1311 Catherine Street - Key West, Florida

1311 Catherine Street in Key West is a new listing that may appeal to buyers who are looking for an affordable house they can expand to create their little dream cottage. The listing Realtor, not me, describes the property thus:

"Location! Location! Location! Very nice address on Catherine Street. This Conch Cottage is quintessential Key West and ready for an easy, clean renovation. It has one bedroom as part of the home and an additional bedroom/guest quarters with a half bath connected by a short breezeway.A large concrete deck with a vine covered trellis on the East side is accessible from bedroom and side and rear doors. There is a nice landscaped yard on the side and rear, you will be pleasantly surprised with the outside area. A private outdoor shower is handy.Storage loft. Easy to see."

I found a black and white photo taken of this property in 1965.  Compare that photo to the photo underneath. You will see where the bedroom addition was added onto the house. There is an elevated concrete deck off the bedroom with an overhead trellis. Just beyond the trellis is the backyard which is surprisingly large. The Monroe County Property Appraiser records show the house and rear cottage as being 855 sq ft. The lot is 40' X 92" or 3670 sq ft.  I think there is room to expand the main house and enlarge the rear cottage and still have sufficient land left over to construct a swimming pool and gardens. CLICK HERE to view more photos I took minutes before a heavy rainstorm.

Little houses on big lots like this give me goose bumps, not from being scary, but for having so much potential.  This house is a simple conch cottage with a vaulted ceiling in the living area, a rudimentary kitchen, a bedroom on the side, and a bath at the rear. There is a covered breezeway at the rear that leads to a rear second cottage where there is a second bedroom and a half bath. A creative buyer can do so much with this space compared to other places with much smaller lots. CLICK HERE to view the Key West mls datasheet. This home is offered at $450,000.

If you would like to see 1311 Catherine Street, 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.

Key West Guesthouse For Sale - 1101 Southard Street, Key West

 The Frances Street Bottle Inn located in Old Town Key West is small boutique style guest house with eight rooms offered for sale at $2,575,000.  The listing broker describes the property this way:

"The Frances Street Bottle Inn is a well established guest house in the heart of old town Key West. The house has been lovingly restored and is a beautiful example of historic Key West architecture. There are eight lovely rooms, seven transient and one non-transient. In addition to the guest rooms there is a spacious lounge/dining room, an office/reception area and a wide porch where guests relax in the mornings and evenings and watch the world go by. Two of the guest room suites have living rooms and all have an outdoor space. Two of the guest rooms have brick patios. The guesthouse is perfectly located in the heart of old town within walking distance to everything."

 

The Frances Street Bottle Inn is nestled behind a gorgeous Royal Poinciana Tree which in May and June is ablaze with millions of tiny red flowers. The immediate neighborhood around the guesthouse has some of the prettiest and most expensive homes in Old Town.  The Inn is located within an easy walking distance to Duval Street and the Historic Key West Seaport.Most of the gyms and yoga studios are within a few minutes walk as well.

The building's current structure has 2920 sq ft of living area under air conditioning. This does not include any of the expansive covered first and second floor deck areas which provide abundant spaces for eating a morning croissant or sipping a glass of wine in the evening.  The building sits on a 3445 sq ft lot (53' on Frances Street by 65' on Southard Street). Two rooms on the east side of the guesthouse open out to a private bricked terrace where there may be room for a pool or spa. Three rooms front Southard Street and have access to the front decks. Guests love private deck spaces to watch the world go by. The historic property has lots of  Dade County Pine walls and other architectural features from two centuries ago. But the rooms are totally up to date and feature modern amenities that make travel fun.  CLICK HERE to view more photos.

CLICK HERE to view the Key West mls datasheet on this property. But better than looking at the mls, let's schedule a personal viewing of this money making opportunity. This property will give a new owner the opportunity to move to Key West, operate a profitable business, and change your life.  Please call me, Gary Thomas, 305-766-2642 to schedule an appointment.  I am a buyers agent and a full time Realtor at Preferred Properties Key West.  Let me help you find your new job in Paradise.

808 South Street #4 - Bank Owned Key West Condo

No matter whether you are a beach boy, party girl, loving couple, or just a single guy or gal looking for a nice home in a good location with a pool and private parking, the new Bank Owned condo at 808 South Street #4 in in the Casa Marina Area of Key West ought to appeal to you. This 640 Sq Ft one bedroom second floor condominium is offered at $375,000. The listing Realtor describes this Southpark Condominium this way:

"Enjoy a Bright, Airy, second-floor Southpark Condominium centrally located in the Casa Marina Neighborhood. This homes includes a heated pool, lushly landscaped grounds, front and rear porches, hurricane shutters."

 The Southpark Condominiums are a group of four World War II era buildings with four units in each building. All of the units were updated when the properties were converted into condominiums. Each of the units have been individually updated over the years since the conversion. There are two ground floor and two second floor units all of which are accessed via central front entry. Each unit has an assigned off street parking space adjacent to the building. The front and side yard of each building is tropically landscaped and beautifully maintained throughout the year. The community pool and garden is located at the rear where there is also a laundry room and storage facilities for each condominium. When you see the pool you will probably agree with me that it is one of the prettiest pools on the island. The gardens have a sprinkler system and are lighted at night. The entire side yard and rear garden area is totally secured. You cannot get into or out of the area without a key.

Unit #4 is located on the second floor. This unit, like all of the others, is a one bedroom unit. The unit was updated a few years ago when the kitchen and bath were remodeled. The unit had a central air conditioning system added as well. This unit is on the west side of the building. It has a large sunny rear balcony accessed off the bedroom. This is a perfect spot for private sunning or al fresco dining. There is even a retractable awning to keep the sun off.  The front balcony overlooks South Street. During the daytime there will be lots of people watching opportunities. At night South Street is lightly traveled after dark.

The living room runs the width of the unit and has two windows plus door to the balcony that provide nice light into the living area. A large wall of built-in shelves in the dining area offers places to display books or collectibles and add a bit of drama to the area. 

The kitchen has newish cabinets. Unfortunately, someone walked away with the kitchen appliances and cabinet pulls. The good thing about that is you will get the chance to own brand new appliances which you will have to purchase, of course. A doorway off the kitchen leads to the rear stairway down to the rear garden and pool area.

The bedroom is located in the right west rear corner. The bedroom space is quite large.  A 15 light door opens out to the second floor balcony which has a retractable awing.  Wood floors connect the bedroom, dining, and living areas.  

The bathroom was updated, but someone removed the lights, mirror, toilet seat, and switch plates from this room. I could write a book about people that pull this kind of maneuver, but I won't. Instead I'll just say a new owner can fix this unit up the way he, or she, or they want. If I bought this unit, I'd definitely repaint it to erase any vestige of the prior owner. CLICK HERE to view more photos I recently took just before this building was tented for termites.

I have sold three units in the Southpark Condominiums. This property is professionally managed.  The grounds are always beautifully maintained. As I understand it, the condo association undertakes one big project each year to keep the buildings in good shape. Each unit has hurricane shutters. The monthly condo fee is $425 which covers all building insurances, building maintenance, grounds and pool maintenance.  The association is qualified for new mortgage loans. 

CLICK HERE to view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. If you are out of the area and want a place like this, I think you could make a sight unseen offer. Yes, you will have to spend some money to replace things that were removed. Your homeowner inspection would alert you to any mechanical or structural matter that I overlooked or did not mention.  Even though a new owner will have to spend some extra money and time to whip this place back into shape, I see real value in this unit and this location.

Key West Real Estate - 2014 Mid - Year Sales Report

I just did a quick review of single family home sales for Key West for the first half of 2014. I used the Key West mls database as the source for my report. If you have read a sales report in some other media, you may have seen different numbers. Our local mls runs from Key West up to Big Coppitt Key which is 11 miles from Key West and in my view has nothing to do with what happens in Key West real estate. I therefore eliminated all Big Coppitt sales from consideration.

The first half of any sales year tends to have the greater number of sales as compared to the second half because much of our real estate market is driven by second home sales. Second home buyers typically buy houses when they visit Key West between Christmas and the end of May. This is our prime sales period.

There were 154 single family home sales in Key West in the first half of 2014 which sold for an average sales price of $506 per sq ft. The least expensive home was located on Stock Island. It sold for $220,000.  The most expensive home was a four bedroom beachfront home on Sunset Key. It sold for $4,800,000.

Most second home buyers prefer to buy houses in the Old Town, Casa Marina, and Meadows areas. They typically want to spend under $500,000. Some may be willing to spend additional money to renovate to achieve their ultimate goal type of house. Some but not all potential buyers may be willing to rent (or even aspire to rent) their new home to help off set costs of ownership.

Other buyers with more capital to invest look at higher priced homes hoping to find their dream home type property. There were 40 single family home sales in excess of $1,000,000 in the first six months in 2014 which sold for an average of $791 per sq ft.  

I've said before that I am no statistician. I barely passed algebra in high school. But I got an "A" by being able to distinguish "Up" from "Down". I know that the Key West real estate market is up - big time.

I then went back to compare sales from 2008, 2010, and 2012 to see how our market fared just prior to the market collapse which occurred in 2008, reacted to the BP oil spill in 2010, and dealt with the economic recovery in 2010.

There were 98 single family home sales in 2008 which sold at an average of $504 per sq ft.  The least expensive home was located on Fogarty Avenue in midtown. It sold for just $234,400. Not surprising, the most expensive house was located on Sunset Key. It sold for $4,667,055. There were 28 homes that sold over $1,000,000 at an average price of $732 per sq ft.  Remember these numbers because it took six years for our market to catch up to these numbers.

The BP Oil spill occurred in April 2010. That was like the nail on the coffin as Key West real estate responded to the Great Recession. We had so many short sales and bank owned properties to begin with and then the market got slammed with a threatened oil slick that never materialized. Several buyers walked away from their escrow deposits because they believe the malarkey they read or heard about oil spill gunk hitting our reefs. The least expensive house was a foreclosure in Bahama Village that sold for just $79,000. The most expensive home was located on Sunset Key. It sold for $3,295,000. There were still 124 single family home sale with an average price of $381 per sq ft. That's a $123 per sq ft drop from 2008.  The recession and market spiral downward took its toll. There were still 20 houses that sold over $1,000,000 at an average price of $620 per sq ft. That's down $112 per sq ft from the 2008 average.

In 2012 there were 125 single family home sales that sold for an average of $383 per sq ft. That's a $2 per sq price increase over 2010. The least expensive house was located on Fogarty Avenue (again). This house sold for $170,000 while the most expensive house was located on Sunset Key (again). That house sold for $5,000,000.  In 2012 there were 14 homes that sold for more than $1,000,000 with an average price of $679 per sq ft.

I watched the wave of fear that set in after the 2008 market collapse. I remember writing many times about specific properties being "buying opportunities" because prices were so low compared to their real market value once the market recovered. I remember one who reader used to comment on blogs.  He (or she) would warn of a second impending market crash and implore readers not to believe my hyperbole. It was as if I were the Wizard of Oz - or at least the Wizard of Key West. 

When Realtors get a chance to talk to each other for a couple of minutes they invariably ask "How are you doing? Staying busy?" or words to that effect. Most Realtors I know were very busy this past season. There was a huge demand for houses in Key West. There was, however, only a modest inventory.  And then we had the FEMA flood insurance policy change which made flood insurance costs significantly rise over prior rates. Eventually Congress responded to political pressure and eased flood rates for full time homeowners.

I think the Key West real estate market is back and that prices will be higher next season. I remind potential buyers that people are always dying, getting divorced, or moving away. In Key West we have our fair share of flippers who buy low and try to sell high (or high enough to make a decent profit).  We still continue to see new bank owned properties hit the mls because the Florida foreclosure laws allows bad borrowers to remain in place for years as the foreclosure works its way through our courts. And there are a few ongoing short sales that are slowing working through the machinations of big banks and asset management companies. The point is we will have more houses to sell come December - if not earlier.

There is a large base of cash buyers and people who have cash and credit to buy a second home in Key West that are just waiting to find a property that suits their needs. Some of these buyers are probably reading today's blog while they are at work. Some people live with Zillow or some other internet feed letting them know when a new listing hits the Key West mls.

If you are looking to buy a place in Key West, please consider working with me, Gary Thomas. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Please call me at 305-766-2642 or send me an email at kw1101v@aol.com.  Let me help you find your place in Key West where next year your home purchase will be a statistic for someone but a dream come true for you.

Price Reduction - 405 Olivia Street - Key West

"The first and final thing you have to do in this world is to last it and not be smashed by it."

                                                                                                                          Ernest Hemingway

I came to Key West in 1984 for a vacation. Town was much different back then. There were not nearly as many tourists, or cars, or motor scooters, or trolleys, or delivery trucks. Dogs could nap in the street.  More houses were broken than were fixed, especially in Old Town.  I remember walking back the guesthouse late one night after a night on Duval Street.  I passed under an old giant Mahogany tree and stepped on a palmetto bug on the cracked sidewalk. Back then most of the sidewalks were cracked and heaving. Palmetto bugs were plentiful. Key West had an eerie feel in the dark of the night. I remember being on guard - not knowing what to expect.  Creepy walks in this foreign land with so many broken down houses and buildings made me suspicious of everything..

Many of the old houses appeared to have sat broken or neglected for years. Nearly thirty years later I would hazard a guess that maybe 20 to 25 per cent of the old houses remain untouched compared to back in 1984 when perhaps 10 percent had been updated. The real numbers don't matter to me that much. I have been able to watch this very quite little town change. I appreciate the changes to the old houses.  Some have been done much better than others. For the most part I like the houses that have been updated, but I don't like a lot of what has happened to our town. But that is for another blog on another day.

The house at 405 Olivia Street (above) is one of the houses that was broken down and pretty sad.  To use Hemingway's phrase, the place was smashed. Some prior owner attached a hideous lean-to carport against the house. The interior was "updated" with saltillo tile years ago - that's the tile they use in New Mexico, California, and Texas. Not Key West!  The floor on the main living level was not level.  The rooms were choppy. There was no "flow" between living areas. The updated kitchen (with cheap cabinets and cheap appliances was located at the back of the house. Unfortunately, the only bathroom in the house was located right off the kitchen.  The three bedrooms were located upstairs.  There was one saving grace to this house, however.  The house was and still is located across the street from the Ernest Hemingway House. 

405 Olivia Street has appeared in my blog a couple of times. It became a bank owned property (no surprise about that). The new owner hired a very well respected general contractor to renovate the property that is now available for purchase at the reduced asking price of $1,095,000. The listing Realtor, not me, describes this property thus:

"Even Hemingway would have loved this place!! Amazing renovation from top to bottom on this mid-1800's historic home located across from the Ernest Hemingway Home and Museum."

I checked the 1889 Sanborn Fire Map for the City of Key West and found what I believe to be 405 Olivia Street. The 1892 Sanborn Map shows a rear addition. In more recent times a shed addition was added at the very rear. Today, the entire house has been totally rebuilt from foundation to the roof, from the second and first floor front porches to the shed at the rear, from the removal of the lean-to carport to the addition bricked off street parking for two cars and pool with adjacent cabana. Please look at the photos below that show the totally renovated property.

The front room could easily function as an alternative guest room. The main living area, kitchen and dining area follow at the rear.

There are now just two bedrooms plus a very nice bath located on the second floor. The front bedroom has access to the front balcony which has views of the Hemingway House.  The trees and tropical foliage at the old writer's house prevent Hemingway's ghost from peering into the second floor windows at 405 Olivia Street.

 

Both bedrooms now have separate en-suite baths. The old second floor hallway has new windows that allow more light into what was previously a mostly dim hallway. The front bathroom even has a stained glass window that provides diffused light during daytime hours off of the hallway. I've seen this done in some other houses. It works especially well here. The stained glass window turns a somewhat bland hallway into an interesting space and it certainly adds a lot of pizazz to the bathroom.  It is, however, the view out the second floor window that will make you feel mighty proud as you look down to your pool below. There's nothing so fine as looking down to see something nobody else, no matter how much money they have, can own.

 

If you buy this home you will need to understand that thousands of people will walk by your house over the course of each year. Some passersby will probably stop and take photos of Hemingway's neighbor (your home). Accept that. But remember you are the lucky one that gets be be the neighbor with the front porch that looks over to the Hemingway House. CLICK HERE to view more photos I took of 405 Olivia Street.

405 Olivia Street was built in the 19th Century. It was smashed and mishandled in the 20th Century. Now at the beginning of the 21st Century the old house has a new life. It offers 1380 sq ft of comfortable living space that includes 3 bedrooms, 3 baths, a bright great room and kitchen area, a beautiful pool, and off street parking that is located one block off Duval Street and across the street from Hemingway's house. This property would make a great second home. And I am confident 405 Olivia Street would could become a very successful vacation rental. The pool, the parking, the quality renovation, the Hemingway connection, and location assure success.  CLICK HERE to view the Key West mls datasheet and listing photos.

Better than looking at photos on the internet, please call me, Gary Thomas, 305-766-2642 to set up a private showing of this new property.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.