The Smartest Guy in the Room

A couple of recent listings and sales recently got my attention. 

Yesterday I wrote about 1218 Varela Street in Key West where I pointed out it had sold several times over the past twenty years. We just cannot build new houses on the Island of Key West because we do not have land and we have state imposed limits on all new construction. Also, we have height restrictions which prevents building up into the sky like they do on either Florida coast. So repeated sales of the same property is to be expected.

There is one particular property that seems to get purchased by novice buyers who own it for a year or so and then re-sell it. Oddly, the same agent continues to be the listing and buying agent on this house. I had buyers who looked at it ten years ago or so. I warned them to drive by the place many times at night and daytime before they made an offer. They did not make an offer and moved on to look at other properties. The property is located to an offensive neighbor. And no it is not the one that had a hog on the front porch (for real). It was and is worse than that. That is all I will say.

A couple years ago I showed a buyer a very nice but dated property in a great location offered over $2,000,000. My buyer made a good cash offer on the property discounted by the amount buyer would have to spend to bring the property up to today's standards (about $200,000 less). The seller said no way and my buyer walked away. I called around and found a neighboring property not listed on the same block. We got a deal put together and closed for cash a month later. Two things happened. The listing agent called me a couple of days after the seller said no to my buyer's offer. I told the agent about the deal I put together. Agent was shocked then blamed the seller for being so greedy. I am  not so sure about that. I deal with agents all the time that think they should be on one of the Million Dollar Listing shows - they are that smart. After that house did not sell, the seller hired a new agent who listed it at the price my buyer paid for a similar totally renovated on the same block. The property lingered in the MLS for about two years and finally sold for $500,000 less than my buyer offered. I love when that happens.

1218 Varela Street, Key West - Just Listed

Just Listed - 1218 Varela Street, Key West. This historic home is located in Old Town on the south side of Truman Avenue and about a good ten minute walk to Higgs Beach and Atlantic Ocean. And a five minute or so walk to legendary Duval Street.

Soon after I started to sell houses in Key West I asked a fellow agent how she knew so much about a house that had just been listed. She told me that there are only so many houses in Old Town and that those houses keep getting sold and re-sold. 1218 Varela Street is a prime example. I remember going to a party there in the early 1990s. It was a big house with a fantastic pool. Then in March 2011 a customer I had been working with saw the Varela house pop up in the MLS. We went over that afternoon and submitted an offer either that day or the next. My buyer got the property and made a lot of improvements to the house. The buyer contacted me to list the property a year later. It sold soon thereafter. It sold twice after that and is now available once again.

1218 Varela Street is listed by Preferred Properties Key West, but not my listing. The listing agent describes the property this way:

" Each owner puts their stamp on their home and this redesigned property is no exception. They have created a 5 bedroom 5 and 1.2 bath house that is outstanding and fitting for Key West style living. On the main level there is a en suite bedroom and 1/2 bath, open kitchen, living room and dining area with French doors that reveal an incredible outdoor Lanai, 10 X 45 foot lap pool, Jacuzzi and one bedroom ensuite guest cottage. Up stairs in the main house there are 2 en suite bedrooms, one bedroom and bathroom has access to a private balcony. The en suite master has a sitting room and walk in closet. Covered off Street Parking for 2 cars."

The listing agent invited me to see the house last week so that I could see all the changes that the current owner made. I was surprised and impressed. If you are looking for a big house that is in tip tom move-in condition, take a look at the photos below.

 

When your friends walk in the front door the first thing will see are French doors that open out to the pool. They will turn green with envy from the get go. Then they will notice the little things like every where they look is perfect. The attention to detail is evident everywhere.

Your friends will probably pass on seeing the bedrooms and instead step out the French doors to the cover passage way to the covered parking and outdoor lounge. The lounge is out side but also closed to the elements on three sides. It has a bar and media center. But most important it provides a great place to appreciate the wonderful Key West weather.

The guest cottage is located at the far end of the pool. The cottage has also been updated. I prefer to exile brothers-in-law to inferior locations in houses. Don't send your brother-in-law here. He will never leave. It's private and close to the outdoor bar.

The current owners moved several walls on the first floor and relocated the stairway to create a first floor bedroom with private bath pictured below. The added a new guest bath under the new stairway. I am a fan of utility. They made this how much more efficient.

There are three bedrooms on the second floor. The front bedroom has access to the front balcony. One of the joys of owning a big house like this is sitting on the front porch and watching the world go by. This bedroom now has an en-suite.

The guest bedroom is located in between the front bedroom and master suite. Its bathroom is located across the hall.

The master bedroom and bath are both enormous compared to most older homes in Old Town. A tall man won't have to duck anywhere in this house and especially not in the shower. There is a large walk-in closet with built-ins.

1218 Vaerla Street, Key West is offered at $2,695,000 by Preferred Properties Key West. CLICK HERE to view the Key West MLS datasheet and listing photos of this beautifully updated home. Furnishings are negotiable. Then please call me, Gary Thomas, 305-766-2642, to schedule a private tour. I can even get you in at night for a second view. You can see for yourself how beautiful this home is. Imagine spending Christmas and New Years in this, your new home.

 

STRANGER THINGS in Key West

 

I clicked on a TWITTER link CLICK HERE showing strange things some Realtors have post in their MLS listings.  Below are photos of properties I have blogged about or photographed for customers.

The house below was a fixer to say the least. The least I say, the better. Pics talk for themselves.

Look Closely at the Cobweb Design

15 Years Old Daughter's Bedroom

Maid's Year Off

Pool

That place was renovated and won a prize. Not revealing the address.

The house below was foreclosed upon.

The former owner removed some structural beams causing major damage

I Can't Remember How the Listing Agent Described this Pool

The house below was a bank foreclosure. I remember showing it to a couple and their 15 year old son whose head reached the first floor ceiling. It wasn't that he was that tall. Instead, the ceiling was way too low. Oddly it had and outdoor shower and fully functional toilet in the back yard under the rear stairs.

Another bank owned home in The Meadows Area near Old Town proved equally unusual. It too had a functioning toilet located outside. Photo below. I say this is unusual but not solitary. I have seen similar toilets located outside houses. The comic characters were painted on an interior wall of that house. I have blogged about other houses in Old Town which had functioning toilets located in the back yard. And there was on house on Grinnell Street that was illegally made into three apartments. It had a functioning toilet in the main floor kitchen. I searched my photos but could not find it. Strange, yest. True, yes.

The house below became a short sale of sorts. The owner lived there until a deal could be put together. This was the interior of a former department head of the City of Key West. Former!

Robot maid locked in closet with her Hoover.

Oh, do I remember the fragrant aroma of cat piss in this apartment a mother and young daughter shared. They knew I was going to show the apartment building. This is real life for some people.

The above house was abandoned for years while trying to get the bank to accept a short sale offer. And this is what happened during the period of abandonment. Banks being unreasonable. Actually that's not strange.

I am Gary Thomas. I sell houses in Key West. I am a full time Realtor at Preferred Properties Key West.

 

Chasing Money Away from Key West

I took these photos from the balcony of a Harbour Place Condominiums in February 2016 when I blogged about one of the waterfront condominiums that was then for sale.

In a few weeks Key West voters will vote on a referendum to limit the size of cruise ships that dock in Key West. There a yard signs up all over town recommending passage of the referendum to limit size and call for smaller, cleaner, safer ships. I have never taken a cruise ship nor wanted to. I don't like interacting with strangers - especially cheap Americans. But I am a snob. I am not, however, advocating passage of the referendum. I think passage would depress the Key West economy more than it is already depressed.

I lived in Denver all of my life until December 1993 when I moved to Key West. I flew somewhere almost every week between 1990 and 1993 using United  and Continental which both normally packed no matter where I flew.

The City of Denver increased gate fees to Airlines in 1994. Both United Airlines and Continental Airlines had HUBS at Stapleton International Airport, the predecessor to current Denver International Airport. Continental Airlines balked at the increased gate fees abandoned Denver as a HUB. It still flew into and out of Denver, but it reduced  the number of flights which dramatically lessened the total revenue to the City of Denver. This was not the result Denver officials had intended. 

Southwest Airlines initiated flights to Key West in 2012 giving locals more affordable flights out of Key West to Southwest destination cities. Then the City of Key West increased gate fees to Southwest making Southwest's venture in Key West less profitable. Southwest abandoned Key West in 2014. This probably was not what the City of Key West had intended.

Key West has boarded up businesses all over town - not just restaurants and bars, but dry cleaning stores, tourist related shops, SEARS, PIER ONE, and more on the way. Voters should really consider what they hope to achieve by limiting the ability of the cruise industry to make a buck in Key West. There are many ports out there. I think passage of the referendum could prove very damaging to our economy. Life is full of unintended consequences.

Buying Spree at the Key West Golf Club Community

I have written numerous blogs about particular listings at the Key West Golf Club Community over the years including many during and after the Great Recession when there were so many short sales and bank owned units for sale. I estimate I have sold over 41 of the 390 homes in this planned unit development built around 46.5 acres located just five miles east of Old Town Key West. Amenities include a huge community pool, a smaller pool, community room including fitness center, a butterfly garden, and playground.  The Reese Jones 18 hole golf course is open to the public.

The golf club community was started in 1996 and built out over the next four years. All of the units are referred to as town homes as that permitted construction of units on lots smaller than required by Key West building code. Sizes of the homes vary from 780 Sq Ft  for "bungalows" to 1,800 Sq Ft for stand alone homes with private pools in The Sanctuary.

I started to notice a significant increase in the number golf course homes going under contract over the the summer - much more so than in previous years. And during the past week or so I saw the MLS explode with new properties going under contract or closing. During the month of September nine homes sold. Seven of the "bungalow" units sold at an average price of $454,143 and a price per Sq Ft of $456 per Sq Ft. There were also two single family homes located in The Sanctuary that sold for an average sales price of $777,000 or $440 per Sq Ft. I consider this many sales in one month during a world wide pandemic a buying spree.

As of this morning there are only eight active listings listed for sale. The least expensive is 780 Sq FT 2/1 at $393,000 and the most expensive is a Spa Home located in The Sanctuary offered at $625,000. The average asking price on all units is $450,000 or $512 per Sq Ft. 

Compare the average asking for golf club homes to the rest of Key West for homes priced under $625,000. There are 16 such homes available at an average asking price of $524,738 or $494 per Sq Ft. While some of these homes have been updated, most are much older and many are less desirable because of location.

If you are looking for a new home in Key West please consider working with me, Gary Thomas, 305-766-2642. I am a buyers agent at Preferred Properties Key West. The homes at the Key West Golf Club Community may be just what you are looking for. 

 

Key West Real Estate Throwback Thursday No. 5

From: Valentine's Day 2018

Strange Love in Key West - A True Story

 

 

I always preference my little tales of Key West by telling my Dear Readers that the stories are true as opposed to stuff that comes out of Washington and reality television. You can't make up the truth, and, sometimes, the truth hurts.

A few years ago on the week before Christmas, I was setting up a listing of my office to host a Saturday afternoon open house. I turned on the lights and opened the door to the pool at the rear. I placed my open house signs out in front and prepared to talk to passersby.

I had been sitting on the cute-as-can-be front porch when I noticed the neighbor was hanging Christmas lights on his two story duplex home next door to the east. I walked out to the sidewalk and started a conversation. I looked up and saw what I assumed was his wife on the second floor front porch. They kept doing their respective decorating as he told me about the joys of this Old Town location.

He told me something I had not heard before. He said he lived on the first floor of this home and his wife lived on the second. I thought the arrangement odd. It was not until three years ago that I found another couple who also lived in a two story house who shared their spaces the exact same way.  I know a lot of folks who live together no long share their bedrooms, but living in separate floors was rather odd even for Key West.

All of a sudden and without notice the wife dropped the hammer from her hand. The law of gravity set in.  It fell. And landed on her husband's head.   He screamed. I instantly appreciated why they lived in separate parts of the house.

Now there can be two theories as to what happened either of which is plausible. One is the wife dropping the hammer was totally accidental. I as a witness could testify to that in court. I could have told a judge and jury she was totally innocent.  On the other hand, I could testify she waited until I distracted him from what he was doing and then she dropped the hammer squarely on his head.

I have told friends this story for years. I don't really know her intent.  But I thought it very strange what happened occurred while I was there to watch it. Who knows?