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Tuesday, August 27, 2013

The Projects of Key West - an Update

Every few months I like to update my readers and potential buyers about the construction projects underway in Key West.  We live on an island with strict limits on growth and development. The historic district has very restrictive guidelines for the improvement or redevelopment of old houses and buildings.  The city building code has limitations on height, size, elevation, and density as related to each site.  Preserving a cute little Conch Cottage can turn a simple little project into a BFD for some owners.  Yet buyers continue to buy old houses with the dream of remaking a bit of old Key West just a bit better.  Today we view the status of what has occurred since last May.

In 2010 a bank owned house at 1021 Fleming Street was listed for $321,750.  It had ten cash offers higher than asking price and sold for $400,000 after only a few days on the market. I wrote an offer for one buyer. He bid too low.  Dang it!  Over the past year the house has steadily been renovated and now appears near completion.


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. Please view the photos below which show this house mid-way through renovation.

The "little cottage that could" at 525 Grinnell Street (below) is getting a substantial renovation. The old roof was replaced by a shiny new metal roof. Many of the old piers were replaced and the exterior siding was thoroughly prepped and prepared for a quality paint job. Even though the interior had been updated within the past ten years, the new owner "un-did" the re-do and is re-doing it to perfection. Perfection costs money and the redo process is dragging out a bit. The original house shown in the 1965 photo below had a wood front porch. Some later owner added a concrete porch with those lovely 1960s vintage concrete blocks.  The present owner got permission to remove the concrete blocks and to rebuild a new wood porch. That will make the renovation as near perfect as one can get. 

The grand old Conch house across the street at 522 Grinnell Street seems to have stopped for a time.  The owner started an ambitious remodel of one of the largest old homes in Key West. This house was built to grand proportions with tall ceilings, a fireplace, formal dining room, and bay windows on either side of the main floor. The owner added a new rear two story porch which may eventually overlook a pool. The backyard has room for a pool, but so far there is no evidence a pool is intended.
 
 
 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.
May 2013
August 2013 - paint is starting to peel
One of the most beautiful houses in town is getting a pretty little sister.  Locals watched the renovation of 730 Southard Street that seemed to take "for-ever".  The renovation was completed just before Christmas in 2012.  As large as 730 Southard Street appears from the street, it does not have enough bedrooms for guests. The owners purchased the adjacent cottage at 608 William Street and began the remodeling of that space into something much larger than one might have imagined possible. I showed 608 William Street several times years ago and even wrote about it in my blog.  It had benefited from a "light fluff".  It was painted and had little do-dads added that made it look as cute as a button. However, the small rooms and old electric and plumbing ached for a major rehab.  And that is what is occurring.
December 2012
December 2012
608 William Street - 1965

608 William Street - 1970s
608 William Street - 2008
Click on any photo to enlarge.  If you do you will notice the re-building of this home in place from the piers to the wood super structure. Note the removal of the rear covered and screened outdoor living area.  A new addition has been introduced toward the rear of the driveway.  

 A brand new house was built from the ground up at 710 Windsor Lane.  The home that previously occupied this space was not old enough or architecturally interesting to be classified as a contributing structure.  Permission was granted to tear down the old place and to construct a new two story home on Solares Hill.  The lot was extra large and that gave the owner the opportunity to build an extra large home.

The house shown above was built in 1954. It was demolished and the foundation for a new residence was poured on the quite large lot (5674 sq ft) located near the top of Solares Hill.

Construction complete and new owner is now in residence. If only all other construction could be so easy....

Speaking of which another old house at 625 Margaret Street is being reborn from the ground up. All of the old house was torn down with the exception of the historic roof and two framed windows at the front. The rest of the house and all of the exterior lot was carted away to make room for the new houses.  The giant tree in front remains.  It forms the focal point for the development that is ongoing.

The old building was razed but the roof  and fireplace were maintained. I started taking photos the week the new framing was added to support the roof. I go back by this property every few weeks to take progress photos. I was amazed to see how large a house is being built on this quite large lot.



If you are thinking of buying a fixer or a place that is move-in ready, 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. 



Friday, August 23, 2013

801 Fleming Street - Key West

Two historic old houses located at 801 - 807 Fleming Street were recently updated with a contemporary twist. The resultant property boasts five bedrooms, three bathrooms, a stunning pool, and two separate living areas and separate kitchens. They are located on one of the very best blocks of Old Town Key West and are now offered for sale at only $1,695,000. CLICK HERE to view the Key West mls datasheet and to see listing photos.
Preferred Properties Key West is the listing brokerage for this property. That is where I work, but this is not my listing. The listing Realtor describes 801 - 807 Fleming Street this way:
"TWO HOUSES IN OLD TOWN! This extensively renovated prime Old Town property consists of 2 historic homes that each have 2BR/1BA plus an apartment over the enclosed garage. Added features include a large pool with waterfall located between both homes along with outdoor shower, modernized bathrooms and stainless steel appliances. If people watching is your cup of tea, there are porches off each home that overlook the popular Fleming Street. Within walking distance to famed Duval Street, shops, restaurants, and bars."

801 Fleming St built circa 1889

807 Fleming Street built circa 1892

801 Fleming Street (top of the blog) is located at the corner of William and Fleming Street.  This house has two bedrooms on the main level, a living room that opens out to a decked area off the large pool. A large slider opens most of the room to the outside when weather permits.  A two story carriage house is located adjacent on William Street. The downstairs space is an air conditioned garage and laundry. The second floor is a large guest apartment with mini-bar.





807 Fleming Street looks like a super old fashioned cottage from the street. But when you pass the white picket fence and comfortable front porch that's perfect for people watching, you enter into a contemporary that offers two bedrooms with shared bath, a large living space, kitchen, and laundry.


 The two homes are unified into one large property by the extra large and quite stunning pool with raised edge that provides an unique place aside the pool.  The pool is framed by a large mosaic wall and fountain that provides privacy from passersby on Fleming Street.  The design and implementation are amazing. This concept works!
 I think this property will appeal to a buyer with considerable cash to invest in a second home that has the potential to be rented as a vacation rental. In fact, this home already has a track record as a vacation rental. There are only a few properties in Key West with five bedrooms - this is the only one with a huge pool, an air conditioned garage, and a killer location. This property would appeal to couples traveling together but who want their own separate quarters. It will also appeal to a couple with grown children or grandchildren who require separate spaces.  Nobody will feel slighted because both homes offer superior amenities and spaces. At the same time each home offers privacy. Even the occupant(s) of the carriage house will have privacy.

If you are looking for a large home in Key West that has the potential to be rented as a vacation rental, please contact me, Gary Thomas, 305-766-2642, to schedule a showing of 801 and 807 Fleming Street.  I am a buyers agent and a full time Realtor at Preferred Properties Key West.




Thursday, August 22, 2013

New Life into Old Buildings - Key West

1111 Duval Street Key West built in 1889 as photographed in 1965
A few years ago the building was home to Charest Weinberg Gallery
1n 2011 Edwin Swift III took this pic of the same property
August 2013 
This property is not for sale.
If you are looking to purchase a house or a commercial space in Key West and want to turn potential into something real, 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.

Wednesday, August 21, 2013

501 Duval Street - Key West - News You Can Use

I was walking up and down Duval Street this morning taking photos for an upcoming blog when I passed by 501 Duval Street, the PACE Building, or as it has been known prior to 2000 the Banana Republic building.  I was startled to see the windows had been totally covered by brown paper. Then I was alarmed to see the BANANA REPUBLIC signage had been removed. Doom! I thought.

On May 12, 2012 I wrote that Fast Buck Freddies was closing its doors. Fast Buck Freddies did an orderly liquidation over several weeks.  Then it shut its doors forever. Nothing has filled that space. I was fearful that Banana Republic would be leaving the space as well. I returned to my office and learned that the store held a liquidation sale over the weekend.  Doom. Doom. And more Doom I thought. I contacted an old pal who told me that the store will be re-opening in November as a Banana Republic outlet.  Thank God it's not leaving. I could not bear it turning into a tacky t-shirt shop or taco stand.  I dug into the shoebox to look for old photos of what occupied the space at 501 Duval Street before Banana Republic.
Drug store in 1965
1975 being renovated
Tacos in 1975
Banana Republic 2011
Doors Shut - Movers Ready for Final Move-out August 21, 2013
Gone Today - Hope it actually returns
 

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.
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