But I Don't Play Golf - Key West

There are two types of buyers for houses in  Key West: people with money and people who wish they had money to buy what they want.  I have found that people with money often get what they want because they know how to buy what they want. They are decisive and go after the house. If they can't get what they want, they walk away and find something equally nice or they buy something less than what they want and spend the money to create exactly the house they desire. Since not even the rich can move locations, rich folks need to be flexible in setting their priorities. In short rich buyers are often decisive, flexible, and adaptive.

I have found that the second group of potential buyers is made up of people who are flexible as to the size, location, and amenities they may require. Most say they have a definite budget.  Some buyers indicate they might spend a bit more if they were to find a property that they really like. Many potential buyers are hoping to spend less in the purchase price and plan to use sweat equity to improve the property by upgrading the existing property. I have watched that show too many times on television. I am not so sure it plays out quite like that in real life in Key West.

There is a sub-section of the second group of buyers for Key West houses that has a definite price range.  This sub-section may include locals on a real life budget or potential second home owners who know exactly how much they can realistically spend on a second home in the Florida Keys.  It is to this group I am writing today.

I recently sent a group of golf course properties to a potential buyer to view. He sent me back an email stating "But I don't play golf."  Yeah, but you want a nice house with a pool and parking for under $300,000. You don't have to play golf to live at the golf course. You can't get a comparable value in any other part of Key West in my opinion.


I think the best potential bargain properties in Key West at the townhomes at the Key West Golf Club.  I spent some time and looked over the last six years sales history at the golf course and found the highs and lows.  I have previously written about the spike in sales and how prices escalated. Lots of new buyers purchased at the top of the market and then abandoned their properties after prices started to decline. That led to more declines as other owners started to walk away from houses that were worth less than what they paid. There were dozens of bank foreclosures and short sales that whittled away at the golf course.

But there was a core base of owners who bought early whose lives and fortunes were not turned upside down by the Topsy-Turvy real estate market. They maintained their homes and their home owners association continued to function even though challenged by other owners who stopped paying their home owner association fees. Good triumphed over greed as more and more homes were sold, the association coffers were replenished.  The home owners association is solid.

I decide to look at the recent history of golf course sales and compare the sales of cottages and smaller town homes as group one, spa homes in The Sanctuary as group two, and Grand Homes in The Sanctuary as group three.  All units in the golf course are legally referred to as 'townhomes' because of the way they were constructed based on lot size and setbacks, even the largest of the Grand Houses are town homes by definition.  The smallest units are referred to as 'cottages' even though they are attached to other units. So the nomenclature may seem a bit off base. But it works.

In 2006 only one cottage sold. It was a two bedroom one and one-half bath with 797 sq ft of living space that went for $475,000 or $596 per sq ft. The buying public was scared.


In 2007 the were six sales where the average price was $376,850 or $424 per sq ft.


In 2008 fourteen cottage homes sold at an average price of $349,050 or $354 per sq ft. and one Grand House sold at $735,500 or $389 per sq ft.

The market was recovering by the end of 2009 when 29 cottages sold at an average price of $248,248 (I checked, not a typo) or $242 per sq ft. and one spa home sold for $379,000 of $338 per sq ft.


In 2010 31 cottages sold at an average price of $263,345 or $267 per sq ft.  Four spa homes sold that year at an average of $349,250 or 325 per sq ft. And four Grand Homes sold for an average of $561,325. 

The year 2011 saw sales retreat a bit. Twenty-two cottages sold at an average price of $261,864 or $281 per sq ft. This is a slight decline in price per unit but the price per sq ft upped just a bit.  One spa home sold for $300,000 or $268per sq ft. That was a decline of $79,000 and $38 per sq ft from the previous spa home that sold in 2009. Two Grand Houses sold at an average of $561,250 or $325 per sq ft. This is important for what happened in 2012.

During the first four months of 2012 there have been 7 cottage sales at an average price of $302,429 or $280 per sq ft. That is an improvement over the past three years. And  there were five Grand House sales at an average of $462,800 or $299 per sq ft. This number would have been better except for a short sale that drug the other numbers down. That's the problem with statistics: they can give an impression that all properties are fairing badly when in fact some are fairing quite well.  The Grand House sales did decline in 2012 as compared to all prior years. Two of the houses were bank owned and I think that helped drag the other sales prices down.

I think we are at or very near the end of the real estate slump. I think the townhomes and Grand Houses at the Key West golf club are great buying opportunities for locals and potential second home buyers. Not all units are in great condition. Some units have been mistreated and neglected. Some may need some work to address years of abuse. Others have been lovingly maintained and are being offered for sale among a group where not all units are equal. Buyers address those issues in determining what they will pay by comparing condition and location. 

CLICK HERE to search the Key West mls. If you see something you like, please contact me, Gary Thomas, to arrange a showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.  Take advantage of our still fragile market.  You don't have to play golf to get a bargain in Key West real estate.

Freddie's (almost) Dead!

It came unexpectedly, like a punch in the gut. Fast Buck Freddie's is closing - forever! At the end of the month. Thud!

Another agent in my office gave the bad news a couple of days ago. A mutual friend who works at Fast Bucks had called her minutes earlier to tell her the owner had assembled all of the store emloyees that morning to make the surprise announcement that they would be out of a job by the end of the month.

I have previously written about my first trip to Key West. I had read about Key West in the January 1978 issue of a magazine called "After Dark".  (I still have the magazine. I get it out of the shoebox every once in a while and look at the photos and read some of the text that lured me into coming to the place I would later become my home. It took me several years before I made the first trip to Key West and nine years later before I bought my first place here. My only regret is that I took too long to do both.)

My partner and I had reserved a room for a week at what was then called Colours Guesthouse (now it is Marrero's) at 410 Fleming Street. We had driven down from spending the previous night at some awful, seedy gay hotel on South Beach. The drive through the Keys was wonderous. Driving across the ocean. When I got to the island of Key West I had to choose whether to turn right or turn left. I chose the latter and headed south. I made a right turn on Eagle or Flagler and headed toward where I hoped I would find Old Town. I was mortified. I thought "What have I done? Why did I come here?" There was nothing charming to me about the 1960s neighborhood I was driving through. But I kept heading west and eventually found Duval Street. I headed north and found Fleming and then circled around till I found the guesthouse. After unpacking the car and finding a place to park it for a week (not an easy thing to do even back then), we headed out to explore Key West.

Fast Buck's 1985 - the first time in Key West

Recent Windows

Because of its proximity to the guesthouse, Fast Buck Freddie's had to among the first places we visited. I was awestruck. I had never seen a store like it. Of course I had been in great department stores and specialty stores before, but this place was something totally different. First off, the display windows were so gay they drew my attention to the store.  I had to go inside to see what was available. You've been there. You've seen it.  Back then it was mostly really cute stuff you could not find in regular stores. Fast forward twenty eight years and it is a different story. The Internet has made specialty shopping available anywhere UPS delivers.  Items can be purchased at prices cheaper than a place like Fast Buck Freddie's could sell at to make a profit. Hence, the store is closing. Or at least this is my theory. This closing is not Obama's fault. It is Google's fault. And the fault of locals like me. I'd buy Christmas cards and an occasional gift there. I used to buy Godiva chocolates at Fast Bucks until I learned I could get them directly from Godiva at a cheaper price, not pay sales tax, and have them delivered for free. And if I bought enough, I could get cash discounts on future orders. I buy much of what I need this way.  This partly is why so many small businesses across America are failing. But this closing hits home.

I found a couple of photos of the Fast Buck Freddie's building at 500 Duval Street that were taken over the decades that preceded the little emporium.  See below.

 1950's postcard

1960's

1990's

May 12, 2012

I have no idea what will happen with the space. Perhaps some reader will give us a clue.  Of this I am certain, the space will be grabbed and put to use quite quickly. You can't beat the location. Photos and stories about Fast Buck Freddie's will be all that remain.  Freddie's dead. Almost.

415 Margaret Street - Old Town - Key West - Present Perfect

 415 Margaret Street - Key West - May 2012 - Present Perfect!

415 Margaret Street - Key West - A view from the Past - 1979

Wikipedia defines the grammatical term 'present perfect' as a  combination of the present tense and the perfect aspect used to express a past event with present consequences.  I think the two above photos eloquently demonstrate that term.

Roger Emmons at Truman and Company describes his present perfect listing at 415 Margaret Street:

"This is one of those very special homes where all of the elements come together to create an incredible setting for the perfect Key West lifestyle. The home is a beautiful combination of historic restoration and superior renovation with a wonderful floor plan that includes three ensuite bedrooms including the master suite which is located in a private wing overlooking the landscaped gardens and 40 foot pool. At the rear of the property is a spacious guest cottage complete with living room, kitchen, bedroom and secluded hot tub. Thoughtful details include large shady porches, Chicago brick patios and pathways that meander through the tropically landscaped gardens. Very private with off-street parking."

 Bricked Off Street Parking

 Gracious Front Porch that Wraps Around the House

 25 Foot Entry Hall that leads to the Family Room and Pool Beyond

The Arts and Crafts style home was built in 1929 and thoroughly remodeled and expanded around 2000. A generous addition was built at the rear of the originate house, and an expansive new master suite addition was added. A separate guest cottage with a mini-kitchen, living room with vaulted ceiling, bedroom and bath was built at the far rear of the lot. (Total lot size is quite large for Old Town - 56' frontage by 201' depth or 10,679 sq ft.) The renovation included porches, loggias, two outdoor showers, and other amenities folks in the 1920s and 30s did not even imagine. The result is gracious home with both formal rooms from the past and new spaces from the current which was designed for the easy Key West lifestyle.

 Formal Living Room with French Doors onto Wraparound Porch

Formal Dining Room

Rear Addition includes Family Room and Kitchen

 The stairway shown above leads to two bedrooms with en suite baths.  Both play off the simple original design of the historic house.

 One of the two guest bedrooms with en-suite baths

The new master suite addition, however, is a different matter. The suite is located off a private alcove whereupon you enter into the bedroom chamber with vaulted ceiling and French doors that open out to a private porch overlooking the pool and gardens.  The extra large en-suite bath includes his and hers sinks, shower, bathtub, and an outdoor shower.

 Master Suite with Private Porch overlooking the Pool and Gardens

Entry Alcove

Imagine Waking Up to this View!

 An Outdoor Shower is a Key West Essential! This One is Present Perfection!

The Guest Cottage is shown below

 With a Guest Cottage this sweet, your friends and family may never leave. And when they sit on their front porch in the morning sipping coffee, they get to look onto the pool and the main house and dream what it might be like to live here all the time.

View from Guest Cottage Porch

415 Margaret Street is indeed present perfect. The 3459 sq ft property is offered at $2,995,000. CLICK HERE to view a slide show of photos I took of this property earlier this week. And CLICK HERE to view the Key West Association of Realtors mls datasheet and wonderful listing photos.

If you would like to see this perfect Key West home please call me, Gary Thomas, 305-766-2642, to arrange a showing.  This is the type of property many dream of owning - someday. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

524 Margaret Street #3 - Old Town Key West

 The Pool at 524 Margaret Street - Key West

Just listed, but not by me, 524 Margaret Street #3 in Old Town Key West.

I dug into the old shoe box and found a black and white photo (below) that was taken back in 1965.  Compare the old pic with the color photo just below it. You will notice the windows are different, shutters have been added, the chain link fence has been replaced by a white picket fence, and an exterior stairway added to the left side.  These readily observable changes don't tell the whole story, however. As prices on real estate escalated in the early 2000s a lot of large single family homes and some places that had earlier been converted into apartments were then made into condominiums. Such was the case for 524 Margaret Street when it was sold by author Nancy Friday in April 2002 to two Key West Realtors who then converted the four apartments into condominiums.  Their design captured the attention of the real estate market and the units quickly sold.

 Unit #3 is located in the rear and has two bedrooms, a good sized living room, a recently updated kitchen with vaulted ceiling, the ever popular Dade County Pine walls, and French doors that open out to the private deck that overlooks the shared pool. The unit has 652 sq ft of living space and is offered at just $250,000. CLICK HERE to view the Key West Association of Realtors mls datasheet.

 Private Deck circles the property to the south and east

 Recently remodeled kitchen with vaulted ceiling

 Living room

Second bedroom or office - opens out to deck

Pool is really, really nice. A great feature of this small 4 unit condo.

CLICK HERE to view more photos I took.  If you would like to see this unit, please call me, Gary Thomas, 305-766-2642.  I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.