411 William Street #12 - The Island City House - Key West

 

I had not been inside the Island City House for about 25 years until this past week when I showed the Transiently Licensed Condo located at 411 William Street (#12) that is listed for sale at $389,000.  Twenty five years ago I looked at buying the whole complex. I must now sadly add this entire property to the list of properties I turned my nose up at and lived to regret not having purchased.  That list includes the Q Rooms which is now the Marquesa Hotel.  Alas, there are more examples of poor choices I made.

The Island City House is an assemblage of old Key West buildings that were joined to create a hotel that later became a prospective condominium complex.  I dug out the old shoe box and found some ancient photos that show the properties at 411 William Street, 808 Eaton Street, and interior three story building recessed deep into the lot around which are some smaller cottages and the large and sunny pool.

411 William Street as it appeared in 1913

411 William Street as it appeared in 1941

During renovation

808 Eaton Street photographed by the WPA in the 1930s

808 Eaton Street as it appeared in 1965

808 Eaton Street as it appeared in 1970 during renovation

808 Eaton Street August 2012

The properties were built around 1889 and were converted into condominiums in 2005.  Only four the units actually sold. The developer retained the other units and continues to manage the entire complex as the Island City Hotel. Unit #12 is managed this way. Income records are available by prospective buyers.

Private Deck

Unit #12 is located at the tippy top of the interior unit located at the back of the complex. It is accessed via gate at the rear of the pool and a three story private staircase.  The one bedroom unit has 443 sq ft of living space divided between the good sized bedroom, bath, and living area that has French doors that open out onto the private deck that overlooks the pool below which offers commanding views of the complex.  The place is as clean as a whistle and is totally relaxing.  It does not seem like a "hotel room" but instead like a cabin in the sky.  But since it has a valuable Key West transient license, the owner can rent this condo and make money on it all year long.See the end note in the listing Realtor's description:

"Beautiful, income producing, hotel condominium for sale in the Island City House Hotel. Transient licensed 1 bedroom and 1 bath condo in a beautiful enclave of 3 historic buildings in the heart of Old Town. This unit overlooks the pool from your own private balcony. Community pool, lush tropical landscaping with winding brick pathways, sun deck and in-house management. This is the total package for an income producing rental and/or your own pied-a-terre. The unit owner is allowed a maximum of 90 days per year personal stays in the property."

I learned that the building at 411 William Street has a clothing optional rooftop sundeck. I did not go up there, so there are no pics.  Nevertheless, it is nice to know that you can get an all around tan if you so choose.  The pool and deck at ground level are just as inviting (and probably more refreshing to your skin) since you can take a nice dip to cool off under our wonderful sun.

Frequent readers know the value of location. This place has one of the premiere locations in all of Old Town. This block of William Street boasts some of the finest older homes in Key West including the B.P. Roberts House across the street. He's the one with headstone in our cemetery that reads "I TOLD YOU I WAS SICK". The Historic Key West Seaport is a short two block walk to the north. Duval Street is three blocks to the west. And there are numerous great restaurants and specialty food shops like the Eaton Street Seafood Market in the neighborhood. Vacationers will eat up the location for its historic charm and convenience. 

 

CLICK HERE to view the Key West Association of Realtors mls datasheet on unit #12. The condo association does charge a monthly fee of $346 which covers Cable, Trash Removal, Building Exterior Maintenance, Building Insurance, Common Area Maintenance, and Pool Maintenance.

CLICK HERE to view more historic photos plus current photos of the complex. If you would like to see this property or any other property in Key West, please call 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.  Let me help you find your place in Paradise.

1209 Margaret Street - Old Town - Key West

1209 Margaret Street

I showed the house at 1209 Margaret Street a couple of days ago. It was my first time to step inside the property about which I have received numerous inquiries from potential bargain shoppers. The house has been on and off the market for a few years. The new broker listed the property at $259,000 on May 1st and then reduced it to the current asking price of $249,900. At that price, this is the least expensive single family house in the Old Town area of Key West.  The listing broker describes the property this way:

"Great opportunity to renovate an old town property! Located just blocks from upper Duval Street. Off street parking and located in a quiet neighborhood. Actually is a 3 bedroom home.The driveway to the right of property belongs to the house in the rear. Central A/C duct work already installed. Cash offers only as it needs a new roof, but it does not have any known leaks. Located in an X Zone, so no flood insurance needed."

I brought with me my bag of prejudices. I had prejudged this house unfairly.  I never gave it a chance. I was wrong.   CLICK HERE to view he Key West Association of Realtors mls datasheet and listing photos.

1209 Margaret Street in 1965

 The Monroe County Property Appraiser says this house is 853 sq ft and was built in 1953. I'm pretty certain the Appraiser is wrong at least on the construction date. I dug into the old shoe box and found a photo of the house that was taken back in 1965. (See the black and white photo sbove.) 1209 Margaret Street did not yet have the "moden" cement monolith front porch that is so evident today. Instead, we see a nice little entry canopy to protect guests as they enter the modest home.

Notice that the small "addition" in the black and white photo is now missing.  Too bad. Also missing is the original wood siding which characterize's our famous Cigar Maker Cottage style homes. The house appears to have been updated with poured concrete addition at the rear and part of the foundation and lower wall system on either side. The monolith front porch completes the modernization. Too bad HARC was not around when this flawed design got built because HARC would never have allowed this to happen.

Inside I was surprised to find three decent sized bedrooms, a living room and good sized kitchen.  That's a lot of living space. The house is clean. It is currently rented at $1500 per month.  There is a sixty day kick out clause in the lease. I think the rent could be higher for someone who only wants to buy the property as an investment and not to do any improvement. Note the listing broker's admonition: this must be a cash offer as the property will not qualify for a mortgage.

There is a decent sized back yard that might provide space for a nice yard or maybe even a small pool or deck. The listing broker said the property line for 1209 Margaret Street extends to about two feet of the separately owned cottage located to the rear of the house that is for sale. I judged the lot to have about 18 feet for potential development.

 I don't build houses so you cannot accept anything I say or write as being accurate as to what a new owner should be able to do. My opinions are only opinions as to what a new owner might try to do. I do think a buyer that is looking for an el cheapo deal ought to take a look at this property.  CLICK HERE to view more photos I took of the exterior of the house and its famous neighbor to the north, the El Siboney Restaurant.

If you would like to see 1209 Margaret Street please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

232 Golf Club Drive - Bank Owned - Key West

232 Golf Club Drive - Key West

Just listed, but not by me, a really attractive spa home located inside the cloistered Sanctuary at the Key West Golf Club community.  I got a chance to visit this new Bank Owned listing this morning, took some photos which you may view if you CLICK HERE.  This 1120 Sq Ft home has two bedrooms, two and one-half baths, a spa pool, covered off street parking, and it is offered at only $384,900.  I challenge you bargain hunters to find anything comparable as far as age, amenities, or price in the Key West area. I don't think you can do it.

The listing Realtor describes 232 Golf Club Drive thus:

"Island Style Living At Its Best In This Private Community The Sanctuary, A Gated Community Within Key West Golf Club. Spacious Living Area On The First Floor With French Doors Leads You Outside To Enjoy The Dip Pool. Second Floor Has 2 Bedrooms Each With Their Own Bath, A Laundry Closet, And A Large Balcony Off The Master Bedroom. Needs Your Personal Touches." 

I liked this place. Most of the rooms are painted green which I find to be a little "wrong", but that's an easy thing to fix. The kitchen appliances are dated and are relatively an inexpensive fix as well. The main floor is tiled and looks to be in good shape. I did not notice any damaged tiles. The stairway and second floor bedrooms are carpeted. The carpet needs replaced. Again, that is an easy fix. 

The master bedroom with en-suite bath is located on the second floor. The bedroom has a vaulted ceiling which adds a spacious feel to the room that has windows on two sides plus access to the front second floor balcony which spans the house.  The second bedroom has a good sized en-suite bath as well, bu tit does not have access to the balcony. Speaking of the balcony: the view is killer! Wow! This view here belies the inexpensive price tag. Your friends and family will be so jelly!

I also looked at the outside. I did not see any rotted framing on the window trim which is sometimes seen on some houses there. This home looks like it has been well maintained. The front facade almost looked like it had been freshly painted. It wasn't, but it looked to be in excellent condition.  That to me means a new buyer will not need to be doing many exterior "fit-it" jobs.

The back area is where us Key Westers spend much of our life. The outdoor area here has a "spa" or mini-pool.  You can't do laps in that pool, but you can relax and enjoy your Key West home.  The little garden could use a little fixing. It doesn't look bad; it just doesn't look as cute as it could. Again, this is an easy and inexexpensive fix.

Even though this home is unattached to any other property, it is classified as a town home.  As such the homeowner is responsible for exterior maintenance, insurance, etc. 

 The covered parking spot is located 46 paces from the front entrance to 232 Golf Club Drive. That's sixty seconds or less. More if you are old. But it's convenient no matter what.

The Key West Golf Club Community has two pools, one of which quite large. There is also a fitness center available to homeowners at no extra fee. And of course the homes are all located next to the golf course. The community grounds are meticulously maintained.  The home owner association fees are $333 per month. This fee includes cable tv, common area maintenance, security, and management.

CLICK HERE to view the Key West Association of Realtors mls database and listing photos.  If you would like to see this property, or any other property in Key West, 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.

1018 James Street - Old Town - Key West

Just listed, but not by me, 1018 James Street in Old Town Key West. I wrote about this house in January 2011. It did not sell then, but I'm pretty confident the recent renovation of the house next door at 1016 James Street will help wannabe fixer-uppers that 1018 James Street is a project worthy property.  The Monroe County Property Appraiser says that 1018 James Street was built in 1900, see photo below which was taken in 1965.

I dug into the old shoebox and found the photo below which says it was taken by the WPA in the 1930s. It shows homes in the 1000 block of James Street (dirt road is a better description).

I spoke with the listing Realtor about the property on Monday. We agreed that the current renovation of the house next door at 1016 James Street (see the eyebrow house on the right in the black and white photo above and the color photo below) will help potential buyers understand what can be done with this property.

1016 James Street

1016 James Street looks pretty appealing in its present state. Compare the current look to the way the same property looked in August 2010 when I took photos for my blog.

Compare the before pics to how the same house appears today. It's not finished but it sure looks a lot better.

It is the same place, only it's better than ever. The house was elevated and new piers were installed. The house was updated and brought to current building codes.  A new addition was added to the rear, and a small out building was incorporated into the new rear living area complete with a new pool and decking.

The back yard "before" renovation

The back yard "during" renovation

Now that we can see what can be done to an old house in the same location, let's consider the new listing at 1018 James Street which the listing Realtor describes as:

" Classic Old Town diamond in the rough! This property has the charm of a cute Conch cottage backing up to Thompson Lane. In it's present state, this 3 bedroom /1 bath has Dade county pine throughout, large bedrooms, great front porch, large cistern, off street parking in the rear, and a new roof. Motivated sellers that are willing to entertain all reasonable offers. Great renovation project with a great location within a block to the waterfront."

1018 James Street - Key West

Rear building might become a pool cabana

 I took some additional photos which you can view if you CLICK HERE. And please CLICK HERE to view the Key West Association of Realtors mls datasheet and listing photos of this property.  1018 James Street is a 1510 sq ft house that sits on a 3304 sq ft lot (or 41' x 80').  It is offered for sale at $425,000.  (The house next door at 1016 James Street was originally a 984 sq ft house that sits on a 40' x 80' lot.)

The Key West Historic Architectural Review Commission will have some impact on what you can do to the outside of the property, but you as a new homeowner can decide how you want to re-create the inside of the house.  You and your architect and builder will tear down existing walls and eliminate decades of old school design. You can create you perfect Key West getaway place.

1018 James Street is located about two blocks south of the Historic Key West Seaport and the shops and restaurants in that area. The shops, galleries, and nightlife on Duval Street is an easy walk from here, just six blocks or about ten minutes.

If you would like to see 1018 James Street or any other home 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 Coastal Realty, Inc. Let me help you find your place in Paradise.