1124 Stump Lane - The Perfect Getaway Cottage - Key West

1124 Stump Lane was built circa 1890 and rests near mid block on one of the slow lanes of Old Town Key West.  Stump Lane runs parallel with Southard Street to the south. It starts at White Street and ends at Frances Street. It's only one block long and many locals do not know its name or location.  Residents on this lane are never bothered by Conch trains or trolley cars and only rarely do tourists pass by the houses.  And that is a good thing.

1124 Stump Lane as it appeared in 1965

The listing Realtor describes 1124 Stump Lane as "Completely renovated Charming Conch Cottage. Rebuilt and reinforced from top to bottom. Updated kitchen and bath, Central AC, double pane insulated windows and doors. Beautiful restored Dade County Pine and 10'Ceilings. Vacation Rental in place. This property is located on one of Key West best kept Secret Lanes."  I would simply say it is delightful.  It would make a perfect getaway for someone who wants a cute place to escape to. And it is affordable at just $475,000.

The house is long and relatively narrow. The living room runs the east side of the house. The guest bedroom is located up front on the left side of the house. The kitchen is located midway also on the west side. The bath is located at the west rear. The master bedroom is located at the east rear. The place could not have a more efficient flow. It works.

 The cottage has 630 sq ft of living space that includes the primary bedroom plus a smaller bedroom for the occasional guest. There is even an outdoor shower. The front porch is perfect for people watching (should anyone ever walk by). This cottage was a very successful vacation rental during the past five months. CLICK HERE to view more photos I took of this clean as a whistle Key West cottage.

CLICK HERE to view the Key West Association of Realtors mls datasheet and to see listing photos.  Better yet please call me, Gary Thomas, 305-766-2642 to schedule a view of this quaint little Old Town cottage. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

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1104 - 1106 Thompson Street - Key West - Buying Opportunity

 The listing agent on 1104 - 1106 Thompson Street describes this incredible property this way:
"Fantastic Deal And A Great Location! Would Be Perfect For An Investor Or Someone Who Could See The Potential Of This Property. Home Sits On Two Lots. It Is A 3 Bedroom 2 Bathroom 1,000.00 Sqft. Brick Cottage That Needs Tlc." 

I could not agree more. There will be some nay-sayers that will counsel to never buy a house located near a school (which this is) or near a church.  They would be wrong at least in this instance. Read further to find out why I say this.

According to the Monroe County Property Appraiser the existing house is 999 sq ft in size. That figure does not include, in my opinion, the semi-enclosed Florida room that adds another 200 sq ft or more to quality living space. The house itself has three bedrooms and two baths. The house was built in 1954 (59 years ago). A lot of 59 year olds get face lifts. It's time this house got one. A new owner would likely gut the interior and redo the kitchen and baths. If I bought the house I would add wind impact resistant windows and doors to reduce long term wind storm insurance premiums.

The lot is extra large - 94' x 101' or 9397 sq ft.  The lot is located at the corner of Catherine and Thompson Street.The house is located about 20 feet from Thompson and about the same from Catherine. The yard on both sides is densely landscaped with tropical foliage.   

west side yard

gate to west side yard

west side yard from rear of house looking toward Catherine St.

east or front yard includes a ramp to deck off master bedroom

north side or back yard

The lot is obviously in need of some major clearing and pruning.  That's easy. I suggest that a buyer consider the added added value of the mature palms located on this property. I might even add new trees to the back and west sides to add more privacy where I would probably install a pool. The two storey building on the north side is administrative offices for the school.

1104 - 1106 Thompson Street is offered at $449,900. CLICK HERE to view the Key West Association of Realtors mls datasheet and listing photos.  Please contact me, Gary Thomas, 305-766-2642 to schedule a showing or for more information on this unique buying opportunity in Key West. I am a buyers agent and a full time Realtor at Preferred Properties Key West. I think this could make a wonderful Key West tropical haven for the person who wants a tropical forest and no neighbors.

2013 Key West "Selling Season" Results

 The 2013 Key West real estate selling season just closed. The selling season runs from Christmas through April of the following year. Most buyers come to Key West during these months to buy their dream homes. Most sales will have closed by now. I realize that there are still some properties that were put under contract that have not yet closed.  This analysis looks at the total closed transactions between January 1, 2013 and May 1, 2013 in the single family sales and compares the results to the same time period in 2010,  2011, and 2012.  I used the Key West Association of Realtors mls database which shows only transaction where Realtors represented one or both parties. Private sales were not included.  I also counted only real estate sales from Key West to Shark Key as I do not consider the areas outside of Key West to be part of our market. 

There were a total of 117 single family homes that sold in the Key West area in the first four months of 2013. The median sales price on the group was $429 per sq ft. Since most buyers that read my blog are looking for a home in the Old Town, Casa Marina, and Meadows areas, I carved out those locations for separate analysis. That core area had a total of 68 sales with an average sales price of $839,000 or $501 per sq ft.

There were 25 single family homes sales that sold in excess of $1,000,000. The median sales price of that group was $1,691,840. The houses sold for an average of $611 per sq ft.  Six of the 25 sales were located in Key Haven, Shark Key, or Sunset Key.  

In 2012 there were a total of 85 sales for all homes in the Key West area with a median sales price of $600,443 or $376 per sq ft.  There were 37 sales in this core area in the same time period. The median sales price in this select group was $829,991 with a sales price of $537 on a per sq ft basis.

During the same time period in 2011 there were 93 single family home sales that sold at the median price of $672,462 with an average price per sq ft of $370.  The core area of Old Town, Casa Marina, and the Meadows areas had 51 single family homes sales in this period with a median price of $757,873 and sold at $423 per sq ft.

I then went back to 2010 to find that there were 92 single family home sales in the January 1 to May 1 time period. The median price then was $598,313 and the average sales price on a per sq ft basis was $376.32. Next I zeroed in the core areas of Old Town, Casa Marina, and the Meadows where I found there were 41 single family home sales at the median price of $806,878 at an average price per sq ft of $482.

The Old Town, Meadows, and Casa Marina "core areas" continue to dominate Key West real estate sales. These are the areas where most first time buyers look to purchase. These are the areas with which these buyers are most familiar as these are typically the areas where they stay in hotels, guest houses, or vacation rentals.  Many, but not all, potential buyers look to purchasing a home in these areas because they hope to do some vacation rentals to help pay some of the home ownership costs.

 I guess it was sometime in March that I realized the real estate market in Key West was "on fire".  There just was not enough inventory of houses to satisfy the demand for houses. Buyers were buying as if there would be no tomorrow.

There were a couple of interesting sales which you may find interesting. 527 Bahama Drive (located one half block east of Duval between Fleming and Southard Streets) finally sold after being on the market as a short sale for a total of 2563 days. It sold at $225,000.  Drive or walk by sometime so you can see what you can get for $225,000 in Key West. While you are out, walk by 707 Southard Street which is a charming little Key West cottage that sold for $948 per sq ft.  It's little sales like these which mess with my mind when trying to explain that per square foot average sales prices really do not matter in Key West. Our market is made up of such diverse properties and differing locations that statistical models really fail to help us compare prices.  

707 Southard Street - $948 per sq ft

If you are still hoping to buy a little cottage, a big house, or something in between, rest assured that there will be new listings. People are always dying, getting divorced, or moving away for a job or for some other reason. We do have a limited supply of houses and condos, however. We have an imposed limit on new construction and a height and density limit imposed by local government. The fact that we are located on an island means we cannot expand to other undeveloped areas because there are none. The other islands are not "Key West". I see these two factors as positives for buyers. There will be more houses for sale in the future and they will probably cost more in the future. That's a positive if you want your present investment to be worth more in the future.

The uncertainty in Washington continues to put a chill on the overall economy in my opinion. We have had a lot of cheap long term money available that has helped make purchasing a second home in Key West an affordable proposition. Let's hope the FED does not change things for a while. We are doing great as it sits right now.

If you are looking to purchase a place in Key West, please contact me, Gary Thomas, 305-766-2642. 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.

 

Quintessential Key West Charm - 1108 Fleming Street - Old Town

1108 Fleming Street in Old Town Key West is pretty as a picture - and then more. It's the poster child for quintessential Key West charm. Now it is available for sale at $1,250,000.  The listing Realtor describes the new property thus:

"Beautiful historic conch home located in the heart of prestigious Old Town Key West.This classic three bedroom has a warm open floor plan with vaulted ceilings.The guest cottage has its own access and off street parking located on Curry Lane. The tropical pool area has plenty of room for entertaining.The pool separates the main house from the guest cottage."

The house is bright and cheery from front to back and bottom to top. Every room is different, but the entire place flows evenly and with purpose. The great room at the rear of the main house invites you out to the ample deck and pool. There is even an outdoor shower. The guest cottage at the rear invites you to come in and get cozy.

The house is laid out with one bedroom located at the front of the house on the main floor. The kitchen and great room occupy the rear area of the main floor. The master bedroom with sitting area or office is located on the second floor. There you get a view of the pool, deck, and uber-cute guest cottage at the rear.  There is off street parking in the rear on Curry Lane. The cottage at the rear has a bedroom and bath. The house and cottage have a combined total of 1604 sq ft of living space under air.

Main Floor Bedroom

Master Suite

Guest Cottage with Parking

Cottage looking toward the main house

1108 Fleming Street is located at the far end of Fleming Street. Duval Street is just a short walk to Duval Street. Or you can walk to the Historic Seaport in about the same time. There are two neighborhood convenience stores on White Street. And there are numerous restaurants and cafes within a few minutes walk. If you are into the arts, The Studios of Key West is just one block away at the corner of White and Southard Street. 

CLICK HERE to view the Key West Association of Realtors mls datasheet and to view listing photos. Better yet, please call me, Gary Thomas, 305-766-2642 to schedule a showing of this beautiful Key West home that really is Pretty as a Picture. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your home in Paradise.

1411 Olivia Street - Key West, Florida

The listing Broker at Preferred Properties Key West (that's where I work but this is not my listing) says of 1411 Olivia Street that is located in the Meadows Area:

"This charming Key West home is located in the Meadows area of old town. A vintage iron gate and a wide, sunny front porch offers a welcome entry to the house. Inside are beautiful wood floors, high ceilings and bright rooms. In addition to the two bedrooms and two baths, there are two loft bedrooms not included in the square footage. The Florida room opens through a wall of glass doors to the bricked patio and garden which includes an outdoor shower. The patio area is fenced and gated and very private. This is a must see for those wanting historic charm in a lovely setting."

 White Street is the dividing line between Old Town and the Meadows Area. Many of the houses in both areas are the same style and were built around the same time periods.  For the most part the only difference between the two areas is a higher price per square foot if you buy on the Old Town side of White Street. Read on if you want to save a buck (or many thousands of them).

I found this old photo of 1411 Olivia Street with a notation that it was built circa 1926 which differs from what the Monroe County Property Appraiser's records show which is the source for our mls database. (In this instance I think I'd go along with the photo notation. Not much of anything was being built in Key West in 1933 because we were in a big ole Depression.) Then compare the way the house looked back in the olden days with the way it looks today.

The house has 1334 sq ft of living space on one floor. As the listing broker notes the house has even more living space not shown in the public record as it is loft bedroom space which is not counted in actual living area.  There are two real bedrooms and two bath plus the spaces aforementioned which don't count unless you have roommates, children, or brothers-in-law.  CLICK HERE to view the Key West mls database and listing photos.

This home is located just a couple of blocks north of Bayview Park, the main city park in Key West. Bayview Park is a real park that has been a vital part of the City of Key West for decades. Lots of annual events are hosted there including the Easter Egg Hunt, the Conchfest Celebration, Relay for Life event, Seafood Festival, Childen's Halloween, and Christmas Town.  The park also has several illuminated tennis courts which seem to be busy even on the hottest of days.

 Look at the black and white photo just above. It shows kids swimming in the water across street from Bayview Park in the 1940s.  See the park pavilion at the right.  Today that same view would be impossible as Truman Avenue and Eisenhower Driver (the intersection) now have commercial buildings and a four story condo.  It's old pics like this that almost make me sick to see what greed has done to our little town. 

Bayview Park is the historic city park for Key West. Every year it is the place where locals come together to celebrate the rituals of each season. I came from a big city and never experienced anything like life in a small town like Key West. I have grown to love living here more than I could have ever imagined.

1411 Olivia Street is offered at $596,000.  If you would like to see this charming home on a very charming block please give me, Gary Thomas a phone call at 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West.