Key West SOLDS in 2021 - The First 180 Days

 

There are a lot people out there living much of their lives on the internet viewing all manner of things that give them pleasure, er, aah that feed their minds. Some of those people monitor the Key West real estate market seeking a house or condo, a source of income, a long term investment. Some just want to find a home.  I did a quick search of the Key West single family homes that sold (closed sales) in the first 180 days of 2021. There were a whopping 283. Remember Key West is a little island one mile by four miles long with an historical long term population of about 25,000. The least expensive house was 433 Sq Ft "home" located steps from Truman Avenue and across the street from a fish restaurant parking lot. It sold for $365,000 or $863 per sq ft. The third least expensive abode located on Terry Lane in Bahama Village sold for $449,000 or $1,095 per sq ft. The highest priced home was located on Sunset Key. It sold for $6 million or $1,817 per sq ft. It's a mystery to me why the most expensive priced sale occurred at 506 Catherine Street. It sold for $2,381 per sq ft. I don't get that one.

Those numbers don't mean much other than the price of real estate is pretty steep on a per sq ft basis. The trend has been inching upward for several years. This year it leapt up and brought a lot of the market with it. We were trending toward $1,000 per sq ft ask for the past couple of years. We paused during the first few months of the pandemic and sprang into buying mode once the public was back into the Florida Keys. I wrote about this before. What I writing today is news. Of a sort. Sixty four of the 283 single family homes that sold in the first 180 days of 2021 sold over $1,000 per sq ft. That is 22% of the market. 

Then I looked at just the 64 homes that sold over $1,000 per sq ft to see if there was a pattern, an area, a type of home. Several of the houses were smaller in size and located in Bahama Village. One was a $900,000 genuine fixer located on one the canals. The Old Town core and Casa Marina area had the most sales. William Street was the priciest block. Prices surged upward on the south of Truman side of Old Town as did homes located on the east side of White Street. 

The photo at the top of today's blog is quite telling. This is a little side street located about eight blocks from Duval. I had just left a house to take photos for a customer. People were lined up outside with their agents to see the place. It does on constantly. It's like pee wee baseball. Who's gonna win?

 

 

724 Windsor Lane, Key West - Least Exspensive House in Town

During an office sales meeting earlier today I learned that my listing at 724 Windsor Lane is the lowest priced single family home for sale in Key West. I will give you some facts. It is small - just 460 Sq Ft. It has only one bedroom, but it also has a very valuable off street parking space located behind the house. Many million dollar homes in Old Town would beg to have an off street parking space.

I have stressed the value of the parking space while many potential buyers have asked if they could build a swimming pool. Of course they could. What I would do and what a new owner could do are two entirely different possibilities. CLICK HERE to view more photos.

The parking space is located behind the house on Galveston Lane  Bill Butler Park is located at the near the end of Galveston Lane - about 150 feet to the north. It's a quite little piece of Old Key West.  It's a place for grand kids, nieces and nephews, and puppies.

The highest place in Key West is located about 150 feet or so to the west at the corner of Windsor Lane at Elizabeth Street. Duval Street is just two blocks to the west. 

St Mary's Basilica is located two blocks south at the corner of Windsor Lane  at Truman Avenue. I like to tell people they can sin on Duval and be forgiven on Truman - two blocks in either direction. It's true. Although with all that the politicians are doing in Tallahassee and Washington, I am not sure what we do in Key West is worthy of a Dislike let alone condemnation.

CLICK HERE to view the Key West MLS datasheet on 724 Windsor Lane offered for sale at $599,000. Then call me, Gary Thomas, 305-766-2642 to schedule a private showing to see the least expensive single family home in Key West. 

Typical Key West Buyer: The Floor Tilts

A couple of weeks ago I was showing an old Key West house to a couple of potential buyers. They commented on the uneven floor in the 130+ year old house.  It wasn't quite as glaring as the photo above. In fact it looked pretty good compared to a lot of properties I have shown over the years. 

I took them outside and showed the newer concrete piers added to replace some of original coral rock piers still in place. Buyers like to use old piers and uneven floors as a bargaining chip when negotiating the price they are willing to pay for an old house. I told them of a trip we made to the Cotswold's several years ago. I had read about The Lygon Arms in a travel magazine. It is located in Broadway, England and has roots dating back to the 1300s. We arrived without reservation in early May. We went inside and asked about room availability and rates. They showed us a modern room at an addition in a building to the rear and also one on the second floor of the front building. That room we were told is where Oliver Cromwell slept the night before the Battle of Worcester in 1651. We chose that room.

My heart sank when we walked inside. It was so incredibly English! There was a fireplace, vaulted beamed ceiling, and sagging floors. The above photo shows either a rug or carpet covering most of the floor. I remember a smaller carpet surrounded by old wood floors with centuries old patina. I laughed at the sagging. Who cared. I won't bore you with tales of our visit. Go see for yourself. It is worth every thousand dollars you spend. And more!

My potential buyers said they had been coming to Key West for years and finally decided it was time to buy. They said they had worked with a former Key West real estate superstar Rudy Molinet. They said they should have bought from him years ago. I quickly agreed. They should have. I told them something Rudy told me he would tell to his customers when they started harping on old floors. It went something like this: "It's a hundred years old house. What do you expect?" 

 

 

1316 Whalton Street, Key West

It took twelve years, a lot of lawyers, bankers, Realtors, builders, plumbers, electricians, roofers, landscapers, and a lot of money to create the beautiful home at 1316 Whalton Street, Key West. But it was worth it. Don't you agree?

I first wrote about this property in 2009 when two side by side houses owned by one buyer but financed by two separate banks. The owner offered it as a short sale. The properties were offered for sale but nobody could get a deal worked out with both lenders. Each lender ultimately foreclosed its lien. The larger property at 1316 Whalton Street sold first. Both houses were in total disrepair. The swimming pool was a hazard. Both houses were taken down. 

The foreclosure on the adjacent lot dragged on. Then the new owner put the small lot on the market. Building code would have made construction of a new stand alone single family house impossible. But the lot itself gave the abutting owners an opportunity to buy the lot and further develop their parcel. The owner to the south bought the lot and built a guest cottage addition.

They finished the cottage, put up the fence, installed new landscaping, and created one of the prettiest homes in the already beautiful Casa Marina Area. That is a Royal Poinciana Tree on the property line. These trees blossom in May and June and make our little piece of Paradise even prettier.

It is not for sale. 

 

Key West Realtor Caravan - Suspended Due to Volatile Market

From the Key West Association of Realtors: 

Your Caravan Committee met today and decided that since the market is so hot and we have been unable to get enough properties on Caravan that we will take the summer off and start back with IN PERSON Caravans in September.

 It is insane. Properties go on the market and under contract in a matter of days.

 Work with an experienced Realtor. 

 

 

What is this thing on North Roosevelt Boulevard in Key West?

I think it was three or four years ago I noticed workers taking down a concrete block building located at the western edge of the Toyota Dealership on 1618 North Roosevelt Blvd in Key West. I seem to recall going back and taking a picture of the places before it was totally gone because I assumed a new building would replace it. I have looked throughout my old shoe box and cannot find that photo. But I did find two aerial photos taken in 1999 that show the building next KWFD Station1 with Bayview Park to the west.

SLOW FORWARD to maybe December 2020 or so. I noticed workers preparing the site for some new construction. Forms went up and a massive concrete pad was built. In January 2021 the construction to a divergent turn I had never seen in Key West. Giant wood poles were being erected around the perimeter of the concrete pad.

Six weeks later workers were framing the roof of this new wood structure. By this time another row of poles was added to the center of the concrete for which would later support the ridge beam.

June 1, 2021 the building is almost complete. I could not wait until it was completed because curiosity has got the better of me. I cannot figure out exactly the purpose of this new thatched roof building. I do not know of another commercial structure of this type in Key West. But more than that, other than knowing is automotive related, I can't figure out its purpose.

I also need to admit I have been lazy about documenting this structure. The workers sat on top of the roof adding thatches for a couple of months. I intended to photograph their progress. But it went on so long that I lost track of the time. Then one day it was done and they were gone. 

As opposed to months long roof thatching, the palm trees and tropical foliage were installed in a matter of days. They surround the building on the east and north facing street facade. The smaller plants should grow rapidly and within a few months I expect the building will be almost invisible to people driving by.

So this is my dilemma: I can't figure out the purpose of this building. I took this photo over the fence. It shows steel columns with what looks like electric boxes of some type. What is this supposed to be?
 

 

It ain't over till it's over in Key West

 Girlfriend, Yogi Berra said it best: "It ain't over till it's over". And it ain't over. 

A few days ago I saved the above photo from Instagram of The Artist House.  I sold this property to the current owner in 2017. My buyer paid near asking price which seemed high then. Now it seems a bargain. I knew the former owner who purchased this same property in 1989 for $480,000. A subsequent buyer purchased it in 2004 and paid $1,985,000. Each purchaser must have felt that would be the end of the road. Prices could not go higher. But they did. 

I was showing property a couple of days ago to a potential buyer. We were driving to our next appointment when she mentioned the escalating prices in Key West and questioned the sustainability of market. I told her then what I have written here for all the years of my blog - that there is only one Key West. Buyers continue to want to buy here. There is a limited supply of both houses and land. State law  limits new housing and city law restricts the size and height of what can be built even more. Prices will continue to rise as demand is higher than the supply. It ain't over. 

 

 

Key West Horror Story - October 31st - UPDATE

from October 31, 2020

I normally work with buyers from outside of Key West who are looking to buy a second home. They ask a lot of questions about taxes, insurance, renting rules, and so on. Some ask about safety. I tell them that Key West is a very safe place to live and suggest they checkout the Monroe County Sheriff's website where they can see mugshots of the people arrested for the past ten days including the address where they live, location of the offense, and the charge. I tell them I go to that site everyday. I know what is going on and where.

I tell potential buyers most of the person on person crimes will likely be bar fight on Duval Street or in  hotel. Married and non-married couples are often arrested as well. Domestic strangulation is often the charge. Most of the people arrested are charged with DUI or some drug offense - typically possession but sometimes sale. 

In April 2017 I went to the sheriff's page and saw the mugshot of Justin Tyler Calhoun. I re-read the name and checked out his sex on the page. Male. As I write this I remember initially being very confused. Allegedly, Calhoun, 24, lived with Mark Brann, 67, in the NewTown house at the top of the page. They were having a fight to determine whether Brann was a cannibal. The fight escalated. According to news reports Calhoun admitted stabbing pens into Brann's eyes, bludgeoning his face with a dresser drawer, and shoving a piece of wood into Brann's mouth. The owner of the house entered the room after hearing blood curdling screams.  Brann was flown to the Ryder Trauma Center in Miami where he subsequently died of his injuries. 

Nude at the time of the fight, Calhoun found a dress, grabbed some cash, and fled the house. Key West police arrived and started searching the neighborhood and found Calhoun hanging from the roof of the house shown immediately above. He has subsequently charged with first degree murder without premeditation. The State of Florida is seeking the death penalty. The case has not been set for trial.

The scariest stories to me involve things that really happen, not made up tales. Humans are capable of doing all kinds of things - things like the horrific things that happened to this victim. There is no moral or conclusion to this true story except maybe one - be careful who you pickup in bar or continue to date after an initial hook-up. If things don't seem right, they probably are not going to get any better.

Despite this tale of horror, Key West is still a very safe to live. What is going on in the world up in America is even scarier.
 

UPDATE May 28, 2021

Gwen Filosa of the FLORIDA KEYS NEWS reported that the 2017 brutal murder case left the Killer with a life sentence instead of the death sentence she was facing if she went to trial. CLICK HERE to read the article which lays out the defendant's theory of the case. Justin Tyler Calhoun now identifies as a woman pleaded no contest to first degree murder in exchange for life in prison without the possibility of parole. 

I like to think Key West is not a part of Florida. This proves otherwise.

Key West Real Estate Throwback Thursday No. 23

 from May 14, 2010

915 Angela Street - Key West - An Homage to The Trouble with Harry

To quote Andrew's Idea "In Alfred Hitchcock’s world, nothing is more certain than death and attempts to cover up death." The author then goes on to explain that in The Trouble With Harry Hitchcock maintains his "critique of depraved humanity throughout the film, demonstrating uncannily the truth that he who hates his neighbor is guilty of murder. " But it is this line that makes The Trouble With Harry germane to today's blog about the cute little house at 915 Angela Street that is located directly across the street from the Key West Cemetery: "Turn away from death, and it’s as if it isn’t there." You will either love 915 Angela Street or you will hate it. Oh, you'll love the house. There's nothing not to like about the house. It's the neighbors. Let me tell you about the neighbors. The house next door to the west sits at the corner of Margaret and Angela Streets.

The neighbors to the rear are a couple of very large homes accessed off Canfield Lane. The neighbor to the east is a nice house at the corner of Grinnell and Angela. Angela Street is a one way street that runs from Margaret eastward to White Street. It is just one lane wide. Across Angela Street is the Key West Cemetery. 

The view from 915 Angela looking directly toward the cemetery. If you are concerned about flooding remember that the cemetery is near the highest point on the island. The big skies and bright sunshine from across the street will never be built upon nor will the neighbors to the west or east. The view that you see today is the view for eternity. Knowing the future in real estate is not necessarily a bad thing. The cemetery bothers the hell out of a lot of potential buyers.Some people refuse to even look at houses anywhere near the cemetery. I guess I understand. Maybe it has some of that "Turn away from death, and it’s as if it isn’t there" going on. This is why I really like 915 Angela Street. First, the place is really nicely laid out for Key West second home living. It is large enough for a couple that has a small family or friends that may drop in for an occasional visit. There are three bedrooms and two baths. The living room opens on the east to a beautiful pool. The living room also opens to the left onto a secluded deck with a hot tub. The master bedroom and bath also open onto that same deck. There is an incredibly sexy outdoor shower tucked away to the side. A second bedroom is located at the right front of the the house. The kitchen and dining area complete the main floor. There is a decent sized third bedroom or office on the second floor. There is enough separation between the rooms to provide the kind of privacy you don't see in many Key West houses. There are two separate off street parking spaces each of which is bricked. The house is just as cute as it can be. This 1350 sq ft home is offered at $998,000. The view from the front porch or the master bedroom looking south across the cemetery changes with each passing cloud. The view is the exact opposite of what you would expect. CLICK HERE to checkout the listing info and to view more photos of the home.

Above is one of two off street parking spaces

This house is an easy walk to Duval Street or the Historic Key West Seaport. Both are about 5 minutes away. There is no commercial activity anyplace within sight. The Conch Trains and Trolley Cars can't go down Angela Street because it is too narrow. What a rotten shame! Boo Hoo! Locals don't use it as thoroughfare because there are speed bumps. Tourists tend to walk fast or run because, well, it is the cemetery after all. This place is super quiet. If you have seen this home before it's time for a second look. The owners have made some recent changes. If you are looking for a quiet little place and don't mind the neighborhood, please contact me, Gary Thomas, 305-766-2642 or by e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Update May 25, 2021. 915 Angela Street came back on the market a couple of days ago. I got the chance to go over and take  a look at the property for a couple of different buyers. The listing agent told me already had several over-asking price offers ($1,275,000) the second day it was on the market. It actually went under contract yesterday. The trouble with today's Key West Real Estate Market is that it is over the day after is begins.

Knock Knock in Key West

 

This is a True Story related to me by a friend and local real estate broker. The broker has a long lasting business relationship with his valued customer who called him soon after the "Knock Knock" story concluded.

There was a knock on customer's door.

KNOCK KNOCK

CUSTOMER: Who's There?

REALTOR:  I am a Realtor. I have a Two Million Dollar Buyer for Your House!

Upon which the customer opened the door only to meet a woman who identified herself as a real estate agent in Key West. She said she was working with a buyer who was prepared to make a two million dollar offer on the man's house. She explained her real estate background and asked if she could show the house customer. The property owner dubious but did not call his agent. He told the real estate agent okay and decided to see what happened.

The next day there was a knock at the door:

 Knock Knock. 

CUSTOMER:  Who's there?

REALTOR:  The REALTOR from yesterday.

The owner opened the door but the buyer was not with her. The owner invited the agent inside whereupon the agent pulled out a listing agreement as she started to describe how she planned to market the property. 

The owner got up and showed the lady agent to the door. He called his long time Realtor to tell the story. My broker friend told me the name of the national brokerage which has an office in Key West but did not tell me the name of the agent.

There are at least two ways of viewing this story. One is the lady agent was protecting her commission by getting the owner to agree to pay a commission before she showed the property. That makes sense. 

An alternative explanation and probably what really happened is the agent was knocking on doors looking for listings.