173 Golf Club Drive - Bank Owned - Key West

173 Golf Club Drive - Bank Owned - Key West

The cute little 806 sq ft two bedroom townhome at 173 Golf Club Drive at the Key West Golf Club is back on the market, but it will probably not be there for long. The listing broker describes the property this Bank Owned way:

"This 2 bedroom / 1.5 bath townhome is located towards the end of Golf Club Drive closest to the Club House. Home has newer laminate floors in the bedrooms and staircase with tile in the main living area. Property has a front porch and back porches with an upper balcony that overlooks the front yard. This listing is move in ready and priced right."

The first floor space combines the kitchen, dining, and living areas. A half bath is located on this level. A large rear deck overlooks the small backyard. This is a good space for someone who does not want a yard to maintain. Upstairs there are two good sized bedrooms, both of which have vaulted ceilings. They share a single bath. There is a very nice second floor balcony off the master bedroom at the front. It has views of the fairway across the street. This unit is the second to last unit before entering The Sanctuary. That means you will not be hearing traffic all day long.

View from the front porch with partial view of fairway across the street

Master bedroom has vaulted ceiling and a balcony

I sold twelve units at the golf course in the past two years. I've seen some really nice properties and some that needed a lot of work. This unit looks pretty good to me with the exception that the exterior trim around the windows will need to be replaced and there is some minor drywall repair that needs completed. Otherwise, this is a nice little property that is priced to sell at just $192,299 or $23954 per sq ft. CLICK HERE to view the Key West mls datasheet on this unit.

I took photos of this unit yesterday. You may view a slide show if you CLICK HERE. I did note features on the photos that need attention. But you can see for yourself how darned cute this place could be if decorated. The unit won't work for you if you need a grand golf course view because the view from the back is only of trees. But that view probably is the reason this unit is priced so low in comparison to other units at the golf course.

If you are interested in seeing 173 Golf Club Drive or any other unit at the golf course, please call 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. Be 'fore' warned, this unit will go quickly.

Compound Investment in Key West

1027 Howe Street (corner of Howe at Julia Streets)

If the harbingers of doom and gloom haven't spooked you out of your mind, the compound at 1027 Howe Street in the Bahama Village area of Old Town Key West may be worthy of your consideration. When times are tight and people don't know what is going to happen next, probably the last thing they want to think about is making an investment in income property. There are enough talking heads on TV, bloggers, and other know-it-alls telling the rest of us what the S&P downgrade of America's credit rating means for the economy. The wild ride on Wall Street has got to spook anybody with any significant amount of money invested there. Wall Street thrives on turmoil because they always make money when the market goes up and when it goes down. They make off of people who panic and people who into rising markets. (I know that is an over simplification, but it works for my purposes.)

A reader who chooses to remain nameless recently commented on the woes of buying Key West real estate. Instead, he or she suggested that people reading my real estate blog buy silver. That's a great idea. Go to bed at night and sleep on your bars of silver. Snuggle in comfort next to the cold hard shafts of metal. Silver can bring extra comfort to you on the cold nights in February when you let it grow warm next to the mantle. In the hot months like July and August you can chill silver in the freezer for a couple of hours and then put the bars in a back pack which you can take to work or on short trips. The cold metal can help cool you down for a couple of hours. Yes, silver can be your friend and it can be a good investment too.
Or you may choose to buy a property like 1027 Howe Street for about half of what it sold for in 2004which the listing describes this way:

"Private compound in old town, completely fenced,large lot. Main house downstairs is a 1 bedroom ,1 bath, living room, kitchen, wrap around porch, dade pine walls, wood floors high ceiling, beautiful space. Upstairs is a 1 bedroom, Living room, bath, kitchen, upstairs front porch.Seperate 1 bedroom, 1 bath guest cottage.huge outdoor living space, room for a pool, and more. Potential short sale"

Here are the details: The Monroe County Property Appraiser shows the property was purchased in October 2004 for $1,100,000. The Monroe County Property Appraiser's website shows that three residential addresses have been combined into one new legal description which as three buildings with a total of 1374 sq ft of living space situated on a 65'x80' (5133 sq ft) corner lot. The three original buildings at this location were destroyed by fire around 1970 so what is there today is of more recent construction.

This property just might work for that buyer that wants a private living space plus reliable monthly income without huge property management fees. I can envision a new owner keeping one unit for personal use and then renting the other spaces until such time as the owner decides to move to Key West full time. Typically one bedroom units rent for about $1200 per month (more or less depending on other amenities). In the future an owner may want to reconfigure the current two story two units into a single family residence and use the cottage for guests. There is room for a pool and gardens. CLICK HERE to view the Key West mls datasheet and to view listing photos.

1027 Howe Street is a short sale that is offered at $575,000 or $235 per sq ft. My experience has been that asking prices on short sale properties are negotiable just like market sales. Several months ago I wrote about another listing across the street at 1026 Howe Street. That property is still for sale, and it is still offered at $439,000 or $439 per sq ft. That property is a single family that was updated. I think a dollar for dollar comparison may show 1027 Howe Street as being a darned good opportunity on a price basis. Just below see some photos of the neighboring houses in this block. The City of Key West is progressing on the redevelopment of the Truman Annex waterfront park just a couple of blocks to the west. There is public housing a couple of blocks away. So you can view this location as being located in a nice neighborhood with a promising future or you can be dismissive of the area entirely.

1031 Howe Street

Southwest corner of Howe at Julia Street

1026 Howe Street referenced above as a comparison property

1015 Howe Street on the northeast corner of Howe at Julia

If you have an interest in a compound like 1027 Howe Street, consider the value of owning a property that can be purchased now at a reasonable price which could throw off income during the short term and which ought to increase in value in the long term. If you would like to schedule a visit to this property or any other property in Key West, 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. Why think of sleeping with a piece of silver when you could sleep in Key West.

1800 Atlantic Penthouse Condo - Key West Waterfront

Recently listed, by not by me, 1800 Atlantic Unit C 439, which overlooks the Atlantic Ocean. The listing Broker describes the unit this way:

"Top floor unit with stunning views down Smather's Beach, vaulted ceilings and a transient rental license. Great location within a great location! Enjoy all of the amenities for which 1800 Atlantic is so well known and generate income to help with the carrying costs."

Loyal Readers know that just about every unit at 1800 Atlantic is 1357 square feet and has a nearly identical layout consisting of two bedrooms, two baths, eat in kitchen, shared dining and living areas, and a killer balcony that extends the length of the unit so that each room (except the baths) as views. The location, Dear Readers, is one of three factors that dramatically effects the pricing among units for sale. The two other factors are whether the unit has been updated and whether the unit has a transient rental license. Few buyers want a bad location or inferior view. Some buyers want perfection from the 'get go' while others are willing to accept any property as long as the price is right. Some buyers require a transient license so they can rent a unit as much as possible when they are not using the unit themselves.

Top floor Smather's Beach view

Penthouse has vaulted ceilings that add volume to the living areas

1800 Atlantic Unit C 439 is a penthouse unit (meaning not only top floor but also that the unit has extra tall vaulted ceilings which add height and volume to the living room and bedrooms. This unit is the first unit off the ocean front. It has commanding waterfront views. Being second best works in this case. This unit has valuable City of Key West transient license which makes daily rental (every day of the year possible as opposed to a special Truman Annex transient rental license that has restrictions as to the number of weeks an owner can rent the unit on a transient basis). Finally, this unit is original which means the kitchen and baths are the same now as they were when the unit was built in 1984. In an age where almost everything must be 'new' to be good, being 27 years old may seem like it is less than perfect. That, Dear Reader, is not the case here. I have photos to prove it. CLICK HERE to see photos of this unit and the views. A potential buyer who wants a new kitchen or new baths or new furniture can get exactly what they want. It will cost a little more, but the new owner can get (and pay for) exactly what he or she or they want.

1800 Atlantic Condominiums have a loyal following of returning visitors. The ocean front location with the giant pool and spa and the surprisingly large gardens, tennis courts, and covered parking work well for visitors that have done the Duval crawl and decided they prefer the oceanfront location.

You or your guests can walk to Smather's Beach for a game of volleyball, a personal sail, or do some ordinary tanning in an extraordinary location.

Smather's Beach is next door to your home

No traffic, no parking, no problems

Or you can swim in your own pool or walk the beach outside the door

Photo during construction showing location of C 439 - Penthouse Floor

Here's the deal: This unit is an "estate sale". The penthouse location and view plus the transient license makes this unit a very desirable unit. Unit C 439 is offered at $498,000. CLICK HERE to view the Key West mls database on this unit.

If you are looking to purchase a property in Key West and have not yet found the right person to deal with, please consider working with 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.

Let's Buy a Guest House in Key West

Catchy name for a place to stay, eh! Maybe the GAYWAY MOTEL isn't your vision of the kind of guest house you envision owning, but I have a property that just might fit the bill. The Victorian House at 806 Truman Avenue in Old Town Key West is looking for a new owner. I think this place could "go gay" or stay "straight" and still be a good "buy".

The listing Realtor describes 806 Truman this way:

"***PRICE REDUCED*** Elegant and spacious historic home with three transient rental licenses. Great sitting rooms, formal dining room, five bedrooms, five full baths and two half baths including a beautiful 1/1 guest cottage. Dade County Pine, elegant architectural features, high ceilings and a new kitchen with high-end appliances. Wonderful outdoor lanai, separate heated pool and heated spa, off-street parking for two vehicles and lush tropical landscaping. An opportunity for a beautiful single family home or maintain as a vacation rental with great rental income. Property generated $175,000 in gross income in 2010. The Victoria House is an Historic Gem in the heart of Old Town Key West."

Here are the basics. 806 Truman Avenue is now offered at $1,895,000. The main house was built in 1918. The total square square footage is 2651. The property measures 57'x175' or 5729 sq ft. Click GOOGLE MAP for a aerial perspective of the property and its proximity to Duval Street and other Old Town destinations. Use the toggle switch for a ground view as well. Then recall what I have written before about the value of location when owning a guest house in Old Town. A lot of first time travelers come to Key West without a room reservation. Owning a really attractive property that is easily seen by unprepared tourists could put extra money in an innkeeper's pockets on those few nights when all rooms are not reserved. This property is not offered "furnished", but I suspect it can be purchased fully equipped. There are just three transient rental licenses even though the property as five bedrooms. An owner could live on the property I suppose and give up significant revenue for 365 days per year. The better option would be to purchase two additional transient licenses to take full advantage of the earning power of this great property.

CLICK HERE to view a slide show of photos I took of this property a few weeks ago. I had shown the property when it was for sale several years ago, but I forgot how delightful. This place is in just wonderful condition. Every surface is clean. Really clean. I only noticed one area on the second floor rear deck that needs some wood repair. Otherwise, everything on the inside and outside is highly maintained. I was particularly impressed with the quality of the furnishings (which I noted are not included in the offering) and the fixtures in the bathrooms. Nothing is Home Depot "cheap". To the contrary, all fixtures are high quality and durable. The result is that a new owner will not have to be doing repairs. The third floor has a fire suppression system plus rear stairway to the ground floor for easy access to the pool or as an emergency exit.

There is another place in town that was for sale a couple of years ago. It was my poster child example of what I would not want to own as a guest house. It had a lousy location off the beaten path surrounded by low income apartments . It had no pool and, in my opinion, no charm. It appealed to low budget travelers. I often see tourists dragging their luggage down Truman heading toward that place. Maybe they arrived by bus. I'll bet they took full advantage of the coupons for budget dining as well. I can't imagine working all year long to spend one lousy week in a Key West when you could do just the opposite.


I can imagine being delighted at the prospect of staying at 806 Truman. Each of the rooms is different and delightful in its own way. Each room has a private bath, television, and lots of charm. Each has immediate access to a private or semi-private porch or deck. Being able to sit outside and dream about living in Key West full time is part of vacation therapy. I'm sure we have all dreamed of living in a favorite vacation spot. I know I dreamed of living in Laguna Beach, Palm Springs, LaJolla, the South of France, and parts of Italy. I had to "settle" on Key West and have never regretted it. The important thing is that guests have private outdoor space to relax and unwind.


I think the Victoria House could be a very good candidate for a conversion to a gay guest house and maybe a name change. It has a great location and all the amenities that would appeal to gay travelers.

While there are only five guest rooms, this place is not "small". The rooms are large and the entire property seems quite large. Nothing is cramped nor compromised. One does get the feel of being the guest in a grand large old home. And that, Dear Readers, is the point of staying at a guest house instead of a motel on the boulevard or an economy guest house off the beaten path.

CLICK HERE to checkout the Key West mls datasheet and to view listing photos of this property. This property is currently managed and rented as a single home with guest cottage on a weekly basis. Seeing the property requires advance notice and planning so that guest vacations are not interrupted. If you would like to see this property or any other property in Key West, please consider working we 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.

840 Olivia Street - Old Town - Key West

840 Olivia Street with two off street parking spaces

Even the listing Realtor says this new listing at 840 Olivia Street needs a little TLC (maybe short for Tools, Labor, and Cash) but he adds:

" Great location for a house you can move into tomorrow. Needs some TLC but has all the potential for a really nice home. New windows, updated appliances and new A/C units are some of the desirable features of the property. Off street parking for two cars and room for a small pool are definite pluses. Anyone interested in an Old Town location at a affordable price should seriously consider this property."

This property is a new listing of Preferred Properties (that's where I work but this is not my listing). I got to take some photos of the house yesterday and want to share my thoughts with you about this Key West property. I remembered the house from several years ago when I showed in while renovations were then in progress. That was at a time when everything in Key West was selling like hot cakes. It was a time when the demand for houses in Old Town was so high that owners started cutting big houses into smaller parts and turning them into condominiums. Those 'condo conversions' are today sometimes difficult sells. Most buyers want a real house that they can own outright and not worry about condo rules regarding pets or neighborly supervision of what one can do in one's own home.

I remembered this house because it is located across the street from the Key West cemetery and partly because it was not a total rehab. By that I mean the house wasn't jacked up and new piers added and made perfect. It did not get the Key West Conch cottage kitchen or designer baths or kewl pool. Instead, it got things that the basics including new windows, new siding, new storm shutters-all things that reduce windstorm insurance and minimize maintenance repairs. Maybe the prior owner-redeveloper got it right in deciding not to go all out on his then renovation. A lot of buyers refuse to even consider buying a house that overlooks the cemetery. I have people who refuse to look let alone think of buying any property with a cemetery view. So keeping the costs manageable and doing things that were necessary instead of everything one could do (and spend thousands of extra dollars in the process) may have made good business sense.

A few years ago I wracked my brain trying to figure out why so many houses on Olivia Street always seemed to be for sale. I thought and thought and then realized that Olivia Street is about the longest continuous residential street in the Old Town area. It starts on the western most edge of the Bahama Village section and then runs one-way easterly to the very end of Old Town at Eisenhower Drive. That's about 15 blocks. Below is an aerial photo of Old Town taken in 2006 that shows 840 Olivia Street marked by an "X".

I dug deep into the old shoebox and found a very ominous photo (below) of 840 Olivia Street taken back in 1965. Could the 'shinings' in the photo be denizens from across the street? The house was built about 1892 and got a second story sometime after 1965. I am confident our present day HARC would not permit such an addition today. I'm not saying it is bad, but it is not in keeping with the other one story Conch Cottages located on Olivia Street. That second floor and the added space helps give this house value but the historic integrity is missing. Sad face:(.

840 Olivia Street as it 'appeared' in 1965 complete with apparitions

This house has just under 2,000 sq ft of living space on two floors (1188 sq ft to be exact). Downstairs there is a good sized front porch where you can look over to the cemetery. You enter into a hallway that actually opens into the living room to the left. The result is lots of light in this space from windows in front, the left and right. The updated kitchen is at the back. A steep staircase takes you to the second floor. The master bed and bath are at the rear and two other bedrooms are at the front. They share a bath. There is a off street parking large enough for two cars and a decent sized back yard.

Living room

Recently updated kitchen

Master bedroom is at the second floor rear

Room for a Pool?

Rear side yard looking to the off street parking and beyond

This property is tenant occupied and rents for about $2400 per month plus utilities. A lot of locals live in shared living arrangements like this. A single person can pay $800 per month plus a a share of the utilities and get a clean place to live in a convenient location. Many locals do not have cars but instead rely on scooters, bikes, or feet. A buyer that is looking for a property that he or she or they could update sometime in the future for personal use should consider a place like this because you an buy it now while prices are still affordable. The place can throw off predictable income to service a new mortgage while you wait until it is time for you to redo the place the way you want.

A forever unobstructed view

CLICK HERE to to view the Key West mls database on this property and to view listing photos. You can see photos I took if you CLICK HERE. This property is offered at $474,000 or $399 per sq ft. The listing agent is out of town next week and I am showing this house for him. Please call me, Gary Thomas, 305-766-2642 to schedule an appointment to see 830 Olivia Street in Old Town Key West. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

307 Olivia Street - Old Town - Key West

Just listed, but not by me, 307 Olivia Street in the Bahama Village section of Old Town Key West. This is a sweet little house that is located on a quiet little one way street just two blocks from Duval Street. The listing Realtor describes this gem like this:

"Within a block of Hemingway's house, and close to all his Key West Duval Street haunts lies this special conch house. Charming, 2 bedroom, 2 bath, with a sleeping loft. Well kept and peaceful, with a great deck and beautiful trees, in addition to off-street parking. Bike or walk to all the wonderful restaurants, the beach or many attractions Key West has to offer."

The house has 1064 sq ft of living space on divided between two floors. The kitchen and living space are at the rear of this home. Two sets of French doors and several windows make this area quite bright and inviting. The master bedroom and bath are located at the right front and a smaller bedroom or office is at the left front. A second bath is also located on the main level. A stairway leads to the second floor loft that is used as a bedroom space.

The rear deck is nestled under a big canopy of trees. I think there is adequate room for a pool but the tree roots could be problematic in getting permission to build an in-ground pool. There is a bricked off-street parking spot.

Rear deck and a large backyard

CLICK HERE to view the Key West mls datasheet and to view more photos of this property that is offered at just $489,000.

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