Great Expectations - Great Frustrations - Short Sale - Old Town - Key West

1211 Margaret Street - Key West

Just listed, but not by me, 1211 Margaret Street in Old Town Key West.

The Monroe County Property Appraiser's website says the house at 1211 Margaret Street was built in 1938. That was in the Depression and just before the outbreak of World War II. I question the construction date, but who am I to question the government. See the photo below which shows what the house looked like in 1965.

1211 Margaret Street Key West as it appeared in 1965

The property was dramatically enlarged and thoroughly renovated after 2005 both on the inside and outside with the addition of a pool and pool house. In mid 2006 the newly renovated property was put on the market at the asking price of $2,699,000 or $1173 per sq ft. It did not sell. It was put back on the market in January 2007 at $2,295,000 and later reduced to $1,995,000. It did not sell. Now it is offered as a short sale at the asking price of $749,000 or $357 per sq ft. There must have been great expectations. There surely were great frustrations. Now this is a buying opportunity.

The listing Realtor describes this house this way:

"Beautifully renovated home in Old Town Key West. Enter into the large dining room and kitchen area. With high ceilings and open feel, this home is great for entertaining. Two bedrooms with extra storage and one and one half baths downstairs. Large master suite upstairs includes dual vanities, large glass shower and clawfoot tub, a walk in closet and private balcony. Bright living room downstairs leads out to the large deck, lush pool area and guest cottage also with a full bath. Located in the X500 zone and off street parking for two, this Old Town home is a must see!! This is a potential short sale transaction subject to lender approval."

1211 Margaret Street is a 2100 sq ft house that sits on a 4547 sq ft lot (46' x 107'). You may recognize the location because of its famous nearby neighbor: El Siboney Restaurant. The house has 4 bedrooms, 3 1/2 baths, large pool and that pool house. The location is within easy walking distance to the restaurants and attractions on upper Duval Street. The Atlantic Ocean is just as easy a bike ride-maybe five minutes. There are several nearby gyms and yoga studios, neighborhood eateries, and specialty stores on Truman and White streets.

If you are looking for a large home in Old Town Key West and would like to see 1211 Margaret Street, please contact 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.

419 Simonton Street - Old Town - Key West

419 Simonton Street - Key West - 2011

Preferred Properties (that's where I work but this is not my listing) just listed 419 Simonton Street in Old Town Key West. The listing broker describes this four unit investment property like this:

"Located in the heart of Old Town Key West, this beautiful historic building has four spacious apartments plus off street parking. The property sits on a very large lot with an amazing rear yard which has ample room for a pool and potential expansion. The downstairs rear apartment has a separate gated entry and features a large bedroom plus a den. It has glass doors that open to covered porch and a deck that overlooks the back yard. The front apartment is a 1/1 with an ideal front porch. There are two apartments upstairs, one with its own private deck. This property is great as is but could be enhanced for higher income. This is a great investor property or perfect for an owner/occupied with rental income."

Off Street Parking for two cars

When I toured this new listing I channeled Armistead Maupin's Tales of the City. I could envision some crazy Key West characters that would live in this old Key West house. It has been updated but much of the original funk is still in place. And that is why I found this place so utterly charming. The downstairs rear unit is perfect for an 'owner-user' who could be the Key West version of Mrs. Madrigal. The space is large and has a new kitchen and bath. The covered rear porch oversees the large rear yard and the adjacent deck with hot tub. There is an apartment in the front and two more units on the second floor. The front unit has a second floor front balcony to keep track of what is happening on Simonton Street. The rear unit has its own rear deck where the tenant can soak up the Key West sun. I swear whoever lives in this apartment will never leave. It is so cute. All in all this is a cute place that could transfer from present owner to new owner without a lot of new work being necessary. But the building and that huge rear yard could easily be a great renovation project. The asking price is $759,000.

The lot is an irregular rectangle of approximately 44' (wide) x 83' (length). There is room for a pool. This is a big property for Old Town both in size of building and lot size. The location does lend itself to several different uses. The Property Appraiser says the building is 2469 sq ft.

View from rear property line looking toward the building

Private deck off the second floor rear apartment

CLICK HERE to view more photos I took of the property. And CLICK HERE to view the Key West mls listing datasheet and to see the listing photos.

If you would like to see 419 Simonton Street, or any other property in Key West, please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

Buy Curious?

Do images of empowered women with big fish caught in Key West in the 1930's turn you on?

Do you get excited thinking about wrestling a 70 lb grouper into your boat?

Admit it to yourself: you are buy curious. You search the Key West mls and view websites like Trulia and Zillow looking for buying opportunities in Key West. You are reading my blog right now in hopes of finding your place in Paradise.

The biggest mistake I ever made in Key West real estate was not what I bought or what I did not buy. It was in taking too long to walk away from my life up north. I had thousands of excuses - mostly in the money I had tied up in real estate where I lived. I let that "investment" control my life for too many years. After I got loose from my albatross and had the cash, I took advantage of a buying opportunity that forced me to act quickly and decisively. I don't regret moving here for a minute.

I know a lot of readers spend a lot of company time checking out the mls on a daily if not hourly basis. When I am not showing properties I am normally online and make regular checks to see what just got listed or what property had a price reduction. I get phone calls and emails from some of you asking or commenting about changes in the mls. Some are so quick that I know the inquiring mind is spending company time looking at the mls. I guess that is better than getting tweets from your favorite congressman.
If you are Buy Curious CLICK HERE to search the Key West Association of Realtors mls database. If you see something that you like and are looking for a Realtor, 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.

Just Listed -1517 Washington Street - Casa Marina Area - Key West

1517 Washington Street - Casa Marina Area - Key West

Preferred Properties (that's where I work but this is not my listing) just listed this cute two bedroom house in the east Casa Marina Area of Key West for the asking price of only $425,000. At a price this low, don't expect this little bargain to be around for very long. The listing broker describes the house this way:

"This darling two bedroom home is sure to please! It's located on a pretty street within blocks from the beach and old town. A cheerful sun porch entry leads into the main living area. The kitchen opens to an inviting screened porch where one can enjoy the view of the tropical vegetation including fruit trees. The property has plenty of room for a pool and expansion. Easy to see!"

The house was built in 1963 so it has the architecture of that era. The slanted roof and jalousie windows give this house a distinguished look. Some may not like it, but others will embrace it. Much of the architecture in the Mid Town and New Town areas of Key West have similar features. Some buyers do blow-outs or tear downs and reconfigure and expand the living space. Others prefer to conserve money and fix that which is broken and update that which needs it. When money is tight, some new owners prefer to keep things simple and do low cost improvements rather than big renovation projects. This house could go either way in my opinion. This house has been perfectly maintained and will be just fine if left as is. Serious! It is old Florida.

1517 Washington Street is just 990 sq ft and sits on a large lot (4698 sq ft - 50.25' [width] x 93.5' [depth]). That leaves plenty of room for expansion of the house or the addition of a pool. This is one of the last remaining undone houses in the area. By that I mean most of the other properties have been renovated to some extent or rebuilt . And since many have been rebuilt that leaves "upside" protection for the potential buyer that may want to tear down the existing structure and build all new.

Many of the homes in this area have the familiar Casa Marina privacy fences. While the fences vary from house to house, most of these fences comply with the six foot height limit. Some have adorable gated entrances while others are more simple. Many of the front yards are densely landscaped while others are less so. These fences provide a privacy from the street and that allows the owners freedom to keep their windows opened to view the front and rear yards without concern about prying eyes.

CLICK HERE to checkout the Key West mls database and to view listing photos of the house. At the asking price of $425,000 don't wait too long. If you snooze on this house, you will lose it. This is a buying opportunity for someone that is ready to act now.

This house is within a few minute bike ride to Rest Beach and Higg's Beach to the south. Fausto's Food Palace is a couple of blocks to the north. The Island Gym is nearby as are many small eateries and coffee shops. Old Town is a fifteen minute bike ride or less. The airport is about five minutes by car. The three Key West shopping centers are also five to seven minutes on a normal day. And the Key West Dairy Queen is only a few minute walk on a hot summer night.

Higg's Beach as viewed from Salute on the Beach

Rest Beach as depicted in a vintage "Old Florida" post card

Fausto's Food Palace

More locals go here than the bars on Duval Street

If you are interested in buying this house or any other house in Key West, please consider working with me, Gary Thomas, 305-766-2642 or kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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820 Windsor Lane - Old Town - Price Reduction

Preferred Properties (that's where I work) just reduced the asking price on this utterly charming house at the corner of Windsor Lane & Poorhouse Lane in the Old Town area of Key West. But you won't be poor if you buy this house located at 820 Windsor Lane which is offered at just $425,000. The listing Realtor describes the property this way:

"Location & Charm. Two-story conch home on a corner lot in a great old town neighborhood, this property offers original historic details with an attractive floor plan: guest bedroom and bath are downstairs while the master bedroom and half-bath occupy the entire upstairs. Features include high ceilings, Dade Co. Pine walls & floors, spacious rooms and an open kitchen with breakfast bar. Front porch, a private deck and a bricked patio provide outdoor living. House is owner-occupied and all systems function, but it's rough around the edges and is a good candidate for a major renovation. Owner Realtor, not listing agent. Sellers are motivated and encourage reasonable offers."

In his book The Streets of Key West: a History through Street Names J. Willis Burke says Poorhouse Lane got its name because "a poorhouse was once tucked away there". I found another of those old photos that show how this property looked like in 1965. Poorhouse Lane is denoted by the unpainted vertical fence on the opposite side of the house. See the photo below. Now look at a similar photo I took in December 2010 looking in the same basic direction. With the overgrown trees and cars it is hard telling it is the same place. But it is.

820 Windsor Lane circa 1965 - Poorhouse Lane is denoted by the vertical unpainted fence

820 Windsor Lane as it appears in 2010 hidden behind the foliage

820 Windsor Lane is a two bedroom two bath home that sits on a good sized 40' x 50' lot just across the street from the Key West cemetery. St. Mary's Catholic Church is located two blocks to the south at the corner of Windsor Lane and Truman Avenue. Bill Butler Park is a short one block walk at the west end Poorhouse Lane. I must confess the City of Key West ought to spend more time and more money to maintain this potential gem.



The Historic Key West Seaport is a five or six minute walk to the north. I mention that not because a lot of potential buyers have boats or plan to go on fishing trips or sunset cruises, but because there are many great restaurants there. I love Harpoon Harry's for breakfast and a lot of friends are wild about the Half Shell Raw Bar.

You can walk to Duval Street in about five minutes. The fact is you can be just about any place in Key West within ten minutes by car. You can be most places in Old Town by foot or bike in about the same time. And it is that convenience that makes a location like 820 Windsor Lane so appealing.

Front room used as an office or second bedroom

Open living, dining and kitchen

Master bedroom and open bath

This home has a very Old Key West feel. All rooms are natural (unpainted) Dade County Pine walls, ceilings, and floors with all windows and doors painted white. The window panes are old and the glass has 'stretch marks' that show their age. There front room downstairs does double duty as an office/den and second bedroom. There is a full bath on main floor. The living room, dining area, and kitchen are one big open space with lots of windows. The master bedroom and an open bath occupy the entire second floor. There front porch has view of the Key West cemetery. The side and back yards are private and spacious.

CLICK HERE to checkout the current Key West mls datasheet on this property and to view more listing photos. Or you can CLICK HERE for a slide show of more photos I took of this property. Better yet please call me, Gary Thomas, 305-766-2642 to schedule a showing of this cute Conch Cottage. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

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.