Bank Owned Great House at The Sanctuary - Key West

205 Golf Club Drive - Key West

The Sanctuary at the Key West Golf Course is that special section reserved for primarily grand homes with great golf course views amid lush tropical foliage. Large iron gates separate The Sanctuary from the rest of the development. Once you pass the entrance you will see small lakes to the left and links to the right. Then the great houses come into view. Large homes line Golf Club Drive as it loops around to return to the gated entrance. Homes on the inside of the loop are referred to as spa homes. Those homes are a bit smaller in size, sit on smaller lots and have a spa type pool. No matter the size of the house, you know you are in a very special place that is just so relaxed and inviting. The street and the houses are picture post card perfect. Even if you are not a golfer you will say to yourself "I could live here!".


The house at 205 Golf Club Drive is Bank Owned provides an affordable opportunity as it is priced to sell at $452,000. (This house was initially listed at $499,900 and it has been peridoically reduced to the new price.) The house has 1600 sq ft of living space divided between two floors. Downstairs you will find a large open living area with a bank of French doors at the rear that open out to the terrace and pool below. And beyond that is the golf course view that is just "killer". The kitchen is located up front. It opens onto the living area so the cook can be a part of whatever is going on in the living area . A "bump out" addition with a pyramid ceiling is at the left rear. That space would make a great study, den, or guest room. (There is a guest bath on the main level as well.)

Off street parking for two cars and a picture perfect front entrance

Bump out den or extra bedroom above

Beautifully landscaped rear yard with pool overlooking the golf course

Upstairs you will find two bedrooms each of which has a door to the front second level porch. They share a bath. The master bedroom is at the rear and it has an en-suite bath. The master bedroom also has a vaulted ceiling and a set of French doors that open onto its own large second floor rear porch with views of the pool below and the golf course beyond. I can imagine sitting out there in the early morning drinking coffee and watching the birds wake up as the sun rises and the sky turns from gray to orange and eventually to blue. CLICK HERE to view the Key West mls datasheet on this property.

Both bedrooms share this second floor front porch

Master bedroom suite is at the rear

Enclosed rear porch overlooks the pool and golf course beyond

The Key West golf club community has two pools, a fitness center, and lush landscaping. While the houses here are relatively new (205 Golf Club Drive was built in 2000), the densely landscaped streets and Conch style homes give this community the appearance as being of an earlier era.

Everybody wants a bargain these days. Some people think they can get a bargain by buying a bank owned property where they can work and spend money to fix it up and make it livable. Some bargain. Some fun! This home needs a new refrigerator and a washer & dryer. This house has so much to offer and the price is competitive with two bedroom one bath condos at the Shipyard in Truman Annex which the same developer built. Those condos are about 1000 sq ft less in size. This property is a bargain in my opinion. It is close to Key West but it is far enough away to appreciate the distinction.


If you would like to see this Bank Owned home or any other property in Key West, please contact me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

918 Southard Street - Old Town - Key West

Just listed by Preferred Properties, that is where I work but this is not my listing, 918 Southard Street Unit #204 in Southard Square Condominiums. The listing Realtor describes the property like this:

"Southard Square Condominiums are the best kept secret in Key West. Centrally located in the heart of Old Town, the lush tropical grounds and over-sized swimming pool are immaculately maintained. Unit 204 is a two-story condo with two balconies overlooking the pool and grounds. The eat-in kitchen, living room and guest bath are located downstairs. The master suite has a private bath, adjoining sitting room/study and a sunny porch. This listing will listed for a short time only. Act now."

Southard Square Condominiums was built in 1987. It is a good, stable condominium community which has mostly owner occupied units. There are a few units that are rented as vacation rentals (as is unit 204). The listing agent tells me the association is healthy (meaning there have not been foreclosures or short sales which have plagued other condo developments in Key West.

The club house or community room

There are just 16 units in this phase at Southard Square. The buildings are each a bit different as are each of the units. No cookie cutter community here. The units share a big beautiful sunny pool plus a nice little club house. There is a large wrap around deck to follow the sun or shade. Each unit has an assigned off street parking spot.

Window above is the sitting niche

View from main level balcony off the Living Room

Unit # 204 viewed from across the pool

Unit #2o4 is located on the second floor of the east building. It has 1200 sq ft of living space on the second floor and third floor combined. The main floor has a guest bedroom and bath located near the front entrance. A hallway leads to the kitchen with extra high ceiling that rises to the roof. The combined living and dining area are at the rear. Sliding doors open onto the covered balcony that overlooks the pool off to west. A beautiful spiral staircase leads to the master bedroom and bath on the third floor. A "bridge" leads from the bedroom area over to a little sitting niche. The bridge looks down onto the kitchen below. A window from the niche also looks down to the kitchen and further into the living area. This place is pretty darned impressive.

View from Master Bedroom Balcony

Master bedroom with French doors that open onto private deck

The "bridge" from bedroom to the sitting niche

The best views, however, are from the decks off the living area and the master bedroom. Unlike some condo complexes (whose names I shall not mention nor infer) with decks that provide no privacy, you can lounge on either deck in your altogether and drink your morning coffee or nurse your favorite adult beverage. The views are so peaceful.

Southard Square Condominium Unit #204 is offered at $680,000. CLICK HERE to view the Key West mls datasheet and listing photos. Or you can CLICK HERE to view lots of pics I took.

Better yet, please call me, Gary Thomas, 305-766-2642 to arrange a showing for you. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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2 Hunts Lane - Old Town - Key West

2 Hunts Lane - Key West

2 Hunts Lane was just listed by Preferred Properties, that's where I work but this is not my listing. The listing agent describes this cute Key West cottage thus:

"Adorable turnkey Conch cottage on a very private walking lane in the heart of Old Town Key West. Steps from several great restaurants, shops and attractions,this home has been tastefully renovated and is full of Key West charm and color.The perfect tranquil vacation retreat, ready for the savvy buyer who enjoys the pleasures of exploring our unique Historic District. Move in, unpack and enjoy."

Hunts Lane is a walking lane as evidenced by the photo above. You will never see a Conch train nor trolley nor even an errant motorcycle on this not beaten path. There is only room for pedestrians and maybe a bike or scooter. The lane is maybe two hundred long at best. It dead ends so there is no place to go unless you are fortunate enough to live there or are visiting.

2 Hunts Lane is a three bedroom cottage of 1250 sq ft. No fix-up needed here. It is fit as a fiddle and ready for Key West easy living. The living area, kitchen and master bedroom and only bathroom are located on the main floor. Two more bedrooms are located on the second floor. There is no backyard nor pool nor spa. The cute front porch is the outside living area. All you need do is lock up the shutters and return up north when your season is over with in Key West. This perfect little Key West cottage home is offered at $489,000. CLICK HERE to view the Key West mls data sheet and to view more photos.

If you would like to see 2 Hunts Lane or any other property in Key West please contact me, Gary Thomas, 305-766-2642. Or send me an email at kw1101v@aol.com and ask me to send you a slide show presentation on this special property. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Don't let this little gem pass you by. It will sell quickly at this price.

Key West Real Estate 2011 Year End Assessment

Duval Street fifty years ago

A couple of months ago I lamented over the horrible summer we had in Key West real estate sales. I know there are a couple of agents who have perpetual smiles glued to their faces because of all the sales they had. But for the rest of us, the sales this past summer were few and far between. Season started out great, but the year ended much worse than I expected. I decided to see how it ended by comparing recent sales years.

I did a very simple comparison of single family home sales for the Key West sales market (Areas 1 through 5 in our mls and totally excluded all sales in Big Coppitt Key). The comparison was for years 2009, 2010, and 2011. The results are shown below in a very simple graph. There were 250 single family homes sold in 2009 at an average price per sq ft of $341. In 2010 the number of homes decreased to 246, but the price per sq ft rose to $355. In 2011 there were fewer homes sold than in 2010 but again at the higher price per sq ft of $368. Sales volume declined 9.5% during the three years, but the average price per sq ft rose by 9.26%.

Perhaps a look at recent history will help us understand what happened in the world that may have affected real estate sales in the Key West area. You may recall an event in the fall of 2008 just a few weeks before the general election when the US economy nearly collapsed. Much has been written the late months in the Bush administration that almost brought the country into a second great depression. Putting aside who is to blame for what occurred, the fact is that vast segments of our society had their comfort level for future investing shaken. Many decided to take a wait and see approach to buying that Key West getaway until they perceived the time was safe.

The downturn in the real estate market did have a positive outcome. A great number of houses previously priced beyond the reach of many buyers were repriced downward. The lower prices made Key West real estate a better investment for potential second home buyers and also permanent Key West residents.

The fear of the future decline inhibited investment from 2009 through 2011. The economy did not rebound as heartily as it has after past downturns. Unemployment continued to be a drag on the overall psyche. Government inaction, political stalemate, and a lethargic economy caused many would be buyers from buying that lower priced property in Key West even though it was priced cheaper and financing was at an all time low.

If the bad news in Washington wasn't bad enough, the April 2010 BP oil spill in the Gulf of Mexico made things worse - especially in the Gulf states and particularly in Key West. Media reports of oil slicks hitting the Keys had a huge impact on Keys businesses here including real estate sales. I am aware of several contracts written before the spill occurred were cancelled because buyers feared their intended purchase would not be worth the price paid if the waters and beaches of the Keys were contaminated with oil. Many feared that blobs of oil would decimate our islands and our economy.

Tourism did not die, but it did not flourish like it had previously. After the oil leak was successfully capped, tourists returned to the Keys and spent their money. However, tourists first made phone calls to negotiate room rates at hotels and guest houses. Room revenues in 2011 made a strong rebound.

In 2011 the political rhetoric in Washington geared up for another Presidential election. The Do Nothing Congress did nothing. The Democrats blamed the Republicans and the Republicans blamed President Obama for everything wrong with the economy. The unemployment is finally declining. Buyers seeking a second home in Key West are not among the unemployed. However, second home buyers are still influenced by the lagging economy because it depresses the overall urge to buy.

In January 2012 there are less bank owned properties and fewer short sales for sale in Key West than in years past. I think our market area has stabilized or adapted to the economic climate. The unemployment rate for Monroe County is about 4.2%, and it is even less in Key West. Many locals have two or more jobs. We don't have a lot of new construction in Key West, because we don't have lots on which to build new homes. But we do have a lot of renovation occurring again. There are contractors all over Old Town and in the Casa Marina area working again. If you check The Key West Citizen or Craigslist for Key West rentals, you will find very few available. That scarcity of rentals makes what is available more expensive. And I guess that is a good thing if you own rental property in Key West. I'm not sure renters like those economic realities so much.

There has been a flurry of new listings and new sales during the last couple of weeks in December and the first week in January. The buyers are back and they are buying up the few properties on the market. Buyers follow trends. If buyers see houses in Key West selling again, I think we could see a spike in the home sales over the past three years where sales declined. I also anticipate that the price per sq ft on home sales will continue to rise.
Most experienced Key West Realtors know that before the insane Key West real estate price hikes of the mid 2000s that Key West real estate sales appreciated about 10% per year on an year over year basis. The decline changed that. But if you look at the trend from 2009 through 2010 you will see that maybe, just maybe, the old 10% appreciation factor may be back in play. As Martha Stewart would say "It's a good thing!"

628 William Street - Old Town - Key West

628 William Street - Old Town - Key West

Just listed, but not by me, 628 William Street in Old Town Key West. The listing Realtor describes this beautiful Key West home this way:

"This gorgeous property is located on one of the finest blocks in Old Town Key West. The two bedroom, two and a half bath home includes an office overlooking the pool and an additional den which can be used as a third bedroom. The main level has a formal entry, powder room and large open great room with French doors to the pool, landscaped yard and loggia, perfect for alfresco dining or entertaining. The spacious master suite includes an abundance of closet space and a custom designed bath with enormous walk-in shower. The second bedroom is roomy with lots of windows and ensuite bath. Additional amenities include wood floors, surround sound, off-street parking and a wonderful large front porch overlooking beautiful William Street."

The Monroe County Property Appraiser shows that the original house (pictured below in the black and white photo) was built in 1928. It appears the newer renovations were done in the late 1980s. The facade is much different and the interior are most certainly different than original. The main level floors are dark and set off the bright white trim to perfection.

Photo from 1965 shows the original facade

Note the addition to the left where the studio was added

French doors on left and rear lead to the pool and loggia

Steps on left lead to the studio built above the pool

Stunning view from the studio or office

I doubt there is another home anywhere like this in Key West

628 William Street has 1524 sq ft of living space and sits on a 44' x 69' lot (2931 sq ft) on one of the best blocks in Key West. The white picket fence, bricked off street parking, and tropically landscaped front yard fortell the beauty beyond the facade. CLICK HERE to view the Key West mls datasheet and to view all of the listing photos. 628 William Street is offered at $1,039,000.

William Street looking north

Charlie's Grocery is located at the corner of William St at Windsor Lane. 5 Brother's is located a couple of blocks to the east. The Historic Key West Seaport is located four blocks to the north and Duval Street is four blocks to the west. There are great restaurants within a five to seven minute walk like Michael's or Seven Fish.

If you are in the market for a large home on a very good block in Old Town, you must see this home. If you are not working with another agent, please consider contacting me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

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