Key West Real Estate Trivial Pursuit

Let's Play Trivial Pursuit. I will post old pictures of Key West houses and buildings. Readers should post the address or location..

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Firing Fact Checkers

The following story is real. I was a part of it. But not the part that counts.

 During summer recess in 1996 I shared an apartment in Denver with a guy from my college. I will call him Hal. I worked as a civil clerk at the Jefferson County Court in Golden, Colorado. Hal worked at Lowry Air Force Base as a painter. Hal came from a privileged background. He was tall, blond, and very good looking. He drove a brand new Pontiac Convertible. His major was industrial construction management - I hadn't a clue what that was. He revealed he a younger sister who was a patient at Ridge Home in Arvada, Colorado. For all the positives in his life, he had some demons as well. I remember coming home after work one day seeing him in the bathroom vomiting.  I saw a suicide note on the kitchen table. I did not all the police. He did not die. He was being a dramatic queen. We did not see each other after we returned to school although I called him once. He preferred to hang out with his fraternity friends.

I remember seeing him 13 years of  so later at a Christmas Gala Historic Denver in the old Union Station. We talked a bit. He wore  tux. Me a suit. I remember him sitting on the floor - drunk. I learned that he was in upper management at the mortgage company of the bank holding company where I also worked. Good for him. I met his wife. Wife? Yes. (I later learned she was from Denver society and liked nice things and that she pushed Hal into Denver Society. ) As soon as I heard Hal was married, I knew whatever he was involved in was fake. Real fake.

It was maybe a year of two later that I learned Hal had been arrested for embezzlement of  $589,823 from his employer and that a substantial portion of those embezzled funds had been used to construct and furnish the family residence. In his position as vice president of construction lending of the mortgage company, he was able to write checks without obtaining the approval of any other employee. Because he wrote checks on two accounts of which he was responsible, the embezzlement went on for more than a year. The court later determined that $190,000 was used to construct the family home. $40,000 was spent on furnishings, $13,000 on a Jaguar (move-up from Pontiac), and $3,200 to repay a private loan from a friend.

A guy I worked with in the bank loss prevention department told me that my Hal's wife came home early one afternoon and found Hal having sex with another man in the marital bed. She immediately filed for a divorce. Lots of money was spent by Hal, his ex-wife, and the mortgage company for years that followed.

The loss prevention guy told me the embezzlement went on for more than a year because Hal would re-assign or fire subordinates who raised questions. Then a new woman employee suspected something was fishy and went outside company protocol to report her suspicions. The embezzlement was revealed just as the divorce was rocking Hal's world.

Rules are established to keep honest people honest. Most obey. Some stray. Some, like Hal, devise ingenious plans to get away with things. Which leads me to my point. Trump fired four Inspectors General. They were fact checkers. I have more faith in rules than I do people. Nuff said.

Leftovers - Key West Style

I recently watched an episode on America's Test Kitchen on how to make a chicken pot pie. I had my own recipe of sorts but thought it appropriate to see how to do it correctly. I was surprised that the TV chef took the same same short cuts as me and ended up with very lick-smacking good looking pot pie. The chef recommended using store bought pie crusts and rotisserie chicken, onions, celery, carrots, and other leftover veggies to complete the pie. Using leftovers sames money and time. It's like they are free.

A few years ago while on Realtor Caravan in Key West I got to see the home of a licensed general contractor with whom I was familiar. He had done work for a couple of my customers. He had obviously updated much of his house and used what appeared to be left over items from prior jobs including tile used in my customers main bathroom. My customer was a nice-enough guy, but he was as tight as a nut on a Chrysler. I doubt he would have let the contractor just take the tile. And I am pretty sure that the contractor did not pay.

I later learned that contractor had been arrested for felony theft - not for taking leftover building materials but taking real money.  He is now a convicted felon. He served his time and was released on parole. He was recently arrested on multiple drug related charges.   

I don't know the actual statistics as to the ratio of native born Key Westers versus people like me who moved here to start a new life. There are a couple of patterns I have observed over the years as relate to both groups.  Many native Key Westers (Conchs) sell their family home and move to central Florida where it is less expensive to live to live out their remaining days. Many walk away from Key West with five hundred thousand dollars or more. Good for them. There are scores of people who have moved here with virtually nothing, got a job, showed up for work each day, proved their worth, advanced, got a partner or married, bought a home and maybe started a business. Many found the dream life they sought. And the last group is the most common. People come here looking for paradise. They get two or three job in order life. Many live in a crappy place by themselves, get a dog or car to be their friend, and turn to drugs or booze for solace. When life does not workout the way they planned, some abruptly leave Key West and go back home. Many others get arrested for drugs or driving under the influence. And they repeat the cycle for years.

You can make a really good chicken pot pie using leftovers and you can end-up in a lot of trouble if resort to theft to pay for your addictions.

Key West is re-opening on Monday and I will be writing about current real estate then.    

512 Catherine St. Key West - SOLD

The house at 512 Catherine Street, Key West sold this week for $1,200,000. Krystal Thomas (no relation) of my office represented the buyer. My friend Suzanne Moore represented the seller. There have been numerous closed real estate deals in the past two months in all price ranges. I was both surprised and encouraged by this particular sale.

The surprise comes from the price paid and the condition of the house. CLICK HERE to view the Key West MLS datasheet and listing photos.  The house is definitely a fixer. The 1,800 sq ft house sits on a 5,082 sq ft lot less than one-half block off Duval Street. I dug down into my old shoebox and found a photo of the house taken 55 years ago.  The front of the house has a newer brick facade and an extended porch.  The building in the rear was an addition built prior to the 1965 photo. The house appeared in the 1889 Sanborn Fire Map. This block of Catherine Street had ten similar cigar maker cottages on the south side of the street. There was a house located at 510 Catherine Street which no longer exists and is now a part of 512 Catherine lot.

512 Catherine Street was the former home and studio of Mario Sanchez. Sanchez's folk art commands high prices in local galleries like the Greene Street Gallery. Sanchez created depictions of this neighborhood and the people who lived there. Much of the area has changed since my first visit to Key West in 1984. I stayed at LaTeDa and walked around the corner where Tomasita's Seafood stand stood and still does. Tomasita's is located opposite 512 Catherine.

Many of the nearby homes have been renovated and several have valuable transient licenses. 512 Catherine Street has been identified by the City of Key West as a receiver site for a transient license. The city also recognizes this property as having two legal residences. The original house could be renovated and perhaps the rear addition removed or relocated to the empty side of the lot. There may be room for one or two pools. Two smaller houses with transient rental licensees would be worth a minimum of $2.4 million and probably much more.

The fact that this sale occurred during the pandemic encourages me about the future of Key West. We need to embrace the future and not be afraid of it. Our economy will return. It will be different. Nobody knows exactly how everything will play out. I believe people who have come to Key West before will return. I think our location will lure many new visitors who may be reluctant to fly to Europe or Asia. Key West really is a little town in the middle of the ocean. It is picture postcard perfect.

If you are thinking of buying or selling property in Key West, please consider contacting me, Gary Thomas, Realtor at Preferred Properties Key West.

714 Passover Lane, Key West - Price Reduction

The asking price on 714 Passover Lane, Key West was just reduced by $250,000. Now offered at $1,249,000 you can buy your Key West dream project. It's a fixer, but not like the falling down kind in Bahama Village or the flat on the ground in New Town.  And this property is located in the coveted Old Town area near the Historic Key West Cemetery.

Buyers looking for a fixer property should take a look at this architecturally interesting three story home located on an irregular 6,547 sq ft lot in the heart of Old Town. I dug into my old shoe box and found two photos that show the house in 1965 and later in 1973 just as Key West was being re-discovered by a generation of poets, authors, and artists of all types.

The 1965 photo shows the sagging front porch and missing slats on the east facing side. The house  northwest toward Passover Lane.

Passover Lane remains one of the few walking lanes in Key West. It is not wide enough for a car. There are but four houses on this lane each of which has been updated and improved over the years including 714 Passover which now has novelty siding and wrap-around porches on the first and second floors and a roof-top deck on the third level.

I recall having been inside this house years ago when I was an agent at the former Prudential Knight Gardner Realty.  At that time I saw this place as a lot of work. I have watched house after house in Old Town get renovated and made into something much better than before in most instances. The property looks like so many of the houses before they were renovated to new high-end standards. Now I really do appreciate the potential this house, lot, and location offer as perhaps a throw-back to less programmed renovation and more of a return to basics kind of place.

A separate stand alone cottage above adds both character and development potential to this very large lot that is peppered with trees including a grand Royal Poinciana located on the east facing Passover.

I have never quite understood what the falling down structure on Passover Lane is but its existence adds real value when it comes time to develop a new site plan.  Perhaps giving up this structure provides a new off street parking space. The property is zoned HMDR and has three ROGO units.  I think the highest and best use would be as a nice single family home with guest cottage, pool, and off street parking in a great location. See the aerial photo below.

CLICK HERE to view the Key West MLS datasheet on 714 Passover Lane, Key West, 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.

Key West Real Estate Horror Story No 20

Two senior adult siblings lived in this Old Town home for many years. The place was a wretched mess. I showed the property several times to prospective buyers who were shocked both at the living condition but also the asking price. I saw the value in the location but warned the renovation would have been a total redo from foundation to roof.

As I recall neither brother or sister ever married. Oddly, stuffed animals and other toys were scattered all over the place.  I remember thinking one of the two was living in an alternate reality. 

The house was purchased, torn apart, and totally rebuilt. The renovated house sold soon after it was listed.

True Key West Real Estate Related Stories in the Time of Covid-19 Part Four

I have been selling houses in Key West since 1997 - that's 23 years. I picked up some good stories along the way. Last week I told my dear readers about the old lady who lived in a big derelict house on Southard Street who shooed me away from parking on the William Street side of her house. It was a great house then it became monumental chore for the aged woman to manage. Many of the big old houses in Old Town were in mild to deep disrepair when I started selling homes. The historic district dramatically changed over the past three decades as more and more of the tired old houses have been restored. The house above on Grinnell Street is one of those.

I showed that house many times over the years and wrote more than two cash offers on it, neither of which were accepted. It took that old woman many years to sell because she refused to let any of her various real estate agents show the house. She greeted all prospective buyers and took them through house repeating her life stories - plural.

The former owner's family had lived in this property for generations. My remarks about the prior owners are not intended to disparage anyone. Contrarily, I relish the somewhat odd experiences I had when I showed the house. This house, like so many of the grand old homes in Key West, was built by ship chandlers - men who built great sailing vessels. The houses were built to withstand strong winds and the elements. I will never forget standing with her on the second floor front porch as she recounted having watched a storm coming across from the Atlantic side of the island as it made its way toward the Gulf of Mexico a couple of blocks to the north. She remarked about how strong her father was during that storm and how well the house withstood the winds and rain.

The house looked similar when it was being lived in as it did when I photographed it in its first renovation except there was furniture and curtains. The new owner took down the two story addition at the rear which is where the former owners had their kitchen.

I remember the former owner's mother sitting at the kitchen table attending to a box of new born kittens during one showing. The older woman always sat in that room and always smiled as potential buyers passed by her table. The memories of the ancient matriarch and her progeny are all that remain of the events that occurred during the hundred years her family lived in this old house.

The once derelict house has been thoroughly restored and gentrified beyond the expectations of the former owners.  The house first sold in 2007 for $1,550,000.  Maybe the owner was correct in her marketing strategy after all.