Key West Real Estate Sales Report - First Half of 2015

I thought it would be interesting to look at the real estate sales for Key West for the first six months of 2015. I used the Key West mls database for the geographic areas of Key West and Stock Island but did not include any sales east of Stock Island. This geographic area most potential buyers consider to be "Key West" even though our mls database reaches property sales which extend ten miles east of Mile Marker 0. 

620 Eaton Street, Key West

There were a total of 231 single family home sales in Key West between January 1, 2015 and July 1. The highest priced sale was 620 Eaton Street (above) which sold at $4,495,000. The least expensive house sold at $225,500. The median priced home sold at $635,000. The listed properties sold on average at 95.71% of the list price. This figure is important for potential new buyers to understand. It is not a "rule" that houses must sell in this range, but this range is very suggestive of where typical deals are actually struck. A couple of years ago the spread was at 92%. The reduced amount of inventory and the higher sales prices have inched the margin upward. The prices for the broader market include home sales in the Mid town and New town areas of Key West which have been sluggish because of rising windstorm and flood insurance rates.

There were several sales which I thought were very interesting and worth mentioning.  I wrote about some of these properties in my blog.  1441 Thompson Street (below) was a bank owned property which I wrote about. I got more phone calls and emails from potential buyers on this than any other property that I wrote about during the past six months. The asking price was just $360,900.  It sold for $380,100. The new owners have already begun cleaning out the tropical over-growth. I can't wait to see what they do to this Bargain!

The house at 1105 Washington Street (not pictured) in the Casa Marina Area of Key West got snapped up on day one it was listed. The new owner paid just $1,000 over asking price of $499,000. It's been spiffed up a bit and back on the market at $795,000.

 I wrote about the house at 1711 Atlantic Boulevard three times. I showed the home several times to many different potential buyers who had a variety of ideas as how they might use or develop this 1950's home. The house sits on an elevated lot across the street from a nature preserve with mangrove that abuts the Atlantic Ocean. The property was originally listed at $680,000. The price was reduced to $590,000. It sold for just $540,000. I think this is a great deal for the buyer. The lot is worth the price and it will continue to go up in value as market prices increase in Key West. It is the location that trumps all. The existing house is elevated five feet above the street. Key West recently approved new heights for homes which may give the owner of this particular property the ability to build a new house which could have water views that look out over the mangroves in the foreground.

I showed 530 Grinnell Street ( above) in Old Town several times. This very pretty and very small home was superbly renovated and decorated.  The original asking price was $975,000 plus $50,000 for the furniture. It sold fully furnished at $750,000 or $937.50 per sq ft.  I had two very serious buyers who loved the house but refused to consider making an offer even after the price was reduced to $799,000. My buyers rejected the idea that any house that small, no matter how cute, could be worth nearly a $1,000 per sq ft. I told both couples I thought it should sell at $750,000 furnished. The seller was never going to move that custom furniture to some other place. That made no sense whatsoever. I was right on price and strategy.  Both couples I represented lost a terrific property in my opinion. I mention this house because buyers seem to get the jitters when they think about spending $1,000 per sq ft for a house in Key West. I have a news flash for my Dear Readers. Prices are going to continue to go up over the years. Prices that are being paid for quality homes now will seem like bargains in five to ten years.

527 Margaret Street was a major rebuild of what remained of the front wall frame of the old home. The city allowed the owner to take down the original house to the front wall studs and then build an all new structure to the rear. The result was an amazing new two bedroom home in a great Old Town location. This property sold for just $1,125,000 or $803 per sq ft for this 1400 sq ft 2/2 1/2 bath home with pool.  The interiors in this home are incredible.

813 Waddell Avenue is located in the Casa Marina Area near the Atlantic Ocean. Although there was a home on the 10,500 sq ft lot, the property was sold for the value of the land which had two ROGO units. That means a new owner could separate the large lot into two smaller lots and build tow houses in this upscale neighborhood. The property sold for $1,175,000 or $608.70 for the land value. Most of the homes in the Old Town area and many in the Casa Marina Area come within the purview of Key West's Architectural Review Commission.  Most of the homes cannot be taken down. This is a property that may be razed or renovated. It was the lot size and options to do build two homes that made this property so valuable. Readers need to appreciate the lack of buildable lots in the desirable areas of Key West. Buildable lots give a new owner opportunities that most property owners can not get.

1111 Packer Street (above) is located in the Old Town area South of Truman. This home had a successful multi-year vacation rental history. It sold at full asking price of $1,175,000 or $818.25 per sq ft. This home was thoughtfully designed and professionally maintained. Many buyers think they can buy an old house, do some fix-up like the see on an HGTV program, decorate the place, and put it on VRBO and have vacationers pay for the place.  Real life is more challenging than that - especially in Key West where construction costs are high and governmental over sight is challenging.  A property like this makes it much more likely that a new owner will continue to earn steady income over the course of home ownership.  I "get" why this sold at full price. It was worth it!

Located in the Heart of Old Town but tucked away and hidden from view is 6 Pinder Lane, an enchanting home and secret garden that once belonged to author Nancy Friday. The home seems to rise from the garden with a wrap-around-porch and broad deck that circles the nearby pool and spa. This very private home has three bedrooms and two baths including the treetop master bedroom with private bath. I listed this home at $1,549,000 or $1,072 per sq ft. It sold at the asking price. I thought the home was perfect as is. The new owner is going to renovate the house and redo the garden and pool. The existing house and garden are magical. I am sure the renovated home and garden will be spectacular. There are fewer and fewer totally private locations like this in Old Town. If you are a buyer who wants privacy or a property that is really special in some sort of way, the better thing to do is to buy it. Because someone else will buy it. And you may regret listening to that cheap angel that sits on your shoulder.

1026 Von Phister Street (above) is a 2233 sq ft home located on a beautifully landscaped 9603 sq ft corner lot in the Casa Marina Area of Key West. The new owner paid $1,800,000 for this "fixer" property which will be upgraded.  I can't wait to see what happens. I live across the street and see the property values going up and up when fixer houses are purchased at this price point.

1013 Southard Street is located in one of the very best blocks in Old Town. Several of the most beautiful homes in Old Town are located in this block. This home sold at 100% of asking price, $1,900,000, in one day.

The photo above was taken from the bank owned top floor unit at 107 Front Street Units 317 - 318 Harbour Place in Truman Annex. This property was listed for $1,326,000. It sold at $1,920,000. I submitted two offers for two different potential buyers. Neither was the successful buyer. I told both buyers that this is a true one-of-a-kind property. I think the buyer who got this property felt the same about it as I did. Congratulations!

I then did a quick sales price comparison by location.

OLD TOWN.  This is the area most potential new buyers think they would want to live in. There is definitely an advantage of living within an easy walking distance to restaurants, theaters, galleries, gyms, night spots, and places you go every day.  There were 84 single family home sales in Old Town in the first six months of 2015.  The average price per sq ft was $639.41. The median sales price was $953,516. The sales price ratio to list price was 95.20%.  620 Eaton Street was the most expensive home that sold - $4,495,000. A little fixer located across the street from the cemetery was the least expensive home - it sold at $327,500.

1311 Truman Avenue - The Meadows Area

THE MEADOWS. Seven homes in this area traded hands in the past six months. The average price paid per sq ft was $617.11 - slightly less than Old Town. The median sales price was $835,496. The sales price ratio was higher than Old Town - 96.52%.  The biggest sale in this area was 1311 Truman Avenue which sold for $1,900,000. The least expensive home was a cute as can be small cottage style home at 1416 Pine Street that sold at $598,400 in just five days.

901 Washington St, Casa Marina Area

CASA MARINA AREA. There were 12 single family home sales in the Casa Marina Area between January and July. The average price per sq ft was $688.49 - higher than The Meadows and Old Town. The median sales price was $1,409,375. That trumps Old Town by $455,859.  The lots are typically larger and the houses are more eclectic than Old Town. There are still a couple of blocks of houses that were built in the 1960s that remain pretty much the same as they were when built.  Buyers seem to snap up anything in the Casa Area if it is priced under one million dollars. Houses with large lots in good locations that may be razed to build an all new house can be very valuable.

I encourage prospective key West buyers to look at homes and the few available lots for sale with an open mind. I know that prices are high compared to other places. Many destinations are easier to get to and have less expensive lodging and food than Key West. Housing prices may be considerably less. These locations may have as many or maybe even more fun things to do than we have in Key West. Maybe the weather is better in those other places as well.  Maybe you can walk from your home to most of the fun things you do in your daily life. Maybe. But doubtful on all points.

1621 Sunshine Drive, Key West: Good Day Sunshine

I took some time off Sunday afternoon and played would-be buyer and checked out the new listing at 1621 Sunshine Drive, Key West, Florida. I had been inside this home a couple of years ago when it was still under construction. I could not believe my eyes at how quickly the landscaping has filled in and the home has taken on an identity all its own. The listing Realtor describes this 1672 sq ft three bedroom, three bath home this way:

"Located at the end of a quiet cul-de-sac, this beautiful property was newly constructed in 2013 with custom finishes. Upgrades include travertine tile and bamboo floors, Brazilian Marinachi granite countertops, gas range, laundry/utility room with sink, custom closets and much more! French doors connect the living room to the exquisite back deck and pool area, offering the best of Key West outdoor living. Both upstairs bedrooms are en-suite and have private balconies. Built to all the latest codes, the home is elevated and has impact glass. With off street parking for two cars and a location close to the Casa Marina, Old Town and the Atlantic beaches, this Midtown Gem has it all!"

This home is one of several that were built in 2012 in a little enclave located just a couple of blocks north of the Atlantic Ocean and just east of White Street. Higg's Beach and Rest Beach are easy walking distance from here. But there is no need to go to the beach for sunshine or to swim as this home has a sunny private pool and a shady tree where the new owner can listen to The Beatles "Good Day Sunshine" and appreciate the good life in living in Key West where the days are sunny almost every day of the year. 

Lie beneath the shady tree...

Good Day Sunshine

This home is laid out somewhat similar as you would expect to find in an Old Town home where the great room is located at the rear of the main floor. The living area and kitchen are open and expansive. The ceilings are extra tall (9 feet) as compared to many homes built in earlier years. The doors at the rear open out to the covered rear porch which has steps that lead down to the sunny private pool. Three years ago this property had potential. Today it is real. Real pretty, that is! I was really amazed at how wonderful and private this pool area is and also at how sunny it is. So many houses in Key West have tiny yards and tiny pools.

Master Bedroom Balcony Overlooks Pool Below

Master Bath has a Tub and Shower plus Dual Sinks

Second Bedroom, Second Floor.

Second Floor Front Balcony

This home has three bedrooms and three bathrooms. There is a first floor bed and bath which might come in handy should using the stairs becomes a challenge. Both upstairs bedrooms have private balconies. The master bath comes with a huge tub and shower.

Imagine the Sunset Views from the Front Guest Bedroom Balcony

A new owner will benefit from the materials used in the construction of this home which include Hardiboard siding, impact windows and doors, and metal roof. Hardiboard is a man-made material that looks like wood siding but bug resistant and stands up to our intense sun and humidity. The impact windows and doors and the metal roof mean your windstorm insurance costs will be much lower. And you won't have to have someone put up the shutters if we get in the path of a storm. Those lower costs multiply year over year which means your investment now will not become a money pit in the future.

Five Minutes Away by Foot

CLICK HERE to view the Key West mls datasheet and listing photos of 1621 Sunshine Drive which is offered for sale at $895,000 or $535 per sq ft. Then please call me, Gary Thomas, 305-766-2642 to schedule an appointment to see this home.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Maybe you'll buy this home and sing "I'm so proud to know she is mine!"

502 Margaret Street, Key West - an Old Town Buying Opportunity!

JUST LISTED 502 Margaret Street, Key West. This is nifty house located in a great Old Town location. I got inside this house a short time ago and took more photos to share with you. CLICK HERE to see all photos. But please read on while I tell you more about why I think this place is a buying opportunity.

I found the above photo in my old shoebox. This pic was taken in 1965 and shows the house without a front porch. It sits pretty high off the street and very close to the city sidewalk. You can tell that an addition was added to the left side of the house before 1965. I checked the Historic Sanborn Fire Maps to see if I could determine when this house was built. It existed as early as the 1889 map but was designated then as 231 Margaret Street. The street number changed to 504 Margaret (not a typo) on the 1899 map and remained that way until after the 1912 map. All four maps show a large cistern located just south of the house where the addition I mentioned is now located. It may still be there. I'm pretty sure it is.

They did not have French doors in 1889 - not in Key West, they didn't.  So we know that the French doors that enter into the living room are not original. And it is unlikely that the north living room wall had the beautiful built-in bookcase back in 1889 either. An extra wide doorway opens from the living room into the ante-room with staircase to the second floor loft. One bedroom and bath are located just off this area.

This property is listed as a three bedroom, two bath house. It works fine just the way it is. A new owner might want to do some upgrades and maybe reconfigure the house. Perhaps a new owner might want to eliminate the second floor loft sleeping space and vault the ceiling to provide more interior height and drama. That would free up the area where the current stairway is located for more bedroom space or perhaps enlarge the living area. The listing Realtor says the house has 1796 sq ft of living space. I think a good designer could come up with a plan to use some of the space more effectively. However, this place is so cute as it is a new owner might just decide not to reinvent anything.

The house has a life guard chair but no pool. There may be room for a small pool. An interested buyer would need to have a pool contractor state how large a pool could be built and then the owner would have to obtain permission from HARC and Planning Department. The outdoor space is long and narrow on two sides of the house but there is so much space that I think some type of water feature can be built. But I don't get to make that decision.

The listing Realtor describes this property this way:

"Location Location Location, Key West Gem, Close To Everything, Roomy Living Areas, Open Kitchen, Sleeping Loft And Lots Of Storage. Rear Porch Off Of The Kitchen And Street Porch To Watch Key West Go By And Private Porch Off The Bedroom. Classic Key West Home Built In 1918. Own A Piece Of Old Town Key West."

CLICK HERE to view the Key West mls datasheet on this property which is offered at $795,000, and then please call me, Gary Thomas, 305-766-2642 to arrange a private showing.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise. 

SUPERMAN & Me

Sometime ago a reader posted a couple of comments about me being just a 'salesman'. He or she noted there is nothing wrong about being a salesman. That reader thought my 'job' is pretty much like being a sales clerk in a store. No more, no less. Later in response to another comment on another blog I posted a pic of a snappily dressed used car salesman with the notation 'not Gary Thomas'  as if to disprove that I am a salesman. I don't wear Hawaiian shirts, gold chains, sun glasses. Nor do I smoke a cigar or look particularly untrustworthy.

A few years ago I was invited to dinner during Fantasy Fest at the Cafe Marquesa . I decided to wear some old beads I had stored in a box. While I was searching through boxes looking for the beads, I found the wallet I used when I was still in elementary school. Inside I found school photos taken of me and some friends taken between 1957 through 1959. Included in the wallet was my identification card as an OFFICIAL MEMBER of the JUNIOR SALES CLUB OF AMERICA. Seeing that card brought back a wave of memories and internal ruminations about how I got to Key West and where I am in my life. It started with SUPERMAN.


When I was a kid primary concerns were candy, things to amuse themselves with, and not getting beat up. I lived in Denver from birth until I moved to Key West in 1993. In the mid 1950s I would ride the Continental Trailways bus from Denver to Sterling Colorado to spend a week with my three second cousins - all girls my age and younger. I would always take a SUPERMAN comic book to read on the bus ride. I was 11 years old in 1958 when I took my yearly trip to Sterling. There was a full page ad which lured me into becoming a 'salesman' for the Junior Sales Club of America.  DOUBLE CLICK HERE to see a larger view of the ad.


As soon as I returned from Sterling I cut out the coupon and mailed it to Springfield 1, Mass. A few weeks later I got my OFFICIAL MEMBER identification card and a sample box of 'all occasion' cards which I promptly hawked from door to door in my neighborhood. I earnestly plead the efficacy of buying a box of all occasion cards because you never know when someone would have a birthday, get married, have a baby, become ill, or sadly die. You just need a box of cards for all occasions. It worked. I sold the required number of boxes. At $1.25 a box of cards was a 'deal' since back then $1.25 was more than a lot of people made for an hour's work. My mother sent the money I had collected to the Junior Sales Club of America headquarters. A couple of weeks later headquarters shipped the cards to me. I promptly delivered the all occasion cards to my awaiting customers.

In the early fall of 1959 headquarters sent me a sample box of Christmas cards together with a list of prizes I could earn. The Kodak movie camera pictured at the top left hand corner of the above ad caught my eye. I sold the required number of boxes in no time. The prize was mine.  I started shooting movies as soon as my 8 mm Kodak movie camera arrived. A year later I got a projector for Christmas so I could finally see the movies I shot. I decided I was going to be a cinema photographer and end up in Hollywood.

When I delivered the Christmas cards a neighbor lady up the next block told me that I had been knocking on her door ever since I was a little kid - always trying to sell something. She said the first time I went to her house I was really small and had a wagon filled with canned goods out of my mother's kitchen. OMG! I guess the reader who said I am nothing but a salesman was right!

There was another ad in the SUPERMAN comic to which I also responded. That ad was to request a printed pamphlet from Charles Atlas who was going to change me from a 75 pound wimp into a muscleman. Although I sent the coupon, I never received the pamphlet from Mr. Atlas. He must have known I had lied about my age when I mailed the coupon. I was destined to be a wimp for life.


SUPERMAN has been the idol of boys who admire strength for generations. He was morally straight and fought the bad guys. And he always won. As I look back on it years later, SUPERMAN's strength, power, and moral rectitude was partially what motivated me to become an attorney. I grew up in a the western suburbs of Denver just after World War II. The Jefferson County schools were always top rated in the State of Colorado. Plus America was on the move upward in the 1950s. At least where I lived everybody was moving up in life. I recognized that I had an advantage by living in a community that was participating in America's upward mobility.

 In my early teen years I really envisioned going to California to become a cinema photographer. I wanted to attend the Brooks Institute of Photography in Santa Barbara to learn the craft. First in junior high and later in high school, I started to take an avid interest in politics. I admired President Kennedy and watched how he responded to the racial unrest and political strife. A lot of people hated Kennedy. I remember hearing anti-Catholic rants; Anti-Irish rants; Anti-Joseph Kennedy wealth insults; Anti-civil rights comments such as 'give them an inch and they'll take a mile' or 'who do you trust less a Mexican or a n***er?'.  Most of the negativity quieted down after President Kennedy was assassinated. I felt a tremendous sense loss after he died. I forgot about becoming a cinema photographer. One day I announced to my family that I wanted to become a lawyer. I figured as an attorney would give me entree into politics. Hopefully one day I would get elected to public office where I could change things for the better.

Left to Right: Marcia McGinley, Ben King, Gary Thomas

In 1964 I was seventeen years old and got involved in the campaign of three Democrats who were running for the position of county judge in Jefferson County Colorado.  The county seat is Golden, Colorado - the place where Coors Beer is brewed.  Democrats Frank Jamison and Dan Shannon got elected to the bench.  C. F. Johnson, a Republican, won the third judgeship race. Later Judge Jamison took me under his wing and became the male father figure I needed after my dad died the week before I graduated from high school. I put myself through college and law school. Judge Jamison helped me get summer jobs during college.  I eventually clerked for him while I attended law school. As a lawyer and as a man, I looked to him for advice and counsel when it sometimes seemed the world was not a nice place. And he was there. Always. It was Judge Frank Jamison that became my mentor, my SUPERMAN.

I was admitted to the Colorado bar in 1972. I became an attorney in a five man suburban Denver law firm. Later I did commercial loan workouts for two Denver banks. I worked in the Resolution Trust Corporation (RTC) from 1990 until December 1993.  I worked on multimillion dollar assets some of which were extremely complex in nature. I had more personal satisfaction working at the RTC than I did in law or banking. I only quit that job to move to Key West after I purchased a guest house here.

I operated the guest house for almost two years. I made the decision to sell it at a time I was having personal relationship issues. I made a bunch of money and successfully invested it just as the stock market started to soar during the Clinton years. Later I decided I needed a job to keep myself busy. I got a real estate license.

Selling real estate in Key West is not a part time job. The people who make good money do their job every day. They are listing new properties, showing properties, attending home inspections, handling customer issues, and maybe even writing blogs. Helping people achieve their dreams is very rewarding. But it is a seven days a week job. 

The little kid who mailed the coupons in the SUPERMAN comic (one to sell cards and the other to get muscles to avoid getting beat-up) became the man who would become a lawyer to help others not get beat-up in the court room and the guy at the bank (and later the government) who had the job of recovering money from people or businesses that would not pay it back. The little kid is still inside the old guy writing this blog. My mission now is not to get the bad guys - it is to get the good buys.

And that, Dear Reader, is how SUPERMAN got me to Key West where I became a SALESMAN.