Love Muscle? Buy this House in Key West!

Love Muscle? Buy the appropriately named "Love Muscle House" located at 819 Whitehead Street in Key West, Florida. If you are expecting kink, forget it. This place does rock, however.

The listing Realtor describes the property this way:

"Tropical little gem in Old Town. 3 bedrooms, 2 full baths. Large deck and room for a pool. Mexican tile and bamboo flooring throughout. Fully renovated, new bathrooms and kitchen. This festive house comes fully furnished. Priced right."

The Love Muscle House is offered at $475,000 or $447 per sq ft. This place could be the right size for someone looking for a Key West getaway. It measures 1062 sq gt including the second floor (where the master bedroom and master bath are located) and includes the guest cottage at the rear. The lot measures 2874 sq ft and it is big enough for a real pool, not just a dip pool.

I showed this colorful house last week and somehow managed to lose the photos I took. There is a cute smaller bedroom at the front of the house. A spiral staircase leads to second floor which has a really good sized master suite. The views up there are great. The living room and kitchen share the main part of the house and that space totally rocks. There is a very large bath at the rear of the house. The cottage at the back is oh so private and very sharp. CLICK HERE to get more details on this house and view photos of the interior and exterior.

The Love Muscle House is located 1/2 block north of the Hemingway House and one block west of Duval Street. There is lots of foot traffic, vehicular traffic, trolley cars, and bicyclists during the daytime. But the street reverts to typically quiet Key West residential after sunset.

If you'd like to checkout The Love Muscle House please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Affordable & Adorable - Key West Short Sale

The adorable cottage at 1109 Margaret Street in the south area of Old Town Key West just became an affordable short sale buying opportunity. This is how the listing Realtor describes this special Key West Cottge:
"New in 2004. Sweet, easy care, low maintenance cottage in Old Town, perfectly situated in quiet neighborhood, just a half block from El Siboney and only 5 blocks from Duval. Inside:vaulted ceiling, granite counters, polished concrete floors with one bedroom and full bath down, ladder to stand up loft bedroom or den plus private outdoor shower. Very private back yard and charming 1910 block perimeter walls create exterior interest. CBS building, hip metal roof and off street parking for one car in an X-500 zone, so mitigation credits for windstorm and no flood insurance required. Ideal pied--terre as an in town 2nd home, or perfect little gem of a starter home."

Somebody is going to snap this up in a flash. Here is why: the place has nice street presence and yet it is totally private. Off street parking and the gated entrance set off1109 Margaret Street from most Key West houses and really distinguishes itself from places in the same price range. The listing Realtor says the cottage has 763 sq ft of living space (on par with a large Shipyard unit for comparison purposes) and that it sits on a good sized lot 30' x 70' or 2100 sq ft total.

This place is as cute as it can be. The living area has a huge vaulted ceiling and the room opens onto the rear of the property. There is more than adequate room for a good sized pool. The rear yard provides total privacy so swim alfresco. CLICK HERE to view more detailed listing information and see the photos of the interior of this really cute place. I took the exterior photos this morning. The sky was overcast and rain is on the way. 1109 Margaret Street's facade tricks the eye into believing the property is more old world than new Key West. CLICK HERE to see a photo of the equally charming but larger property next door to the north.

1109 Margaret Street is offered at the price of $399,000 or $523 per sq ft for a real house in Old Town Key West that is 5 years old.. The listing Realtor advises that the current lender "is set up to accept an offer quickly, verified by their independent appraiser". The location is convenient to so many of the reasons buyers prefer Old Town for a second home. This cottage may appeal to that single person of couple who want a place to escape that is priced within reason and that does not require any additional "fixing".

If you want to see 1109 Margaret Street before it is history, please call me, Gary Thomas, 305-766-2642 or contact me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in sunny Key West, Florida. If you snooze you will lose on this place.

Reversal of Fortunes - Key West Real Estate

People are funny. They always want what they can't have. Little kids want to grow up; adults wish they were younger. They buy giant SUVs that cost moola money; they trade in clunkers for cash which could be as rash. They admire the body of Adonis; they continue to eat at Abbondanza. They see a "wet paint - don't touch!" sign and tap the spot on the dot. They dream of owning a place in Key West; they scorn a deal that could seal their fate.

Between 2004 and 2006 when real estate developers were going hog wild building new properties from one end of Key West to the other, this town of ours was hoping. Since Key West has a limited supply of the kind of places most second home buyers theoretically want, developers did what they do: they developed--the best! Because of its limited land size, lot density requirements, height restrictions, HARC guidelines, and State of Florida imposed limited new residential construction permits, the developers constructed numerous high end properties. While each was different, they were all pretty much the same in that they were designed to appeal to our inner snobbery. Location, amenities, high price tags were the common bond of these Key West properties.

Developers envisioned big projects with big profits. Some were built. But not all of the projects broke ground. Other projects were stymied by lawsuits by neighbors protesting developments they did not want. Harbor House Condominiums is a multi-million dollar example. The delays cost the developer valuable time and racked up huge legal fees. When construction finally started, the market had already started to fizzle. There is a story in today's Key West Citizen CLICK HERE about a code violation of a construction fence surrounding the the now "abandoned" project (see photo above taken this morning). Another example was the proposed condominiums at Atlantic Shores. Delays there caused the project to instead became more hotel rooms at Southernmost on the Beach Resort. There was major erection dysfunction.

But some of the projects did get built. Parties were given to introduce the people of Key West to the new developments. I even wrote about a few of the parties I attended when I started this blog. I knew at the time that there were too many high-end projects and not enough buyers. Most of the units built were 1500 square feet or larger. Most had private pools, designer kitchens, three bedrooms and bathrooms, and enough amenities to lure buyers into spending two million dollars for a vacation home in Key West. Most of the new construction did not get purchased. Some of the few that were purchased have since become or will become short sale or bank foreclosures.

The fact that most of the units that were built were not purchased should not surprise us. Even if there was a real demand for so many elegant units, I think it was foreseeable that there would not be enough ready, willing or able buyers to pay the outrageous prices. Many lot of the units that were built during this time period are now offered at much lower asking prices. Some owner/developers or lenders have turned unsold units into vacation rentals and await a real estate market rebound.

The thing that strikes me funny is that buyers who lusted after units priced at $2,000,000 now scoff at the idea of paying perhaps half the price. That same buyer's "logic" applies equally to single family homes, especially the well located and tricked out houses in Old Town. The properties they coveted are now marginalized.

You may have seen the story about the family that is the sole tenant of a 32 story condominium in Ft. Myers CLICK HERE That family was on the evening news yesterday. As I watched the report I looked at the building and thought to myself that the building and dozens, maybe hundreds, of similar buildings are located across Florida and that they all face a common future: it will be years and years before all of those units get filled. But Key West has never been and never will be like the rest of Florida. There is a limited supply of houses and condos. My advice to would-be buyers is to buy now before the market correction is complete. Because prices will rise and property in Key West will cost more. I have already heard of bidding wars going on for lower priced units at some condominium and townhome developments. Some developers are now exercising their right of first refusal.

CLICK HERE to search the Key West Association of Realtors mls database. If you see something you like, please contact me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in beautiful Key West, Florida.

906 Johnson Street - Casa Marina Estate Property - Now a Short Sale

One of my very favorite homes in Key West just became a short sale. Some buyer is going to own one of the very best houses in all of Key West for a fraction of what it is worth. They don't make houses like this anymore. And you could not duplicate this house if you were to try to build a new one. The cost would be prohibitive.

906 Johnson Street is a 3720 sq ft estate type property situated on a 10,750 sq ft lot located one block from the Atlantic Ocean. You can see the Atlantic Ocean from the master bedroom and master bath on the second floor. The main house has a formal living room with fireplace and an informal family room overlooking the rear terrace. The west wing provides living quarters for staff. There is a separate dining area that overlooks the large pool and outdoor kitchen on the east side of the property. The master bedrooms and master bath have ocean views. These two rooms are just elegant without being prissy. There are two additional bedrooms on this floor-one even has a terrace overlooking the pool below. There is a fully contained guest cottage with living room, bedroom, small kitchen, and bath. Off to the far west you will find another casita or writer's cottage with its own bath.

CLICK HERE for more detailed information and to view photos of this property.

Entry to 906 Johnson Street is made through a formal gated entrance. Brick pavers encircle the entire property as do gardens filled with towering palms and assorted tropical plants. This place is a gardener's paradise.

Preferred Properties is the listing broker on 906 Johnson Street which is now listed at the short sale offering price of $1,769,000 or $476 per square foot. This is truly a great buying opportunity for a discerning buyer. Please call me, Gary Thomas, 305-766-2642 to schedule a showing.

810 Terry Lane - Short Sale - Key West

The guess work is over. The bank has disclosed the short sale price it will accept on 810 Terry Lane is $610,000 or $323 per sq ft.

Our office had the listing on this house a year ago when it was offered at $1,249,000. It did not sell. It still has not sold. A different office now lists the property. CLICK HERE to see the current mls listing info. But read below for a few more details that the current agent has omitted. (Not pointing fingers!)

Gorgeous, brand new home located one block from the lighthouse in the heart of Old Town. This home offers 2000 sq. ft. of luxury living loaded with top of the line finishes. Three large bedrooms, three fabulous baths, a gourmet kitchen featuring a Thermadore 6-burner, stainless gas range top with hood and matching appliances. The floors are oak, the ceilings tall and the home drenched with natural light from the large windows and French doors. The master suite is spacious and boasts huge walk-in closets, private balcony, bathrooms with double vanity,granite counter top, slate tile floors and good storage. Click on each photo to see room or space: LIVINGROOM, KITCHEN, BEDROOM-1, BEDROOM-2, BATHROOM, POOL, POOL VIEW.

810 Terry Lane is located two blocks west of Duval Street and just south of Petronia Street. I took a couple of exterior photos this morning so you could see the neighboring houses. The house next door to the south with the Avanti in the driveway CLICK HERE is a duplicate of 810 Terry Lane. There is a real cute cottage across Terry Lane to the east CLICK HERE. The Key West lighthouse is one block to the south CLICK HERE - but not my photo.

This house in my opinion is a lot of house for not a lot of money. I remember a year ago I had some buyers that wanted to buy a bank owned property in the same neighborhood (only a few blocks south). That house had no parking; it had been remodeled and not remodeled very well. Let's say it still had issues. 810 Terry Lane is new in 2007 construction. Now that we know the price the bank will accept, the guess work is gone and all you need to do is write the offer. If you would like to see 810 Terry Lane, please contact me, Gary Thomas, 305-766-2642.

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Southard Street Selections - Old Town - Key West Properties

Just listed (but not by me) 530 William Street in the heart of Old Town Key West. This house was purchased in 2008 after just 21 days on the market. Perhaps the great location and beautiful architecture had something to do with the property selling so quickly.

This is how the listing Realtor describes 530 William Street:

"Elegant Historic Home located in the most desirable area of Old Town. Large spacious rooms in main house. Downstairs has Formal living dining, eat-in kitchen, 2 bedrooms 1 bath. Upstairs also full kitchen 2 bedrooms and 1 bath. Two meters with seperate heating and cooling units. Easily converted back to a grand single family home. Also, included 725 and 727 Southard Street cottage. Each is Living room, 1 bedroom 1 bath and kitchen. total of 4 units. Grand home in great condition. Well maintained. Must see to appreciate."

530 William and the adjacent two cottages CLICK HERE occupy the northwest corner of William and Southard Streets. The listing Realtor states the properties have 3276 sq ft of living space and sit on a 4455 sq ft lot. There are six bedrooms and four bathrooms. The asking price is $1,645,000 or $502 per sq ft. There is no pool nor room for a pool. And there is no off street parking. CLICK HERE for more information on this property and to view more listing agent provided photos.

The big old Great Dame across the street at 730 Southard Street CLICK HERE is still on the market. It is now priced at $1,490,000 or $525 per sq ft. It is a fixer for sure. The house size and lot size provide ample opportunity for creating a great living space for the rest of this new century. This is one of the great Key West houses and it is truly a buying opportunity.

The cute as a button cottage at 723 Southard Street CLICK HERE is also still on the market. It has been reduced to $749,000 or $681 per sq ft. This two bed twp bath cottage is just too sweet and should meet the needs of a buyer who wants a Key West retreat complete with pool and charm. No "fixing" required here.

And the lovely recently renovated two bed two bath cottage at 712 Southard Street CLICK HERE has been reduced to $829,000 or $808 per sq ft. The large pool and rear living area CLICK HERE is just awe inspiring.

Each of the houses in this block offer something a bit different and may appeal to different buyers. A buyer wanting income to help pay for the cost of ownership may be attracted to the 530 William Street assemblage. A buyer that wants to make a mark on Key West surely would be interested in 730 Southard Street. Someone wanting a cozy Key West cottage with everything done just might fall in major love with 723 Southard Street. And that buyer who wants a large pool and total privacy could just as easily fall madly, crazily in love with 712 Southard Street.

Tomorrow I am going to write about the real estate sale for July and give my opinion, such as it is, about what has happened recently and where I think the market may be headed. If you are truly looking for a deal in Key West, consider the four properties mentioned here today. They share a great common location that is convenient to everything that Old Town Key West offers.

Please give me, Gary Thomas, 305-766-2642 a phone call, or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. We are an affiliate of Christie's Great Estates.

Major Casa Marina Short Sales - Key West Florida

I have written about the two new houses located at 727 and 731 Waddell Avenue in the Casa Marina area on several occasions. The houses were built in 2007. 731 Waddell Avenue is located at the corner of William Street and 727 Waddell Avenue is located next door to the west. Both properties are now each offered at the short sale price of $1,799,000 or $642 per sq ft.

This is how the new listing Realtor describes 731 Waddell Avenue:

"Casa Marina Beauty...circa 2007, this solidly built home features impact windows, hardie plank siding, a custom kitchen, double decks off the front and back, first floor bedroom and bath, and a generous great room to stretch out and relax. The second and third floors all have bedrooms with bathrooms ensuite. Sitting on a large corner lot with plenty of convenient off-street parking, a heated pool and spa with an elegant water feature and a mature landscaping presentation all contribute to this terrific home and the Key West lifestyle. This is a potential short sale and may be subject to 3rd party approval."

Each house is virtually the same except for the floor plans which are flip-flopped. The listing Realtor shows the houses have approximately 2800 sq feet of living space on a 5000 sq ft lot. Five bedrooms and five baths are unheard of in Key West. These are houses that can actually accommodate owners with large families or friends. No more sleeping bags or futons will be required. No more over-crowded bathrooms to endure.

The size of these two homes really set them apart from other new construction in Key West. The physical size and interior living space is bigger than just about any other new property in all of Key West. The lots are large. The interior and outside spaces are well thought out and are user friendly. Each bedroom has its own exterior porch. CLICK HERE for more detailed information on these properties and additional photos.

The beaches are one block away and Duval Street is a five minute walk to the west. I took THIS PHOTO and THIS PHOTO this morning. Both pics were taken one block away from 727 adn 731 Waddell. Theses houses are close to everything but far enough away for you to enjoy the peace and quiet of the Casa Marina area.

Please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. We area an affiliate of Christie's Great Estates.

What Are You Doing the Rest of Your Life? Will You Spend "It" in Key West?

When I found the photo above of a ship coming into Key West I was reminded of one of my very favorite songs ever, Michel Legrand's "What Are You Doing the Rest of Your Life?". Of course the lyrics deal with one's desire to spend the rest of his or her life with that special someone. But if you think about the lyrics and add in how to spend the rest of your days, that melody may evoke that yearning that so many returning visitors to Key West have: to spend the rest of their lives in Key West.

We have our problems in Key West. If you follow the politics in any of the Key West newspapers, you know that our politics are always interesting and that some of our politicians even end up on the crime page. We have our bouts with bad weather. But most of the time the weather is just wonderful. When I tell people I actually enjoy the rain, they think I am nuts. But most locals enjoy the occasional bad days. Conch Trains and tourists on motor scooters honking their horns are my biggest annoyance in life. If you live someplace with problems worse than crooked politicians, an occasional rainstorm, or tourists who toot their own horns too often, maybe you should consider buying a place in Key West where you can spend the rest of your life.

I fell in love with Key West on my very first visit. It took me nine years to eventually buy my first place. I regret that it took me so long because each year I wasted trying to get the "best deal" prevented me from achieving my ultimate goal. When you consider how many years you may really have in the "rest of your life", how many thousands of dollars is it worth to you to get to the point where you can make your move here?

When somebody young and famous dies accidentally or because of some disease, I remind myself how fragile life is. When you are gone, you are gone. That is it. You get one shot. If you are religious maybe you get a second shot in heaven. But your shot on earth is over. If you are fortunate enough in life to be able to make choices, where will you spend "All the nickels and the dimes of your days"? Will it be someplace cold up north in a city filled with people, cars, commotion, smog or whatever? Or will it be in little Key West where you can walk from the Gulf of Mexico to the Atlantic Ocean in about 30 minutes? Or where you can watch a dog ride a bike or some zany Key West character living his life out loud.

CLICK HERE to search the Key West Association of Realtors MLS database. If you see a property that interests you, please call me, Gary Thomas, 305-766-2642. Let me help you make "the reasons and the rhymes" of your search to spend the rest of your days in Key West.

922 Thomas Street - Bahama Village - Key West

The Old House at 922 Thomas Street in Bahama Village needs a new owner. It needs an owner that has vision, some cash, and a good contractor. And, oh yeah, a green thumb would be really useful. CLICK HERE to see the listing info and a couple of listing photos.

922 Thomas Street is a very modest two bedroom one bath house with 821 sq ft of living space. There is some new vinyl siding on the outside and a few windows have been replaced. But not all of the windows match, and though the house is perfectly usable as is, it could be so much more. The property is priced at $350,000 or $426 per sq ft.

Before you start to chime in and saying "Gary you have lost your mind!" consider this: the lot is huge for Old Town (58' frontage X 139' depth), or 8004 sq. ft. CLICK HERE to view a not so good photo that shows the depth of the property. There are two fences. The first fence at the back of the house is covered in green vines. The actual property line extends another 50 or 60 feet beyond that fence to the barely visible fence at the the very rear. The lot is enormous and the property size is where I see potential. There is plenty of room to greatly expand the current house, add a pool, put in some off street parking, gate the driveway and put up a white picket fence in front. But it is that space to the rear that just really intrigues me. There is room for a corn crop for now and hold the ground for future development.

Also you need to consider the neighborhood. I took some photos of the adjacent properties to help you both recognize the location and to see who the actual neighbors will be. Next door to the south CLICK HERE is the Bethel AME Church on the corner of Thomas Street and Truman Avenue. There are two single family houses just west of the church CLICK HERE whose small backyards abut the rear portion of 922 Thomas. They currently have no room for a pool. But someday the owners of those houses may really wnat to have a pool. The property immediately south of 922 Thomas Street CLICK HERE is a smartly remodeled home that is owned by a judge. (Notice the bricked driveway.) There are three additional properties directly across the street that are equally smartly remodeled. CLICK HERE, CLICK HERE, and CLICK HERE to see these properties. Each of these properties are as nice as almost any property you would see in Old Town. At least half of the homes on this block have been nicely redone.

I know there are buyers out there looking for project properties. 922 Thomas Street has a lot of upside potential in my opinion. The house is tenant occupied so we need at least 24 hours notice to schedule a showing. I think this house is definitely worth a look. If you would like to see this house, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty in sunny Key West, Florida.

1115 Georgia Street - Key West - Priced to Sell

The modified eyebrow house at the corner of Catherine and George Streets was just put back on the market after taking a bit of a rest during the price adjustment in Key West housing. The house was listed on and off for a couple of years and was even featured on one of those "help me swell my house TV shows". The "how to guy" is that overly big muscle guy with the shaved head. He painted some rooms, moved some furniture, and re-located the owners' parrot to the rear deck for the final "reveal". None of his tricks worked.

Today 1115 Georgia Street is priced to sell at $599,000. This is NOT a SHORT SALE.)The 1992 sq ft house sits on a corner lot of 3894 sq ft on the eastern edge of Casa Marina near the southern edge of Old Town. The main part of house has 2 bedrooms and baths plus what the listing Realtor calls a third "satellite bedroom/bath" (I'd call it a guest unit). The house has a real nice pool and covered off street parking. All of this is available for only $599,000 or $301 per sq ft. This is how the listing Realtor describes Georgia Street:

"This historic home sports 3 bedrooms and 3 baths. The third bedroom and bath is a satellite bedroom/bath, which is very private and access is up the outdoor spiral stair. Centrally located at the corner of Georgia & Eliza, the entire property is fenced in for your privacy. With a pool, car port and lush landscaping."

Let me tell you why I think this house did not sell before and why it is a good value today. Besides the obvious price difference (previous price was $1,075,000), the biggest detractor may be the neighborhood. There is a church across the street and the White Street shopping area is a block away. So people who go to church are present one day a week or so. Big deal. The church members aren't there partying all hours of the day and night.

Faustos Food Palace(complete with on-site genuine butcher) is a block away as are several coffee shops, a couple of gyms, dog store, tile store, paint store, hand job car wash, a couple of gas stations, and the best chicken in all of Key West at the Quick Mart. Bayview Park CLICK HERE is one block to the north. It has tennis courts, kids playground, an old fashioned bandstand, and lots of grass and trees where you can walk your dog and meet your neighbors. Elementary and middle schools are withing walking distance. Old Town is a quick bike ride and the shopping centers are an easy jaunt. The ocean is a clean shot down White Street about six blocks to the south.

CLICK HERE to see the photos of 1115 Georgia Street provided by the listing Realtor and get some more details on the property. Better yet, please call me, Gary Thomas,305-766-2642 to schedule a showing of this house. It is priced to sell now. Compare it with other houses similarly priced and you will appreciate the value I now see in this house.