Key West is on Fire - In A Way

Photo from Dale McDonald Collection December 1984 of fire at 1019 Duval Street.  The fire I am writing about is going on right now. Businesses are not burning nor are houses. The fire this time is the real estate market which got stifled after the world shut down in March in response to Covid 19. I remember the day I got a phone call telling me the city was shutting down. I said something like "They can't do that!" Followed by "What about all of the people staying here?" They can and they did. The tourists left. The main only highway into the Keys was blocked by the Monroe County Sheriff. People that did fly in were scrutinized before allowed to enter town.

On June 3, 2020 I posted a blog about the real estate sales for the first five months of the year. I limited my report to the Old Town and Casa Marina areas and compared 2020 sales going back to 2013. CLICK HERE. I knew prices had risen dramatically but suspected sales there would have been fewer sales in both areas in 2020. I was wrong.

The road block came down June 1st the tourists returned to town and the other Keys. It was gradual at first and then they tourists came back with a fury. I have gripped that the tourists have not been safe. That is a separate story. Today I am writing about real estate sales in the past 40 days.

A total of 37 single family, condos, and town homes sold/closed between June 1 thru July10 at an average sold price of $768,541. The least expensive sale was a small cottage condo at 1012 Varela Street that sold for $247,000 or $1,025 per sq ft. 714 Passover Lane (pictured above) originally listed at $1,536,000 sold for $1,080,000 cash. It was a fixer in a superior Old Town location. A house built in 2017 on Albury Street sold for $1,670,000 after having been on the market for three years. Another house on White Street which had been on the market since February 2019 starting at $2,100,000 sold for $1,650,000. A large number of the closed sales sat on the market for quite a long time period (two years or more) or were located in difficult locations. 

I noticed that nine of the sales were recent listings as opposed to some the aforementioned dogs. Four sold below $418,000 low priced houses seem to always sell first. Four properties sold between $540,000 to $600,000. One new listing from two weeks ago closed yesterday for $925,000 cash.

There are 70 properties identified in the MLS as contingent or pending at an average list price of $896,945. Several of these properties have been on the market for several months while others went under contract within ten days of being listed including ever-popular Truman Annex properties.

I have been talking to other Realtors who are reporting increased activity in their business. What was despair a couple of months ago has turned into enthusiasm as our real estate market improves. I know some potential buyers expected our prices to tumble. That did not happen. We do not have fire sale prices. We do have a return of active buyers.

If you are thinking of buying a permanent home or an investment property please think about call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. (I also list houses.)

Fantasy Fest 2020 Has Been Officially Cancelled

The Key West Citizen Newspaper just posted a special news alert that the 2020 Fantasy Fest Celebration, the Zombie Bike Ride, and the Key West Literary Seminar have been cancelled.

This is a sad day for the citizens and businesses in Key West. So many people love to participate in these events. Some work for months on their costumes and floats. The events historically raised money for Aids Help but in reality the ten day event gave a gigantic boost to the Key West economy.

The County Commission and the City of Key West took a big risk three months ago when they aggressively shut down the City and Monroe County.  But it paid off. We have the lowest infection rates in the state based on our size and we have had only five fatalities.

Since Key West re-opened out-of-towners have been roaming the streets sans-masks. I get it. They are on vacation. What they don't understand is that they may be bringing their infections into our protected environment. Fantasy Fest brings thousands of people to our little island. The harm could be devastating.

I respect the decision.

The Waitng Game

Waiting to find out who Ghislaine Maxwell exposes.  There will be hell to pay all over the place - of that, I am pretty certain. Men cheat. Men lie. Some lie all the time. This is going to be good if she lives to tell about it. 

1307 Elizabeth Street, Key West Florida - Just Listed

The listing Realtor describes 1307 Elizabeth Street this way:

"Once in a lifetime, does a historic Conch Home, in old town Key West, on a very quiet lane, with all the luxuries of a new build come on the market. Now is that time. This amazing, cute, and fully functional home is located just steps away from Dog Beach, world-famous restaurants, Downtown Key West and all that Key West has to offer. Perfectly located on a very quiet one-way lane. Just recently updated, it's just like moving into a new home but this home has an amazing past. Original hardwood floors, brand new kitchen, updated bathroom, and new paint, are just a few of the upgrades this Historic home has to offer. Are you ready to kick back and live the Key West Dream? Well then this is your home. Call today for your private showing and see it for yourself."

The freshly renovated house hit the Key West MLS on Friday just in time for the 4rh of July rush. I got to see it on Sunday afternoon while playing tourist in my hometown stay-cation.  A young couple was leaving the driveway just as I entered. They said hello and said "You'll like it!" 

People who saw the house  a year ago or so will be impressed to see the once over-grown lot has been cleared and cleaned. What appeared an ominous task wasn't as big a deal as feared. The grounds are now vacant and ready for a new owners' gardening fantasy to take root.

There is a brand new kitchen, new bathroom, and floors throughout. Clerestory windows in the family room fill this room with light. Glass panel doors at the rear open out to the backyard which is large enough for a small pool. The shed a the rear is plumbed for washer and dryer. The interior and exterior are freshly painted as is the privacy fence which surrounds the yard.

The "front porch" is actually a private outdoor sitting area off the bedroom. Entry to the house is on the side as shown in the earlier photo set. Now that the entry is located at the middle of the house, the front room is a much larger bedroom with adjacent bath. There are windows on three sides of the bedroom giving it a cheerful ambience. A large textured window gives the bathroom diffused sunlight in the daytime. You cannot see out nor in. I peeked to no avail.

If you'd prefer sitting on a beach rather than putting in a pool, South Beach and Higg's Beach are both within easy walking distance. This home would make a great little monthly vacation rental. It is close to all the attractions but far enough away not to be a part of the hoopla.

1307 Elizabeth Street is still a part of Old Town. This block runs only one block long from United Street at the north to South Street, naturally, at the south. Simon Street is the neighbor to the west and Villa Mill Alley is the street to the east. By the way the adjacent to the rear (1316 Villa Mill Alley) sold in February 2020 for $3, 245,575. There goes the neighborhood!

CLICK HERE to view the Key West MLS datasheet and more listing photos of 1307 Elizabeth Street, 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. More people arrived just as I departed yesterday. This house will sell quickly now that the guesswork is gone.

421 William Street, Key West - Prime Property

I played "buyer" today and checked out the listing at 421 William Street in the Old Town area of Key West. Before we go inside, let's look at the way the house appeared in 1965 and compare basically the same view as it looks today.

A couple things are obvious: wrap around balconies were added on the first and second floor levels; a staircase was added to access the third floor space for one's brother-in-law; the concrete fence was removed and replaced by white picket fence and a gated off street parking space. Louvered windows and doors were replaced by wind resistant impact glass as well as decorative shutters. When you examine the house up close you will be impressed by the high quality paint job and attention to detail. That attention to detail carries out throughout the entire house - outside and inside.

I was awed by this house as soon as I crossed the threshold. You will be too. Depending on the Realtor you talk to, this style of house may be called a Conch House, a Grand Conch, a Temple Revival, and as the listing agent correctly calls it a Grand Dame. All are correct. I have been inside many house like this. This is one of the best examples of this style of architecture. It is in perfect condition. I suspect the front room may have been a parlor but I doubt the opening was as grand as it is now nor that there was an opening into the adjacent dining room. Many of the larger homes had crown molding, large baseboards and fancy trim. These design elements are superior to most I have seen. The dining room and front room each have incredible chandeliers. I am not  sure they are original to the house, but that does not matter. All of the floors on both levels have been replaced with Brazilian cherry wood flooring.

The new flooring is evident as we move to the rear of the house where the great room (kitchen, informal dining, and family living area) are located. A two story addition was added to the rear of the original house. All of the design elements in the original front were added in the rear. The continuity of design and high quality materials is consistent. Look closely: did you spot the hidden refrigerator and freezer and island style dining space? French doors open to the side and rear where the pool is located. Notice the balcony off the second floor rear master suite.

I am not tall. But a lot of my male buyers are. Most of them cannot fit into a Cigar Maker Cottage. Those houses have small ceilings and small rooms. This house has tall ceilings on both levels. The ceiling in the master suite has to be 20 feet or taller. It soars. There is a huge master bath with tub, shower, sink, and other necessities. It is however the the French doors that appealed to me. The doors were shut when I viewed. It is in the 90s today. The AC was working fine. The room was cool. I looked to the east and snapped an iphone pic looking to the far right window. Forever views like below. Views are terribly important to me. They should be to you.

There are two guest bedrooms on the second level. Both have private baths and new closets. Closets are new to old houses like these. I guess people from two centuries prior did not have need for as many changes of clothing as we do. Although real Conchs and people who have lived here for a quarter century like me find that a couple of pairs of shorts and tee shirts are sufficient. If you can afford this house, you will probably have a tux or an evening gown and high heels (sex not dependent on either). There are adequate closets in both bedrooms. I checked.

The second floor front bedroom has two sets of petite French doors which open out to the front porch. The doors are original. The glass was re-glazed. Rubber insulation was placed around the frame to keep the cool in and the weather out. That is attention to detail you might not notice. I did. AC was added throughout the house. All of the Dade County Pine walls and ceilings were sanded, filled, and re-sealed. These walls were originally used in our old homes because the high resin helped deter damage from out flying termites. Today we rely on periodic est control The beauty of these walls is forever. 

The wrap-around porches are such an improvement to this already impressive house. There is a door at the second floor rear that provides quick access to the second floor guest apartment. If I owned the house, I would rent it. Probably for $1,800 per month. Easy.That would pay part of your taxes and or insurance. Ot it's a place to keep your teenage boy or brother in law. Both are better kept apart.

CLICK HERE to view the Key West MLS datasheet and listing photos  of 421 William Street offered for sale at $2,800,000. Then please call me, Gary Thomas, 305-766-2542, to schedule a private showing of this home with a PRIME LOCATION NEAR EVERYTHING. There are lots photos. Let me fill in the details and take you on a tour of the house and the area. You will fall in love with both. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

True Tales of Key West Real Estate in the Time of Covid 19 - Part Six

This really happened.

A Realtor friend of mine had a broker's open to showcase her new listing of a very expensive home in Key West. There are few homes that aren't, but this one was really expensive! The event was catered. Lots of agents showed up for free wine and tidbits. And to see the house.

I had seen the house severs years earlier, long before the current owner did the renovation. I was impressed by all the work and money spent on updating the home. It had all the bells and whistles one would expect for a two million dollars plus home...

...except the snazzy new kitchen was useless. It was a show stopper as far as style. It had expensive stainless steel appliances and high end cabinets, but the minimalist cabinets and limited counter tops made it totally dysfunctional. Prior to the brokers open, my Realtor friend hid all the appliances and things one would use in the oven so as to hide how dysfunctional the space really was.

Not the actual kitchen, but you get the point!

Florida law does not require Realtors to disclose that a murder occurred on a property or that a kitchen is useless. Nobody died in that house and nobody cooks there either.

Happy Fourth of July!