A
loyal reader asked me to report on what I thought were some of the very
best real property deals that occurred in Key West for 2012. I have
written similar blogs in years past. You may recognize some of the
properties as having appeared in my blog in 2012 or earlier. In some
cases I simply sent emails to active buyers to advise of the properties
or the properties may have gone under contract before I could write
about them.
I know a lot of readers dream about owning a place in Key West.
Some buyers have big budgets while most have more modest dreams. Many
buyers look for a place that they can rent to help make the mortgage
payment. I selected properties that met the needs of bargain buyers and
those with money to earn (as opposed to 'burn').
2114 Staples Avenue
in the mid town area of Key West was the "poster child" for bank owned
properties. It was priced to entice; it had a big upside; it had its
share of real estate issues including a location that would bother some
buyers as being "iffy" while others would see the same neighborhood as
trending upward. The house had a second floor unit that that in my
opinion ruined an otherwise really wonderful back yard with a nice pool.
I saw this house as having tremendous upside. This bank owned house
sold was listed at $255,000 and sold at $260,000.
916 Frances Street was a bank owned property with a
difficult location. The next door neighbor is Bare Assets on Truman
Avenue. The 1710 sq ft house had the old Conch house look potential
buyers want plus a back yard with plenty of room for a pool. The
interior condition called for renovation. This fixer was offered at
$281,150 and sold at $260,000.
812 Fleming Street #5 was a top floor condo in a great Old
Town building. The unit itself had been abused by a tenant who left
blood red paint all over the place. I saw the unit as being a diamond in
the rough. The listing price here was $299,900. It sold for $285,000.
Later in 2012 and then in January 2013 two other units were listed. One
sold and the current listing went under contract within a week. You
cannot beat the location of these units. I think the buyer got a great
deal on this mini-fixer.
616 Caroline Street #3 was the least expensive of several
developer units that sold in 2012. These places were beautifully
designed, had superior building upgrades, and were offered fully
furnished. The building is among the prettiest in Old Town and you
cannot beat the location for proximity to the seaport or Duval Street.
These units make great vacation rentals. This 420 sq ft one bedroom unit
was listed for $336,000 and sold at $290,000. I showed these units
several times. Each buyer loved the properties, location, etc. but just
about every buyer griped about the price per square foot. Buyers need to
get over that if they want to purchase a place in Key West. I just
searched the Omaha mls where a buyer could purchase a beautiful four
bedroom 3540 sq ft home for $ 335,000. We are not in Omaha. Prices here
are high. (That house by the way was covered in snow.)
174 Golf Club Drive
is one of many places at the Key West Golf Club community that sold in
2012. Some places were in tough shape while others, like this market
sale unit, were in move-in condition. I liked this place because it had a
wrap around porch and one of those million dollar views. This unit was
listed and sold at $318,000. ( I took the above photo right after
showing 174 Golf Club Drive. My buyers said the place was too small for
their needs. We went out to take in the view. I really liked the unit
myself. I think the golf course offers a better price per sq ft than
just about any other property in Key West.)
2524 Patterson Avenue
was a recently constructed bank owned home located in the mid town
area. This home was large and offered a lot of space and good sized
bedrooms to meet the needs of a local Key West family. A lot of buyers
see places like this listed online and think they might rent them as
vacation rentals. While it is legally permissible to rent a single
family home in most of Key West as a vacation rental (non-transient),
areas like mid town and new town normally are not where tourists want to
spend their annual vacation. This 4 bedroom home was listed at
$328,860. It sold at $320,000.
1216 Knowles Lane in the Old Town area south of Truman was
listed at $399,000 and sold for $395,000. It had two bedrooms and a lot
of charm. I saw this home as being a great place for a full time
resident or a second home owner who wanted a Key West getaway on a quiet
lane. Not all buyers want a pool (or the expense that goes along with
having a pool). This house went under contract in just five days.
824 Terry Lane
was a gem. The house was a stand alone cottage located inside of a land
based condominium association in the Bahama Village area of Key West.
The house could not have been any cuter. The condo association consisted
of other cottage homes of various sizes. Most were in excellent
condition. This unit was offered at $424,900 and sold at $400,000. This
buyer must be very proud of him or her self. Well done!
201 Virginia Street
was a large spec built house constructed by a Key West contractor just
as the real estate market took a nose dive. The property stayed rented
throughout a lengthy marketing period. The house eventually sold at
$425,000.
618 Petronia Street
appeared in my blog at least three times. It was an older home located
on the top of Solares Hill. It had been updated but the outside looked
more modern than Key West cute. The reason I favored this house was the
huge backyard with unlimited potential for expansion of the house, the
addition of a pool and maybe a guest cottage. This home was listed at
$459,900 and sold at $440,000.
The bank owned transient licensed condominium at Duval Square (
1075 Duval # R32)
was listed at $444,900 and sold at $450,000. I showed this unit a
couple of times and wrote about it in my blog. i saw this place as
having a lot of potential. A few years ago I worked at a different real
estate company that was located at Duval Square. I watched the tourists
get out of taxis and buses as they checked into units like this. I
understood the value of this location and the ability to rent the unit
all year long. Some buyers worried about the fact that the unit was
located just above an Italian restaurant. I can think of worse things in
life. And this unit was more than twice the size of units at Shipyard
which were selling in the same price range in early 2012. I think this
buyer got a heck of a deal.
Our office listed
2 Hunts Lane in Old Town for $489,000.
Although listed as three bedrooms, two of the upstairs bedrooms were
smallish. The place was spotless and as cute as a button. There was no
backyard and no place for a pool. Parking was on the street. Still this
little charmer sold for $470,000.
1301 Petronia Street was a heck of a deal! This was a short sale
listed at $548,100. The property was officially listed as two bedrooms
and two baths. Unofficially, it had been expanded and had features
worth a lot more than the sales price would suggest. It has a large pool
and old Key West charm. It would make a great vacation rental. Again,
this buyer got a great deal in my opinion.
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| 627 Southard when bank owned |
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| 627 Southard after renovation |
627 Southard Street was a bank owned
house located in a very ritzy location. The 2010 sq ft Conch house was
listed at just $399,900. It had multiple cash offers with the winning
bidder paying $560,000. If you have actually read what I have written
here you will note that most of the bank owned houses actually sold for
more than the asking price. This is often the case in bank owned sales
in the Old Town area. I wrote about this house in January. It was listed
for sale after having undergone a remarkable renovation. It went under
contract soon after I wrote my blog which noted the asking price of
$1,995,000.
1019 Whitehead Street is a real charmer. The house three bedroom
home with a pool and off street parking was totally renovated a few
years ago and had a substantial new rear addition added. The interiors
were very well thought out. The house was in very good condition. It was
listed at $615,000 and sold at $570,000. Were this same house located
on the east side of Duval the asking price and sales price would have
been dramatically higher. Buyers who are looking for "deals" in Key West
really need to consider the Bahama Village area because prices here are
typically lower on a per sq ft basis yet have the same virtual
proximity to Duval Street as houses on the pricier side of Duval.
1104 Angela Street appeared in this blog at least three times as
well. It had two bedrooms, a loft, a pool, and off street parking. The
house sold for $575,000 after being on the market for over two years.
The last asking price was $619,000. The house had been rented as a
vacation rental and I saw that as a huge benefit for any future owner
who wanted to do the same.
811 Carey Lane had been on and off the market several times
during the market down turn. It was listed in 2012 at $589,000 and sold
for $580,000. This has been one of my favorite houses in Key West. The
place is just so relaxing. Two very nearby houses each sold for over one
million. I see 811 Carey Lane as being a comparable sale in the future
if a pool is added and the property expanded a bit.
1319 Newton Street is located in the Meadows area.This two
bedroom home had oodles of charm but not a pool or parking. Most of the
potential buyers I showed the house to loved it. But they all wanted a
pool and parking for the same price. Since they make very few places
this cute with a pool and parking, buyers have to either accept what is
available, pay more, or not buy anything which, sadly, is often the
case. 1319 Newton Street was listed at $595,000 and sold at $586,000.
6 Havana Lane seemed to have all the features second home
buyers wanted except one. It had been tastefully remodeled and had three
bedrooms, two baths, a pool and beautiful garden, and off street
parking. It was offered for sale at just $625,000. It sold at $600,000.
The property is located about 150 feet north of Truman Avenue and one
can see Bare Assets as you leave the gated entrance to the property. Too
many buyers concentrate on locational issues like this and miss the
bigger value of individual properties. I think this buyer got a great
house at a great price.
I wrote about
718 Olivia Street a couple of times. This
old house had a huge rear yard totally invisible from the street. The
place was livable as is. I showed the house several times to buyers who
wanted a project house. I think the size of rear lot just confounded
most buyers who could not fathom how to use that much space. The Olivia
house was listed at and sold at $612,500.
1307 Eliza Street is located one block east of White
Street the arts district. The house was tastefully redone a few years
ago. It had two bedrooms, two baths, a pool, off street parking, and was
in move-in condition. It was listed at $659,000 and sold at $640,000.
Earlier this week two nearby houses in the same block were listed and
went under contract within a couple of days. Buyers need to consider
areas like this as an alternative to higher priced Old Town houses.
811 Washington Street #103 is
one of nine townhomes that were built in 2007. The three story 2240 sq
ft town homes have three bedrooms, three and one-half baths, Viking
kitchens, crown molding and superior interior features throughout. Each
has a private pool plus front and rear porches on the first and second
floors. This property was a short sale was listed and sold at $655,000.
Compare that price to older townhomes in Truman Annex with an average
of 960 sq ft of living space and shared pools which are now priced in
the mid $700,000s. This buyer got a great deal on a superior property
located in the Casa Marina area.
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| View from 408 Porter Lane second floor balcony |
Speaking of Truman Annex, the Porter
Court condominium located at 408 Porter Lane has a special Truman Annex
transient license that permits 25 weekly rentals each year. Units like
this appeal to a broad audience of buyers who want a place that can
easily be rented to help pay the cost of purchase. This particular unit
had a terrific rental history. It was very well maintained and showed as
if it were newly constructed. The unit was listed at $749,000 and sold
at $675,000.
The sweet house at
920 Cornish Lane went under within
three weeks after it was listed at $735,000. I met the new owners at an
open house a few weeks ago. They informed that they added a pool to
complete the property which sold at $705,000.
La Casa Roja at
1403 Catherine Street
went under contract in just one day and sold at the asking price of
$750,000. This has got to be one of the sweetest homes in Key West.The
property was designed and renovated by local architect Matthew Stratton.
I
heard the home inspector said he had never seen a house in such good a
condition or that had he seen such superior construction in all the time
he had
been a contractor or home inspector.
715 Frances Street
was listed for sale at $849,000 and went under contract within days.
The house is one of Key West's famous eyebrow houses. This property had
the bonus feature of having a very large yard for future expansion or
the addition of a pool. The home is located opposite the Key West
cemetery, a location which causes some buyers to refuse to even
consider. The buyer of this house got a great deal and bought the house
for $750,000.
I wrote about
517 Elizabeth Street when
it got listed at $775,000. I sent the listing to potential buyers who
were looking for a fixer house. This one is located on one of the best
blocks in Old Town. It was a big old house with a large rear yard. It
had been added onto and had lost the charm of the original house. The
house went under contract immediately (two days) and sold for $750,000.
815 Sawyer Lane is located near the seaport on a small Key
West lane with similar cute as can be houses. You could not ask for
anything more Key Westy in my opinion. The house itself had been updated
several years ago. The kitchen was small and located at the front of
the house. There were two smallish bedrooms down and one very large
bedroom on the second floor. Buyers I showed the house to liked it but
all thought they would have to redo something and spend more money. I
have found that a lot of buyers say they are going to redo a house but
once they move in they decide that the features they found troublesome
are not that bothersome. Or they tear parts of the house apart so they
can put their special imprint on an otherwise livable space. I would
have given the house a fresh coat of paint and replaced the second floor
carpet and spent the money I saved on a trip to Italy. This place sold
for $775,000.
1110 Curry Lane is one of the cutest little houses in
town. It sits on one of the cutest little lanes in town. The house was
on the market for quite a long time. The last asking price was $799,000.
The house sold at $779,000. I think many buyers perceived the price on
this house to be very high on a per sq ft basis especially during the
time our market was going in reverse. It was when the market stabilized
and then turned upward that this home sold. I will bet you that it would
sell in a heart beat if listed at $799,000 today.
I wrote about one of the prettiest houses in all of Key West on at least three occasions-the house at
410 Simonton Street.
The once glorious single family home had been turned into five legal
rental units which somehow morphed into even more. While I loved the
property some buyers I showed the property to cringed when they saw how
some people live. I showed the property many times and wrote two offers
that were accepted by the seller only to have a local lender turn down
financing because the property would not legally qualify for commercial
lending (because of the illegal units) or residential (because it needed
substantial renovation to convert it back to single family. Alas, a
local buyer bought the gem in the rough for $820,000 or $75,000 below
asking price. Congratulations on the purchase.
627 Elizabeth Street appeared in this blog several times
over the past few years. It was put on the market soon after it was
completely rebuilt from foundation to rooftop. The place shined from
front to back. It was a joy to show. The last list price was $895,000.
The home sold at $850,000. If the house had parking it would have sold
seven times over. Buyers who spend nearly a million dollars demand
parking. This house did not have it and I think that is the reason it
took so long to sell. Congratulations to the buyer who accepted the
reality that parking in front of one's house is not all that bad. I
have seen lots of houses that have been remodeled. This home is superior
to most.
704 William Street is located on a quiet little extension
of William just south of Windsor Lane. The house like many others
mentioned in today's blog was remodeled just as the real estate market
started to tank. The original asking price was high. The property was
rented as a vacation rental and the seller was slow to react to the
declining market. The exterior paint job started to fail. All houses
need to be maintained. Our sun can be brutal. The pool and outdoor area
were small compared to the initial asking price. And while the location
is great, the fact that the near million dollar house did not have off
street parking bothered most would be buyers enough not to consider
buying it. The property was eventually offered as a short sale at
$899,000. The house was on the market for 2324 days in total-over six
years. The sales price was $850,000. I think the buyer of this property
got a great deal. Houses can be painted and the lack of parking is a
consideration for a future sale. However, this is a residential
neighborhood with single family homes. Parking here is not an issue. And
this house is another excellent example of quality workmanship and
materials used in the renovation and addition to this home.
1217 Newton Street is another one of the prettier homes I
have written about. The three story house has a one of a kind design and
superior craftsmanship in the building of this home. The pool area is
so calming. The master bedroom is located on the second floor which has
an adjacent sitting area that reminded me of a house in the woods. The
space is terribly romantic. There is even a rooftop sundeck complete
with mini-kitchen and shower. It is the perfect perch for communing with
the gods. This home was listed at $895,000 and sold in May 2012 at
$860,000. As much as I raved about the wonder of this house, potential
buyers were put off by the house next door. It was a falling down piece
of crap. I told my buyers that Key West has many places like that and
said that someday someone would buy the crappy house and fix it up. A
couple of months ago I was driving down Newton Street and was amazed to
see the crappy house had been torn down and a new one was being erected
in its place. Congratulations to the new owner of 1217 Newton. You
bought a wonderful home. And congratulations to the new owner of the old
relic next door which will soon be a brand new house.
I wrote about
413 Frances Street a couple of different
times over the past few years. The house is another of Key West's
prettiest houses that is located on a great Old Town street. This house
was thoughtfully renovated a few years back. It had a pool two off
street parking spots. And it had a successful history as a vacation
rental. The house was listed at $995,000 and sold at $900,000 in 22 days
on the market.
The stately home at
821 Southard Street was on and off the
market for several years. It was part of an assemblage of houses once
owned by author Nancy Friday. The properties were purchased and cleaned
up and then placed for re-sale. The asking price on this home was
$995,000. It did not have a pool, but it did have three bedrooms, three
baths, off street parking, and room for a pool in an incredibly
beautiful back yard. This home sold for $900,000. I understand a pool
is in the works. Congratulations to the new owner of this beautiful
home.
1309 Catherine Street is located in the arts district east
of White Street. This home is hidden behind an incredibly high privacy
wall that could not be built under current building code. The gardens
and pool are just incredible. The house itself was a modest ranch that
was renovated into a super sleek designer home. This property was listed
at $1,195,000 and sold for $925,000 in just 22 days on the market.
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| 605 Free School Lane |
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| 512 Fleming Street |
Two properties located about a block
apart exemplify what so many potential second home buyers want but
cannot afford. Both have transient rental licenses and great Old Town
locations. The house at
605 Free School Lane was on the market for a couple of years during the down turn whereas
512 Fleming Street was
on the market only a few days. The Free School Lane had a great rental
history with lots of income (places like this really do generate a lot
of income). The Fleming property had not used the transient license in
years. 605 Free School Lane was listed at $1,175,000 and sold at
$1,050,000. 512 Fleming Street was listed at $995,000 and sold in six
days at $1,080,000 (with a best and final among four cash buyers).
A lot of buyers want the beautiful home, the large pool, the guest cottage, and off street parking. The home at
412 Grinnell Street has
all of these features and more. The home was on and off the market over
the down turn. A persistent negative on the location was the awful
house and vacant lot across the street. Someone bought the awful house
for $630,000 which belonged to one seller and also purchased the
adjacent lot from another owner. The new owners of that property have
begun an extensive (and expensive) renovation and expansion on both
properties which will become on grand property. The new owner of 412
Grinnell Street will now have a very attractive neighbor. 412 Grinnell
Street was listed at $1,195,000 and sold at $1,100,000.
730 Fleming Street has a great street presence and the
good looks to make passers-by stop and take notice. This historic home
(built 1884) was tastefully updated and the cottage to the rear on
William Street became a dramatic guest cottage. A pool and two off
street parking spaces just added to the glam on this beauty which was
listed at $1,784,000 and which sold at $1,600,000.
806 Truman Avenue
is another beautiful old Key West home with gracious exterior,
beautiful interiors, a pool, guest cottage, off street parking plus
three transient licenses. It was listed at $1,795,000 and sold at
$1,600,000. I think this buyer stole this property. Wow!
Many of the homes that sold in 2012 had some type of condition or location issue except for a couple of the most expensive homes. The buyers who bought these homes got great deals in my opinion because they got houses with a lot of potential or a lot of value for a lesser price than they might have paid several years ago when prices were much higher and certainly what a new buyer will have to pay as our real estate market rebounds to new heights. The lesson of the Newton Street property gets repeated all the time. Things always get better here. Having one ugly property on the block should not prevent you from buying a great deal that meets your needs. In some instances the location may not be perfect. Understand this: Key West is a small island. Old Town is a tiny part of the island. There are very few perfect locations in Old Town. If you want perfect you are going to have to pay a huge price. Accept a house overlooking the cemetery, accept a house located on a street that has Conch trains or daytime traffic, and accept that you may not get a pool or off street parking.
If you are thinking of buying 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. Let me help you fulfill your fantasy and buy the perfect Key West property.
CLICK HERE to Search the Key West Association of Realtors mls. There's gotta be something just right for you.
