806 Florida Street, Key West - Unit 5

I remember taking the photo of the apartment house located at 1315 Petronia Street more than twenty years ago. I wasn't writing my blog just yet, but I wanted to capture the look so I could see what happened to the property. The building was converted into condominiums in 2001 and is now called The Meadows Condominiums. The street address was changed to 806 Florida Street, Key West. Let's take a look at the newly listed Unit 5.

There are only five units in this building. Unit 5 is located on the western end of the second floor. It has a large and private deck that overlooks the pool below. 

The listing Realtor describes Unit 5 this way: 

"As you stroll through the brick walkway you'll find yourself surrounded by tropical landscaping, a relaxing patio and heated swimming pool. Glancing up, you notice the stairway leading to a lovely tree top entry deck that will take you into the tranquil living area of your new peaceful lifestyle. This unit shows beautifully in the natural light that shines in from the abundance of windows and french doors. The entire living area features tile flooring, high ceilings, central air conditioning, ceiling fans, wood cabinets, Quartz countertops in both the kitchen and bathroom, stainless steel appliances, a hidden washer/dryer combo unit. The grounds and the building have been well maintained. All this is found in the Old Town District called the Meadows of Key West."

They say you can't teach an old dog new tricks. Snoopy certainly did a number on this bedroom. I did not manipulate the colors. This one bedroom unit is 626 Sq Ft, about the same size as a Shipyard Condominium. I gotta tell you this beast one of those by a long shot and is offered a much lower price, just $495,000. The monthly condo fees are $513.75 and include exterior building and grounds maintenance, building insurance, and exterminating. 

CLICK HERE to view the Key West MLS datasheet and listing photos of 806 Florida Street Unit 5 and then please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. This place is super cute and will not last long. Don't wait.

 

Winning Apartment Rental Strategy

This is a true and cautionary tale of owning rental property. Forty years ago I owned twenty-one apartments in Denver. I have dozens of stories I could tell which would stear any would-be investor into buying a time share in Tahiti instead.

Before the internet I placed rental ads in The Denver Post. A second floor unfurnished two bedroom apartment became available. I placed an ad. I met two guys at the property on a Saturday morning. They were driving a U-Haul truck. They liked the apartment and paid the first and last months rent on the spot and started to unload the truck.

The next day I noticed some tenants in the building next door buying pieces of furniute and other odds and ends from the new tenants. I asked the new guys what was going on. They said they had more furniture than they thought and decided to sell some things to make the apartment work for them. I thought might be plausible. I wasn't sure though.

A few days later they were gone. The once crammed apartment was vacated. I figured out they must have stolen the truck, rented the apartment, sold everything for cash, and then scrammed. 

The strategy - don't do it!

Key West Real Estate Throwback - The Bank Grinch Who Stole Christmas

from: December 12, 2009

The Bank Grinch Who Stole Christmas

 

"Every Who down in Whoville liked Christmas a lot, but the Grinch, who lived just north of Whoville - did not. The Grinch hated Christmas - the whole Christmas season. Now, please don't ask why; no one quite knows the reason. It could be, perhaps, that his shoes were too tight. Or it could be that his head wasn't screwed on just right. But I think that the most likely reason of all may have been that his heart was two sizes too small." From How the Grinch Stole Christmas

In February I began working with a young Key West couple and their young son, who I'll call "O". Back then "O" had just started to take the timid steps of a one year old. Mom and Dad and "O" live on a little boat in Key West and they are hoping to find a modest house that they can afford. I warned the parents not to teach "O" how to climb stairs. But his mom said he had already figured out how to climb the ladder on the boat and work his way onto the deck. She added he had been taking swimming lessons. But getting him onto land was their main concern. Green grass and land, not green eggs and ham.

My buyers have the pre-approval letters from local and national lenders. They have had their attorney review the initial contracts we submitted. When my buyers decided to make an offer on a short sale property, they went back to the attorney just to make sure the forms were correct.

We got several "Seller accepted another offer" phone calls or emails. When a particularly well located, charming, and affordably priced condo recently got listed, my buyers immediately submitted an offer. There were apparently multiple-offers so the bank owner require each potential buyer to submit the best and final offer. We never got any response from the listing agent, but I did see that the mls listing status was changed to "contingent", meaning a contract had been entered into between seller and buyer.

My buyers lost a couple of other properties where the seller requested a "best and final" offer. These were for bank owned properties and I figured my young customers had a good shot at each of the properties. But none of their offers got accepted. Except until last week. Finally, my customers' offer on a nice little Key West condo got accepted. We had arranged for a local lender to fund the purchase and felt reasonably assured the deal would be closed before December 31st. The seller's agent called me a week ago and said my customers got the property.

The seller's agent sent me a detailed email acknowledging the seller (a really Big Bank in Texas) had accepted the offer and stated the buyer must sign an additional standardized contract of sale form drafted by the bank as seller.

I told my customers early on that banks are always the last to sign any contract. Banks do not want to re-negotiate a deal once the deal has been struck or approved. So the bank waits till all details are agreed upon and signed by the buyer before the bank signs.

The listing agent changed the status in Key West Association of Realtors database that same day. He sent me the required bank contract forms for my buyers' signatures. Since the bank contract forms were something "new", my buyers took the contract to their attorney for review. The attorney found a couple of issues that caused some concern for my buyers, but they signed the forms without change. I sent the bank's addendum to the seller's agent last Friday at about 4:15 PM. Later that night I got a phone call followed up by an email from seller's agent advising that there was another "new" form that the bank seller also required. I printed it out and forwarded it to my buyer. They signed it and I returned it to Seller's agent very early Sunday morning.

Late Monday afternoon I got a phone call from seller's agent who told me the Seller (the really Big Bank in Texas) had decided to accept a lower priced all cash offer instead of my buyers' offer which it previously accepted. The seller's agent apologized and said the bank asset manager said since the bank had not signed my buyer's contract it was free to accept another offer.

The funny thing is the Seller's agent felt we had a deal because the agent urged me to get the final bank contract forms signed and returned within 48 hours of the bank's acceptance. We did that. So we had (1) a phone call advising my buyers' offer was accepted, 2) an email confirming that my buyers' offer was accepted, and (3) the Seller's agent changed the status in the mls. But the guy at the Big Bank in Texas, just north of Whoville and way far away from Key West, did not see it that way.

Just who is this Texas Grinch and how can he spoil little "O's" Christmas by taking away his house? Well, Dr. Seuss probably got it right when he wrote "Now, please don't ask why; no one quite knows the reason. It could be, perhaps, that his shoes were too tight. Or it could be that his head wasn't screwed on just right. But I think that the most likely reason of all may have been that his heart was two sizes too small."

I guess the bank asset manger at the Big Bank in Texas doesn't subscribe to the Horton the Elephant's School of Ethics

"I meant what I said, and I said what I meant.
An elephant's faithful, one hundred percent."

Little "O" is not going to get his new house for Christmas this year!


But we will eventually succeed.

Yes we will indeed! (98 and 3/4 percent guaranteed)!

Updated December 17, 2020.  The buyers bought a great house on an "O" Street.  "O" got a baby brother  and no longer frowns.

1108 Fleming Street, Key West

 

Just listed 1108 Fleming Street, Key West.This Old Town home is post card perfect and should appeal to the most discerning buyer. The listing broker describes the home this way:

"On a famed street spanning the heart of Old Town Key West sits this quintessential 3BD/3BA Key West conch house. The charming front porch is framed with bougainvillea and the updated open floor plan opens perfectly to the great indoor/outdoor living room. The kitchen & living room are filled with natural light up to the high vaulted ceilings. Hard wood floors as well as a wall of glass out to the patio & heated pool provide class and comfort. The main house offers a 1st floor bedroom & 2nd floor owner's suite with an office space. The detached 1BD/1BA guest cottage has access off Curry lane, opens onto the sunny patio & pool area that is perfect for entertaining w/ a wet bar & space for dining. Outdoor shower & Bricked off-street parking off Curry Ln. is in the rear of the home."

 

The Monroe County Property Appraiser records show this home was substantially renovated in 1999. I assume that is when the new addition at the rear of the main house was added. That room has three sets of glass panel doors with clerestory windows above. The view from the inside looking out is captivating. The lot measures 25 Ft wide by 105 Ft deep. The guest cottage at the rear abuts Curry Lane, one of the slowest of the slow lanes in Key West. There is one off street parking space located behind the cottage. I mention this because there is no public view of the back yard, the  pool. or the back of the house - thus no need for curtains.

The master bedroom is located on the second floor. There is a little sitting room or office outside the bedroom. A small set of French doors that separate the two areas. The bath fits nicely in the front.

There is a convenience store located a the end of the block. The two best bakeries in town are located on Eaton Street, just one block to the north. Duval Street is a short stroll to the west. There are dozens of cute little cottages and big old mansions to ogle on the way to any destination.What a perfect little Key West home. Style, grace, warmth, whimsy, charm, and location. (And off street parking!) 

CLICK HERE to view the Key West MLS datasheet and lots of photos of 1108 Fleming Street, Key West offered for sale at $1,250,000. Then please call me, Gary Thomas, 305-766-2642, to set up a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

A neighboring home located at 1112 Curry Lane as photographed in 2011.

227 Julia Street, Key West

Poets, writers, philosophers, musical artists, and hippies have mused on finding a place to call home. The photo of the above kitchen would not be my first choice, but it may be yours. While that kitchen is well designed, has a fireplace, and is perfectly fitted, it lacks heart.  A kitchen like that belongs in Los Angeles or Atalanta but not Key West. Hippies would never have felt at home let alone at ease in such digs. The new listing at 227 Julia Street, Key West is the antithesis to white on gray that permeates so much of our contemporary kitchen (and home) design. Let's take a look starting out front. 

Without going inside we can see the is smallish but has been expanded in the rear and offers a very positive first impression. The home is but 824 square feet of living space which sits on a 1,271 square foot lot. It offers good solid design and a color scheme that compliments the Key West vibe.

 

Two sets of bi-fold doors close off the living room to create a second bedroom which has a custom Murphy bed surrounded by additional bookcases and three window seats. The library ladder provides access to an additional small sleeping area located over the bookcase. There is a full guest bath tucked in the corner. The front porch is more for show than actual use as an entry, but it sure "shows" well.

The listing Realtor describes this jewel this way:

"The perfect Key West cottage! This charming home was built with great artistry and craftsmanship, from the wainscoting to crown mouldings to exposed beams, built-in bookshelves, ample storage and clever niches. The kitchen boasts Viking and Sub-Zero appliances and Hansen & Bringle cabinetry. A murphy bed folds out of a custom cupboard in the living room to create a second bedroom with private full bath. A library ladder leads to a cozy loft overlooking the living room. A dip pool with ''fish'' fountain feature, lush landscaping, Azec deck and off-street parking complete the package in an ideal location, just three blocks from Duval and a stroll away from Truman Waterfront Park. The home is in a successful monthly vacation rental program. Perfection in paradise!
Agent Remarks: Home is rented from."

I did my research before I went there thinking that the house was a renovation of the old cottage. I dug into my old shoebox and found a taken of the original house located here in 1965. The house sat on the west one-half of the lot which measure 26' X 45.8' which explains the vacant space to the right.  In examining the Monroe County Property Appraiser records I learned the old house was razed and was replaced by the new 1270 sq ft house which was built all new in 2004. That explains why the current house and the two story addition at the rear looks so sharp. 

The stairway is a work of art. I had to stop and take a look at how much detail the owner put into something so many others would might just put in a door to create some storage. Consider all of the design elements fit into the seven feet of or so of floor space. Of course there is the door for storage plus the shelves for displaying pottery, the wainscoting that wraps its way up the stairs to the master bedroom. There is abundant recessed light throughout the house which diminishes the need for table lamps.  Real wood floors give this new house a genuine old house feel. All too often new homes have ceramic or porcelain floors that trick the eye into seeing wood when the material used is not. The black iron hardware add a pop of color everywhere they are located. Admit it, this is so much better than the photo of the kitchen at the top of today's blog. 

The gabled roof gives the master bedroom and bath a genuine old house feel. Wainscoting wraps this room as well.  A chair rail seems to continue to wrap the bathroom where the wood wainscoting leaves off. Wherever you look, there is attention to detail. This home has an abundance of small things that add up to become so much! 

CLICK HERE to view the Key West MLS datasheet and listing photos of 227 Julia Street, Key West offered at $879,000. Then please call me, Gary Thomas, 305-766-2642. I am the Realtor to the Dreamers and a full time agent at Preferred Properties Key West. This is a small cozy home left over hippies would love. We have hotel rooms for your guests.