describes the property this way:

"This wonderful 1940s house is owned by well known artist Debra Yates, who has transformed it into an irresistible and artful 3BR/2.5BA residence plus an 880 SF guest house. The main house has an open living room (with fireplace), dining and kitchen area and multiple sliding glass doors that bring the extraordinary gardens in. On an oversized double lot in the Casa Marina area, the gardens are designed with rare tropical specimens and lots of out door areas for living/dining and a beautiful 35' X 11' heated pool. The guest house has its own private entrance and high open beamed ceilings, great open spaces designed for easy living on two floors with views of the gardens and patio. Two off street parking spaces. Truly special."

I have ridden my bike past this property many times. It is set back from the street and appears almost hidden behind a large privacy fence. But it is the majestic tree canopy that nestles this home and provides privacy that almost makes the house itself disappear. When you walk in the front door you immediately recognize the distinctive flair of a Debra Yates home. While there is lots of geometry going on in this house, none of it is plain. Instead, the eyes search in multiple directions to see what area to look at and be impressed by. I kid you not, you can't wait to get from room to room to see what is next.


The main house and guest house have a combined area of 3185 square feet and sit on a large 9408 sq ft lot. I was surprised to learn that the property was actually built in the 1940s because it is so "modern" in its design. But the original wood floors that have been painted clued me in that which appeared new was old and that which is new appears bold. Yates did what I tell perspective buyers to do: she removed existing interior walls and reinvented the spaces for her use. She ripped out old style windows and added new floor to ceiling windows or sliders that bring much of the outside inside. She expanded living spaces by creating adjacent outdoor spaces that invite you outside.


I repeatedly tell perspective buyers that outside space is so important when buying a place in Key West because that is where we spend so much of our time. This place has multiple outdoor places to read, sun, drink or dine, or just to contemplate the meaning of living life.

Master bedroom suite with large adjacent sun deck

Outdoor dining area just off guest cottage

Poolside terrace in the foreground with additional outdoor dining area off the main living and dining areas at the rear

The guest cottage is itself a site to behold. The two story cottage has an office, bedroom and bath on the ground level and a full kitchen, second bath and living room-cum bedroom area (privacy curtain) on the second level where there is another deck. The guest cottage is fancier than many homes in Old Town. (Your guests may move in and never move out.)

CLICK HERE to checkout the Key West mls data sheet and to view more listing photos of this wonderful property. 1203-1205 Von Phister Street is offered at $1,795,000. If you are looking for a one-of-a-kind property like this, please call me, Gary Thomas, 305-766-2642 to arrange a showing. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.