On
the isle of Key West housing projects really are a 'cottage industry'.
State law
restricts the construction of new houses under the Rate of Growth
Ordinance (ROGO) in all of the Florida Keys as a part of hurricane
evacuation plan. The fact is that Key West, like the other Florida
Keys, has a
finite amount of land (remember it is an island) and there are few
undeveloped (build-able)
lots. The City of Key West has its
own restrictive ordinances that limit the size, height, and density of
new housing even when a building lot and a ROGO unit are available. The
scarcity of undeveloped land and the limitation on new construction
means that most construction in Key West involves the renovation of
existing structures.
About a quarter of the housing
stock on our little island is protected from over development and
misguided redevelopment by stringent rules and regulations. Old Town and
parts of the Meadows and Casa Marina areas are subject to Historic
Architectural Review Commission (HARC) guidelines as well. (
CLICK HERE
to view the HARC guidelines.) Most of the housing stock on the island
is renovated as opposed to new construction. As a result, our housing
stock stays pretty constant as far as the number of actual living
units.
The house at
319 Grinnell Street has
been abused and misused for decades.The photos below show the house in
1965 and then as it appeared when it became bank owned. The house was
lifted to install new piers which is the type of foundation most houses
in the Old Town area have. A former owner made the place into an
illegal three unit house. Then it was foreclosed upon by a lender. A
smart buyer bought the former bank owned property and started a very
smart update when the property suffered a fire in March 2013. It wasn't
that bad of a fire and the renovations continue. It is looking crisp and
clean again
I
am so happy to see that this great property is back on track to what I
hope will be a spectacular finish. I think the builder is doing a
terrific job in bringing this property back to life. I had many
potential buyers contact me about this house when it was listed for
sale. All but one hesitated and the one who made an offer to buy it
nickled and dimed the offer. My buyer lost out because he wanted to
steal the property. To those who hesitated because of the location,
there are only few really "great" blocks in Old Town and buyers who buy
there pay the price.
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| 1219 Newton Street in 2011 |
Speaking of abuse, the house at 1219 Newton Street in
the Meadows area was the poster child for abuse. I showed houses on
either side of 1219 Newton Street. Several years ago the house next door
to the east (1221 Newton) was offered at a very affordable price. My
potential buyer viewed 1219 Newton from the second floor and saw the
back roof had
fallen in. Seriously! Key West Code Enforcement
did not do its job and let that eyesore sit for years. Of course it
scarred off buyers for neighboring properties. I wrote about the house
next door to the west (1217 Newton St) in my blog. While potential
buyers loved that house, they were fearful of spending nearly a million
dollars for the perfect house only to have the creepy house next door. I
get a lot those comments from buyers on various properties who voice
similar fears over houses they fear located on the same block as one
they might like to buy. I usually tell prospective buyers that bad
houses eventually get purchased and because houses are so valuable in
Key West, the likelihood is that an ugly old place will become a pretty
good new place. That's what happened at 1219 Newton Street. See below.
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| 1219 Newton in early 2013 |
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| 1219 Newton May 2013 |
The original house at
1219 Newton Street was
sold. The new buyer obtained permission to raze the former house because
of its condition. A new house was permitted to be built using the
former site placement as the condition. The new place looks just great.
By the way the house next door to the west sold last year and the house
next door to east was re-sold this past month after an artful renewal
as well. See photos of the pretty neighbors below.
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| Interior of 1217 Newton in 2012 |
A bank owned house at
1021 Fleming Street that was listed at just
$321,750 had ten cash offers higher than asking price and sold for
$400,000 in 2010. I wrote an offer for one buyer. He bid too low. Dang
it! Look at what is happening now. This is still a work in progress.
The general contractor built a new house from ground up for a buyer of
mine. She told me she had worked with numerous contractors on several
houses over the years. She said he was the best contractor she had ever
worked with.
The "little cottage that could" at
525 Grinnell Street
(below) is getting a substantial renovation. The old roof was replaced
with a shiny new metal roof. Many of the old piers were replaced and the
exterior siding is in the process of being painted. I understand the
interior is getting a substantial renovation as well. The concrete
porch is reportedly being removed and a new wood porch will be added. I
applaud that.
A former cigar maker's cottage in the 400 block of Virginia Street is
getting a redo by a local duo who have revamped several Key West
properties. I remember showing this house several years ago when it was
vacant. I told prospective buyers that the location just off Duval
Street would make it a great vacation rental and I told them the extra
large lot allowed plenty of room for a pool. We will check back later
to see how this turns out. I am expecting nothing less than Key West
Charm!
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| Completed and Beautiful |
One of the grand old Conch Houses of Key West is located at
522 Grinnell Street.
I got to show it a couple of times to very serious buyers. But the very
high asking price for a house that needed quite a bit of work prevented
any of my three buyers from making an offer.The owner is no longer
marketing the property but instead is completing the renovation.
522 Grinnell Street had been gutted on the inside. The very tall
ceilings, ancient crown moldings, and simple but elegant architectural
detail remained in tact on the inside. A decrepit old addition at the
rear was removed and an out building and garage were torn down. The
remaining rear lot left room for a new first and second story porch at
the rear. There is plenty of room for a pool.
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| May 2013 |
Many potential buyers in Key West see old houses and say they would
prefer to tear down some of the old places and build new. That is not
normally allowed in Old Town because of HARC (Historic Architectural
Review Commission) guidelines. Exceptions are sometimes made for
non-contributing structures. Such appears to be the case for the former
house located at
710 Windsor Lane shown below. The house was not historic. The lot was extra large and the option to build a big new house was irresistible.
The house shown above was built in 1954. It was demolished and the
foundation for a new residence is being poured on the quite large lot
(5674 sq ft) located near the top of Solares Hill.
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| 1117 Stump Lane in 1965 |
A few months ago I wrote about the house for sale at
1117 Stump Lane.
I said "Budget buyers who are looking for a place they can move right
into and
do a little bit of fix-up over time or a buyer who wants to do a major
renovation ought to take a look at this home." I then added "This is a
property that will probably go under contract as soon as you
can say "Jumping Jack Flash" because it is priced to sell and there are a
lot of buyers who are getting desperate for a deal." It went under
contract the first week it was listed. I drove by the house last week to
take new photos of a nearby house and saw the renovation in progress at
1117 Stump Lane. Please take a peek for yourselves.
Stay
tuned on this one. I was told the former green tinted concrete that was
the faux backyard will be updated with a pool. I can't wait to see how
this place turns out.
Frequent readers of my blog will remember me writing about
410 Simonton Street.
I showed that place on several occasions and wrote a couple contracts
that actually got accepted. Neither buyer was able to obtain financing
because the place had been converted into nine apartments. The problem
was there were only five licenses and that made getting any financing
very difficult. (This goes on in Key West a lot of the time. People add
kitchens or create illegal living spaces to supplement their income.
Lenders won't lend on illegal units.)
The
good news is that someone did purchase the property. All of the tenants
moved out and demolition of the interiors began. Don't fret, the good
stuff, what little there is that remain, is staying in place. The house
itself is in very good condition with only a few issues that require
attention. I have heard various theories of what will become of this
beauty. We shall watch to see what happens.
The
hand painted ceiling and floor to nearly ceiling windows are located in
what I presume was the original front parlor at 410 Simonton Street.
That room is going to be preserved.
The tiny cottage at
629 Elizabeth Street was
featured in my blog when it was listed for sale in January 2012. I
remember driving people past that house over the years and hearing them
say something to the affect "I want to buy that house". There used to me
many houses just like "that house". Over the years many of those houses
went on the market and a buyer snapped them up and did renovations. I
fully expect the new owner of 629 Elizabeth Street to do the same. The
location at the top of Solares Hill could not be any better. The nearby
houses are all quite valuable. The lot already has off street parking
and I presume there is room for a pool. I will be that when the
renovation is completed the vase open lot will have a white picket fence
and tall palms and dense tropical foliage to protect the site from
prying eyes.
One of the biggest eyesores in Key West
was the hodgepodge building at 1200 White Street. It was purchased in
June 2012. After many months a new facade is starting to emerge.
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| 1200 White Street in 1965 |
Workers
applied a new stucco skin to the exterior, replaced old windows with
new, replaced the old roof, removed old asbestos siding from the second
floor apartments and replaced with new siding, and added a new
crown-type molding near the roof of the commercial space. Brackets have
been placed on the exterior where I expect a new awning or covered area
will be added. Tom Pope did the architectural design. I expect nothing
but the best.
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| 909 Flagler Avenue in 1965 |
Not too far away at 909 Flagler Avenue a stunning contemporary house is nearing completion. The former church at
909 Flagler Avenue in the Casa Marina area was destroyed during Hurricane Wilma. That building and two
smaller wood frame buildings were demolished to create a 10,381 sq ft
building lot (98' x 106'). The property is located adjacent to the truly
historic Reynolds property next door to the left.
Over in Bahama Village a new house has just been completed at
615 Thomas Street just
opposite to the parking entrance to the Shipyard
Condominiums in Truman Annex. An old relic of a falling down house used
to sit at this location. Today a substantial new two storey home sits
in its space where the former cottage once stood. Instead of old
school carpentry, this new house is using many modern day building
features that will make this home a notable addition to the area.
The former garage at
1133 Von Phister Street (below)
became a $749,000 condo in 2005. When the Key West housing bubble burst
this over priced property tanked. It became a short sale. I wrote about
the property at 1133 Von Phister Street a couple of times and urged
buyers to buy this place. I live nearby and know the value of the
location and the land in the Casa Marina area. The property was
purchased for just $249,000. The new owner took down the old garage and
is building a new two storey home in its place.
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| 1133 Von Phister Street when it was a $749,000 condo! |
The
lot at 1133 Von Phister Street is 94 ft deep. I think there is room for
a pool I hope this smart buyer is justly rewarded for the fortitude to
buy this place. Good luck and welcome to the neighborhood.
If you are thinking of buying a place in Key West and want to do a remodel, please contact me,
Gary Thomas,
305-766-2642.
I am a buyers agent and a full time Realtor at Preferred Properties
Coastal Realty, Inc. There's no time like the present to buy a place in
Paradise.
