221 Petronia Street, Key West, Florida - Bank Owned Buying Opportunity

I'll bet you have walked or driven by the new Bank Owned listing at 221 Petronia Street in Key West and thought something like "that could really be something if they fixed it up".  Well now is your opportunity to be the one that does the "fixing". This property is all sealed up and cannot be viewed because it has fire damage. If you look at the last two photos above you will see fire damage at the rear on both the first and second floors.

I checked the historic Sanborn Fire Maps and learned that 221 Petronia Street (previously identified as 408 Petronia Street) existed as early as 1889. The adjacent lot, now empty, had a small grocery back in the day. The lot is mostly vacant now except for a bunch of trees.  CLICK HERE to view more photos I took.

The lot and existing structure are zoned HNC-3. This zoning is specifically includes the Bahama Village area and has the stated purpose of  identifying the area as "a City target for redevelopment and revitalization".  The neighbor to the east on Petronia Street is a two story restaurant that was teeming with patrons on Monday when I took photos. Petronia Street has several notable restaurants including Blue Heaven, La Crêperie Key West, and Santiago's Bodega one block to the west. Various small shops related to tourist trade line this street. The neighbor around the corner on Chapman Lane is a single family house.This is the mix of Bahama Village. Since 221 Petronia Street faces the business side, I would assume the City would permit redevelopment of this building (if it can be saved) into a commercial enterprise as oppose to requiring it to be used for residential purposes. That makes sense to me. Of course, I am no 'devloper' and I do not pretend to know what the City would actually do or require. Since buyers are specifically not permitted to enter the property before making an offer, it is difficult to determine the amount of fire damage the building has received. The 1965 black and white photo (below) shows a pretty interesting building. The fate of this building will probably be determined by the extent of structural damage as opposed to smoke and surface damage. It would be a shame to lose a building this interesting.  The color photos above show uninteresting additions at the rear and west side plus an exterior staircase. The mix of the interesting old building, the ugly additions, fire damage, and big lot give this property a lot of possibilities.

CLICK HERE to view the Key West mls datasheet on this property. I understand multiple offers have already been received. Now is the time to act. Please contact me, Gary Thomas, 305-766-2642 if you would like to submit an offer. I am a buyers agent and a full time Realtor at Preferred Properties Key West. This really is a buying opportunity!

918 Southard Street Unit #111 - Key West - Bank Owned Condo in Old Town

918 Southard Street Unit 111, Key West is a newly listed Bank Owned property that is certainly something to cheer about. This place is as clean as a whistle and ready for a new owner to move in. You'll jump for joy about the location as well. It's located just four blocks from Duval Street and three blocks from the Historic Seaport. Five Brother's Deli is one-half block to the east.That's where you will get your morning cafe con leche. And Michael's is one block to the west. That's where you'll find great steaks.  The unit itself sits near the far end of Griffin Lane on the east side of building. Other houses on the lane are historic Conch houses.

The listing Realtor describes this property as:

"Heart of Old Town 3 Story Condo with 1 Bedroom 2 Bath with Open Loft on the third floor. Wood floors throughout, new Kitchen Cabinets and Appliances. Private Clubhouse and Community Pool. Walking distance to shopping, restaurants, Duval Street and the Historic Seaport."

Let me let you in on a little secret: this place is Da-Bomb! It's much larger than you'd think and nicer than you'd expect for the asking price. Level one has a living area but I would not call it the "living room". It's more like an small family room, den, or study. The bedroom is located at the back of the front floor. There is a full bath that separates the front room from the bedroom. A stairway leads to the second level. 

The main living area is located on the second floor. The kitchen is a bit on the wee side. But it has all the conveniences most second home owners would need and would likely work for most full time residents as well. There is also a full bath on this level. Glass slider doors open out to the second floor deck that overlooks Griffin Lane.

The stairway leads to the biggest surprise of this unit - a third floor open loft that could serve as a second bedroom space. There is no closet on this level, but there is ample room for a bed, dresser, and maybe an armoire.  Skylights on either side of the ceiling provide good daytime light to this space. This space would be good for someone who does not have a lot of overnight guests. 

Southard Square Condominiums have a beautiful gated entry off Southard Street. The community pool and clubhouse are located on the sunny side of the spacious grounds. You'll be getting great tan lines if you lay by this pool. And that's a promise.  CLICK HERE to view more photos that I took of this property.

918 Southard Street Unit #111 is offered for sale at $429,000. CLICK HERE to view the Key West mls datasheet on this property. Then please call me, Gary Thomas, 305-766-2642 to schedule personal visit to this listing. 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 Open Houses and Beyond!

Loyal Readers and Guests to Key West, if you are out and about today right after church or brunch, drop by an Open House at 1513 Pine Street and 812 Johnson Lane to see two of my listings.

1513 Pine Street   This Beautiful Home was built new in 2008 with Top-of-The-Line Materials and Craftsmanship. Features include Custom Solid Wood Cabinetry, Granite Counter-Tops, Deluxe Stainless Steel Appliances. 8 Ft Glass Doors open out to Beautifully Landscaped backyard with Heated Pool with Waterfall and Spa. Impressive Architectural Details throughout the house including 11 Ft Ceilings, Crown Molding, High Baseboards and Custom Trim. Lavish Master Bath and Multiple Closets. Rich Wood Floors up and down. Hardiboard Siding, Impact Windows and Doors, Metal Roof. Carport with Storage. Completely Fenced and Beautifully Landscaped. This Corner Home is adjacent to protected basin with Native Tropical Flora. Easy Stroll to Old Town and the Seaport. Wind Insurance. CLICK HERE for the details.  Offered at $1,195,000. Hosted by Gary Thomas. 

812 Johnson Lane Totally Adorable and Freshly Renovated Shotgun Style Cottage located on a Quiet Lane in the Heart of Old Town. Two Large Bedrooms plus New Marble Bath. Lots of Closets. New Kitchen including Stainless Steel Appliances, Granite Counter Tops. New Floors throughout. French Doors Open Out to the Heated Free Form Pool and Sunny Deck. Guest Cottage (Third Bedroom) with Half Bath plus Outdoor Shower. Laundry Room. Bricked Off Street Parking for Two Cars. This property would make a Great Vacation Rental. Located Three Blocks from Duval Street and Easy Walking Distance to most of the Gyms and Yoga Studios. X Zone: Flood Insurance Not Required. CLICK HERE for more information. Offered at $789,000.   Hosted by Leighann Roach.

Something Big is Happening in Key West Real Estate

If you're one of those would-be buyers who spends too much "work time" sitting in front of your office monitor searching new listings or back-on-the-market listings on the Key West Association of Realtors mls website or scavenger sites like Zillow or Trulia, you may have noticed two separate phenomena.  First, many of the recent higher priced listings have gone under contract within a matter of days after being listed. Second, many of the listings that have seem to have been "one the market forever" have also recently gone under contract. I think we are going through another "I'm gonna get my Key West house before they are all gone" phases. There is a paucity of listings, especially of nice homes in good condition in the best locations. People with money are grabbing up the few places on the market. This is especially true of homes priced in the million dollar price range or higher.

There are a total of 29 houses priced at $800,000 or higher that are classified as contingent or pending closing at a median price of $1,299,900. Just this week our office placed 620 Elizabeth Street (offered at $4,595,000) under contract after just 44 days on the market.  Two blocks down the street 809 Eaton Street (offered at $1,995,000) went under contract in just four days. 1021 Washington Street which has been on the market 1749 days (offered at $2,750,000) went under contract. 1109 Windsor Lane (offered at $2,175,000) went under contract after 2075 days on the market. The new listing at 824 Fleming Street (offered at $2,499,000) went under contract in 36 days of the listing date. Two new developments are selling multiple units in lighting speed - Southermost Cabana Resort Townhomes in the 1000 block of Simonton Street (offered in the $800s and $900s) and Old Town Villas in the 100 block of Simonton St (offered at $1,599,000 and higher).  CLICK HERE to see what is being purchased.

If you have been sitting on the sidelines it might be time to take some action. I don't think prices are going to go down. I'm pretty confident they are going to go up. If you are not able to purchase a property right now, don't fret. There will always be new properties on the market because life events like divorce, job changes, foreclosure, and so on. The thing about buying now versus waiting until the future is you don't know for sure what will be available nor when or at what price. As a buyer you are in control of how you deal with the present. Just keep in mind there a lot of people just like you sitting in front of their computers looking at the same listings ready to pounce. If you snooze, you may lose. It is a good time to buy in Key West.

1320 Olivia Street, Key West - A New "Old" House

As a rule newly built houses in most parts of the United States pretty much go un-noticed but here in Key West new houses are the exception rather than the rule. 1320 Olivia Street is one of those exceptions - it is a two story 1242 sq ft home with two bedrooms, two and one-half baths, first and second floor porches that look out to the a little one-way street that traverses the quiet area of Key West known as The Meadows Area.

The great room plus the half-bath occupy the first floor of the house. The large open living spaces have a cozy feel given by the wood siding and ceilings that give this space a cozy-comfy feeling. The kitchen has an open and spacious feel. Notice the under cabinet placement of washer and dryer. There's a back door to the outside rear area. No room for a pool in this tiny backyard, however.

There are two good sized bedrooms on the second floor. Both have en-suite baths and closets. I mention closets because a lot of older homes in Old Town do not have closets. Both rooms have vaulted ceilings and paladin doors that open out to the second floor front porch. While the bedrooms are not large, they aren't small either. The ceiling height and access to the front porch really give these rooms a big house feel that you don't get to experience in most homes at this price point. CLICK HERE to view more photos I took.

CLICK HERE to view the Key West mls datasheet on 1320 Olivia Street in Key West. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this newly built house offered at $699,500.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your home in Paradise.