What is my Key West home worth?

What is my Key West home worth?

One of the factors that makes Key West so interesting is the character of its architecture and the diversity of its neighborhoods. And those two factors have a great impact on how homes are valued for re-sale in Key West.

The Old Town area has four Principal types of homes: two story Greek Revival structures built in the late 1800's through the 1930's; "cigar maker's cottages" (often called shotgun style homes elsewhere) which are one story houses with a long hall on one side of the house with all rooms opening onto it; "eyebrow houses" which are two story homes with a center stairway leading to second floor bedrooms that have unique windows that are situated so that they may remain open during a rainstorm and are protected from the elements by the extended roof that resembles an "eyelid"; and fill in homes built throughout the years including some post World War II modern homes.

The mid town and Casa Marina areas have a mix of housing types with the typical being CBS (concrete block structure) as well as some sporadic "conch homes -- a mix of Greek Revival, cigar maker cottages, eyebrow homes".

The new town area is mostly single family homes built in the 1950's through the 1970's. Most of these are CBS construction. And there are many condos built in the 1990's through today.

Many homes, especially in Old Town, were neglected for years--maybe decades. As Key West has been revitalized, homes have been remodeled block by block, neighborhood by neighborhood. But not all homes have been remodeled with the same integrity or craftsmanship. Likewise, many homes in the other neighborhoods have been similarly remodeled .

Up north in America where many homes and neighborhoods are cut from cookie cutters, it is easy to extrapolate a home's worth based on what a similar home sold for. Realtors and appraisers do it all the time. Realtors' valuations are called "CMAs" (comparative market analysis) and are usually done as a tool to help obtain a real estate listing. Appraisers are licensed by individual states after completing coursework that teach them how to value real estate. They should be an objective third party who has no financial or other connection to any person involved in the transaction. Banks engage appraisers to evaluate the specific property and compare it to similar properties that have sold in the area or that are offered for sale. I recently spoke with one of the co-owners of a large Key West appraisal company. He said his company is having as much trouble keeping up with valuing homes in a declining market as it had when prices were rising just as rapidly a few years earlier. Homeowners and investors would be wise to use the services of an appraiser when pricing their homes for sale. Some Realtors pump the price up to secure a listing, and then recommend that the price be reduced after the property languishes unsold. Time is money is Key West just like it is anywhere else. The prime selling time is between late December through Easter. Sellers who have unrealistic prices, especially in the tight Key West market, will probably have their homes unsold.

The Big Bounce

The Big Bounce


I have lived in Key West for 13 years and have shared two major life-changing events during that time. The first was 911 and the second was Hurricane Wilma.

I was at the gym that fateful morning. Ron who worked the front desk said a member just called him and said two planes (a big one and a small one) had hit the World Trade Center. I knew the chance of that being an accident was impossible. I suspected the worse, but did not know what the worse was. I sped home on my bike screaming expletives. When I got inside the kitchen I turned on the tv to watch the horror as it happened. We all remember the madness as is unfolded.

I had afternoon floor duty that day and I questioned why we were keeping the office open. But I went as requested (I was at a different company then). Town got dead real quick. There was little traffic and hardly any tourists. They closed the office about an hour after I showed up. I drove out to Walgreens to stock up on vodka, knowing the next few days would be awful. The clerk did not really understand what had happened. I told him, and he got the most awful pained look on his face. He said he had heard that the navy had posted armed guards at Sigsbee. I drove out to see them. Yep, they had their weapons out.

Town (that's what a lot of call Key West) died that day. Business went away. Fantasy Fest occurred, but it was subdued. The tourists just did not return for the normal fall schedule of events.

Then the day after Christmas town bounced back---big time! And the dead real estate market exploded. The demand for real estate could not be met. Prices rose by double digits for Key West and the other Keys as well each year through 2005. Buyers started questioning whether the market could continue to grow at the rate it had for the previous 4 years. Reason suggested that the market would continue to grow, but not at the rate previously experienced.

By Spring 2006 (prime selling time in Key West) the market slowed a bit. Then we had four hurricanes. Each one brought CNN and other national media to report on the fools walking on Duval Street hours before each hurricane. They could have shown re-runs of the previous storms because each hurricane was the same--until Wilma. Yes, we had some damage with each hurricane. Usually the wind uproots a few trees that fall on roofs or a car. Some minor flooding, but usually no structural damage related to flooding. But Wilma changed that as well.

Hurricane Wilma brought wind and water damage from one end of the island to the other. Most of the Old Town area was spared flood damage. But the damage elsewhere was physically and emotionally devastating for most of us. People with nothing and people with very expensive homes and toys shared equally in their losses.

I rode my bike around town every day for over a month just looking at the piles of trash and debris piled in the streets. The winds and ocean water from the tidal surge took its toll on our lush green gem of an isle. The palms and ferns looked like hell. The small foliage we all see and enjoy seemed to disappear. The island was no longer green, but grey.

But one of the great things about living in Key West is the resilience of the people who live here. When someone is injured or gets desperately ill, there is always some fund raiser to help raise funds. The people who live here do care about each other. We really do care.

I wrote last week about the smell you experience when you get off the plane at Key West International Airport. The very next day my neighbor across the street who moved to North Carolina in the spring of 2006 was down to check on her house. She mentioned the smell when she got off the plane and noted how beautiful everything was again. She said she forgot how beautiful Key West is.

The pics to the right show a huge tree in the Battleship Maine's cemetery on White Street, a tree near the Casa Marina hotel that toppled during Wilma, a house on upper Duval that was being remodeled as it looked on Nov 17, 2005 and a pic as it looks today, Jan 30, 2007.

Key West bounced back from 911. I'm waiting for The Big Bounce to occur in the real estate market. It will come.

El Encanto

1400 Whalton Street, Key West, Florida 33040
Your new address!

I have been eyeing the remodeling of this house for about 3 years. I live a block away and had the opportunity to watch the daily progress.

The original house was a one story arts and crafts home from the 1920s. The owner is a local appraiser and his wife, a realtor. They announced they were remodeling and adding a second floor. They hired Tom Pope--a noted Key West architect to design the project and Bird Construction to build it.

It is located on a corner in the Casa Marina area of Key West. It is a short 5 minute car ride to Old Town or the shopping centers on North Roosevelt or the airport on South Roosevelt. And you can walk to the beach in 5 minutes as well. It is not near any tourist destination. One of the streets does get quite a bit of daytime traffic, but like most Key West streets, it is very quiet at night.

The exterior colors are are sea foam green and white, and they blend nicely with the lush palms and the mini-estate that is located immediately south of the home. The pics of the home to the right do not do justice to the beauty of this home. There are 5 bedrooms, 7 bathrooms, an interior and pool kitchen, a child's playroom or study (it is officially counted as a bedroom), and an inviting great room that overlooks the pool and park-like grounds to the south.

The second floor master suite has vaulted ceilings and finishes that transport you to a south seas isle. And there is a large walk-in closet with quality built-ins for superior storage. Every room is finished to the "T". Nothing has been overlooked. Nothing. It is, without a doubt, the most beautiful home I have seen in Key West.

Click the words El Encanto above to see more information on this stunning home.

U.S. Coast Guard - Key West Style

The U.S. Coast Guard - Key West Style

"What do 'coasties' have to do with real estate?", you ask.

Well they are a big part of the life in Key West. Their job is being part of Homeland Security and doing life saving chores, drug interdiction, port protection, and so on.

Many of the people live off base. So they compete for housing just like all of the waiters, bartenders, fishermen, shopkeepers, construction workers, etc. that compete for short term housing. A single guardsman with no dependants ranked E-2 gets $1452 to pay housing and utilities. Since most one bedroom apartments in Key West go for $1200 or more per month with the tenant paying all utilities. That can amount to an additional $200 to $300 per month in some cases.

Those high prices create the need for roommate situations. A two bed, two bath apartment, condo, or home will typically rent from $1800 per month and up plus utilities in most instances. Old Town housing is the most expensive. Properties with a pool, on-site laundry, off-street parking, or other amenities usually rent the quickest and at the highest price. The less expensive properties are typically located in the mid-town area (east of White Street to Kennedy Drive). The price differential is not all that great, however.

I advise investors who have apartments or homes they want to rent on a long term basis to try to rent to servicemen. As a rule these service men and women make superb tenants. They are neat, clean, obey the law, and pay their rent on time each month.

We're having a Party and you're invited...

We're having a Party and you're invited...

Anyone who reads this blog is welcome to attend a little cocktail party on Thursday, January 25 between 4:15 to 6:15 PM at 612 and 616 Olivia Street in Key West.

We are hosting the event to present two beautiful homes to Realtors and sophisticated buyers.

I am including a photo of 612 Olivia from 3 years ago and a photo taken last week. The old structure was demolished and the new home was recently finished. The home has 4 bedrooms, 6 baths in two buildings with a total of 3220 square feet of truly elegant living space. And that's just for starters.

612 Olivia was constructed for a particular owner who either has a large family or lots of friends. The rooms and public areas are spacious. And the pool, gardens, and terraces were designed for casual living and grand entertaining. 612 Olivia is offered at $3,200,000. Do drop in on Thursday and say hello.

There's no place like home

There's no place like home

Season is upon us and Key West is full of people. The tall ships are here for Race Week and the town is full of your regular run-of-the-mill tourists as well. See photo of one of the tourists to the right...

Those of us who are fortunate enough to live here full time often think that tourists view Key West as if it were Disneyland. Heck, they walk right into traffic to take pics of each other without looking to see if that car really wanted to move.

I found the photo to the right of Duval Street depicting the street as if it were a model. This is a real town despite what tourists think. There are 25,000 odd folks who live here full time. And 12 normal folk.

Finally, there is the pic of Key West International Airport. I love that little airport. Get here before it is rebuilt to look like every other airport in the country. There is nothing finer than returning home to Key West late at night and seeing that old welcome sign. Then you get off the ramshackle plane and smell the Key West air. It does smell different than air in America. (And it's not the ocean. It's just plain old Key West air. Maybe I'll start to bottle it and sell in on Ebay.) Then you grab a cab and go fast down South Roosevelt towards town. The cabbie tells you everything that happened since you went away. Those guys are the repositories of the social history of Key West. Man, there is nothing like coming home.

From Bulging Waistlines to Bulging Muscles

Island Gym

I hurt my left arm something fierce last year and haven't been able to do much with it since. There is a new gym at 1119 White Street (former home of The Bagelry where you could watch your waistline grow). It is simply called Island Gym.

So I'm it's newest member. It's as clean as a whistle, but then it's new. But I got a feeling it will always be that way. There is lots of Pride of Ownership going on there.

The rates are okay (for Key West). They have daily, weekly, monthly, seasonal and annual rates. And they are offering 10% off for memberships in January. The only bad thing I can say about the place is that it is small and has lots and lots of equipment--most of which is Hammersmith. Top of the line.

And it is located in my neighborhood--Casa Marina. I included a pic of the Fausto's Food Palace on White Street for those who know its location. The gym is one block to the south. I took these pics around 7:00 AM today. Key West is so beautiful at that time of day. Many people are snug in their beds, but others are out jogging or walking their dog. While I was on the treadmill I watched probably 100 people stop their cars and go into the Cuban bakery across the street from the gym for coffee con leche.

By the by, I ran into a familiar face at my open house today: John Isaksen of Isaksen Insurance. He saw our ad in the Key West Citizen and stopped by to see me. I did not recognized him because he had lost 25 pounds. He, on the other hand, knew who I was because of the ad. And he commented on the fact that I had gained weight. Thanks for noticing, John.
Glad to hear you remind me of my accomplishment. I had about 50 visitors at the open house--two of which seemed genuinely interested. Not a bad day.

If I lived here, I could be home now...

If I lived in Key West, I could be home now...
Ain't that the truth. The other day I wrote about the island running from the Gulf of Mexico to the Atlantic Ocean. So I decided to post a photo to prove it. The Gulf is at the top and the Atlantic is at the bottom of the pic. My office is located just to the top of the large white building in the middle next to the right side of the pic. That building is the old Gato Cigar Factory and is now part of Monroe County government offices.

The third photo is of the beach at the Casa Marina Resort. Locals go to the hotel for a variety of reasons including the annual 4th of July picnic and the Fantasy Fest Pet Parade. Both events are must dos if you live in Key West.

Key West is packed to the rim with lots of vacationers and attendees to the boat races. Our office (Dunaway McKenzie Realtors) is holding Open Houses tomorrow, from Noon -- 2:30 at the following locations: 612 and 616 Olivia, 1318 Duncan Street, and the Sea Isle Town Homes at 901 Windsor Lane. See photo at top right. The developer just reduced the price to $1,900,000 on these newly constructed and elegantly appointed 3 bedroom, 3 1/2 bath two-story town homes, each with its own private pool. Come see for yourself. If you lived here, you could be home now!

Things to do in Key West

Things to do in Key West

1. Go to the beach. We have a few. We just don't have a lot of sand or waves. But we have so much sun you don't mind laying on the rocks cause you can get a great suntan. Better yet, hangout at your guesthouse (or hotel) pool.

2. Go to Duval Street and walk up and down the longest street in America--it stretches from the Gulf of Mexico to the Atlantic Ocean. (That's about one mile in Key West.)

3. Go out to eat. We have some great restaurant like the Cafe Marquesa, Antonia's, and 915.
You can get a lot of reasonably priced and very good food at places like Caroline's (it's in the 300 block of Duval--try the cheeseburger) or TGI Fridays (in the Winn Dixie Shopping Center).

4. Go to Tropic Cinema (400 block of Eaton, just west of Duval) or the Regal Cinema (the Searstown shopping center).

5. Ride a bike and take a self-tour of the island. Obey the stop signs and don't aggravate locals by doing dumb things.

6. Visit the Key West Cemetery. Pics included to the right. One of the best streets in all of Key West is Carey Lane. There are 3 sweet little cottages that have been renovated. There are no Conch Trains or tour buses, no motorcycles or bicycle tours, heck, even a lot of locals don't know where the lane is located. But it is just steps away from the Key West cemetery. Take a left, walk a half a block and you are at the corner of Margaret and Southard. Three block to the north is the Key West Seaport and three blocks west is Duval. So close and so far.

7. Call Gary Thomas and buy a house. 1-877-778-7092.

Is the Island Surrounded by Water?

"Is the Island Surrounded by Water?"


I mentioned that I used to own Eaton Lodge Guesthouse and the question cited above is an actual question I got when a potential guest called to reserve a room.


Recently a friend from Atlanta asked me to pick-up a couple of his friends who were in Key West on a cruise ship and show them around Old Town. They asked how all the cars got here.

The answer to both questions is simple. Key West is a real island in the middle of the Atlantic Ocean (or sea or bay or whatever body of water you think). It is accessed by driving down U.S. 1 from Miami over a series of Keys ("cays" or islands) that are connected by bridges, the longest of which is the famous seven mile bridge. The other two means of getting here are via airplane or water.

Since we are surrounded by water, many potential home buyers think that they can purchase a waterfront home or condo. That's next to impossible on the Island of Key West. There are only a handful of properties actually on the water here and because of that, they are normally among the most expensive properties in Key West.

If a water view can be substituted for "waterfront", there are many more potential properties available. And if proximity to water is the criteria instead of "water view", the list becomes even wider.

During the past 5 years several new developments have been built with "water views" in Key West and on Stock Island, Key West's nearest neighbor. Most of these properties are condominiums and some even come with boat slips or having boat slips available. And because of the recent downturn in the real estate market these properties are priced more affordable than ever. The Impossible just became more affordable.

Checkout the above link to search for your new home in Key West-- water view or not and please give me a call (toll free) 1-877-295-7099.