Attention
Bargain Hunters. You know who you are. You are the guys and gals who
use coffee breaks and late night internet searches trying to find a deal
in Key West real estate. Most of the good deals got snapped up. Today's
blog is about a deal that has evolved over time and that is now ready
to be snapped up as well.
1022 Washington Street is located in the
Casa Marina Area
of Key West and particularly on one of the prettiest blocks in that
area. I know. I live around the corner. I love the tall mahogany trees,
the giant palms, the majestic date palms, and all of the flowering
trees of every sort that line the streets and populate the large yards
in this section of town.
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| The house across the street - there goes the neighborhood |
The house across the street has got to be one of the
prettiest houses in all of Key West. When I recently drove my buyers to
look at 1022 Washington Street I remarked about the beauty of that
house. When I got inside 1022 Washington I turned around to catch a
glimpse of the neighbor.
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| 1021 Washington Street |
After
I passed the threshold I turned around and took the above photo so
that you could imagine the pride you might feel in living in such a
great location.
1022
Washington Street is a legal three unit property that sits in a
predominant single family neighborhood. The main house is 2009 sq ft and
has four bedrooms and three baths, a voluminous living room, and
kitchen. There is an adjacent two story house with a ground floor two
bedroom apartment and a second floor one bedroom apartment with a total
square footage of 1152 sq ft. The combined gross square footage of both
buildings is
3250 sq ft. The lot is 71' wide by 94' deep for a
total of 6603 sq ft. Access to the cottage apartments is via a walkway
on the other side of the side fence. Whether the cottage is used for
income or forever appearing friends and family, whoever occupies the
cottage won't interfere with whatever is going on inside the main house.
CLICK HERE to view the Key West Association of Realtors mls database and to view listing photos.
The
front door opens into the living room which has a vaulted ceiling and
French doors that open out to the pool. Two of the four bedrooms in the
main house are located on the east side of the living area. The
remaining bedrooms are located on the west side. The kitchen is at the
east rear.
The lower level two bedroom apartment is shown above. The one bedroom second floor unit is shown below.
The
main house and cottage were recently updated. I took photos of both
living spaces and the yard and pool area. You can see those photos if
you
CLICK HERE
The listing Broker describes this property as :
"Bright, open and airy single family home with pool totaling 4BD/3BA in the
beautiful Casa Marina Area. Plus, a duplex in rear with private entrance
comprised of two 2BD/1BA apartments. Very spacious floor plan with vaulted
ceilings, lots of French doors and windows, new decks surrounding the home,
brick walkways and a charming picket fence for privacy. Very clean and well kept
with plenty of off street parking. One of the owner's is a licensed Florida Real
Estate Agent but is not the listing agent."
I
did a quick comparison of sale prices in the Casa Marina Area for the
past 18 months for single family homes and three to four units (which
this could be). There were 18 single family home sales that sold at an
average price per sq ft of $464. This group included a couple of
super-cheap short sales and a foreclosure. But it also included a recent
sale of a single family home one block to the south for over
$1,950,000. Most of the homes in the Casa Marina Area are larger single
family homes on large lots. A new builder would not be able to build a
similar multi-family unit like this on vacant land today. For what it
is worth, I believe a smart buyer might do some additional renovation to
the main house, take down the two story building and create a covered
outside loggia overlooking a newly expanded pool. Key West has several
very competent architects who could do some creative things to make this
property fit into the area even better than it already does.
1022
Washington Street has been on the market for quite some time at a much
higher price. The price has been dramatically reduced to
$849,000. I would love to show this property to a real bargain hunter who
can appreciate the location and value of this property. If you would
like to see this home, 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. Let me help you find your place in Paradise.
