1434 Virginia Street, Key West - Short Sale

If you are a long time reader of my blog you may recall that I wrote 1434 Virginia Street, Key West in 2015 when it was offered for sale as bank owned property. The property was purchased but not renovated and sits in the same basic condition as previously reported except that two of the large trees on the east side of the lot are now gone. I am copying my older blog to share the photos and descriptions of the house, rooms, configuration, and condition. Just imagine fewer trees.

It looked to me that the house had been divided into five apartments over the years. The entrances are located at the front, west, and east side of  the house. Three apartments are on the main floor and two on the second floor. Each second floor apartment has an interior stairway with access to the third floor. A talented designer or architect ought to be able develop a design equal to the view. Whatever charm the original house had has been lost due to the fragmentation of the interior space. Let's look at the house the way it exists today.

Each unit has a separate kitchen and bath. The bathroom in this unit is located in what would have been the original hallway. This unit has a sleeping "loft" but the other apartments have separate bedrooms. The view looks directly across the street to Bayview Park.

The door at the far end of the second floor front apartment opens out to the second floor front porch that spans the width of the house. You can see most of Bayview Park from this vantage point. Bayview is the main city park in Key West. There are tennis courts, a baseball field, and an old fashioned pavilion at the east end. A Viet Nam War Memorial was added a couple of years ago.
 The Key West police department building and a fire station are located on the far side of the water and trees in the color photo (two above).  I searched the Sanborn Fire Maps to try to determine when this house was actually built and learned that the road and land immediately adjacent to the park was once identified as North Beach Road and that there was a small body of water in that location. That area was later filled and and developed. When I was taking photos I imagined what a sight the owner must have had back in the day before developers had their way. Then I discovered the black and white photo above which was taken in 1900. I added a notation showing what I believe to be 1434 Virginia Street as it was and still is the largest structure in this area.

I found a photo of the old "bathing pool"* or swimming hole located at what is now near the corner of Truman Avenue and Eisenhower Boulevard (previously North Beach Road). North Beach actually was a beach. Developers got the land and put up condos (don't they always!). The historic Division Street (later named Truman Avenue) was extended over the water and became North Roosevelt Boulevard. By 1999 the city added the police and fire station just east of Bayview Park. The section of North Beach Road was then called Pearl Street. The photo above shows the roofs of two large buildings at Horace O'Bryant Middle School. Those buildings are no more and have been replaced with even larger structures. The park still stands amid all the development that has taken place around it in the near 80 years since the kids jumped into the old swimming hole.  wish I could have seen this sweet town back then.

Over the years some prior owner of this property put a rear addition on to the house. Eventually the space extended out past the east side of the house and made this building exceedingly large. There is a roof top deck accessed via two small doors in the attic or loft space off the rear. A wood stairway leads down to the ground three stories below. While the view is pretty incredible, I really think a new owner might take down the entire rear addition. The house is huge without it. This would be the perfect space for a new pool, deck, and garden which could wrap around the rear and east side of the property. Sometimes less is more. This is one of those times.

The middle apartment abuts the front apartment with "loft" sleeping area. There is a warren of rooms on both floors. A renovation of these disconnected rooms could invigorate this old home and give it new purpose. The lot is very large for the Old Town area - 51' X 82' or 4149 sq ft.  Key West has several talented architects and competent builders that know how to fix old houses like this. I think the renovation of this old place could result in a really interesting home with incredible lasting views.
CLICK HERE to view more photos I took of this property. 

1434 Virginia Street is offered for sale as a short sale at $450,000. CLICK HERE view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

 * Photo The swimming hole in Garrison Bight C 1940s. From the Louise White Collection

726 Poorhouse Lane, Key West

In his book The Streets of Key West: A History Through Street Names author J. Willis Burke informs us that "Over the other side of Solares Hill a couple of entries are self-explanatory. Galveston Lane is named for the Texas gulf coastal city that was served by the Mallory Steamship Company, and off Windsor, on Poorhouse Lane, a poorhouse was once tucked away." You may ask yourself why anybody would want to live on a street with such a desperate appellation. Let's try to figure this out.

I searched the Historic Sanborn Fire Maps starting in 1889 through 1912 (pictured above) to determine when the house at 726 Poorhouse Lane was built. The early maps did not give this little lane a name until this map and this particular lot did not have any building on it until after 1912.  The map shows the lane was previously named Petronia Lane and that it turned south and ended at Olivia Street. Study the street sign above because that sign is now gone. Some street thug stole it and part of the history of this charming slow lane of Key West. House by house, foot by foot, this little lane is gradually being gentrified and made into a re-imagined neighborhood in Old Town Key West.

 726 Poorhouse Lane is a 4800 square foot corner lot (48' X 100') now located across the street from Bill Butler Park to the west. I don't think I have ever seen a kid swing on the swing as this area is now mostly occupied by rich folks with second homes in Key West as opposed to real families. I'm not being negative - I'm just stating a fact.

There is a white picket fence which wraps the lot on two sides. I searched my old shoebox and found a photo of the house taken in 1965. I took a similar photo yesterday which shows a modification of the original roof line after which a rear porch was added. There is a small storage cottage at the southeast corner of the lot. But ultimately it is the location on this picturesque lane that once led to a real poorhouse that makes this small home such an interesting home worthy of serious consideration.

The Monroe County Property Appraiser shows the bungalow style house was built circa 1939. The house has three bedrooms, two bathrooms, a nice living room with vaulted ceiling, and retro style kitchen.

For me it is the location and the possibilities that make 726 Poorhouse Lane such an interesting home to consider purchasing. A world famous singer used to live less 100 feet north of Bill Butler Park. There's a stage production about his music on Broadway right now. He's gone but the area itself is being rebuilt. There are two small corner convenience stores located within a couple of blocks. St. Mary's Catholic Church is up on the corner of Windsor Lane at Truman Avenue. And Duval Street is a five to seven minute walk. CLICK HERE to view more photos of 726 Poorhouse Lane and the area.

726 Poorhouse Lane is offered for sale at $920,000. CLICK HERE to view the Key West MLS datasheet and then please call me, Gary Thomas, 305-766-2642, to schedule showing. I am a buyers agent and  a full time Realtor at Preferred Properties Key West. Let's sit on the swings, take in the sights, and discuss fulfilling your dream of owning a little place on one of the slow lanes of Key West.

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.