615 Southard Street - Key West - Dream a Little Dream

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 So many people come to Key West and fall in love with this little town. They imagine how simple and wonderful their lives could be if only they could live here - someday.  Most people return to their jobs up north in America and go back to the daily grind. They plod along and do their jobs, go to their kids' school and sports events, practices, or whatever.  They go to meetings and drive in traffic for hours on end. But even if they live a simple life,  they probably close their eyes and envision owning a little place on the island they someday want to call home. 

Just listed by Preferred Properties Key West, but not by me, 615 Southard Street which the listing Realtor describes this way:

"Come and see this perfect Key West Conch House today! With two bedrooms, two baths and a private swimming pool in this location, 615 Southard Street will certainly sell quickly. A few years back the property underwent a thorough and quality renovation. The current owners purchased the property in 2001. Features include custom woodcarvings, restored hardwood floors, high ceilings, updated baths and kitchen, central air and heat pump for pool. Property is being sold turnkey (fully furnished) with lovely tropical furniture and accessories. The location is in the heart of Old Town, and only 1.5 blocks to Duval Street and a leisurely stroll to the Historic Seaport. This updated Key West Old Town classic will sell quickly. Don't miss the boat."

I got a chance to show this home a couple of days ago. Shortly after I entered the front door and headed down the long hall on the left side of the house I saw the pool at the rear of the property. I knew instantly that I had showed this house many years earlier when the house was still a virgin cigar makers cottage in need of renovation.  I even remember the potential buyer - a doctor and his wife. They were looking for a place they could "fix up" and have a place to come to on their vacations. I told them that the location was about as good as you can get in Key West. After all, it is an easy walk to Duval Street but far enough away not to be a part of the loonieness that sometimes happens over there. I told them there was plenty of room for a pool. They went back up north to wherever it is they lived. They did not buy.  But someone did. There were a couple of deed transfers after that. The house was renovated (for which it received a ceramic star for excellence in renovation in 2000) and has been occasionally rented as a vacation rental since then.

I don't remember all potential customers as well as I remember that doctor and his wife. They missed a huge buying opportunity. The house sold in 1999 for just $265,000.

615 Southard Street Key West - 1965

615 Southard Street Key West - 2014

I looked in the historic Sanborn Fire Maps and learned that 615 Southard Street first appeared in the 1892 edition. It was not there in the 1899 edition so I assume the map is correct as to the approximate age of construction of this home. During the renovation new windows and mechanical systems were added.  The pool was built then as well. A new addition was placed at the back of the original house where the kitchen and dining area is now located. Doors at the rear open out to the garden and pool.

The formal living area is located at the front of the house. This former cigar makers cottage is rich with Dade County Pine walls throughout the property. Notice the extra tall ceilings and large baseboards that give the rooms a sense of strength and permanence.  Each room is painted a bit differently, but all rooms blend harmoniously. Since this home is offered furnished, it's nice to note that the house just feels "like home". 

The broad hallway on the left leads to the two bedrooms. The first bedroom has an en-suite bath. The second bedroom has an entry door into a second bath which also has a door that enters from the hallway. This second bath is used as a guest bath as well.

Once you near the kitchen the back addition opens into view. You see the pool, of course, but more importantly you see all sorts of visual stimuli that immediately lets you know this is a home.  Yes there is whimsy everywhere. There's a comfy sofa and chair, art, and bric-a-brac galore. The house looks both lived in but not outlived its presence. Who wouldn't love to spend a month here?

The rear doors open out to the kidney shaped pool and rear garden where there is abundant space to get a famous Key West tan (on a sunny day).  I took more photos on a semi-cloudy day which you can see if you CLICK HERE.

If you have been dreaming about buying a perfect place in Key West, a place that you might perhaps rent as a monthly vacation rental to help offset the cost of home ownership, you really ought to consider 615 Southard Street.  It has a successful rental history.  All furnishings and personalty convey with closing as do the advance rental reservations. The asking price is $998,000. Please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this special Key West home.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. This home may be the home of your dreams.

812 Fleming Street #7 - Seafoam Condominium - Key West

If you are a single guy or gal with a de-cluttered lifestyle, the rear penthouse ("wink") at 812 Fleming Street #7 may just appeal to you. This compact 518 sq ft home offers the rich Dade County Pine walls, ceiling, and floor on the top floor of the Seafoam Condominium building. I have written about other units in previous blogs. All of those units faced Fleming Street and had balconies that overlook the gayest street in Key West. This unit is located on the rear side of the building and has a rear balcony that overlooks the pool.

There is a front and rear three story stairway with an open atrium leads to this third floor unit. In my opinion this entryway is one of the most beautiful entries I have seen in the United States. I am in awe of the simple but elegant architecture. Unlike the other units which I wrote about before that have two doors that enter onto the atrium hallway, Unit #7 has just one door. That door opens into an interior hall that leads to the kitchen and living room on the far side of the unit.

The bedroom is located just off the living room. I think a new owner might change the entrance from the living room to the hallway. That would create more wall space in the living room, provide more privacy in the bedroom, and potentially create more closet space as well.

You will notice that French doors open out to the rear balcony. What a great space this is. One of the reasons we live in Key West is to enjoy our great weather and outdoors. Imagine sitting on your own private balcony having morning coffee or dinner.  The community pool is located below. CLICK HERE to view more photos.

 

The monthly maintenance fee of $475 includes all building insurances, building and pool maintenance, plus sewer, water, trash removal, and propane. The building provides hot water for each. Hence, the condo association pays for water, sewer, and the propane to heat the water. That's right, propane. If you love cooking with gas, you're gonna get to do that here as this unit has a gas stove. There is a community coin operated laundry located off the pool.  

  812 Fleming Street is located hear everything.  The restaurants and attractions on Duval Street are located within a five minute walk.  Likewise, the Historic Key West Seaport is about a five minute walk as well. There are numerous neighborhood restaurants, two great bakeries, specialty shops and little art galleries withing a few blocks.  The good thing is that you can walk to just about wherever you want to go in Key West.

812 Fleming Street #7 is offered at $350,000.  Please call me, Gary Thomas, 305-766-2642, to set up a personal showing of this interesting property.  I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. This charming space could be your year around residence or a great place to escape.

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.