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Friday, October 7, 2011

405 William Street - Old Town - Key West

405 William Street - Old Town - Key West

The two story house located at 405 William Street is located on one of the very best blocks in Old Town Key West. Some of the most historic and architecturally significant homes are located on this block. And this home is one for the books. The listing Realtor (that's me!) says this about this home:
"Classic Key West bungalow with sawtooth additions in one of Old Town's best blocks. Original portion built before 1889. Currently configured as a renovated duplex with two 2-bedroom legal apartments, has HARC approved plans for conversion back to a single-family showplace. Well-maintained with off-street parking and a large lot -- plenty of room for a pool. Great opportunity in the heart of Old Town. Downstairs rents $2200 upstairs at $1800, tenants pay electric & water. Tented 2011."
405 William Street is a two-story renovated duplex. That will cause half the readers to stop reading. But wait! There is more. Before it was made into a duplex it was an awesome single family home with truly unique and grand features that would lend itself to being taken back to single family. Or, the home would make a great second home with legal year round guaranteed rental income from the nicely appointed second floor two bedroom apartment.


The main living level is totally unique to Key West and any other house I have ever seen. You enter through a formal entry hall that leads to either of the two bedrooms or two baths or to the living room, dining area and kitchen beyond. The master bedroom has larger than normal crown molding that set off the high ceilings and formality of the room. Two sets of French doors provide passage to the front porch to watch the denizens of Key West pass by. There is a large master closet and en-suite bath. The second bedroom is also large so you do not get that squeezed in feeling so typical in many older Old Town homes. Another set of French doors opens to the front porch as well. But it is the living room with its arched ceiling that will make you stop and look in awe. The petite French doors in the dining area lead to the exterior porch that overlooks the bricked courtyard and spa area. The recently updated kitchen is at the far end of the house in a saw tooth addition so familiar to Key Westers. The vaulted ceiling and designer touches yank the kitchen right into the 21st Century.

Master and second bedrooms open onto front porch for great people watching

If you are seriously considering buying a large home in Old Town, you really must look at this property. It is a large 1982 sq ft home on a very large 4642 sq ft lot. The existing rooms are good sized and efficiently laid out. If you were to convert the property back into a single family home, the renovation would eat up part of the existing space configuration, but the location of the house and the size of the house could justify such a renovation. There is room for a substantial swimming pool in the lightly landscaped rear and fenced yard. I like to tell prospective buyers that you cannot "grow" property. You normally have to try to buy land from a neighbor. That can be tricky and expensive. But 405 William Street has this huge unused space behind the kitchen waiting to have a pool added. And there is off street parking for two cars to boot. Finally, the roof is new and ready for several more decades of Key West sun. CLICK HERE to view the Key West mls datasheet on this property. The asking price is the best part -- just $985,000.

Off street parking for two cars

This is one of the sweetest homes in Key West. The location is about a two minute walk to the historic Key West Seaport and perhaps five minutes to Duval Street. Please call me, Gary Thomas, 305-766-2642 to schedule an appointment to see this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.




Thursday, October 6, 2011

3720 Northside Drive - Short Sale - Key West

3720 Northside Drive - Key West

The new Short Sale listing at 3720 Northside Drive in Key West looks like a real bargain to me. Seriously. This is a good sized family home in a great family neighborhood. The listing Realtor describes the property this way:
"Well built home located in one of the most desirable family neighborhoods available in Key West. This 3/3 has everything that you would want in a house. Convenient to shopping centers and schools makes this home a must see for the client who is raising a family or planning on starting one. This is a potential SHORT SALE transaction subject to lender approval"

The house was built in 1969. The public record shows several upgrades and a pool were added in 2004. The asking price on this property is just $455,000 or $218 per sq ft for a 2092 sq ft home. This is well worth looking at quickly. It ought not last long at this price. CLICK HERE to view the Key West mls datasheet on this house.


CLICK HERE to take a Google view of the neighborhood. Move the cursor around to check out the other houses in the area. You will appreciate the cleanliness of this area. 3720 Northside Drive sits at the corner of 18th Terrace. The corner lot is a slightly irregular 60' x 100' or 5960 sq ft lot. CLICK for a Google aerial perspective.

If you would like to see this house or any other property in Key West 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. Like I said, this one is worth looking at.

Tuesday, October 4, 2011

1125 Washington Street - Casa Marina Area - Key West

1125 Washington Street

I've told you before about the joy of living in the Casa Marina Area. The streets are wide, the yards are big, the trees are tall, the houses are usually much larger than those in Old Town, the beach is only a couple of blocks away, and most important of all, it is normally a very quite and laid back neighborhood. Just as Old Town sells more quickly than other areas, Casa Marina sells more quickly than any area other than Old Town. And it offers proximity to the Atlantic Ocean that Old Town does not.

The White Street Pier

The new listing at 1125 Washington Street is located half a block west of White Street which runs north and south and ends up at the White Street Pier five blocks to the south. Most of the properties in the Casa Marina area are single family homes. There are a few town homes and condominiums, one motel, a world famous waterfront hotel (The Casa Marina Resort), and a couple of apartment buildings of which 1125 Washington Street is one.

The listing Realtor describes the property this way:
"Rare Casa Marina Multi-unit Home. This Home Consists Of 3 Separately Metered Units, A Stand Alone Cottage (1 Bed/1 Bath) And One Lock Out Efficiency. Great Rental History With Good Long Term Tenant's. Great For The Owner Who Wants A Return On His Home. Price Per Square Foot Is One Of The Lowest On The Market! This Home Is Listed Below Appraised Value."
The public records show this property was purchased in 2004 for $1,150,000, but it is offered at $650,000. It is not offered as a short sale. CLICK HERE to view the Key West mls datasheet on this property.

The tax records show that this property has 6 bedrooms, 5 baths in a 3538 sq ft of FLA living space on a 44' wide x 112' deep (4973) sq ft lot. The Key West mls data sheet says there are 6 bedrooms and 5 baths and three city non transient rental licenses. Additionally, the square footage of the is only shown to be 2108. Property records are sometimes inaccurate. I think an accurate appraisal would establish the true living area which I suspect is larger than the mls states, but it may not be as great as the county record show. Irregardless, I think the value of this property is not in the number of occupational licenses or bedrooms or bathrooms , but rather is based on the location and the ability to transform an early 20th Century home into a wonderful Casa Marina home with a pool located on a large lot in a great Key West neighborhood.

1125 Washington Street as it appeared in 1965

A somewhat similar Old Town bungalow that has been recently renovated

Compare the basic house shown in the black and white photo to a similar house in Old Town that was recently renovated and sold. The lines of both houses, except for the front porch on the renovated house, are quite similar. I think the renovated house is just stunning in its simplicity. There is plenty of room inside the renovated house where that owner managed to add a pool and also get off street parking on a much smaller lot.

The house at 1125 Washington Street by contrast has what look to be several additions over the years that created more rental space. The house reaches back to near the end of the lot where a smaller cottage with another living unit is located. The east side of the lot is one long parking strip for tenants vehicles.

I envision two different scenarios for this property, neither of which involves maintaining the property as rentals. Under the first scenario the new owner would raze the current buildings and build a new single family home and add a pool at the rear. A similar in fill house was built next door at 1123 Washington Street. It sold in February 2010 for $1,100,000. A new house might cost $400,000 or so to build on the lot at 1125 Washington. In my opinion prices in this area support this kind of investment even in these difficult days. (I live in the immediate area and bought a duplex located next to my house. I got permission to raze it. The cost was about $18,000 in total. I got rid of an eyesore neighbor and gained a lot of lot usage. )

Under scenario number two I would gut the interior of the main house and redo it. I would take down the rental room addition at the rear. I might add a nice front porch (similar to the one shown in the color photo) to give the house a more welcoming appearance. I might save the cottage at the rear and convert it into a guest cottage with a bedroom and bathroom only. I would add a pool in the space occupied by the present rental rooms. There is still room at the right front for off street parking. I would finish the renovation with a white picket fence and gated driveway and landscaping for privacy.

There are four single family homes in the Casa Marina area for sale priced under one million dollars. There are seven price above that price point. The demand for houses in the area is always there, but there are properties priced under the million dollar threshold. That is why I see 1125 Washington Street as a buying opportunity.

I realize the listing Realtor is offering 1125 Washington Street as an investment property. An investor may want to buy this property because of the location and totally dismiss my vision of what could be done with the property. The place stays rented.

If you would like to see this property or any other property in Key West, please call 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, Florida. I live in the Casa Marina area and love it.





Friday, September 30, 2011

Bank Owned - Old Town - Key West

Entry to 213 Truman Avenue #C

213 Truman Avenue #C is Bank Owned

The very cute little house at 213 Truman Avenue #C sits to the rear of the white picket fence in a compound of four Key West houses that share a simple gated pathway. 213 Truman Avenue #C was built new in 2007. Now it is Bank Owned and looking for new owners. The listing Realtor describes this little charmer like this:
"Brand new in 2007. The home is in great condition. Two bdrms and two full baths up. 1/2 bath down with open kitchen/living area opening to a wonderful large private deck. Wood floors through out. Central a/c. This home is located in a compound of 4 single family. REO property. Offers responded to within 24 to 48 hours homes."
The house sits at the rear of a four unit compound. This property is the largest of the four units, and it is the only two bedroom unit. Each house is owned in fee simple (owner owns the house and land upon which the house is located. They share only a common walkway.) The three other units are one bedroom homes with approximately 580 sq ft of living space in each unit. The houses are basically arranged two up front and two to the rear. This property sits at the left rear. The neighbor to the rear is the Hutchinson Lane Compound, a compound of four Old Key West houses that share a combined common area. CLICK HERE to view the Key West mls datasheet and to view the listing photos.

213 Truman #C has 1083 sq ft of living space. The living space on the main floor is very open. There are windows on either side and French doors at the rear which gives the living space an open feeling. The two bedrooms are located on the second floor. The front bedroom has an en-suite bath and large walk-in closet. The second bedroom is located at the rear. It has a separate full bath. Both bedrooms have dramatic vaulted ceilings as you can see if you CLICK HERE and to view a small slide show of this property. There are nice views from the windows on the second floor.

The rear deck is large and spacious. The neighbors to the rear are further removed from the property than the photo below shows. This is a nice sized outdoor private space with plenty of room and lots of sunshine. Having outdoor space is one of the main reasons people buy a place in Key West. Imagine what you could do with this space.


213 Truman #C is offered for sale at just $329,900. That is just $305 per sq ft for new construction-not remodeled. If this house were located on the east side of Duval Street it would be priced much higher. You know that and I know that. If you are looking for a bargain in a Bank Owned property, this may be the place you have been looking for. Please call me, Gary Thomas, 305-766-2642 to schedule a showing of this great property. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Thursday, September 29, 2011

Misconception - Key West Real Estate

As I get older the more I thought I knew becomes blurred. Partly because my memory isn't what it used to be (true), and because things that I grew up believing are true no more. I really did believe in the Tooth Fairy. I really believed in Santa Clause despite the protestations of my big brother otherwise. When Officer Goody came to my grade school and told my classmates about safety, I believed all policemen were good. I believed, for example, that my government would never lie to me. Life taught me that sometimes others say things that are not true: some say things that are not true with good intentions; some make untrue statements because they know not better; some say falsehoods because it suits their needs. The mind is a fertile place to plant a seed of misconception.

The talking heads on TV, the people that write the gibberish we see on our Internet service provider email home page, the blog writers that pontificate TAO of anything, all say things that are not true, sometimes. They plant the seed of misconceived truth in our minds and we let it grow and sometimes turn it into a truism that governs how we look at the world.

I never got mad at my parents for deceiving me about the Tooth Fairy. I still recall the excitement of going to bed at night waiting with expectation that the Tooth Fairy would come and take my old tooth and leave me a dime. Maybe I would wake up and see Her. What a present!

Besides telling me there was no Santa Claus, my big brother told me I was adopted. If one were true, the other must be true as well. I thought. I idolized my big brother. Why would someone I trusted so much tell me something that was not true? I questioned. This is not an insignificant matter for a child or an adult.

It seems like every TV channel has some guru that spouts politics, sports, lifestyle, or news 'information'. We listen. We believe what they say is true because they are on TV.

The big newspapers are now online and many of the great and not so great writers have blogs where they discuss issues of the day in more depth. News and Opinion get blurred. What someone writes in the New York Times or The Wall Street Journal must be true, mustn't it?

I recently learned that school text book authors pen educational texts based on the preferences of local school boards. I guess science and history aren't viewed the same these days as they were when I was a kid. Classics like Huckleberry Finn get revised with the hurtful word 'nigger' removed. Revising the words revised the intent of those words and that changes the context of the book. Maybe it makes the old south and the way white people treated black people not seem so bad. Maybe there are two sides to everything. Or maybe not.

I worked for the Resolution Trust Corporation from 1990 to December 22, 1993 when I moved to Key West. The RTC was the short lived government agency that cleaned up the savings and loan debacle of the first George Bush administration. Every month, quarter end, and year end we would all scramble to put together numbers to show how productive we had been. Government agencies (even like the RTC that had its sunset destiny determined when it was created) have to justify their existence. Statistics theoretically prove progress so part of our ongoing job was to create statistics. I worked with some really smart (I mean really! smart people) and I loved my job. I worked with some incredibly incompetent fools as well. Many of those fools were 'lifers' at the FDIC that were on loan to RTC. They brought their governmental largess with them. They relied on rules and procedures and resisted flexibility and speed. The smart guys won and the statistical accomplishments were noted. Since I was a part of the information gathering, I can say that I doubt if all the information that was disseminated was totally accurate. Later, others would use those statistics to make a political point about what had (or had not occurred). Seeds of misconception were planted. I am sure the last George Bush administration and the current Obama administration required or requires government employees to create statistical data to support whatever it is that the administration wants to prove.

Today we watch TV or read news items or blogs that discuss the housing market or real estate. Some stories on TV or in the press or blogosphere focus on specific locations like Las Vegas, Sacramento, Detroit, or Miami. Other times talking heads on TV and writers of all ilk write about the housing market as a whole. They regurgitate the government generated statistics about sales or new construction starts as an indication of a national trend. People who listen or read may conceive that what they hear or read is also what is happening nationally and where they live or maybe where they may want to buy a place, like Key West.

A state official recently spoke to the Key West Association of Realtors and mentioned the 'shadow' inventory of un-foreclosed mortgages the banks are withholding. I watch TV and I read that dribble. At least one elected official bought into it. Maybe there are two or three or maybe hundreds or even thousands of elected officials believe it. Perhaps millions of normal everyday people believe it. Where is the source of this information and how reliable is that source? And if the statement that banks are withholding filing massive numbers of new foreclosures is true, are those foreclosures spread out across the country or are there specific areas that may be more forcefully impacted by lots of new bank owned properties? The mind can conger up all kinds of scenarios about what could happen.

I have written several blogs that discuss the local Key West sales statistics and the number of new bank foreclosure filings that start the process of taking a house away from its owner. Sometimes the foreclosure process takes just a few months. Sometimes it can take a few years depending on whether the owner hires an attorney and files an answer denying the mortgage is in default. A foreclosure action filed in August 2011 may not be resolved until 2013 or later. Or it could be over with in early 2012. The legal system takes its time to adjudicate each and every foreclosure. That means we will continue to see new bank owned properties hit the Key West mls for several years. Again, it does not mean we are experiencing a continuing calamity. Instead, it is a logical end to a process that was started either months or even years earlier. Don't let your misconception of the process control your understanding of present day reality.

The same is true for short sale listings. Even though the Key West real estate market has begun a recovery, there are individuals who can't take the pressure any more and have decided it is time to sell. Many good houses are now available at greatly reduced prices from the mid 2000's. Some short sales get concluded within a matter of a few months. Some banks are getting very proficient in getting problem loans off their books. Other short sales drag out for months on end. Often the failure to get a short sale approved is a function of a seller or short sale negotiator that does not provide timely or correct information to a lender. Furthermore, there are now loan sharks that bought second mortgages at huge discounts that are demanding sometimes outrageous amounts to approve short sales on mortgages they would never foreclose. Their aim is to create havoc to get what they want. They often achieve their goal and drive up the price of a short sale just enough to piss off everybody. The short sale as a process will be around for quite a while despite a recovering market. It does not mean the market is deteriorating; it reflects the reality of dealing with properties not being worth as much in the present day as when they were purchased.

I think most of us have our share of misconceptions about a lot of things in life. Sometimes people tell us things in the media that may be true or partially true or false. We may believe what we read or hear based on the source of the information. If we can't have universal facts about science or history in the text books or revisionist literature that teach our children, how can we avoid developing misconceptions about 'facts' that get disseminated via the media and the Internet? My only suggestion is to have an open mind and question what you hear and read.

Tuesday, September 27, 2011

On the Waterfront - 11 McCoy Circle, Key West - Short Sale - New LOW Price


If you are looking for a Key West getaway with waterfront views, private dock, newer construction, and located near Old Town, you might want to look at 11 McCoy Circle in the Flagler's Landing Condominiums. There are just 13 units at Flagler's Landing which were constructed in 2001. Only a few have changed ownership since the development was built, so you may not have heard of or even know of its existence. The aerial photo above shows the location just off North Roosevelt Boulevard in the Hilton Haven addition to Key West.

Unit 11 noted with the X

Private outdoor patio with covered parking behind

Unit 11 has a private boat slip

The two story unit sits to the west of the development which arcs from northeast to southwest. The main living level is located above covered parking and a large outdoor semi-covered patio that looks toward the water.
The kitchen, living room and half-bath are on the main level. The west wall is a bank of sliders that open onto a deck that overlooks the water. A separate deck on the backside looks toward the community pool. An intricate custom built wooden spiral staircase winds from the living level to the top floor bedroom level. Each of the two bedrooms has a separate bath. Unit #11 has 1103 sq ft of living space plus the second level deck off the living room and generous ground floor patio.

(Photo taken when the unit was occupied by previous owner. Now vacant.)

The kitchen now

The monthly condo fee here is $434 which includes Exterminating, Building Exterior Maintenance, Building Insurance, Common Area Maintenance, and Pool Service. The fact is that there have been only a couple of resales in this entire development in the ten years life of Flagler's Landing. That means the association is strong and financially stable.

I wrote about this unit a couple of months ago when it was offered for sale at $515,000. The home owner association is now the legal owner of this unit. Unit #11 is now offered for sale as a short sale at the asking price of just $349,500. Instead of me trying to persuade you about the obvious value of this unit, CLICK HERE search the Key West mls to compare this unit that is located directly on the water's edge and that has its own boatslip with other condominium developments in Key West. You will find lower priced properties, for sure, but not with direct water view or boat slip or both.

Photo dated 1921 shows Flagler's Landing in background

If you are looking for a place with a real waterfront location that is offered at a reasonable price, you just may want to call me, Gary Thomas, 305-766-2642 to schedule a showing of 11 McCoy Circle in Key West. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Monday, September 26, 2011

Bank Owned Unit - Key West by the Sea

The asking price on this 1221 sq ft three bedroom two bath bank owned condominium unit at Key West by the Sea just got a lot better, just $264,300. The listing agent describes the unit like this:
"BANK-OWNED! Spacious ground floor three bedrooms,two bath unit with private patio ready for your personal touch. The unit is completely tiled. View from living room opens to lawn and pool. Key west By The Sea is located on 8 acres, across from Smathers Beach, with two large swimming pools, one heated, two tennis courts and club house. Just minutes to airport and Duval St."

Southernmost Pool at Key West by the Sea

As foreclosed units go, this falls into the mid-range. It needs some cleaning and a fresh paint job. But other than that, it looks ready to move into. A new owner might want to update the kitchen and replace the tiled floor and maybe landscape the private patio. But neither is necessary.

Patio faces the pool which is about 100 feet away

One of many Orchids on a trellis near the big north pool

Units at Key West by the Sea come in various sizes and different locations. This is a ground floor unit at the far north end of the complex. It has south facing views from the living room and two of the three bedrooms. The back (or entry side) is located just off the parking lot. The assigned parking space is just a few feet from the door. You won't get a sunburn in the hot sun or soaked in a rainstorm walking the few feet from your car to your home. And the largest of the two huge pools is located perhaps 100 feet further to the south. If you have a little dog, the location is perfect for you and your pet. You can get your tanning and other business done without having to use the stairs or elevator.


This is the pool closest to the unit
Parking just steps from your door

Key West by the Sea is meticulously maintained. There is an on site manager. There are beautiful walkways between the buildings, the pools and other common areas. I spotted hanging orchids all over the place. There is plenty of security as well. All entries are gated and locked. Oh, and the Atlantic Ocean is across the street. World famous Smather's Beach is across the street.

CLICK HERE to view a slide show of photos I recently took of this unit. And you can CLICK HERE to view the Key West mls database on this unit.

Monthly fees are $457.48 and include building insurance, building exterior maintenance, common area maintenance, pool maintenance, security, exterminating, and cable tv.

If you would like to see this unit 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. in Key West.






Disclaimer

The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.
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