1424 Petronia Street, Key West - Short Sale

Sometimes you have to look a little harder and search a bit further to find one of those hidden deals that makes real estate buying so challenging in Key West. 1424 Petronia Street, Key West, is a case on point. It is a rare Short Sale and a rare Legal Two Unit property.  It sits behind a six foot fence at the corner of  Pearl and Petronia Streets in the Meadows Area of Key West. Many of the neighboring homes have been updated.

The Monroe County Property Appraiser records show the lot as measuring an irregular 74.25 feet deep by 36.6 feet wide. The house has 2459 square feet of living space. The living space was previously described this way:  Downstairs has an open feel with a large kitchen/living room.This opens out to a private covered patio and pool area. There are 2 new mini split ductless ac units installed in January 2016 downstairs. A bedroom/office area with full bath, and a 2nd large bedroom and bath are downstairs, with a 3rd bedroom/bath upstairs in the loft . The 2nd apartment space has an airy 1 bedroom, 1 bath, with a 2nd sleeping area in the loft, and a private deck, off of the living room.

When I stood in the street taking photos of the house I imagined all kinds of things I could do if I were to make this place back into a single family home.  I personally think the highest and best use would be to convert the house back into a single family home. I might eliminate part of the structure in favor of a more open living area.  The simple deed of replacing the front six foot fence with a proper white picket fence would make this house so much more inviting.

CLICK HERE to view the Key West MLS datasheet then please call me, Gary Thomas, 305-766-2642.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. The tenants require 24 hour notice before showings. Short Sales can be tedious but buyers who bide their time often get good bargains in the end.  

Jake's Place in Key West

I can tell the story now. It's all true.Twenty some years ago I had a workout buddy who was twenty years my junior.  I'll call him Jake for purpose of this blog. He was as cute and as well built as gay boys come in Key West and he knew it. He worked as a waiter at one of the major restaurants at night and had a part time job being houseboy at a the home of a famous gay couple.  Their house had everything money can buy including a true chef's kitchen, dramatic master bedroom with a sexy as all get-out bath with marble floors and mahogany French doors which opened to the garden, large pool surrounded by a tropical gardens, and a storybook guest cottage where Jake lived.

During most of the year Jake's days were routine was similar to MTV's The Situation's - gym, tanning, and laundry. Jake didn't have a lot, but everything he owned was perfect.  He was meticulous in his appearance. He even showered before he went to the gym.

He shared stories about the couple but never said anything derogatory. He didn't describe them as being demanding, not in those words, but I interpreted the words that way. They had plenty of money and always got what they wanted when the wanted it. Jake's job was to wait on them from dawn to dusk when they were in town. He altered his routine to meet their needs.  I was surprised to learn that the chef at Cafe des Artistes went to their house to prepare all of their meals while still doing his full time job. Jake was there to serve the meals and to perform other houseboy tasks.  Jake would sometimes have to fly to the owners' house in the Hamptons to be houseboy up there.  His houseboy skills were legendary.

There came the time when the couple decided sell their Key West home. I showed the property to a couple of different buyers when it was listed. In fact I showed the house to one couple twice. I had worked with the couple for a year or so before that visit. They always stayed at the Marquesa Hotel and were always genuinely friendly. On that trip we looked at a couple of houses in the Truman Annex, a large Casa Marina house, and Jake's place. I scheduled a second visit to Jake's place where we spent a long time absorbing everything. Long second visits often lead to offers. We stayed at Jake's place a very long time.

I remember feeling very optimistic that my buyers would be making an offer on Jake's place up till the moment I opened the front door. A homeless drunk was sitting on the bricked steps nursing an extra large Colt 45 in a paper bag. I could have killed the guy. He said "Excuse me" or something lame and got up and left. The damage was done. Once a buyer sees something like that, the damage is done. The image, whatever it is, never goes away.

The house did sell, but not to my customer. Jake moved to Miami where e thought he would find the man of his dreams. There were hundreds of houseboy types in Miami all  just as good looking as Jake. I saw Jake a couple of years ago. He's got gray hair now. He was still very handsome and still very well built and still single. I go past the famous gay couples' former home every now and then. I have never seen a homeless guy on the porch step nor any wandering on that street.

3718 Pearlman Terrace, Key West - New Bank Owned Home

There is a new Bank Owned home available for purchase in Key West. Buyers looking for a nice family home in move-in condition should take a look at 3718 Pearlman Terrace in Key West. This 1406 square foot home was built in 1973 and was updated around 2005-2006.

The updated home has an open concept living area which includes the wrap around dining area located the rear of the kitchen, not viewed in these photos. There is a bonus room located behind the kitchen as well. Doors in the master bedroom open out to the pool.

This house appears to be in very good physical condition from my perspective. The houses appeared to have been thoroughly renovated soon after 2005. New tile floors were added along with a new kitchen and updated bathrooms. All windows and doors have been replaced. They have laminated glass but are not impact rated for wind insurance purposes.

The lot measures 56' wide by 100' deep or 5600 square feet. The front, side, and backyards are devoid of trees. This is quite rare in Key West, but easily remedied. A new owner could plant just about anything green in the ground and watch it grow by leaps and bounds in the course of a year or two.

CLICK HERE to view the Key West MLS datasheet on 3718 Pearlman Terrace which is offered for sale at $599,999. Then please call me, Gary Thomas, 305-766-2642, to set up a showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

Out of Business in Key West - It's an Ongoing Event

There are two things certain in life:  death and taxes.  If you own a business in Key West, there is a third certainty; it ain't easy owning a business in Key West!

Before I ended up buying my first place in Key West, I did the same thing a lot of tourists and potential buyers do while visiting town - I would walk up and down Duval Street during the day and sometimes the night. I wouldn't necessarily walk the whole mile between the Gulf of Mexico to the Atlantic Ocean, but I would walk enough of it to get a sense of the state of the economy.  I recall seeing many vacant store fronts. It made me uneasy about the economic viability of this town.

A couple of days ago I passed by a store at the corner of Duval and Petronia Streets. You all know that location. It's where the gay cross walks are - the passage way between the 801 Bar and Bourbon Street Pub.  (A woman tourist paused before going across the painted crosswalk to give me time to take the photo. Town is not as deserted as the photo might suggest. It was just plain hot out. 90 degrees in the shade. Not fit for man or beast or Realtor in search of something to blog about.) Thousand of people pass this location weekly. Thousands!

That storefront is vacant. It is one of eleven storefronts on Duval Street that are empty.  Many of these places stay empty for months and months simply because the landlords demand outrageous rents - rents comparable to what one might pay in New York City.

I have told this same story before. It's just the today I have a great photo to grab your attention. Key West has a couple of million visitors each year who walk up and down Duval Street. Many are boat people, passengers from cruise ships that dock here for a few hours. Most of these passengers will spend a part of their time walking on Duval Street and most of those will walk five or six blocks from Sloppy Joe's toward the Atlantic. Most of the rest are returning visitors who fell in love with our island home.  Having a storefront with something to sell and thousands of potential buyers passing your door each day is why the rents are so high.

Here's the thing there are many vacant store fronts on the streets that run perpendicular to Duval. And there are a lot of vacant spaces at the three shopping centers in Key West and even more in the strip centers along North Roosevelt Blvd. and Flagler Avenue. These places don't get the same high volume foot traffic, and they don't charge the exact same high dollar rent, but the rent they do charge is proportional and their rent strategies are exactly the same: choke the tenant.

I have never understood the business model of holding out for more money. I would rather have a tenant paying cash now rather than one who would pay more in the future if they can make a living after paying rent, cam fees, taxes, wages, FICA, and cost of goods or food. Compound the cost of opening the door with not having workers willing to work. A studio apartment will cost $1200 to $1500 per month. Shop girls making $10 an hour can't afford that. Nobody can. It's a system doomed to failure.

A couple of years ago I had a really sweet couple from Italy who wanted to move here to open a small concept restaurant on Duval Street. I found them space they really liked. But after they did their numbers, they concluded they couldn't make it. I was happy for them. The last thing I would ever want to do is to be lure someone into a bad investment in Key West. So many of the people who come here with a vision leave here with empty pockets and broken dreams.

The empty storefronts that made me question the stability of Key West thirty some years ago still exist. The places get rented and re-rented, and re-rented again as people with dreams come here, invest here, and many leave here broke. 

533 Petronia Street, Key West - Historic Renovation Project Property

Just Listed, 533 Petronia Street, Key West.  This is the perfect historic renovation project. It appears to be in pretty good condition suggesting that improvements made will be more decorative than structural in nature. There is an attractive front yard, gated off street parking, and room for a pool in the rear. However, I do believe other improvements would necessarily include the upgrading of electrical, water, air conditioning, replacement of windows and doors, and the addition of a new kitchen and baths plus the addition of a pool, decking and gardens.  When completed the "old house" essentially would be new.

I searched the Historic Sanborn Fire Maps to determine the approximate age of this property. It first appeared on the 1889 map as 517 Petronia Street. The street number was changed to 529 Petronia on the 1892 map and finally changed to 533 Petronia Street on the 1899 map. This tells us the house existed as early as 1889. I then dug into my old shoebox and found the above black and white photo taken in 1965. Compare it to the present day photo at the top. You will see some gingerbread was added to the porch columns. The white picket fence was replaced by a chain link fence - usually chain link fences are the ones replaced. The charm of the visage is undeniable.

The house sits to the right of center of the 45' X 100' lot.  The entry door is centered in the middle of the house which measures 24' wide by 50'  deep according to the Property Appraiser records. In actuality, the house is longer as there is appear to be two mystery additions about which the Property Appraiser is unaware. More on that later.

This house reminds me of how so many of the houses in Old Town looked like 22 years ago when I began selling houses here.  Many of the original houses had been modernized in the 1950s or 1960s. The were plain Jane in every aspect. But they had what folks refer to as "good bones" or "potential".  As these houses were bought and renovated, the stock of houses with "potential" diminished.  This particular house has a very interesting street presence, lot size, and house size plus structural condition that suggests this would be a great candidate for renovation. The photos above and below show how the current house is laid out. Forget the the way the place looks now instead focus on the size and condition. And then open your mind as to how you might re-create the spaces into what could work for you and your family or partner or whatever. I

The existing living room is located at the front and is very large. The adjacent front bedroom and bath are tiny. The room sizes and configuration make no sense for modern day life! The board and batten in the bedroom strongly suggest the walls are Dade County Pine. If the current ceiling were vaulted, the already large space would be dramatic.

A doorway at the rear of the living room flows into the kitchen. A hall on the west side has a bath and closets followed by a second bedroom. While I did not measure the space for accuracy, I am pretty sure that this is the only part of the house on the Appraiser's record which shows the house measuring 24' wide by 50' deep. In fact there are four "rooms" beyond the known structure: a closet, a bath, the TV or family room, and a third bedroom.

The rear "phantom rooms" add 312 sq feet of living space to the known 1200 sq ft. A thoughtful renovation might change the main entry from the front to the west side which would allow the master bedroom to be located at the front where the porch would be private to the master suite. Bedrooms could be located along the east side and a new open concept living and dining area placed on the west side where there is a sizeable open area which could become a tropical garden and/or deck leading to a pool at the rear.  Multiple sets of French doors might be added on the side and rear to bring light into the new open concept living area. The opportunities to create are boundless.

The rear lot has two storage rooms. The west room presently has a rooftop deck of sorts. A new owner might convert this space into a poolside bar. I would nix the space myself. The east rear storage could be kept without interfering with anything. CLICK HERE to view many additional photos of the house and yard.

This property is located about one-half block east of Duval Street. Several of the adjacent homes have transient rental licenses and others are rented as monthly vacation rentals. When renovated this house could become a very popular vacation rental given the size and location. This would be so easy to kept rented throughout the year.  The most successful vacation and transient rentals are located near Duval Street and have off street parking. Guests will love it!

CLICK HERE to view the Key West MLS datasheet on 533 Petronia Street, Key West  offered at $799,9990. Call Gary Thomas, 305-766-2642, to set up a showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

I Get Letters and More from Readers

I must confess the biggest joy I get from my blog is the sale of houses and businesses from people who learned about me by reading my blog. The next and most heart-felt joy is hearing from readers who have been touched in some way about something I have written. Comments about listings much appreciated. Sometimes I express  a political gripe that can lead to internet warfare. I hate when that happens. But at least I know people are reading for content.

In the past two weeks I received both an email a package from readers both of which were sent in response to a blog I wrote some time ago. Theses are not the only such letters or packages. One reader actually brought me a Jim Beam KEY WEST commemorative bottle. Another brought me  Wisconsin cow coffee cup. Another gave me a DRAG DOLLS book (I have no idea why). Other readers have taken me to dinner at Louie's Backyard, The Cafe Marquesa, Antonia's, and Pisces. I appreciate the food and gifts and this blog is not meant as a solicitation for more. 

The first letter relates to a story about my SUPERMAN and Me blog. CLICK HERE  to read in it's entirety.  The blog is basically my life story told in fifteen short paragraphs. It's nothing remarkable. But it shows how Superman and the ethics of a boy's life in the 1950's resulted in the real estate salesman and internet blogger in Key West today.  The sender has a website dedicated to all things SUPERMAN - michael-krek.pixels.com. Lots of photos of the man of steel. Michael wrote "I loved the story of how you got to Key West".

The second email was in response to my July 12, 2015 blog "There Is No More Officer Goody". That blog told part of the story of my return to Colorado to attend my 50th high school reunion. Earlier in the day I went to my elementary school where I spent the most formative years in my life. Officer Goody's son learned about the blog, read it, and sent me this nice note:

"... yes that was his name Officer Frank Goody. My Dad. Like all of us, He was no saint by any means, but he had that child's wonder about things all his life. I think kids could sense that the wonder in them was in him as well. My fondest memories of him were from long after the DPD . He spoke excellent Japanese and would often eat at family run Japanese restaurants to hear the language spoken by native speaker. Shortly after we would be seated you could expect a child to arrive at my father's side with a fine felt tip pen and a sheet of paper. My dad would ask in Japanese what the boy or girl wanted draw and whip out a cartoon of that child in a plane or on a tiger etc etc. A small very polite line would form by our table and while we ate & talked he would do a drawing for all the children of the Restaurant workers who were there. I often wonder how many adults today have a cartoon of themselves folded up in a drawer, drawn by my dad."

I found the above photo of Officer Frank Goody thanks to Google. If you take the time to read the blog, you may appreciate why this big and gentle man made such an influence on a little boy in kindergarten more than sixty years ago.

We all touch each others lives in some way. I use my blog and my photos to drum up business and sometimes comment about what's going on in our world. Please continue to read.

If I Had a Million Dollars

When I was growing up in the 1950s and 1960s a million dollars was a lot of money. On Saturday night one of the TV stations in Denver would host a million dollar movie - a feature that was so special that it cost over one million dollars to film.

Years later when I first moved to Key West a million dollars could buy a big important house - a restored home with a pool, parking, and a great Old Town location.  I have written several blogs over the years about the continued price escalation of housing in Key West. For years the rising prices enriched the lives of those who either inherited properties here or who bought and renovated, or even those who bought and lucked out as prices continued to rise.

Two events changed things in the past thirteen years. The national psyche was traumatized in 2005 by TV death and devastation caused in New Orleans by Hurricane Katrina.  A few weeks later Key Hurricane Wilma swamped the eastern side of the island of Key West. I think a lot of people assumed what they saw in New Orleans also happened in Key West. That was not the case, but people believe all kinds of nonsense these days.  Second, the Great Recession started in 2008. The stock and real estate markets tanked simultaneously across the country. Short sales and foreclosures became the norm in Key West as many of the homes and condos here were "second homes" owned by folks who came to Key West and fell in love with the island life. Both the price of homes and real property values decreased. It took several years before the Key West real estate market corrected. Old Town and the Casa Marina area recovered quicker than other areas because those areas are the places most tourists and second home buyers frequent.

Between the time the Recession started and eventually corrected, the buying public was divided as to the efficacy of buying or selling, holding or acting boldly. Those who bought in 2009 thru 2012 made out pretty well. One of my buyers spent two million dollars in cash to purchase nine units at the Key West Golf Club which he then rented. The rents have doubled but more importantly, the value of each place has doubled as well. Those who sat on the sidelines waiting for the end of the world lost out. I have told this story before. But here's the twist today.

I have been working with several would-be buyers over the past several years who missed the opportunity to buy when the market was at its lowest. One couple had kids in school; another had a small investment company and needed his cash to fund his company; a university professor made ridiculous offers when the market was lower and now does not have enough money to meet the current price point demanded. Within the past six months I learned the couple with the kids bought a place in Pensacola. The investor bought a large house in Charleston for $1.3 million. Another couple who owned in Charleston who wanted to move to Key West ended up buying a place in Santa Fe, New Mexico. These three buyers bought quality homes for less money than they would have to pay in Key West. The professor appears to have given up. The Key West economy has passed him by.

I am a risk adverse person. I went to Las Vegas a couple of years ago and came back a bit richer than I went. I made about $60 playing slot machines. That was it. Money is too valuable to throw it away.  

If I had a million dollars, I would buy the best property I could find in Key West and buy it now. Key West is a little island out in the middle of the ocean. The land mass cannot be increased. Key West is restricted from adding new housing by law. What we have now is what we will have in the future. As crazy as the world is right now, most of the people are not crazy. They want the same things - food, shelter, peace, a good place to raise their kids, a nice place to retire too, things like that. So no matter what goes on up north in America, life down here will probably stay the same as it has for years and years. The weather will usually be spectacular. The drive from the mainland will be beautiful. The cost of housing will continue to rise.

If you are thinking of buying a place in Key West and are not working with a Realtor, please consider working with me, Gary Thomas. I am a full time Realtor at Preferred Properties Key West.