1106 Pearl Street - Key West

1106 Pearl Street - Key West, Florida

Are you looking for a small investment property that you could turn into a retirement place in a few years? If so, you might want to consider the new legal duplex just listed at 1106 Pearl Street near Old Town Key West. This property is located one half block south of Bayview Park where a small Christmas village with miniature Conch Houses and Santa's Workshop spontaneously appeared after Thanksgiving.

Christmas Town at Bayview Park in Key West

The listing Realtor describes this duplex this way:

"This sweet duplex offers a 2/1 and a 1/1 plus den. It makes a great rental property but would also work well for an owner/occupier who wants rental income. Each unit has it's own yard space and privacy. Convenient location near HOB school and Bayview Park."

I dug into the shoe box and found an old photo of 1106 Pear Street which is shown above. According to the photo, 1106 Pearl Street was actually built in 1906. Compare that to the way the house looks in December 2011 with all the Key West foliage in front.

A new owner could clean up a lot of the palms and maybe brick that driveway and perhaps add a white picket fence. The property is presently a legal duplex. Both units have long term tenants who have been in residence for several years. The house itself has 1252 sq ft of living space and sits on a 40' x 90' (3668 sq ft) lot. The asking price is just $435,000. CLICK HERE to view the Key West Association of Realtors mls data sheet on this property.

If you would like to see this property 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.

846 Olivia Street - Old Town - Key West

846 Olivia Street - Key West - built circa 1908

846 Olivia Street in Old Town Key West was recently returned to the market at the new asking price of just $439,000 or $242 per sq ft for this 1871 sq ft home that sits on a 36'x58' lot. I found an old photo (above) of this old house (built in 1908) showing the way it appeared in 1965. The photo below shows a similar view in 2011. The listing agent says the building was originally a tobacco barn. The agent describes the current use this way:

"Truly an unique Key West Property with entrances on Olivia and Packer across from the Cemetery. Originally this was a Tobacco Barn which has been renovated with recycled materials. On the first level you have a living room, bedroom and a new kitchen with the newest energy saving stainless steel appliances, front porch and side porch. Upstairs there are two spacious bedrooms with a spa bathroom and a small terrace. There is off Street parking on the Packer side."

2011 view of 846 Olivia Street with off street parking

Note the mother-in-law's sitting porch

Main entrance to house is on Packer Street which also has a porch

The house is divided between the main house and what I'll call a mother-in-law suite complete with kitchen and bath. The main part of the house has a slick and sparse look that totally surprised me. The rooms are spacious and comfortable. The galley kitchen is 'arty' and minimalist. The stairs to the second floor seem to float. The two bedrooms and bath are located up there. The mother-in-law part of the house is located on the main level only. CLICK HERE to view the Key West mls datasheet and more photos of this property.

The house is located at the corner of Packer and Olivia Streets. CLICK HERE for a GOOGLE MAP view of the area. Packer is just one block long at this location. Olivia is a one way street that heads east on the south side of the Key West cemetery. Many folks won't consider a house that is located across from the cemetery. But they should. Homes on any side of the cemetery have great open skies views. And the neighbors are ever so quiet at night. There are no guesthouses, apartment buildings or commercial properties nearby so you won't have to fight for a place to park your car. The house has a parking space anyway.

If you would like to see this house or any other property in Key West, please consider calling me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

A Dream Come True - 920 Cornish Lane - Old Town - Key West

I was showing a guest house to a potential buyer last weekend. I told the gent that people that stay in guest houses sit on the front porch and dream about what it would be like to live in Key West. He replied "I did that this morning." Some people buy places that are in move-in condition. Others buy places and undertake a big renovation project to turn the dream into reality. Such is the case for the little cottage home at 920 Cornish Lane in Old Town Key West.


The listing Realtor describes this Cornish Lane cottage home this way:

"Extraordinary attention to detail made this ground-up restoration the winner of the prestigious Historic Florida Keys Foundation Ceramic Star for 2010, awarded to only the most meticulous of historic renovations. The quality throughout this exquisite Conch cottage will appeal to the most discriminating buyer who settles for nothing less than the very best. Main house has master bedroom with ensuite bath, a 2nd bedroom/office with no closet and a sleeping loft (square footage not included). The back yard has an inground water feature and a separate outdoor dining area along with wonderful landscaping."

Cornish Lane is located between Fleming St and Southard St on Grinnell

920 Cornish Lane

I wrote about the slow lanes of Key West a couple of months ago and mentioned Cornish Lane. There are only a couple of houses on this lane. It's a small lane. Few tourists ever venture down the narrow lane, but if they did they would see this absolutely charming cottage that looks like something out of a magazine. The place was recently totally renovated. So I doubt a new owner will have little to do as far as "fixing".

This 988 sq ft house is practically brand new from the foundation to the ridge cap as it was built to all current South Florida building codes and hurricane compliance. Everything is new in the house, with the exception of the Dace County Pine sheathing on the interior walls and sistered roof rafters. That includes new foundation piers (keeps the old wall straight), new framing using pressure treated lumber, hurricane strapping and tie down of structure into foundation piers, new metal roof, all new electric, plumbing, and HVAC, on demand propane hot water heater (I have one and it is great), plus interior features that replicate the historic style of the period. CLICK HERE to view the Key West mls data sheet.

Imagine sitting out back in the still of the night pondering the meaning of life while your friends up north are freezing their behinds off.

Azur is located on Grinnell at Fleming Street

Michael's Restaurant is the place for steak

If you bought this cottage home you would be located within easy walking distance of many local eateries. You could walk up to the corner of Grinnell and Southard to Five Brothers for your morning coffee or lunchtime Cuban mix sandwich. On Sunday walk half a block north to Azul (corner of Grinnell and Fleming Streets) and enjoy your Sunday Brunch with Key Lime Stuffed French Toast and Tw0-For-One Mimosas. That night you could walk over to Mangia Mangia for some cheap pasta or Michael's Restaurant for a great (but not cheap) steak. Cornish Lane is close to where you want to go but far enough away from the commotion on Duval.

920 Cornish Lane is offered at $735,000. If you are looking for a dream house and don't want to go through months and months of living through a renovation, please call me, Gary Thomas, 305-766-2642 to set up a showing of this lovely cottage home. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Turn your dream into your reality.

Fire Sales in Key West?

I haven't written about the status of house sales in Key West for a while. I've been up and then down on what is going on in the market. For me the real estate market took a vacation along with the rest of the country this past summer. Oh, I stayed busy and wrote several offers on places for different buyers, but the offers did not materialize into contracts or contracts fell apart for other reasons. I talked with other agents about what was going on. Most had a similar experience. Some boasted about how much business they were doing. Well, of course they were busy, they are the superstars of Key West real estate. But for the rest of us, this past summer has been rough. The sales numbers for November reflect the still down-beaten market.

There were ten single family home sales in Key West in November 2011. Two were bank owned houses and two were short sales. In November 2010 there were sixteen single family home sales with six bank owned properties and four short sales. 2011 is worse than 2010.

Key West had eight condo and townhome sales in 2011. Of those, five were bank owned properties and the other three were short sales. There were no 'market' sales.

Back in 2010 there were fourteen condo and townhome sales. Six of those were bank owned units and four were short sales. 2010 was a better year than 2011 in condo sales as well.

Distress rules the condo market. It's hard getting financing on condos but not impossible. The problem with condos is they were an affordable alternative to over priced single family homes in Key West. They got purchased when prices were higher. When the market collapsed condo owners who were full time residents and second home owners bailed out and refused to pay for units that were worth less than half of what they owed. Expect more condos to be for sale as either bank owned or short sales. Places like Shipyard, Porter Court, and President's Lane continue to attract new buyers. Units there tend to sell quickly if priced correctly. Others linger.

Their trucks are parked everywhere!

I don't want to sound like the prophet of doom and gloom because I am not. Buyers are back and they are buying up deals. The noise of contractors can be heard all around Old Town. Their trucks are parked everywhere. Buyers are buying and 'fixing' run down places and houses that cost a bundle. Take the bank owned property at 912 Windsor Lane. I wrote about it this summer. I had a lot of calls and emails. I told all potential buyers the place was a buying opportunity. I had one buyer fly down to take a look. Only he came too late. The property went under contract a couple of days before he arrived. That property was offered at $299,900, but it sold for $310,000. Some buyers think all bank owned properties can be bought for a bargain because the banks own too many places. Well, they do own too many. But they are not giving anything away in Key West. And there are a lot of buyers with cash looking for a deal in Key West. Don't think you are the only guy or gal with a wad of money who wants to buy a place in Key West. You are not alone.

There are a lot of buyers still lurking out there. Watching the mls on a daily basis. Looking for the best deal. Preparing to pounce. Looking for the fire sale of the century.

CLICK HERE to search the Key West Association of Realtors mls database. Search for the home of your future. If you see something you like, 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 sunny Key West. Let me help you find your place in Paradise.

3529 Sunrise Drive - Key West - A Blast from the Past, A Chance to Recast

Sherman & Peabody and the WayBack Machine

3529 Sunrise Drive - walled & gated and surrounded by lush gardens

The lovely home at 3529 Sunrise Drive in Key West was built in 1963 and incorporates many of the styles and trends of that era. I pulled out the WayBack machine and recalled these events that occurred in 1963: the Beatles record their first album Please Please Me in a single session; Betty Friedan published The Feminine Mystique which re-launched the women's movement; General Hospital and The Outer Limits debut on ABC and My Favorite Martian premieres on CBS, Leave It To Beaver ended-he grew up; Martin Luther King was arrested in Birmingham, Alabama for parading without a license and later issues his Letter From Birmingham Jail; Gary Thomas saw President John F. Kennedy in Berlin; the US, UK, and USSR sign the nuclear test ban treaty; Martin Luther King delivers his I Have a Dream speech from the Lincoln Memorial; instant replay was used for the first time during the Army-Navy game in Philadelphia; John F. Kennedy was assassinated in Dallas and three days later Lee Harvey Oswald was killed on live TV.

Events, styles, trends, fads, they all last for a while but many impact our lives for years or decades into the future. When you are young, you tend to live in the moment. As you get older, you learn that not everything in the world revolves around you. As you get much older, you may learn that what you do or say or think is of no consequence to anybody. That's sort of what happens to styles, trends and fads-they get ignored or displaced or even replaced. Styles that were hip become passe. Maybe that's why for many people buying a house in the Old Town area of Key West is so safe: old is always popular there. Even cherished.

If you are old enough to remember the 1960s you will recall the space race and the New Frontier. You will remember the forward thinking we embraced. Our TV, our culture, our furniture and home goods, and our architecture reflected the hopes and dreams as aspirations of that time. Some homes today still have fallout shelters that were built in the 1960s, a different and sad face of the culture of that time.

The home at 3529 Sunrise Drive incorporates many of the features of large suburban homes built during the early 1960s including multiple living levels, large rooms, vaulted ceilings, and large outdoor living areas. The listing Realtor describes the property this way:

" Everything you want in Key West living. Plenty of room both inside and out for entertaining or just relaxing with the family. Vaulted ceilings and large rooms make the interior exceedingly livable. A walled lot, lush landscaping, large pool and several covered outside seating areas along with offstreet, covered parking make this an ideal property. This is a home that you can live in tomorrow or add personal touches to create your own island oasis."

Formal entry

Living room with vaulted ceiling - located off the formal entry

Sunken dining room

Classic open kitchen with lots of cabinets and work spaces

Note the dial telephone and built-in radio!

Master bedroom with en-suite bath

One of several outdoor venues plus a lovely pool

3529 Sunrise Drive is a big house located a on a large lot on the east side of Key West. It is far removed from the hub bub of Old Town. This is a family area and this is a very nice family home that looks to be in very good condition. The house has 3378 sq ft of living space and sits on a 8937 sq ft lot. The lot is surrounded by a large privacy fence. There is a large electrically operated gate for entry to the covered parking plus boat storage area. CLICK HERE to view a slide show with lots of photos of this home. This property is listed by Preferred Properties, but it is not my listing. It is offered at $899,000. CLICK HERE to view the Key West mls data sheet.

If you would like to see this blast from the past, please call me, Gary Thomas, 305-766-2642 to schedule a visit. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Check it out and see how you could recast this property into the home of your future.

Pelican Landing - Key West Condo

Pelican Landing Condominiums - Key West

I have written about Pelican Landing Condominiums before. A couple of years ago I wrote about a penthouse unit offered as a short sale, and earlier this year I penned a piece about a bank owned unit. The short sale unit is still available, but the bank owned unit was sold. 915 Eisenhower Drive Unit # 302 is not afflicted by the stigma of being bank owned nor is it a short sale. Instead, it is a very nicely furnished two bedroom, two bath unit with a boat slip and a transient license that is priced to sell at just $399,500.

Living room

Master bedroom with en-suite bath

Second bedroom with en-suite bath is also a lockout for easy rental

View from the deck of Unit 302

Pelican Landing Condo Unit #302 has 1215 sq ft of living space plus a large balcony that overlooks the pool and grounds below and the boat slips that are just a tiny part of the Garrison Bight. The transient licensed unit has the advantage of having a lockout so an owner could rent one bedroom and still use the remainder of the unit himself (or herself). That feature provides a usage not available in most Key West condos. There is an on site manager that can rent the condo, but an owner can use any property management company.


CLICK HERE to view a slide show of photos of this unit. You will see that the unit is nicely furnished. This place is clean and as well maintained as any I have seen. You could move right in and not do anything. And everything you see in the photos is included in the sales price. The building has covered parking, an elevator, pool, spa, and boat slips and piers. Boaters might find this place an affordable alternative to buying house or condo elsewhere and then buying or renting a boat slip.

Each unit has the use of a boat slip

I did a quick mls search to find a comparable value under $400,000 for units with comparable features. CLICK HERE to search the Key West Association of Realtors mls website and see for yourself how this unit compares to other properties. There are a couple of nice units with transient licenses on Coral Way on Stock Island, but they do not have boat slips. Some Seaside units with transient licenses are priced around $100,000 less, but they are located on the far east side of Key West. There are some nice units at the Key West golf club, but they do not have transient licenses. You might have to pay $449,000 to purchase the least expensive unit at 1800 Atlantic Condos that has a transient license. And the least expensive transient licensed unit at Shipyard Condominiums is $449,000, but that unit is only 680 sq ft and only has one bathroom. Compare for yourself.

This unit is not my listing, but I would be pleased to show it to you. 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.