1021 Johnson Street - The 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 $1,890,000.

I often drive potential buyers through the Casa Marina area. We usually go 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 Key West.

1709 Washington Street - Key West, Florida

I recently showed some potential buyers the really charming house at 1709 Washington Street which I told my buyers was located in "the country".  Up north in America the term country evokes the image of wheat or corn fields, cows and chickens, and a quite pastoral lifestyle.  Down here in Key West country conjures up houses with big lots located on one of the side streets with no sidewalks and tropical landscaping in the area just east of White Street on the south end of the island.  We met the listing broker at the house and she shared with us a similar feeling about the location and this particular house as having a country feel.  In her listing, the broker describes 1709 Washington Street this way:

"This charming historic home features two bedrooms, two baths plus a large eat-in kitchen, high ceilings with crown moldings and a wrap around porch. There is a spacious covered porch that functions as an outdoor living/dining room and opens to the sunny decked pool area. Easy to see."

The single story home at 1709 Washington Street has 1017 sq ft of living space under air. It sits on a 52' x 94' (4862 sq ft) lot near the corner of Ashby Street. That's in the general area where Mid Town Key West begins. Most of the homes in this area are single family and most of those are owner occupied. The lots tend to be larger than Old Town so the density is much less in this area. This home is offered at $585,000.  CLICK HERE to view the Key West mls datasheet and to view more listing photos.

This home has a really nice back area with a semi-enclosed deck area with orchid garden. The pool is extra large and ought to remain quite sunny during most of the day. Buyers who like to actually swim in a pool will love this pool. And there is even an outdoor shower. Move to Key West and you will learn to really love taking showers under the sun or moon.

If you would like to see 1709 Washington Street or any other property in Key West, please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. in Key West, Florida. Let me help you find your place in Paradise.

Key West "Selling Season" - a Perspective

 For Sale By Owner in Key West

The traditional Key West Selling Season (the time period between Christmas and Easter) just closed. I realize that many contracts that were written before January 2012 actually closed after then and that contracts written in April may not close for another month or longer. This analysis looks at the total closed transactions between January 1, 2012 and May 1, 2012 in the single family and compares the results to the same time period in 2010 and 2011. I used the Key West Association of Realtors mls database which shows only transaction where Realtors represented one or both parties. Private sales were not included.  I also counted only sales from Key West to Stock Island as I do not consider the areas outside of Key West to be part of our market.  My analysis may look different from what other reports may tell you.

There were 85 single family home sales in Key West between January 1, 2012 to May 1, 2012. The median sales price was $600,443 with an average price per sq ft of $376.00. I then narrowed the focus to the core Old Town, Casa Marina, and Meadows areas. There were 37 sales in this target area in the same time period. The median sales price in this select group was $829,991 with a sales price of $537 on a per sq ft basis. 

During the same time period in 2011 there were 93 single family home sales that sold at the median price of $672,462 with an average price per sq ft of $370.  The core area of Old Town, Casa Marina, and the Meadows areas had 51 single family homes sales in this period with a median price of $757,873 and sold at $423 per sq ft.

I then went back to 2010 to find that there were 92 single family home sales in the January 1 to May 1 time period. The median price then was $598,313 and the average sales price on a per sq ft basis was $376.32. Next I zeroed in the core areas of Old Town, Casa Marina, and the Meadows where I found there were 41 single family home sales at the median price of $806,878 at an average price per sq ft of $482.

By mid March I was getting very bothered by what I considered the sparsity of single family homes sales in Key West. I could tell we were not selling as much as we had in previous years.  And then something happened. I don't know what it was or what caused it. Sales started popping.  Houses that sat on the market for months and months started to go under contact. Then near the end of the month some of the bigger houses, the more expensive homes, went under contract. Moreover, newly listed properties got a lot of attention and quick response from buyers who were looking for properties to buy. While some buyers ignored our supply of houses for months, other buyers pounced on new listings as if there might not be any new listings for a long time to come.

We are now headed to the slowest time of the year for selling homes in Key West. Hurricane season is approaching and that always bothers the real estate market in Key West.  We have Presidential election that is gearing up. Both sides are firing off salvos at the opposing side. Very little will likely get done in Washington and that will likely cause an already jittery economy to remain on the edge. Potential buyers who fear the future will hold off buying during the short term as they will perceive the market is too unsteady.  They expect a future decline. They could be right. However, buyers who see other peoples' fears of the future as a buying opportunity will look at the uncertainty as a reason to shop for bargains while others are shaking in their boots.

If you are not afraid of the future and want to find a place in Key West, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

  

707 Southard Street - Old Town Key West

707 Southard Street - Key West, Florida

This special little home at 707 Southard Street is located in the heart of Old Town Key West and is back on the market. You can't beat the location for convenience. Most of the neighboring homes are equally charming and certainly much pricier. The asking price will fit the budget of many buyers who want a simple getaway place: asking $565,000.

The house next door to the east

The listing Realtor describes this special property this way:

"The Quintessential Conch Cottage on one of the best blocks in the center of Old Town. Utterly charming. Relax on your front porch and watch the world go by. Just a block to Sarabeths and two blocks to Duval. Separate outdoor building houses the original kitchen. The interior was just updated with refinished bath with stone floors, new fixtures, completely repainted interior, refinished wood floors. Outdoor shower and laundry."

The funny thing is I walked by this house on Monday and thought to myself I wish a place like this or its neighbor on either side were for sale. All three look absolutely perfect. Serendipity, perhaps?

The roof is composed of two sawtooth gables plus a rear shed addition. The home is painted a bright white. The blue shutters contrast the white so perfectly that the resultant appearance is crisp and clean. The front porch provides an excellent perch for viewing the continual people parade. I can imagine sitting there sipping an iced tea greeting passersby as they say things like "I love your home!" or other such words of praise and envy.

The house itself is small, just 606 sq ft. The living area is quite spacious and tastefully designed. Six over six window provide light on the south and east walls. The master bedroom is located front west and when the bedroom door is open the filtered light from that room adds additional light to the living area. So what one might assume to be a small space actually appears quite large. There is a smaller second bedroom at the rear. Both bedrooms have private baths. The dining area is nestled between the main house and the historic cook house at the rear which is housed in a smaller building. The cool pool is located to the west of the cook house. What a delightful place to spend the spring, or summer, or fall, or winter, or the rest of your life. 707 Southard Street may be everything you need in a picture perfect setting and located near where ever you want to go. CLICK HERE to view photos I took of this charming cottage home.

Dade County Pine walls and ceiling plus six over six windows equal Key West Classic

Sophisticated but not stuffy

Master bedroom (above) master en suite bath (below)

The second bedroom (below) has private bath and a view of the darling pool

Dining is nestled between the main house and cook house

The cook house is located in a separate building at the rear

The pool

Sarabeth's is just a block away to the west. The Cafe Marquesa is a five minute walk. The Monroe County Library is around the corner: perhaps a three minute walk. Ten minutes if you stop to speak to neighbors. Five Brothers is located a couple of blocks east. You can be almost any place in Old Town within a five to fifteen minute walk. And that's why living here is so great. Your needs are less and they are fulfilled without a lot of to-do.

CLICK HERE to view the Key West Association of Realtors mls datasheet and to view the listing Realtors photos. Better yet, please call me, Gary Thomas, 305-766-2642 to schedule a visit to see this place. Don't wait. I got to show this house late Tuesday (the day it was in the mls) and there were other agents following right behind me. This house ought to sell very quickly. Our market has few places left and this Key West property is offered at the price point where many buyers are prepared to buy. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

829 Simonton Street - Bank Owned Investment Property - Key West

  829 Simonton Street - Bank Owned - Old Town - Key West

Preferred Properties Key West just listed the landmark building at 829 Simonton Street in Old Town Key West.  I wrote about this property several months ago when it was a short sale that, well, didn't sell.  Now the building is Bank Owned and Offered at $935,000.

The building was originally built circa 1874 and was significantly updated  in 2002. The building sold in 2004 for $1,600,000. The building was updated again when the last commercial tenant customized the offices which occupy the main floor, or about 2858 sq ft. The offices have been divided into two separate office units but can be easily combined into one large space as was the most recent use. Upstairs there are two apartments. The upstairs is made up of two residential units. One unit is a 2br/2ba with 1678 square feet. The other is a 1br/1ba affordable housing unit with 463 square feet. There is off street parking to accommodate seven vehicles and the building has both handicapped access and handicapped bathroom facilities.

"Affordable" one bedroom unit with front porch below

Handicapped access

CLICK HERE to view more photos of this property.

I distinctly remember going inside the old building at 829 Simonton Street on Superbowl Sunday (January 25, 1987). The place was a sandwich shop called "La Bodega". I had spent the afternoon at Atlantic Shores and wanted to grab a sandwich. The place was near and the food was good. My needs were met. Fast forward 25 years and the building looks pretty much the same.

The unpainted facade looks pretty much today like it did when the two photos below were taken.

829 Simonton Street Key West May 2012

The building was called The Square Deal Market when the photo above was taken in 1965 by the Monroe County Property Appraiser. The appraiser says the building was built circa 1974. The sign at the street advertises "STEAK 89 cents lb." and "Homo Milk".

The pic above was taken in 1970 before Key West got gentrified.

May 2012

The 4662 square foot building is located on a 51' x 106' (5353 sq ft) lot near the top of Solares Hill and just one block south of Truman Avenue.

CLICK HERE to view the Key West mls datasheet on 829 Simonton Street which is offered at $935,000.  If you are interested in this property, 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 Key West.

Fool's Gold

In the next couple of days I will blog about the results of the past Key West real estate selling season. I thought it worth while to discuss a re-emerging facet of Key West real estate and that is the return of the greedy sellers.  Maybe they never went away. Maybe they just hid sheepishly, lingering in the background, awaiting the right moment to re-appear from their sulk-fest after the American economy spiraled out of control in 2008. 

Key West got a double whammy during the economic downturn. A huge number of the homes and condos people own in Key West are second homes.  Some bought little getaway places thinking they could rent them  and let their investments appreciate in value until some time in the future when the owners could sell at a profit and buy something bigger, perhaps the actual wintertime retreat they had dreamt of owning. Some locals also bought permanent residences as prices began to rise during the early 2000s.

When the tide turned and the getaway places and the permanent residences became worth less than the price owners paid for them, many of the new owners defaulted on their mortgages and either let their lenders foreclose or tried to short sale their properties.  Even good hearted owners gave up as the value of their homes diminished in value.  And since so many others were walking away from debt, there was no shame in walking away.

Some owners hired lawyers to delay the foreclosure process as long as possible so that they could continue to collect rent.  In may instances these owners did not pay real property taxes or home owner association dues.  The cost of educating kids, providing police and fire protection and other vital community services was passed along to everybody else-people like you and me who play by the rules and pay our taxes. Many home owner associations had to increase monthly fees to make up for the short fall in revenue.

Some unscrupulous owners ripped out appliances, kitchen cabinets, air conditioners, ceiling fans, light fixtures, you name, they took it.  Others conjured up schemes to move or sell property rights (such as transient rental licenses or ROGO units) to other locations or other persons. These shenanigans diminish the value of the real property and often put money in the hands of defaulting borrowers.

The second part of the whammy was the BP oil spill. Even though the BP oil slick never hit Key West, the public stayed away from the Florida Keys in droves. Many Realtors lost deals over the prospect of the oil slick hitting Key West. One broker told me of two instances where buyers walked away from significant escrow deposits because the buyers feared their planned investment in Key West real estate would turn into a financial disaster.  Local guest house owners, restaurateurs, shopkeepers, and a host of tourist-related businesses saw their respective income drop dramatically. That loss in tourist revenue spread throughout our local economy. No tourists, no shifts, no income.

The oil slick predicted in 2010 did not happen. The tourists returned in 2011. Tourism skyrocketed in 2012.  Good times were here again. Fixer houses that were purchased within the past couple of years turned into renovation projects in the Old Town and Casa Marina areas.

730 Southard Street - May 2012

The large number of bank owned properties and short sales that scared away potential buyers who feared a further downward spiral of the Key West real estate market between 2008 - 2011 all but disappeared in 2012.   Oh, we had new bank owned properties hit the mls and new short sales as well. But we did not have the same volume of bank owned properties or short sales as in previous years. And buyers who previously were apprehensive about buying a foreclosure or short sale welcomed the opportunity thinking that they could get a bargain.

My sense was that we had properties linger in our mls for several months during the regular selling season. Then in late March 2012 buyers started buying again. First one and then another. Buyers took over and grabbed what was available. And the most interesting thing I noticed was the return of the big spenders. Several properties that had lingered in the mls for two years or longer suddenly went under contract. Most full time agents have a list of potential buyers for properties that do not exist.  We all have people that want to buy a two or three bedroom home in Old Town with a pool and off street parking that is priced under $500,000. They didn't make enough of them. But there aren't very many trophy houses left either.  These are high end homes with all the amenities and great locations. They are gone too. Agents have been calling other agents to see if anyone has a pocket listing. Some agents have resorted to calling homeowners to see if they would consider selling. I foresee a buying frenzy next season which means sellers will rule again. When sellers rule, prices go higher and there are fewer sales. If you think I am being overly dramatic, wait and see.

The reason some houses in Key West have not sold is their greedy owners. (I'll make lots of friends with a statement like that.) But it is true.  I believe that houses that are fairly priced tend to sell rather quickly and that houses that are over-priced stay on the market too long and begin to resemble old fish. Sellers will believe they listed a house too low if it goes under contract as soon as it gets listed. But isn't that the point anyway - to find a buyer?

Some sellers like to play mind games with buyers. They think if their house did not sell at "X" price, it ought to be listed at "X+1" that way the seller can negotiate back down to "X" and the buyer will never be any the wiser. It does not work. Smart buyers know how to search the Internet. They know how long properties have been listed for sale and at what price or prices.

I have seen home sellers raise their asking price just so they can lower it. I recently represented a buyer who was trying to buy a house from a seller who has re-priced the same property five times (up and down) over the past 18 months. All this nonsense does is irritate people who follow the rules of life. It serves no useful purpose.

I remember one young buyer I was working with in the early part of 2005, before Hurricane Wilma. His mother passed away and left him and his brother about $500,000 each. He bought a sports car and planned to buy an investment property in Key West with the balance. He had made a couple of attempts on buying a place on Northside Drive that I repeatedly told him I thought was over priced.  The seller there was very demanding and refused to budge. My guy decided to look elsewhere and bought two places in St. Pete for the price of the Key West property. I lost a sale. The seller lost a sale. The place did not sell that season. Then Wilma hit the north side of the island.  Housing prices in that particular housing complex were devastated. The complex was plagued with lots of short sales and foreclosures. Seven years later housing prices there are still down compared to other parts of town.

I remember another deal back in 2005 that illustrates how seller greed can interfere in making a good business decision. I represented two cousins that inherited a 1960s vintage ranch home located in our New Town area. The house was as plain Jane as you could imagine. Another Realtor told the cousins that he could sell the house for a lot more money that I thought it was worth. I suggested we get an appraisal and list the house at appraised value.  I told them anyone can promise big dollars, but I wanted to price the place to actually sell it. We got a near full price cash offer of $750,000. My sellers hesitated at first and worried that they were leaving money on the table. I told them you never know what could happen. They followed my advice and accepted $750,000. Three months later Hurricane Wilma flooded that house (along with the east end of town) with about four feet of water. The tenants moved out leaving their worldly possessions on the front lawn.  Had my sellers not accepted the $750,000 cash,  they would have killed the golden goose and lost the huge gain they did received.  Accepting a good deal should be preferable to getting no deal.


If you are looking to buy a home or condo in Key West, please consider working with me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. I try not to be a fool when it comes to other people's money (or gold).