1211 Duncan Street, Key West - Bank Owned!

There is a new Bank Owned home located at 1211 Duncan Street in Key West that bargain hunters will surely pounce on.  It has an affordable price tag for our town, just $424,700. It is in basic move-in condition, but it has room for improvement which will make it not only a better house down the road but also a more valuable home for eventual resale.

I dug not too far down into my old shoebox and found a black and white photo of the house taken fifty years ago. I took another from a similar location yesterday. The neighborhood has improved over the years. There are a lot of palm trees and bougainvillea bushes that line this small street that extends east from White Street about five blocks where it eventually ends at George Street. Tennessee Williams lived two blocks to the east at 1431 Duncan Street. It's a nice little area just south of Bayview Park.

1211 Duncan St, Key West in 1965

1431 Duncan St - the former home of author Tennessee Williams

The Monroe County Property Appraiser records show this house was built in 1933 which we all know was in the Great Depression when Key West was kept "alive" thanks to federal programs like the WPA. I guaranty that this house was not built in 1933. I looked at the Sanborn Fire Maps and found what I think is this property on the 1912 map. The house was located immediately east of 1209 Duncan and was only designated as "A" on the map. 1209 Duncan St. still exists today. So I am pretty confidant that 1211 Duncan existed as early as 1912. And it is probable that it existed earlier. The earlier Sanborn maps neglected this area entirely in the 1889 and 1899 maps.

The house has been updated over the years. The Property Appraiser website shows permits were taken out for various upgrades including roof replacement in 1996 and 2001, piers replacement in 2002, and upgrade to electric service also in 2002. The property was 'red tagged' in 2007 for various building code violations. The current layout suggests that a prior owner added some spaces that might have been used as rental units. For example, there is a second 'front' door to what is essentially a large bedroom with large private bath. If you look again at the black and white photo you will see a window to the right of the front door. That window is missing today and there is a second front door in its place. The original front door opens into a center hallway that leads to the rear where the great room where the combined living, dining, and kitchen are located. There are two bedrooms on the left side of the hallway and a bath opposite. There is a ladder that provides access to a 'loft' over the bedroom adjacent to the living area. The door at the back opens onto a small back deck where there is a second 'cottage'.

The back cottage is a 34' X 12' two room building with a 6' X8' bath extension. The building looks it was built within the last twenty or thirty years. There is a 16' X 16' deck which is accessed via the bathroom of all things. This is an unconventional layout. I have added photos below so that readers can see the cottage as it exists.

I think the highest and best use of this property would be to take this property back to a simple cottage with one front door and have just two or three good sized bedrooms with private baths. By taking down the existing wall between the two bedrooms on the left side of the house you could create a larger bedroom and perhaps use some of the space to expand the living area. That would surely be a plus in my opinion. I would ditch ladder to the silly loft space and instead increase the interior height of the bedroom which is now not quite claustrophobic but not good design either. The kitchen has been nicely updated. The black appliances are a bit harsh but will make do until they need replaced.

Take Down This Cottage and Put in a Pool and Garden!

I would take down the rear cottage and silly deck. I would then add a pool and install a nice covered rear deck. Less is often more.  Removing this odd duck cottage is the best thing a new owner could do with this property. There is plenty of room for a good sized pool and expansive deck and gardens. This area abuts the rear concrete block wall of a commercial building on White Street. Someone created a really nice tropical mural on the wall. I can envision a real garden that interacts with the mural. This could be quite an outdoor area if done correctly. CLICK HERE to view all the photos I took of this property.

1211 Duncan Street is offered at $424,700. CLICK HERE to view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to show you this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Don't miss this buying opportunity!

WHAT A BUNCH OF CLOWNS!

This is a true story.

Once upon a time in a year not far ago I represented a buyer that had a contract to purchase a Bank Owned cottage in Old Town Key West. As is the case in most bank owned real estate transactions, the bank hired a closing agent out of the area to "close" the transaction. A closing agent can be a title company or in some instances it may be a law firm. In this particular instance the out of area bank owner engaged a lawyer located far away from Key West to close this transaction.

Some banks tend to be a bit stingy and try to reduce their sales costs by using title companies and attorneys that will agree to charge lower fees in exchange for getting "volume business" for their services. I guess the theory is that a lawyer is a lawyer and a title policy is a title policy and that nothing can go wrong so why not get the cheapest service possible.

My buyer was purchasing a cottage in Old Town Key West. I knew from past experience that we needed a survey just to make sure there were no 'lot line' or other boundary issues.  Back in the old days neighbors pretty much agreed to property boundary or lot lines. In this day of million dollar homes, it is important to make sure that lot lines and related issues are known. Some homes in Old Town have been in the same family for decades. Boundary issues often arise days before closing when a survey on a property that has been in the same family for generations is about to close. This particular property was purchased about ten years ago. I didn't really expect to find any problem. But the survey found a problem.  My buyer hired a local attorney to review the issues, and he was able to resolve the matter and move forward to closing.

The lawyers exchanged comments on the proposed title policy and HUD settlement sheet. My buyer then wired in funds to close the transaction. The lawyer in a far away Florida city received the funds and closed the transaction. A copy of the deed was sent via email to my buyer.

A couple of days later the closing attorney hired by the bank in the far away Florida city sent an email to my buyer's attorney, me, my buyer, and others that read:

"Just noticed a small detail that we are missing. We did not receive the $100,000.00 EMD. [EMD is the earnest money deposit that was wired to another Key West law firm designated by the listing real estate office as the 'escrow agent'] Please advise how we can obtain the deposit so that we can complete funding.

Thank you,"

My buyer typed an immediate response and hit the REPLY TO ALL button on his email. His email read: 

"WHAT A BUNCH OF CLOWNS"

Eight minutes later the closing attorney hired by the bank in the far away Florida city responded:

"Just to advise that the CLOWNS received the wire. We are not fully closed and funded. See below.Thank you"

Within minutes my buyer sent the following:
"THE CLOWNS RECEIVED THE WIRE BUT ARE NOT FULLY FUNDED OR CLOSED. WHAT DOES THAT MEAN? "

The buyer's attorney quickly sent an email stating:
"Typo...."

I contacted the Key West law firm that was holding the $100,000 earnest money deposit. That firm wired the earnest money deposit to the closing lawyer hired by the bank in the far away Florida city. My buyer got title to the Key West cottage. I got a huge chuckle over the "small detail" of the missing $100,000 earnest money deposit. And I roared with delight at my buyer's Clown comment and implied reference to the cut-rate legal service provided by the attorney hired by this particular bank seller. 

Open House - 812 Johnson Ln, Key West Florida

If you are in Key West and are out and about today after church or after brunch, stop by my Open House at 812 Johnson Lane in Old Town Key West. I have put a GOOGLE MAP just below so that you can find me. The home will be open 12:00 to 2:00 PM.

812 Johnson Lane is actually located three blocks from Duval Street and about one-half block north of Truman Avenue on a single block that begins at Windsor Lane and ends at Packer Street. Most of the cottage style houses on this block date back to the beginning of the twentieth century. Several of the cottages have been renovated including one across the street that merited a Ceramic Star several years ago. This is a quiet little lane near everything, and 812 Johnson Lane is a bright little star on this street.

The front cottage was totally renovated in 2014. All interiors were gutted and replaced. Today there are two new large bedrooms with ample closet space, recessed lighting, crown molding, and new floors. There's a new travertine marble bath and a cute new kitchen complete with new cabinetry, granite counter-tops, and stainless steel appliances. The house is laid out with two bedrooms up front off the main hallway. The open living area is at the rear where beveled glass doors open out to the covered rear porch that overlooks the heated pool that is 5' deep. I mention the depth because size matters to some people.

 

The covered porch looks not only provides shelter from the sun but also provides a comfortable and protected space for poolside dining. You'll be surprised at how much time we Key Westers spend outside - that's a big part of the reason many of left our lives in the frozen north.

There is a second cottage at the far side of the pool. The owner obtained permission to add a bath and laundry to the cottage. There is also an outdoor shower on the back side of the cottage. The lot extends 117 feet from Johnson Lane to the rear property line. That's deep for a property in Old Town. When you look up to the sky you can actually see the sky and sunshine. There are nice trees on the neighboring houses which the neighbors get to take care of. Here, the owner gets to take care of tanning. This property would make an excellent vacation rental!

812 Johnson Lane is offered at $769,000. Please stop by and see me or CLICK HERE to view the Key West mls datasheet on this really cute two cottage buying opportunity. Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Key West.

1430 Albury Street, Key West - Build Your Own Dream House

Just Listed by yours truly, 1430 Albury Street in the quiet Meadows Area of Old Town Key West. I wrote about this location a couple of years ago when there was a CBS house located here. Back then the address was 901 Pearl Street. The owners took down the old house, cleared the lot, and added the nice tall white picket fence shown below.

The owner in collaboration with architect Carlos Rojas designed a two story 'Conch' Style home with about 1900 sq ft of living space on a 50' X 70' (3500 sq ft) lot. All plans have been HARC Approved and all City Planning  Department requirements met. You can apply for a building permit the day you close. The hard work has been done. The house will have four bedrooms, three and 1/2 baths, four porches, a pool and deck, and off street parking. The house can be constructed with new and efficient building materials including Hardiboard siding which is easier to maintain than traditional wood siding. The home will include new wind impact resistant windows and doors. This means your wind insurance will be a fraction of what you would pay for a house with regular windows. The new house is FEMA flood compliant which will result in lower insurance costs. Your regular home owner's insurance will be less costly because it will be built to the highest building standards in Florida again as compared to old construction. These savings will be significant in the short and long term. A new owner could revise the plans and build a different version of his or her dream house. The approvals are done. The hard part is over.

The new house is located within easy biking distance to Duval Street and all of the noise and commotion over there. I know a lot of potential buyers think they want to live no more than two blocks from Duval. Believe me, you'll be much happier not having to hear folks walking back to their hotels or rental houses at 3:00 AM or listening to Conch Train conductors re-telling stories about old Key West twenty times a day - every day of the week. 1430 Albury Street is located one block from Bayview Park. You can go there to walk your dog or play tennis.

1430 Albury Street is offered with approved architectural plans at $750,000. CLICK HERE to view the Key West mls datasheet. I can provide more detailed information on the plans to interested buyers. Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Key West.

1516 Duncombe Street, Key West - Bank Owned

The banner photo above was taken about sixty years ago in front of the old Key West High School at 1300 White Street. The new high school coincidentally is located across the street from the house that is the subject of today's blog - 1516 Dumcombe Street. The listing Realtor describes this Bank Owned property this way:

"This three bedroom home features tiled floors throughout, updated kitchen with granite counters and SS appliances. Large family room, utility room and a fully fenced yard. Great location, walking distance to shopping and beaches."

1516 Duncombe Street is a 1247 sq ft ranch style CBS (concrete block construction) house built in 1964. That's the same year Harry James Mitchell took the above photo of a street in Key West. The architecture used in the Duncombe Street house was new in 1964 but it is old now just as the houses in the photo were old then - perhaps fifty years old when that photo was taken. Those old houses are now treasured by people who want to buy a place in Key West. The old houses have become so expensive that many folks think they may not be able to afford a place in Key West. The house on Duncombe Street needs some "fixing" but it is affordable by Key West standards. Let's take a look.

Key West High School is located across the street

Third Bedroom or Family Room

Bedroom No. 1

Bedroom No. 2

The house sits on a 52' X 93' sq ft lot (4840 sq ft). There is an ample side yard for parking two cars plus a very large rear yard with plenty of room for a pool. The house was updated by a prior owner. There are some issues a new owner will have to tackle including repairs to the rear bedroom.  A home inspector can help a buyer identify the issues this house faces and give an estimate on the cost to repair the same. CLICK HERE to see more photos I took of this house.

1516 Duncombe Street is offered for sale at $359,900 or $288 per sq ft. That's $108 per sq ft less than the average house priced under $555,000 in Key West. Please call me, Gary Thomas, 305-766-2642 to set up a showing to see this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.