Key West Real Estate Sales Report - First Five Months of 2019

I wrote a blog on June 2, 2018 where I compared single family homes sales in the Old Town and Casa Marina areas of Key West for the first five months between 2013 to 2018.  My memory button got June and July confused in 2019 as I thought today would be the anniversary of my prior post. I will therefor use the Wayback machine to bring readers up to date (as of June 1, 2019).

I have written several blogs about my growing pessimism over the declining number of home sales and the continuing escalation of housing prices.  I repeated the process I used in the 2018 blog.

I performed a simple but strict search of single family home sales 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, 2019.

I assumed that sales 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

2018                      7             1,413,333                    728
2019                      5             1,362,600                    616

Not only were there fewer sales in 2019, but the average sale price and the price per square foot declined. This can be explained by the fact that three of the five sales were for homes that sold under $1,000,000.  The most expensive house only sold for $2,475,000 or $722 per square foot.

CASA MARINA Current Inventory of Unsold Single Family Homes on the Market
Number            18         Avg List Price $2,146,550    Price Per Sq Ft  $922

OLD TOWN

Year

No. of Sales

Avg Price

Price Per Sq FT

2018                      40                  1,257,904            789
2019                      61                  1,181,536            816

The total number of sales increased but the average sales price decreased. The price per square foot did increase, however. Nineteen of the houses sold were located in the Bahama Village section of Old Town.  Most of those houses were fixers. I sold the least expensive house (above) for $350,000. It is definitely a fixer - if there is any fixing it.  The two highest priced houses in Bahama Village sold for $1,300,000 (new construction in 2008) and $1,732,000 (new construction in 2018 located across the street from public housing). While Old Town may be the preference for buyers seeking a place in Key West, many are opting to find a place they can purchase at a decent price, renovate, and create the house they want rather than buying some prior owners vision.

Twenty-three of the houses sold for more than $1,000,000. Seven of those sold in excess of $2,000,000.  The highest priced home was 101 Admirals Lane in the Truman Annex. It sold for $5,870,000.  

OLD TOWN Current Inventory of Single Family Homes on the Market
Number                   70        Avg List Price $1,877,261        Price Per Sq Ft  $891
I checked the average list price twice. I only used Old Town and did not include the Meadows or Sunset Key. Several of the current Old Town listings have been on the market for over two years. Some of those have challenging locations. Some are over-priced. Some do not have off street parking and buyers are resisting paying over a million dollars for a house without parking. Some are wonderfully renovated and are waiting for buyers with money to return to Key West.

Selling season is over. There have been numerous downward price adjustments since the start of this year. I think it's a good time for buyers with cash to come to Key West to test the market.

Get Off My Lawn!

Key West Horror Story No. 15

This is a true story. A couple of years a customer of mine who I will call "Charlie" had to return to his home town to bury one of his siblings. Both of Charlie's parents had passed during the previous ten years or so. It was up to Charlie and his siblings to bury the first of their brood. There were seven. And then there were six.

Charlie returned to Key West late one night a few days later. The house he bought had a rental cottage at the rear. The tenant's truck was parked on the street. Charlie went to work the next day and life resumed. The following night there was rapping on the front door. Charlie opened the door to find a Key West policeman and another man standing on the front porch. The officer asked if Charlie had seen his tenant. "No." He explained he had been out of town. The officer said the tenant's friend had not seen him and feared something was wrong. Charlie, the officer, and the tenant's friend walked to the cottage at the rear. Charlie knocked on the door and then opened it. He turned on the light and found brain matter and blood on the walls and bed. The tenant's body was on the bed.

The police officer called the fire department. More police arrived. Charlie told me every cop and fireman in Key West must have been standing on the deck when all of a sudden the deck collapsed to the ground. Nobody was hurt.

Charlie said the tenant left a note apologizing for what he had done. He gave is pick-up truck to his friend - his only friend. He had no relatives. The city removed the body. I asked Charlie if there was a funeral. He did not know. Charlie cleaned up the cottage by himself. He said he could never ask someone else to do something so horrible.

A lot of single people move to Key West to find a new life here - to start over. Some buy puppies. Some buy cats. Some spend a lot of time in the bars. Some buy dope. Some pack up their bags and go back home. And some end up like this poor guy. Alone with nothing left to live for.

Short Sale - 1307 Elizabeth Street, Key West, Florida

On February 12th I blogged about a then new short sale for a nice house located at 1307 Elizabeth Street in the Old Town area of Key West. I ended the blog by predicting "This will go quickly, at least as far as contract negotiation." It did. It went under contract within a couple of days, But that deal and a later deal both failed. It just came back on the market again.

Buyers seeking a "fixer" that does not look like it needs all that much fixed should consider 1307 Elizabeth Street, Key West. The house looks as though the owner walked away. Palm fronds are scattered all over the driveway and bricked side and back yards. I sold another house on this block three years ago and happened to snap a photo of 1307 Elizabeth Street as it appeared then. See below. It fits in nicely with the other lovely homes on this one block stretch between United Street to the north and South Street to the south. Simonton Street is one-half block away and Duval Street is one block further west. You could not ask for a better location in Old Town for the price - it's close to the action but not a part of it.

A previous MLS listing provided a bit of history of this former cigar maker cottage which was allegedly made in the Bahamas and floated to Key West in the 1880s for use of workers at the nearby Gato Cigar factory. In the 1920s it was used as a bakery. I checked the Monroe County Property Appraiser records and learned the house was significantly remodeled in 1996. It needs updated.

The black and white photo from 1965 shows the original cigar maker cottage together with an addition at the rear. The 1996 renovation added a second addition which is where the kitchen and dining area are now located. This room is a step down from the main living level and has a shed roof. The bedroom is located at the front of the house followed by the bathroom. All rooms have vaulted ceilings except the kitchen. The interiors are modern and do not have any historic character. Not being negative. Just pointing out what exists. A new side entrance on the north side opens into the living room. The old front porch is now a sitting porch off the bedroom.

The renovated house has 812 square feet of living space under air that sits on a lot measuring 40' wide by 81' deep. There is off street parking in front and a shed for the washer and dryer located at the rear. It appears that all of the windows are shuttered including the clerestory windows in the living area at the rear. The north side yard and back area are brick pavers.

 CLICK HERE to view the Key West MLS datasheet and listing photos for 1307 Elizabeth Street. 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. This will go quickly, at least as far as contract negotiation.

1301 Flager Avenue, Key West - Picture Perfect and Move-in Ready

I had the opportunity to show 1301 Flagler Avenue this past week and fell in love with the house. It has been professionally renovated and is in picture perfect condition. The furnishings are included in the purchase price. It is move-in ready. So what you see is what you get. Let's take a look.

I probably have been inside more than half of the homes in the Old Town and Casa Marina districts over the years, but I was never inside this particular house. My potential buyer had selected this house because of the size and price (1800 square foot home offered at $691 per sq ft - furnished). I was impressed from the moment I walked into the expansive entry hall which flows into the great room.

There were numerous features that popped into view including the all new hand-scraped solid white oak floors; the Dade County Pine walls and ceiling painted in cool tropical tones contrasted by the crisp white window casements, trim, and crown molding; new windows; French doors with clerestory windows above; and the brand new kitchen. 

The kitchen features include solid wood knotty alder lower cabinets, white maple alder upper cabinets, natural counter-tops, and Kitchen Aide commercial grade stainless steel appliances. The chef or bottle washer can look out the kitchen window to see the pool.

The pool appeared brand new. I learned it was older but had new diamond bright resurfacing as well as new decking and new pool equipment. The pool is surrounded by lush tropical foliage. I checked - none of the neighbors can look down into the pool.

Second floor east bedroom is a large room. French doors open out to the covered front porch. This and the other bedrooms all have painted Dade County Pine walls and ceilings. The door knobs and trim are black.

The second floor west bedroom is a bit smaller but not small.  It also has French doors that open out the front porch.

The master suite takes up the back end of the house. The bedroom has a high pitched ceiling that enhances the already large space. French doors open out to the second floor rear covered porch which looks down to the pool.

CLICK HERE to view the Key West MLS datasheet on 1301 Flagler Avenue, Key West offered at $1,245,000, 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. This home is definitely worthy of your consideration as a primary residence or second home in the Florida Keys.

1422 South Street, Key West - Just Listed

Just Listed  - 1422 South Street, Key West. The listing broker describes the property this way:

"This gorgeous light filled home features three en suite bedrooms plus two half baths. It was built in 2004 using the highest quality materials and attention to detail and has been meticulously cared for ever since. A custom Hansen & Bringle kitchen completed in 2017 features high end professional appliances including SubZero and Viking, Grohe fixtures,and stunning quartz countertops. The office has custom built-in desks, Ethernet & upgraded Wi-Fi . A guest bedroom suite is completely separate from the main living area. The pool area features lush tropical landscaping with irrigation and lighting and an adjacent new pool powder room. Many upgrades including a whole house generator, electronic gated parking for two cars, lots of built in storage. Excellent location."

1422 South Street could easily be a family home or a second home for snow birds. The Horace O'Bryant School (K thru 8) is located six blocks away. Bayview Park (our main city park) is located across the street from the school. Higgs Beach is located about five or six minutes to the south by bike. Our three shopping centers are located about five minutes or so to the east. Old Town is five minute drive on a good day. 

I took the above photos of Higgs Beach the dog park this morning around 7:30 AM.  (Intentionally left my shadow in the pic.) One lone person had already set up to get baked. A couple older guys were attending their dogs doing their duties. The old walking pier has been redone (again). New palms were planted. It's just such a pretty view. These are the places locals and tourists come to recreate.

CLICK HERE to view the Key West MLS datasheet and more listing photos. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing of this home. I am a buyers agent and a full time Realtor at Preferred Properties Key West (listing brokerage).