3343 Flagler Avenue - Bank Owned - Key West

First Off: That is not my pic above. I recently had a buyer in town who thought the black and white photo above was of me when I was in high school.  I know I'm getting old, but that guy might be "in the home" by now...

3343 Flagler Avenue - Key West, Florida

Second, there is a reason for local home buyers to cheer about this new Bank Owned home at 3343 Flagler Avenue that was just listed by my friend Scott Forman.  Scott describes the property this way:

"This gem is a spacious 3 bedroom 3 full bath town home with a massive master bedroom suite and vaulted ceilings for a feeling of unlimited space. The property features an additional side yard and a canopy covered large back deck as well as off street parking for two cars. No HOA or Condo FEEs. For special financing and incentives, Seller requests potential Buyers contact Chase Loan Officer. Ask your agent for details. Bank Owned!"

This property was built in 1996. It has 1618 sq ft of living space divided between the first and second floors plus a large rear covered deck plus a second floor rear balcony. There is a large two car off street parking space at front plus additional off street parking on the side. The 3230 sq ft lot (an irregular 115' x 33.15')  is enclosed with a tall privacy wall landscaped with swaying palms to provide a buffer from the street.

Here is the best part: this place is super clean.  I was totally surprised to see that this place is so sharp and clean on the inside and well maintained on the outside. The house has a formal main floor entry that leads toward the rear of the house where the living room is located. There is a pass through from the kitchen that looks into the living area. Glass sliders at the rear open out to the large rear wood deck.  All of these spaces were recently tiled and look to be in great condition. The third bedroom or den is located at the front of the house. It has newish wall to wall carpet. This room could also function as a home office or den. The room has immediate access to the third bath which can also be accessed from the main entry hall.

Guest Bedroom or Den on the First Floor

The master bedroom with large en-suite bath plus a second full bedroom with an en-suite bath are located on the second floor. The master bedroom also has a balcony that overlooks the rear deck below. Many owners have added pools in the rear areas. There is plenty of room for a private pool here as well.

Master Bedroom Deck

CLICK HERE to view the Key West mls database on this Bank Owned property that is offered at $245,520 or just $152 per sq ft. You really need to do some price comparison shopping on this one. This is a great price for Key West. And you can CLICK HERE to view a slide show of photos I took of this property.

If you would like to see 3343 Flagler Avenue or any other property listed for sale 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. 

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1730 Bahma Drive - Bank Owned - Fixer - Key West

1730 Bahama Drive - Key West

Once there was a really lovely yard. It can be again.

Hurricane Impact Resistant Windows and Doors throughout

Combined Living and Kitchen Areas

The bank owned house at 1730 Bahama Drive in the easternmost part of Key West, Florida just got a bit more attractive when price was reduced to $261,500 or $119 per sq ft for this 2187 sq ft ranch home located on a large 8016 sq ft lot. CLICK HERE to view the Key West mls datasheet and to see more photos of this property.

The house needs a lot of work. Any potential buyer will want to have a knowledgeable contractor look at the property before making an offer because there are a lot of issues that affect this particular home. While I am not a contractor, there are certain things I can see that I know a new owner will either want or need to do to make this home habitable including replacing the roof ; removing and replacing most of the drywall and insulation; mold remediation  throughout the house; paint the inside and exterior of the home; repair or replace the swimming pool that 'popped' out of the ground; and refurbish the extensive landscaping.That all being said, I think it will take more than a handyman to do all the things necessary to make this house a home again.

If you are looking for a real fixer, please contact me, Gary Thomas, 305-766-2642, to arrange a showing of this bank owned property. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

410 Simonton Street - Key West

 410 Simonton Street - Old Town - Key West

Today's blog is addressed to the buyer who is looking for a project house with a lot of upside potential in Old Town Key West.  I think I have just the property for you to consider and I think I found a somewhat comparable property for comparison.

I have written before about the lovely old home at 410 Simonton Street located near the corner of Simonton and Eaton Street. According to the Monroe County Property Appraiser the original house was built sometime in the 1870's but was non specific as to the exact year. The old gal looks pretty good for being at least 140 years old.  A new addition was added to the side in 1997. Together the main house and separate addition have approximately 3123 sq ft under structure capable of being air conditioned. This property is listed by Preferred Properties Key West, that is where I work but this is not my listing. The listing Realtor describes this beautiful property thus:

"One of Key West's most beautiful houses. True history resounds in this one of a kind home. Paintings from the 1880's are featured in the front parlor on the ceiling and walls. Currently in use as a 5 unit rental property with rental income of $8,300/month. This house is a great candidate to remodel as a single family home."

Approximately 1965

The House Specific Gingerbread Detail

The main part of the original house has been made into decent sized one bedroom apartments, each of which has a living area, kitchen, bath and bedroom in some form The second floor is one large one bedroom apartment that could be just grand. That unit is accessed via an exterior staircase and second floor balcony that is just perfect for people watching. Inside the angular ceiling provides a wonderful living space. Another special feature is the Romeo & Juliet balcony that overlooks the bricked grounds and century old iron fence that distinguishes the house. A majestic mahogany tree frames the visage.

The main house has high ceilings, grand windows and doors, substantial crown moldings and trim throughout. The house could become a showplace. The building has been very well maintained in my opinion. The piers and structural elements seem solid and well maintained. I think most of what a new owner would do would be considered refinement rather than rebuilding. That is my opinion. I am not a contractor. Rely on what a contractor tells you.

The second floor could become the master suite. The main floor units could be restored to a semblance of the usage of decades before when this was one of the most beautiful single family homes in all Key West.

The adjacent building would make a wonderful guest cottage and provide separate facilities for guests so that friends and family would not bother the owner on those late night returns from Duval Street or other nearby haunts.

Recent Addition could become Guest Cottage

Potential renovators might take a look at the comparison photo above which shows a house of similar age and architectural style located on Angela Street. I think 410 Simonton Street can match the Angela Street home in style and grace.

410 Simonton Street is available at $895,000. CLICK HERE to view the Key West Association of Realtors mls datasheet and to view listing photos.
If you would like to see the 410 Simonton Street property 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. 

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.