Bank Owned - 813 Shavers Lane, Key West, Florida

Ten years ago there were a lot of bank owned properties for sale in Key West. In 2018 the number of bank owned properties has reduced to a trickle including the newly listed property located at 813 Shavers Lane, Key West. Shavers Lane is located one-half block west of Duval Street just south of Petronia Street.  The Hemingway House is located one-half block west and one block south. Several of the single family homes on this block have become very successful monthly vacation rentals. This property when updated just a bit could become a monthly vacation rental as well or just be a nice house on one of the slow lanes of Key West.

The Monroe County Property Appraiser shows the original house was built in the 1890s. The Property Appraiser website show substantial renovations were made in 1996 including replacing foundation, new roof, construction of a new addition at rear, and so on. It further tells us the finished area is 1680 sq ft. I think it is larger - quite larger and that does not include any deck or porch. Read on.

This home theoretically has three entrances including the original front door, an entrance recessed a bit to the rear on the north side, and a third entrance recessed a bit to the rear on the south side. Let's look inside the original front door.

The 'original house' is now a one bedroom with living room, kitchen, bath and laundry on first floor and bedroom on second floor. The hall adjacent to the kitchen leads to a shared hallway with a separate unit in the back. Operative word is 'shared'. This is still a single family home if spaces are shared and not walled off, or that's the way I understand code is enforced. I am not giving legal opinion or stating a fact. I am just relating what I understand the way the code is enforced. I assume a new owner would make this a single family home and the current configuration would go away.

The recessed north entrance enters into a hall which passes into the kitchen of the rear apartment. There is a bath just off the kitchen and laundry hook-ups opposite the staircase. The living room is next. The second photo in this series indicates "first floor bedroom" which refers to the room located on the opposite side of the window. There are three bedrooms and two baths in this apartment.

French doors in the south bedroom open out to a sunny rooftop deck. The entire building appeared to me to have been built all new during the 1996 renovation and expansion project.  I am not a home inspector but I did not observe any striking structural problems. A new owner would probably clean up the incorporate the apartment into the house and create new room layouts. The good thing for a buyer is that most new money would be doing fun projects and not fixing old problems. I believe there is room for a pool on the south where there is now a driveway. CLICK HERE to view more photos I took of this property.

The listing Realtor describes 813 Shavers Lane this way:
"Located in the heart of Old Town, between Duval and Whitehead Street. Property is a half of mile from the Southernmost point. This Conch style home has 3 bedrooms and 2.5 baths. All bedrooms are located on the 2nd floor each bedrooms have their own set of staircases. Hardwood floors, large balcony / deck with exterior staircase. Property is equipped with 2 parking spaces on each side of the home."

CLICK HERE to view the Key West MLS datasheet on 813 Shavers Lane, then please call me, Gary Thomas, 305-766-2642, to discuss. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

724 Eaton Street, Key West - Historic Home Available for the First Time

In his book, The Houses of Key West, author Alex Caemmerer tells us the Freeman-Curry House located as it is now known was built in 1865 and remained in the same family until the 1920s when it was purchased by T. Jenkins Curry. The Curry's completely remodeled the house located at 724 Eaton Street and moved it back from the street forty feet where it still sits today. He tells us the outdoor kitchen and outhouse were replaced with modern additions to the building available to the rich in the 1920s. 

I searched through my shoebox and found the above black and white photo which was taken in 1965. Look to the left of the photo and notice what I believe was a pergola that is not shown in 2018 color photo immediately above. Note also there is no fence as also shown in the 2018 photo. This house sits on a huge lot that runs 176 feet from Eaton Street to the end of the lot and 65.5 feet wide. A two story garage was built at the back of the lot which most of which has been converted into apartments. More on that later.

 

The house is built throughout with Dade County Pine - walls, ceiling, and floors. However, pine was not in fashion during the 1920s remodel. Beaver board covered the walls to give the affect of plaster which was then painted. As soon as you enter this imposing home you know it belonged to someone important. Indeed, it did - the county sheriff.

The listing Realtor told me the parquet floors in the ballroom (located to the left of the main entry hall) are a newer addition to the house but he did not know when they were added. All of the house is painted boldly including the ballroom which has trompe l'oeil walls which include wainscoting and panels. Look carefully at the middle photo above and see two delicate French doors which open into an office at the left side of the home. There you will the safe. I used to own a different mansion in the 500 block of Eaton Street. It had a massive safe as well. Years ago I was reminded that back before the Great Depression people did not trust banks and kept their cash in homes.

The formal living area is located to the right side of the entry foyer.  Delicate glass paneled French doors set it off from the entry when privacy is needed. Note the crown molding and extra-high base boards that surround the walls in each room. I assume the colonnade dividing the living area from the dining was a new addition during the 1920s remodel. I don't know this to be a fact with regard to this house, but these colonnades were sold by SEARS in its catalog homes. It's impressive none the less even if that is the case.

The kitchen has wood cabinets made on the site. They are still in perfect condition but may not appeal to modern buyers who can afford nothing but the best. The current owners added a covered rear porch in the 1990s which is accessed through the kitchen.

The arches on the columns replicate the arches at the front of the house. I found this outdoor lounge to be absolutely gracious and inviting. Even though this addition is new, it fits well in this old house that has such a rich history. The architectural drawing of 724 Eaton Street was made by Milo Smith and Associates in the 1970s. It shows the details in this home and proves my point about the rear arches.

The grand staircase delivers us to the second floor. But notice a doorway a few steps below the second floor level. There is a bathroom located in that space.  There is an access panel to the full attic above which has wood floors and is air conditioned.

The master bedroom with huge en-suite bath takes up the entire left side of the second floor. A door a the end of the hall opens out to the second floor balcony.  The house sits tall on the lot - taller than any I have been inside.

The black and white photo above shows the rear of a property located at 808 Eaton Street in 1914. Now the photo elevation is higher that the second floor of that property, but it suggests that one might have had a view of the old seaport located two blocks to the north. Today that background area is the home of the Hyatt Hotel, a big condo, and numerous restaurants.

There are two guest bedrooms located on the west side of the second floor hallway which share the Jack-and-Jill bath. The rear bedroom is used as an office by the current owner. Remember there is a full guest bath mid-way on the stairs for the can't wait moment.

The garage at the rear has been renovated and expanded and now includes legal residential apartments. I suspect a new owner may not want to rent apartments and might want a pool. I think the CBS apartment building could easily be converted into a stylish guest cottage by affixing Hardiboard siding to the walls and replacing the metal windows with period correct wood window giving the cottage look many people want. Part of the first level could be opened and re-purposed as a pool cabana with bar and bathroom. I would add an outdoor shower and add a pool in the middle.  I might also remove the entire rear of the front house and add a new two level porch which would open up the rear to superb views of the pool and rear building. This is a very expensive home and whoever buys it will surely re-invent the space to their liking. I think this will remain an historic property but will likely be bought into the 21st century in new and exciting ways.

CLICK HERE to view the Key West MLS datasheet and 44 photos of the house, apartments, and ground of 724 Eaton Street, Key West. This is the very first time this historic home has been placed on the MLS. Please call me, Gary Thomas, 305-766-2642, to set up a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Key West Horror Story No. 11

 The ten days after Hurricane Irma were about the most difficult days of my life. I had a little damage to the roof of my house  I lost parts of my fence after not-all-that-tall trees fell upon it. And I was without power and potable water for more than a week. I stayed with friends and we made the best of it. I stayed in Key West for the storm and was lucky enough to learn my house was okay in spite of the minor damage.

During the next two days I went by many of the houses I had sold to inspect for damage. There were trees down in many places including in front of one particular buyer's property. A couple of guys were already on the spot cutting tree limbs. I spoke to one of the men to see if he could help cut and remove the trees that damaged my fence. He said yes. We talked some more when he told me he is also a licensed electrician. Since we did not have electricity, he was doing tree trimming and removal. We set a time for him to come to my house.

Two days passed before he showed up. He explained that generator at one of the local mortuaries had gone kaput. The owner knew the tree cutter was also an electrician and told him that the bodies were starting to thaw. The tree cutter was able to bring the generator back to life so to speak.

The tree cutter came to my house removed for trees from my property in about an hour's time The price was $500. That was okay with me. I would have ended up in the mortuary if I had tried to remove those trees by myself.

Key West Real Estate Sales Report - June 2018

I took the above photo a few years ago. It shows the sleek metal spiral staircase in a modern addition to an historic home in the Old Town Key West. The photo is a bit symbolic of real estate prices in most parts of the county which go up and down. I have been selling real estate in Key West for the past twenty-two years where, save for the 2008 Recession and a couple of years thereafter, real estate prices have gone up an average of ten per cent or more each year.

I have become more and more pessimistic by the ever-increasing cost of housing in Key West. My business is down as there are fewer buyers for reasonably priced second homes. The fewer listings has made some sellers less willing to bargain.

Several months ago readers of my blog invited me to listing their house for sale. I knew the property because I wrote a blog about it when it was then for sale and showed it to several potential buyers. It had a few "issues", but it also had a terrific location and all that charm so many buyers want. The current owner bought the place and did a thoughtful and stylish renovation. I the asked the gent if he had a price point in mind. He deferred and asked me what I thought. I don't dillydally. I reminded him he paid top price per square foot when he bought the house and replaced things all houses have. I told him my suggested price which was a bit more than the average ten percent appreciation houses achieve year over year in Key West. He thanked me for my time and said they know the market and think their renovation commanded a higher price. That "seller" then listed the house with the agent who sold it to them. The price was in the stratosphere. The house did not sell and the listing was cancelled after a couple of months. This "seller" is not a lone wolf. There are a lot of sellers like this in this market right now or who cancelled their listings rather than sell at a discount to their perceived value of their property.

I performed a simple search of single family home sale in the Old Town and Casa Marina areas by number of units sold, average price paid, and price per square foot for the seasonal time period of  January 1 to June 1 for each year starting in 2013 through 2018.  I knew prices had risen dramatically but suspected sales would there would be fewer sales in each area in 2018.

CASA MARIA
 

Year	No of Sales	Avg Sale Price	Price Per Sq Ft
2013	7	1594687	581
2014	11	1660785	657
2015	8	1452000	704
2016	8	1591875	711
2017	8	1804000	693
2018	7	1413333	728

 Current Inventory of Unsold Single Family Homes on the Market
                                          8            1786250                      858

 OLD TOWN

Year	No of Sales	Avg Price	Price Per Sq FT
2013	62	688	479
2014	45	984	601
2015	73	952065	633
2016	38	926	660
2017	46	992965	700
2018	40	1257904	789

Current Inventory of Unsold Single Family Homes on the Market
                                               64        1659347                     836


I wondered what happened in 2015 that may have attributed to the higher than average sale. I went to Google which led me to a Washington Post article. One item stuck out:

The Fed raised interest rates, marking the end of an era
The Federal Reserve's rate hike in December was notable not for its size -- the federal funds rate increased by a tiny one quarter of a percentage point -- but for its symbolism. It was the first rate hike in more than a decade and a sign that some of America's most prominent economic thinkers believe the economy is once again sound, roughly seven years after the onset of the global financial crisis.

I added the emphasis at the bottom of the above paragraph. Remember during the 2008 presidential campaign when the US and world economy took the huge tumble. The Key West market was hit very hard because a lot of our houses are second homes. A lot of the sales preceding the 2008 tumble  were financed with little money or no money down.  Those owners/buyers had no substantial stake in their "investment" property in Key West. Many of those owners abandoned their properties which were then sold at a discount to prior year cost. Buyers who bought homes in Key West during the next few years should have received substantial appreciation on their properties. Later the FAKE NEWS about the BP Oil Spill spewed from CNN and the Weather Channel. The spill happened, but it did not affect the Keys. But the noise impacted our tourist and real estate market for two years. Our local economy steadily recovered as did the national economy. Unemployment decreased, the stock market and optimism increased, and America was back on the right track again.

I am a firm believer that the FAKE NEWS spewed by CNN about Hurricane Irma's predicted devastation of Key West and the images of real destruction in the Lower Keys has done substantial damage to our tourist economy and is partially responsible for the lower interest in buying in Key West. Most of the damage that occurred in Key West was the loss of our canopy trees. Many like the above tree on Flagler Avenue uprooted and fell to the ground. Trees were down everywhere. They damaged roofs, fences, cars. We lost one house where two trees fell onto the porch. The damage was so severe that house did come down. That one house.

Realtors gossip just like everybody else. The honest ones will tell you their business is down from prior years. I am doing okay, but not as good as I did in previous years. Also, nearly every buyer asks me about Irma, flood elevation level, and the cost of flood and wind insurance. There is a constant pessimism over the risk of buying here.

Before I moved to Key West I had thought of buying a place in Laguna Beach. I love that little town.
I was staying at the Newport Hyatt in June 1992 when the 7.3 magnitude earthquake hit. The building shook and shook and shook. About an hour later I was sitting on the balcony with my legs up on the railing when a huge aftershock occurred. It was so strong that I fell on yo the floor. That sounds funny now but it wasn't then  That quake caused me to re-evaluate any thought of moving there. It was my Irma moment.

There will always be earthquakes in California and there will always be hurricanes that hit someplace in the United States Some are worse than others. And New York City and surrounding areas will be freezing cold in the winter and hotter than hell in the summer.  This is life. Where you decide to live it is up to you. I prefer living on a little island out in the middle of the ocean  The sales numbers don't affect me as much as the traffic.