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Thursday, August 22, 2019

2905 Venetian Drive, Key West - Bank Owned

Everybody wants a deal in real estate, especially in Key West. The newly listed Bank Owned property located at 2905 Venetian Drive may be the deal you have been hoping to find. I took a few exterior photos which you can see below.
The listing Realtor describes the property and the sales rules below:
"Opportunity to build your Key West Dream Home located on the Riviera Canal. The building is ready for demolition leaving you with a parcel which already has a pool, deck and you can dock your boat behind the house of your dreams on the concrete seawall. The property has 56 feet of canal frontage and is 100 feet deep. The property is a prime candidate for removal and replacement with an elevated home that meets the current FEMA guidelines. Showing instructions are as follows: exterior only--no interior showings allowed.. CASH only Sale...All bids should be submitted on line (void where prohibited). Bidders can submit any offers pre-event on our ''Make Offer'' button on the site. All pre-event or post-event offers will be reviewed and responded to within 3 business days......."
I took the above photos earlier today. I am not a boater or fisherman, but I know the value of this location and the opportunities it affords a buyer who wants to own a new home on a navigable canal in Key West. The photo immediately above shows part of the canal that actually starts on the Gulf of Mexico side of our island. That water flows under North Roosevelt Boulevard and ends up turning east to become the Riviera Canal which then flows out to Cow Key Channel and then the Atlantic Ocean. CLICK GOOGLE AERIAL MAP for a view of the location and its proximity to the ocean.
The lot is located opposite a small mangrove on the south side. The Key West airport is located farther to the south. Most of the existing homes were built in the 1960s and later. A prime example of the style of house a new owner could build is actually in existence now and can be seen across the canal. This little enclave of new homes feature Hardiplank construction, wind impact windows and doors, and metal roofs - all features which reduce insurance costs. New construction also suggests lower maintenance costs for years to come. The difference between those houses and this location is the existing pool, seawall, and canal front location plus the ownership of a 5,600 square foot lot. Owning a big house on a big lot is an important feature to many homeowners. CLICK HERE to see more photos I took.
CLICK HERE to view the Key West MLS datasheet and then please call me to look at the lot or to discuss making a sight unseen offer. Gary Thomas, 305-766-2642, or garyethomas@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Sunday, August 18, 2019

PARIS Calling

I spent a couple of weeks in Paris last September. I had been there three times before, but this trip I spent all of my time in one location. I even toyed with the idea of buying a place there.

As I walked around various parts of the city I would stop at real estate offices and look at photos of properties for sale. I quickly learned that real estate prices there were more expensive than Key West. 

When I returned home I did a Google search and found a Paris Real Estate Blog which showcases the company's listings, rentals, and occasional features on Paris.

I encourage readers to CLICK HERE to view VIEWS ON PARIS REAL ESTATE.  The site is slow to load so give it time to appear on your computer. It is worth the wait.




Saturday, August 17, 2019

285 Golf Club Drive, Key West - Just Listed!

Just Listed by Preferred Properties Key West - 285 Golf Club Drive. This 1600 Square Foot home is located in The Sanctuary at the Key West Golf Club Community. I find it necessary to tell prospective owners it is not a requirement that you need to play golf or even like golf to live on a golf club. But if you are a golfer, you'll will probably love this Reese Jones course.
The Sanctuary is a private gated enclave of 54 Grand Conch style homes which abut the golf course as Golf Club Drive loops the area. 285 Golf Club Drive is located on the left hand side four houses from the front and has views of the lake. (You do not have to wrap the loop.) The home is fenced front and rear and has a covered carport plus additional space for a second car. Guest parking spots are available is several locations.
The diagram shows the layout of this home which has a bonus room on the main level which can be used as a den or guest bedroom. There is a guest bath on the main level.
The two guest bedrooms on the second floor front have vaulted ceilings which add to the spatial feel of both rooms. They share the hall bath. The master suite is located at the rear. It also has a vaulted ceiling plus a screened porch overlooking the lake and links. It has private ensuite bath.
The home owner fees are $395 per month and include common area maintenance, pool and grounds maintenance, and basic cable. CLICK HERE to view the Key West MLS data sheet for 285 Golf Club Driver, offered at $719,000 or $449 per sq ft. Try to find a single family house in Old Town for that kind of price. You cannot do it. Then call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. I have sold more than 30 homes at the golf course.  My buyers love their homes. Let's take a look.


Friday, August 16, 2019

Suprising Luxury Home Sales Surge in Key West

I wrote about the house below located at 1026 Von Phister Street in Key West on August 2nd. I know that property very well - I live across the street. I was totally surprised when it went under contract the next day. The moving truck was there this past weekend. Listed for $3,295,000. It closed yesterday for $3,195,000 or 96.96% of asking. It was an arm's length transaction involving two separate brokerages. That sale is among many recent luxury home sales over two million dollars. I wanted to make sense of what is going on. I went to my MLS platform to search recent sales for the locations most in demand by second home and luxury home buyers.

Casa Marina Area

2019 - 4 Single Family Homes
  • Average Sales Price $2,325,000
  • Average Sales Price Per Sq Ft  $937

2018 - 5 Single Family Home Sale
  • Average Sales Price $3,000,000
  • Average Sales Price Per Sq  Ft $1,008



Old Town - The Historic District 

(Strict adherence to White Street as eastern boundary and United Street at northern boundary. Includes sales in Truman Annex but not Sunset Key).

2019 - 21 Single Family Homes Sales
  • Average Sales Price $2,367,500
  • Average Sales Price Per Sq Ft $1,099
2018 - 10 Single Family Home Sales
  • Average Sales Price $2,225,000
  • Average Sales Price Per Sq Ft $817
I noticed what I thought was a surprising number of single family home sales over $3,000,000. I searched the MLS and compared to 2018 to confirm my suspicion.

2019 - 7 Single Family Home Sales
  • Average Sales Price $3,295,000
  • Average Sales Price Per Sq Ft $983
2018 - 5 Single Family Home Sales

  • Average Sales Price $3,225,000
  • Average Sales Price Per Sq Ft $833
Three of the $3,000,000 plus sales were located in Truman Annex and four were located on Fleming Street.

There were two single family homes which sold in excess of $5,000,000 in 2019. There was only one sale in excess of $5 million during the same time period in 2018 and it was located on Sunset Key which is not a part of my consideration.

908 Fleming Street sold for $5,000,000 or $1,953 Per Sq Ft. This was no ordinary 2560 Sq Ft home. It was an extraordinary home plus cottage, zen cottage, dining pavilion overlooking lake-like pool sitting on a 10,681 Sq Ft lot in the heart of Old Town.

101 Admirals Lane was located in Truman Annex. It was built new in 1994. It was 3,173 Sq Ft main house plus master bedroom cottage, pool and grounds totaling 14,183 Sq Ft.  It sold at $5,870,000 or $1,850 Per Sq Ft.


Unlike the talking heads on television that know everything, I am trying to make sense of what is really going on in our local market. A couple of years ago I sold a big house to a former attorney-created a lot of money by selling an internet company he created. He felt Trump was too unpredictable and might cause the stock market to crash. He took some cash out of stocks to spread his risk into real estate. This risk aversion may be the explanation for what we are seeing in the Key West real estate market. There were many more multi-million dollar sales that I did not count because they are located outside Old Town and Casa Marina. I was surprised to see how many of those there have been as well.
  


Thursday, August 15, 2019

Bob & Carol & Ted Alice & Gary as the Bridesmaid

It was New Year's Eve 1970 when I saw Bob & Carol & Ted & Alice with David and Lisa (not their real names).  Otherwise, this is a true story that has nothing to do with real estate.

David was my college dorm roommate between January to June 1968.  He replaced Richard Sanger who dropped out of college. What a shame. We lived in a co-ed dorm with male and female sections separated by a large common area with ground floor cafeteria and second floor lounge and tv area. Nobody had a personal tv in those days. We lived on the first floor southwest with the best group of guys I knew in my dorm days.  David and I became fast friends or friends fast.

David was a nerdy intellectual hippie. He had an engaging personality and a forever smile. He stood perhaps 5'7" tall and maybe weighed a buck twenty if that. His shaggy hair constantly looked like it needed washed. It draped to his collar but never below. He took showers nightly - he just didn't come out looking fresh as a daisy.  He wore horn rimmed glasses which appeared to be permanently anchored to the his pronounced mutton chop sideburns. He always wore Levis and a flannel shirt which looked like it needed to be ironed. His father was a full professor at another university who he spoke of with pride. He had an older brother who I learned more about, later.

David and I kept in contact after the 1968 term ended. I got a summer job as a clerk at the Jefferson County Courthouse in Golden, Colorado thanks to my political work for Judge Frank Jamison. David asked me to ask the Judge to officiate his marriage to Lisa. The Judge agreed. The wedding took at Genesee Park  just before sunset on a Saturday a week or so later. There were just five people present: the Judge, the Bride, the Groom, the Best Man (David's best friend from high school) and myself.  I decided that I had to be the Bridesmaid since David declared his friend Steve as the Best Man. The parents were not invited, nor were any other friends. The ceremony was short and sweet and over in a few minutes. If you click the link you can see for yourself why the couple chose this place to be married. The Judge returned to Denver. I seem to recall that we made hamburgers after the ceremony. Then we returned to our homes.
David's parents held reception at their home in Boulder a couple of weeks later. His brother was at the reception - a normal looking guy. There were a lot of people at that party. I still did not understand why the families and friends were not invited to the wedding. It was David and Lisa's decision and none of my business. We stayed in contact after that but lost the wonderful interactions you have when roomies really like each other.

David and Lisa lived in Boulder and drove to Denver on New Years Eve 1970. We went to see Bob & Carol & Ted and Alice. It was one of the first movies about the sexual revolution and included mate sharing and sharing too much personal information - the kind personal information that people just did not reveal in real life - until then. I don't remember the movie as much as I remember driving back to David and Lisa's  trailer in Boulder where I spent the night. They brought out a Ouija board. I had never seen one before. Nothing physical just asking the board to reveal all - that was some scary stuff.

A few years passed. Our contacts became fewer and fewer. It was the summer of 1976. I met someone who changed my life. I admitted to myself that I was gay. I felt the need to tell my family and Judge Jamison, the man who became such an important part of my life.  He said something like "I wondered when you would figure it out."  And then I thought about telling David. I called him. We agree to meet at Tulagis - a beer hall on the Hill in Boulder.

David greeted me with his famous "Roomie!". We embraced, drank beer, and talked about old times. I eventually summoned up the courage to tell David my big secret that I was gay. That was a really big admission to make in the early 70s. Nobody would admit to being gay. I wasn't sure how he would react. I hoped he would be cool. Instead, he said he had an admission: he was a cross-dresser. What? Did Lisa know? Yes. Within a millisecond I envisioned mutton-chopped, oily-haired, horn rimmed glasses wearing David modeling a long silky slinky red dress. It just did not compute. It never did and never would. He was not joking.
Then he told me more. His family lived in a far away country for a couple of years where his father taught at a university while David was a young teen. His brother was a year or two older. David said they had sex with each other on a regular basis. What? He said it was only mutual masturbation or oral. He thought nothing of it. I did! I could not believe this kid was more odd than I thought I was.

David and Lisa eventually divorced. David and I lost contact with each other  a couple of years later.  Earlier in my life when I was a lawyer and later worked in banking, I dealt with people undergoing challenging life experiences like divorce, drug and alcohol addiction, foreclosure or loss of business, being charged with a crime, and death. Over the years I have dealt some very successful and even famous people teetering on the edge. Now I sell houses. We all have our secrets and our vulnerabilities.



Saturday, August 10, 2019

2601 South Roosevelt Blvd No. 501A, Key West, FL - Oceanfront Condominium

 Take a moment and consider waking up to that view each morning. It's possible. Just Listed: 2601 South Roosevelt Boulevard Unit 501A, Key West, Florida. This 980 square foot end unit has direct ocean views from the living room, kitchen and dining area, and master bedroom. The guest bedroom has courtyard views.
I found an artist's conception of the property (below) from the1960s. The front two buildings marked "A" and "B" were built in 1964. The "C" building was built in 1967.  Like any project built fifty plus years ago, Key West By the Sea has changed a bit. The buildings are the same on the outside. There is a second pool in the courtyard behind the "A" building. The landscaping has matured. The interior courtyard still has a big green lawn. There's an orchid garden and a tennis court as well. The difference with the property is how some owners have renovated their units while others remain pretty much unchanged. Unit 501A has not been substantially updated.
The Federal Aviation Administration is funding the installation of all new wind impact resistant windows, doors, sliders, and air conditioning as a part of the airport noise abatement program. This is occur by 2021 and will be at no cost to any owner or to the condominium association. I think this unit looks just fine the way it is. If I bought it, I would wait until the new windows and doors are installed before doing any interior remodeling. In the meantime, I would enjoy the pools, the tennis court, the orchid garden and the sandy beach across the street.
The Key West By the Sea Condominiums is a professionally managed association. Monthly condo fees for this unit are $612.56 and include cable tv, exterminating, building maintenance, all building insurances, common area and pool maintenance, security, and management. Pets are permitted. Rentals are not permitted until a new unit owner has owned the unit for one year. There is on site laundry as not all units have a washer and dryer in the unit. 501A does not have a washer and dryer but one could be installed during renovation. A second bath could also be installed.
CLICK HERE to view the Key West MLS data sheet on 2601 South Roosevelt Blvd No. 501A, offered at just $590,000, then please call me, Gary Thomas, 305-766-2642, to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Friday, August 9, 2019

Let Pythons Be Pythons but Not in Key West


I sold a really cute house in located in the Old Town area of Key West  to a couple from a Mid-Atlantic state a couple of years ago.  They hired a local architect to design a renovation for them. The architect marshaled the project through our Historic Architectural Review Commission and got approval for a stylish update including the addition of a pool in the back yard.

Demolition of the interior started several months ago. The new owners were recently in town and invited me over to see what has happened so far. I was really impressed. What once was is no more. New interior framing replaced the old rooms and sagging floors. An interior stairway was added to the very large attic space which created a good-sized bedroom, bath, and laundry area. The ceiling in the back addition was vaulted creating a whole new living area which will look out to the garden and pool.

As I walked from the back of the lot toward the rear addition the lady mentioned that the workers had recently captured a python in the backyard - right where I had been standing. Ekes! They then told me the workers called animal control who came over, captured the creature, and took him (or her) away. I said I had never heard of a python in Key West. They said the animal control person thought it was a pet that may have escaped or that the owner let it go free.
I have written before about people who move here and get a dog or cat because they are lonely and don't know anybody. I understand how petting a dog or cat could comfort just about any person. But not a python.



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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.
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