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Thursday, December 29, 2011

That Was The Year That was in Key West Real Estate

The end is here in Key West

I thought it would be fun to recap some of the properties that I wrote about in 2011 to see the price that was paid. I did not sell these properties. A photo of each property appears immediately below the address which appears in a blue address link. Click the address link to the particular blog so you can see what I wrote.

1012 James Street was a delightful small house with a pool and off street parking located across the street from Keys Energy. Asked $625,000 to start and then reduced to $535,000 and sold at $475,000.

233 Southard Street in the President's Walk addition to Truman Annex as hot property from the day it got listed. I think I showed it three times and some other realtor was there each time I showed the place. It was offered at $599,000 and sold at $562,500.

212 Angela Street was another really hot property. I wish there were more houses like this, and I wish I could have got one of my buyers to act quickly enough to buy it. This property was listed for sale on February 6th for $450,000 and went under contract five days later. The sale closed on April15th for $445,000 or 99% of asking price. I had several email and phone conversations with potential buyers who said they would think about it or would wait to look when they finally made it down to Key West on their annual visit. I told them at the time this property would not be available that long.


I called 817 Pearl Street the Love Shack and named it so with the kindest intent. The place is small but ever so cute. It truly was a love nest if ever I saw one. A lucky buyer snapped up this adorable cottage that was offered at $250,000 for just $220,000.

I invited readers to become my neighbor by purchasing 1424 Whalton Street in the Casa Marina area. The property was listed at $1,475,000 and sold for $1,375,000 or 93% of asking price in just 67 days on the market.

I referred to 1107 Fleming Street as an "old house" because the interior spaces reminded me of the compartmentalization apparent in old homes built around the turn of the last century. I know that some present buyers won't even consider a really "old" house because of that factor. This particular place had a rich rich history, partly based on a former owner. The property was initially offered for sale in February 2010 at $1,750,000 and reduced to $1,250,000 and eventually sold in June 2011 for $980,000. This was a really big house and somebody got a great property for a very good price.


I loved 405 William Street the day I first saw it in 1987. I made a lame-brain offer on it and two adjacent properties that were owned by a previous owner. My offer was summarily rejected. A lesson learned on my part. Years later I am the listing agent on the same house which has been wonderfully updated. The asking price was $999,000 when first listed. It is now under contract and awaiting closing in February. The buyers considered a recently built home that looked like a Conch house and then declared they wanted the real thing and not a "fake Rolex knock-off". I have heard similar comments from other buyers looking for a neat old house who won't consider new houses that are built to look like the grand old Conch houses.

623 Grinnell Street oozes charm. I expected the newly remodeled house would go under contract right away and it did. Something happened and it was back on the market. A few months passed. The house was offered at $995,000 and sold at $925,000 or 93% of asking price ($571 per sq ft).


I thought the Bank Owned townhome unit at President's Walk would sell quickly, and it did. I prophetically wrote "He who waits to listen to the paint peel will not get this bargain priced bank owned unit. If you want to buy this place, you need to act sooner rather than later." The unit was fully furnished, had a transient license, and was offered at just $470,900. It sold for $533,333 or 113.25% of the asking price. Smart buyers need to seize the day to seize the bargain. 550 Porter Lane needed some fix-up work and it needed a nasty old tree out back removed. Otherwise, this was a money-maker.

1327 White Street was another Bank Owned property. This time it was a big Conch house with a lots of nice features, a large pool, off street parking, but it was missing kitchen appliances. The house was offered at $995,500 and sold for just $925,000 or $383 per sq ft. That was a bank robbery.

405 Olivia Street sits across the street from the Ernest Hemingway House. It was Bank Owned and was initially offered at $450,000 then reduced to $410,000. It sold at $381,000 or $276 per sq ft. It had a good sized lot but it needed a lot of work on the inside. I showed it several times and each time I did I gained an appreciation for the amount of work and money I thought it would take to fix the ills of this old place.

1505 Pine Street was one of several The Meadows of Key West homes which were listed by Preferred Properties. A lock bank foreclosed on all of the unsold homes. The homes were originally built to be sold at $1,695,000 to $1,995,000. All became Bank Owned. 1505 Pine Street was offered and sold at $825,000 or $505 per sq ft. These units were terrific buys. I think the buyers that bought here made very smart purchases.

I often write about homes in the Casa Marina area. The house at 1203 Von Phister had some of that special Key West magic that makes certain houses so damned interesting. This house was offered at $1,695,000 and sold for $1,550,000.

901 Thomas Street was one of three homes located in a small Key West compound offered for sale during the past year. The houses share a common pool and a small rear courtyard area. Otherwise, the houses are owned in fee simple. The house itself was adorable and had a successful history as a legal vacation rental. It was offered at $499,000 and sold at $450,000.

1001 United Street is a newer Key West house that needed a bit of updating. It was offered at $537,000 and sold for $500,007 or $316 per sq ft. The house was huge and a little different than what most buyers expect. The buyer got a good deal in my opinion.

One of my favorite houses to sell this past year was the former Bank Owned bungalow at 830 Simonton Street. A couple of Key Westers bought the place from a local bank. They did some necessary repairs, dolled the place up, and sold it for a profit. The sellers' asking price was $749,000. The property sold at $675,000 or $561 per sq ft for a lovely home. Great deal in my opinion.

The short sale at 735 Poorhouse Lane created a flurry of interest. The house was cute and had lots of potential. It needed some work but the asking price was certainly affordable: $469,000. The place sold at $415,000 or $409 per sq ft.

1114 Varela Street was another short sale, except it had something special that is not available in most homes: a transient rental license. This place was really cute and was initially offered at $700,000 and then reduced to $575,000. It sold at 550,000.

Another Bank Owned house at 912 Windsor Lane garnered lots of attention. The place was a royal mess. Still, I thought it was a terrific property for a buyer that wanted a fixer in a great location with lots of upside potential. The house was offered at $299,900 and sold for $310,000 or $238 per sq ft. Remember, this place needs major work!

911 Grinnell Street was yet another Bank Owned houses that was offered for sale at a terrific price: $399,900. I submitted an offer for a buyer. He did not get the property. He offered more for the same house a year earlier when it was a short sale. It sold for $450,100 0r 112.55% over the asking price or $347 per sq ft. The house has some locational issues but it is a great buy for a nice house with a pool in Old Town.

1006 Southard Street is a nice two bedroom two bath home located with a great location. Unfortunately, it sits behind another house, it has no parking, and it needed some work. It was on and off the market for several years and listed at varying prices - the top being $909,000 in 2007. After a succession of agents, it was listed at $575,000 and reduced to $499,000 and sold at $475,000.

319 Grinnell Street was another Bank Owned houses with lots of woes. I don't quite understand why so many would-be buyers think that bank owned is equivalent to 'good deal'. I used to manage bank owned real estate sales years ago. There is normally a good reason why properties become bank owned: either the property has something wrong with it or the owner has something wrong with his or her head and can't get a damned deal completed. Some owners are so pig-headed that they lose property that they think is so special. If it is ruining one's life it ain't special. It is a burden. The house at 319 Grinnell Street had lots of 'issues' that the City of Key West Code Enforcement should be aware of. The house was listed at $299,500 and sold at $308.059 or $326 per sq ft for a major fixer. The house and location have a lot of upside.


1025 Elgin Lane was such a good deal. It sold in a flash. It was a Bank Owned 'condo' offered at $249,900 and sold at $262,000 or about 105% of asking price. I had several potential buyers call on this. They wanted to offer less than the asking price to make the deal sweeter. I explained that the property was a condo by legal definition because of some shared common areas but the other condo was a similar single family home that was converted into a condominium to share the common outside area. I managed to get one buyer to finally offer full price. It was like pulling teeth. He did not get this great deal. Deals like this often have multiple offers and it is usually the buyer who offers the highest price and who has the least contingencies that gets a deal like this.


731 Waddell Avenue created quite a stir. The owner purchased it a year earlier as a short sale for $900,000 in October 2010. He got a wonderful new house at a bargain basis price. Opportunities became available away from Key West, and the owner put the house on the market in October 2011 for $1,425,000 and sold it in 21 days for $1,200,000. That is a $300,000 in exactly one year of ownership.


The little Bank Owned cottage at 626 Samaritan Lane was another big hit as far as interest goes. It was offered for sale at just $119,00. There were more than 10 full price or higher cash offers. The property sold for $165,000 or $308 per sq ft or 136% of asking price. The place had no kitchen, no bath, nor any finished interior space. It is located behind the Bourbon Street Pub which means I hope the new owner has ear plugs.

I wrote about 507 Amelia Street a couple of times over the past two years. I think it was initially way over priced when listed for $1,025,000 in 2008. The house had an extra large and sunny lot, off street parking for two cars, and excellent location just off Duval Street, and it was zoned to accept a value transient rental license. Smart buyers pounced when it was repriced at just $479,000 in July 2011. It sold for only $401,000.


Last month I wrote about six new condo listings at 616 Caroline Street. A smart one bedroom offered at $425,000 just closed at $415,000. Two other units are under contract. Three more are left. This, in my opinion, is the best buy in Key West right now for the buyer that wants a turn key place that can be rented occassionally to make a few bucks to help defray ownership costs. It beats the competition big time.

In the past couple of weeks I wrote about 811 Carey Lane, 920 Cornish Lane, and 1025 Thompson Lane. All three are now under contract.

People are buying houses again. And not just short sales or bank owned properties. Local banks have money to lend. Interest rates are still at historic lows. There is not a lot of inventory of houses for sale. If you see a place you really want to own, don't make a lame-brain offer that has no chance of being accepted. Make as clean an offer with the least number of contingencies to make your offer more acceptable to a seller.

If you are hoping to buy a place in Key West 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. in Key West. Let me help you find your place in Paradise.

Tuesday, December 27, 2011

The Key West Garden Cottage

The Key West Garden Cottage is located at 526 Southard Street, just steps east of my office. It is owned by Dominique Barrera and Laurie McChesney (both of Preferred Properties). A couple of years ago they converted the former real estate offices into a shop that could offer one of a kind items for home or garden including fountains, lattice work, benches, mirrors, fences and gates, as well as hard to find or limited editions of special home and garden items that you will likely not find anywhere else. There are also vintage and new treasures for the home or garden. And of course there are gifts and mementos unlike the kind you'll find at a dozen stores on Duval Street.

Come by, sit down, relax, converse. You are sure to find something that you absolutely cannot live without.

Starting today all holiday items are 50% off the regular price. If you aren't in town right now, make a note to stop by on your next visit and mention that you read about The Key West Garden Cottage in my blog and you will receive 10% off your next purchase. Hours are 10:00 AM to 6:00 PM daily. Or shop online at Key West Garden Cottage.

And if you want to buy a house to go with your new found treasures, my office is located steps away at 520 Southard Street in Old Town Key West.

Monday, December 26, 2011

1021 Johnson Street - Casa Marina Area - Key West

1021 Johnson Street - Casa Marina Area - Key West

1021 Johnson Street is located on one of the best blocks in Key West, just a one block walk to the Casa Marina Resort and the Atlantic Ocean is only to blocks to the south. I found an old aerial photo taken of the area in 1970 that shows the edge of 1021 Johnson Street. You will note that the house is located just a couple of blocks north of the great Atlantic Ocean and Higg's Beach. The Casa Marina Resort is just a block to the west.


The house was originally constructed in 1958, but it has been updated several times over succeeding years. It received the 2006 Historic Restoration Award. For those readers who were born sometime around 1958 I am sure you are delighted to know that people of your era are now deemed "historic".

1021 Johnson is a big ranch house set back from the street and surrounded by a large privacy fence. The house has lots of room for either a local family or for a second home buyer who wants a lot of space for family and guests.

The living areas have large open spaces with terrazzo floors and flying ceilings. The master suite is located at the east rear of the house. That space is extra large. It has immediate access to the pool. There is a nice sized second bedroom at the east front which has its own bath. The house has rare double garage on the west side plus two large guest bedrooms above. The pool is sunny and inviting - a must for you sun worshipers. The covered lanai offers respite from the sun. CLICK HERE to view the Key West mls datasheet on this property which is offered at $1,995,000.

I was driving some potential buyers through the Casa Marina area last week and took them past Louie's Backyard and Salute Restaurant on the beach. Louie's is high-end and expensive. Salute is cheap. Both serve good food and both are located about five to seven minutes away by foot from 1021 Johnson. Several gyms and yoga studios are located about six blocks away. Good food and a place to work off the fat nearby. What a winning combination.

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

Saturday, December 24, 2011

813 Eaton Street (Rear) - Old Town - Key West

813 Eaton Street (Rear) - Old Town - Key West
The one story house that sits near the end of Caraballo Lane (located north of Eaton between Margaret and William Streets) was built in 1889. I dug into the old shoe box and found a photo taken in 1965 that shows the clean lines of this old house.

813 Eaton Street Rear is near the end of this slow Key West lane

813 Eaton Street (rear) as it appeared in 1965

As it looks in December 2011

I decided to interrupt Christmas Eve festivities in case any house shoppers are looking for a last minute Christmas mark-down. This may be the one you have been waiting for. The asking price was just reduced from $650,000 to $499,000 for this two bed two bath cottage style home located on a large "irregular " lot (91'x54' or 4596 sq ft). I can't say I consider the price to be a bargain, but this house has a lot of the features second home buyers want and now the asking price is in the price range that may make it more attractive.

The listing Realtor is Maya Thomas (no relation to me and she asked that I mention her by linking the mls photos and the virtual tour). She describes the property this way:
"Spectacular lot, incredible location. Quaint wrap around porches frame this whimsical and romantic gingerbread Conch cottage. Papaya, banana, coconut palm, noni, orange and lemon trees. Lovely Old Town neighborhood between William and Margaret. Relaxing retreat just around the corner from the historic seaport, orange and gold sunsets, tall ships, great food, tasty drinks and lively entertainment. Walk or bike to everything fun and interesting. Just 2 blocks to Duval Street art and culture. Excellent location for fun-lovers. Beautiful wood floors, huge side yard, nice sized back yard. Peace and serenity on this private lane is more country than city. Parking too!"
I showed this property a couple of times. I appreciate the value of this location that is near everything and yet seemingly hidden away at the same time. The lot is big enough to accommodate a nice sized sunny pool. There is easy access to install a pool so the cost should not be a big deal.

The house itself has been updated, but I think a new owner will do as most new owners do and that is to do some painting and remodeling to make the space fit the new owners' style. CLICK HERE to view the virtual tour which shows the interior quiet well (let the tour load for about one minute).

If you are looking for a sweet cottage style home located at the end of one of the slow lanes of Key West you might want to take a look at 813 Eaton Street (Rear). I hope you will call me, Gary Thomas, 305-766-2642 to arrange that showing. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Friday, December 23, 2011

Home Buy Chirstmas #10 - Old Town Key West

1011 Eaton Street - Old Town - Key West

Wouldn't it be lovely to open the front door and welcome your friends and family to this wonderful Key West home next year at Christmas? You can. It is offered for sale this year. The listing Realtor describes 1011 Eaton Street this way:
"This beautifully renovated home was once a Rumrunner's house. It still retains much of its original character with Dade Pine walls and hardwood floors and a handsome wood staircase. The upstairs master suite includes a separate office space, large walk-in closet with additional storage. There are two bedrooms each with a bath on the first floor plus a separate office. French doors open from the kitchen and breakfast area to the covered dining and sitting porch. There is a heated pool with lounging area, spa jets and waterfall. The rear gazebo is perfect for reading or relaxing in a hammock. There is covered gated parking in the rear off Thompson Lane. This home is located just one block from the Historic Seaport."
I recently showed this property and was totally 'taken' by the relaxed and welcoming style of this very charming home. The house has 2064 sq feet of living space divided evenly between first and second floors. The lot is deceptively large from the front because you only see the crisp white picket fence from the front. After you open the front door your eyes are immediately drawn past the French doors at the rear of the house toward the pool and garden beyond. Egads! The rear is just amazing!

Some of the biggest gripes of many potential buyers include the small size of bedrooms, or bathrooms, or the pool being too small or too shady, or the yard too overgrown, or there is no parking. That is not the case here. The rooms are spacious. Each bedroom has its own large bath. The front yard is perfectly dignified. The back yard is spacious and sunny. There is even covered off street parking. CLICK HERE to view the Key West mls datasheet on this property that is offered at $1,285,000. Or, CLICK HERE, to view more photos I took of this great property.

If you would like to see 1011 Eaton 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, Florida. This could by your home by Christmas in 2012 and you could be enjoying the holidays here instead of the cold north.

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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