Maine to Key West - January 2011

Maine January 2011

South Beach - Key West - January 2011

I have two active buyers I am working with right now that live in Maine. One is buried under 20 inches of snow in Maine, and the other is spending the winter in Cabo San Lucas, Mexico. Both dream of buying a place in Key West. They are like many other buyers in New Jersey and the northeast and others in the midwest that want to buy their dream home in Key West. A buyer in New Jersey told me last week he is waiting until his daughters finish high school and then he and his wife are moving here. He already has a house here, but he is going to enhance his Key West holdings. He stated emphatically he has had it with the cold. I remember those sentiments exactly.

For those of you who keep putting off buying your place in Key West, I offer the following statistics that I just culled from the Key West Association of Realtors database and Monroe County Clerk of Court website.

In the time period between December 1, 2010 to January 21, 2011 there were 160 new listings (single family, condo, townhome, duplex) in the Key West mls database (yes, some are re-listings of previously unsold properties, but most are new). During the 58 day time period, 83 properties went under contract and are shown as 'contingent' or 'pending'. And 35 of the 83 properties that were listed (or re-listed) during the 58 days are now under contract. If I did my math correctly, 42% of the new listings went under contract since being listed on or after December 1, 2010.

The Monroe County Clerk of Court shows that only 6 properties in Key West became 'bank owned' in the time period between December 1, 2010 until January 14, 2011. (That is the last date of recorded transactions.) During the same time period only 6 new lis pendens (the legal document that gives public notice to the world that an action adverse to the owner of real property - e.g. foreclosure) were recorded for Key West properties. This is a signal to me that our market is on the way to recovery.

Every Realtor in Key West is busy right now. It may be snowing and blowing where you live. But down here the buyers are buying and buying. Don't miss the present opportunity to buy your dream home in Key West. If you are not working with a Realtor please consider contacting me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida where the is never any snow.

1222-1224 Johnson Street - Key West - Short Sale

1222-1224 Johnson Street - Key West

Want to have your cupcake and eat it too? The cute legal duplex located at 1222-1224 Johnson Street in the east area of Casa Marina may be the answer to your dream of having a place in Key West that you can use for yourself and also legally rent to pay part of your mortgage costs. The property is priced to sell at $429,000. The listing Realtor says this about the duplex:

"Legal duplex with a spacious 2/1.5 and a studio. Good condition with some nice upgrades in the large unit. Each side has a walled yard and parking. Great location near the beaches & White St. pier. Short sale subject to bank approval."

The key words or phrases in the description tell us that (1) the duplex is 'legal' as opposed to a mother-in-law that may not be legal; (2) the space you could rent (or retain for self-use) is small (expect rent of $800 on the small unit); (3) it is in good condition-meaning a new owner will not be required to do a lot of deferred maintenance; (4) it's got upgrades like travertine marble floors and nice cabinets; (5) each unit has private outdoor space (living in Key West is much nicer if you have actual private outdoor space); (6) it has private parking for two cars; and it's located near the White Street pier and the beaches. CLICK HERE to checkout the Key West mls database and to view more photos of this property. Click PHOTOBUCKET to see lots of interior and exterior photos.

CLICK HERE for a GOOGLE MAP aerial view of the area. The above photos do not do the location justice. There are some really nice large Casa Marina homes located east,west, north and south of this property. The photo immediately below is the large home next door to the west and below that is the house across George Street to the east. Not bad company!

next door immediately west

Across Georgia Street on the corner

Off street parking for two cars

Private yard for the larger unit

Separate private yard for the smaller unit

Don't let the term 'short sale' scare you away. The lender that has the mortgage on this property is a local bank that can make a relatively quick evaluation of any short sale contract.

The supply of available homes for sale in Key West that are priced in the $400,000 range is shrinking. Think outside the box and consider buying a property that could throw off a little income in exchange for a small loss of total privacy.

1222-1224 Johnson Street is a listing of Preferred Properties Coastal Realty, Inc. (that's where I work). Please call me, Gary Thomas, 305-766-2642 if you would like to see this nice property neat the beaches.

Petite Maison Jaune - Little Yellow House

I found the pic above and decided it tells a simple story about Key West, the place I decided to call home. I was not born here. I was born in Denver and stayed there until I got so damned tired of shoveling snow and driving on roads that moved too fast and living with too many strangers.

I fell in love with Key West the very first time I came here. A lot of people do the same. Some other first time visitors hate this place and can't wait to get away. Good for them. Haters aren't welcome here. But the welcome mat is out to everyone else. There is a slogan the tourist group uses to entice people to come to Key West - Come as You Are.

petite maison jaune

I found the photo above and it reminded me of that first trip I made to Key West-the time I fell in love with Key West. The caption beneath the photo read "petite maison jaune" or little yellow house. People from all over the world come to my chosen home to see what this little island at the very end of America is all about. They take pics of the little cottages and grand houses and everyday things that intrigue them as they figure out that Key West is different. Like the pic below.

Whatever is so important will have to wait until after Thursday - which is more important

Sometimes they caption the photos so perfectly that the viewer gets the exact feeling the photographer had when he or she captured the photo and shared it with the world.

'Little House'

If you are looking to simply your life and want to buy a little place in Key West, please consider contacting me, Gary Thomas, 305.766.2642 or by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Come as you are and live your life the way you want.

Slim Pickings in Key West

Dictionary.com defines the phrase slim pickings as

A small amount left after others have taken a share. For example, After each of the children took what they wanted of Mother's things, it was slim pickings for the rest of the family. This expression alludes to animals devouring a carcass.

A couple of short years ago the moaners and groaners were belly aching over the 'glut' of houses for sale in Key West. Much of the glut has been sold, but some of the houses that were for sale then are still for sale today. Of that group many were priced way too high for the market or were located in areas that buyers just would not consider either because of the price, price per square foot, flood elevation, or just perceived bad area. A seller cannot change location, but he can change the price to meet the market. Some sellers learn and others do like they did in 6th grade math - they fail.

Most full time Key West real estate agents are very busy these days showing houses. Town is full of would-be buyers looking for their dream place in Key West. I am here to report that what was once a glut of houses is no more. We have slim pickings.

Since December 19, 2010 32 single family homes (priced from low $200s to $1.8 million) have gone under contract. During the same time 22 condos, townhomes, and duplexes have gone under contract. Those 54 units constitute approximately 9% of the Key West market that went under contract in the last 32 days.

Most of the sales activity has been in the sub $400,000 range which is the comfort level for many second home buyers and most full time local buyers. Seven single family homes priced between $850,000 to $1,895,000 went under contract with four homes priced over $1 million. That's pretty impressive.

I don't mean to overstate or to understate the current market. There are still over 500 condos, townhomes, and single family homes for sale in the Key West area. CLICK HERE to do your own free search of the Key West Association of Realtors mls database. See for yourself what is left for sale. I work with buyers all the time that have similar dream homes and price expectations in their minds. The number of properties available has achieved the slim pickings status. I don't want buyers to give up on getting their dream home. There are still plenty of over-priced properties out there. We are now a quarter way through the Key West selling season. My job is to help my buyers find their dream home in Key West and turn those slim pickings into a good deal.

If you are looking to purchase your dream home in Key West, please consider working with me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me help you find your place in Paradise.

605 Free School Lane - Old Town - Key West

Free School Lane during Fantasy Fest

605 Free School Lane is located at the end of the quiet little the lane

The listing Realtor describes 605 Free School Lane in Old Town Key West this way:

"Absolutely beautiful renovation from top to bottom: This transient licensed home situated at the end of a quiet dead end lane in the heart of the historic district is currently being used as a vacation rental. The spacious floor plan includes a main level bedroom and bath, large galley style kitchen and great room with French doors that open to a large covered porch. Upstairs are two enormous master suites with French doors to a partially canopied balcony overlooking the landscaped yard and pool. Features include high ceilings, wood and tile floors and heated pool. The property is being sold beautifully furnished. Prior owner parked small car on property. Landscaping would have to be reconfigured to accommodate small vehicle."

The property is located in the best location in Old Town. The house is hidden away near the very end of a quiet little lane that ends at Nancy's Secret Garden. Click GOOGLE MAP to see an aerial view of the location. Actually look at the map and see how far removed this house is from day to day life.

The house was built new in 1984 and has recently been renovated. It is used a legal vacation rental, and it has the requisite Transient Rental License which permits daily rentals (but this property is only rented on a weekly or longer basis). The house is almost always rented. The good new is the place is a solid money maker. The bad news is the more often you use it yourself, the less income you will get.


When you enter the gate from Free School Lane you first see a lush yard with free form heated pool and then you see the beautiful 2 story home with an inviting large covered front porch. The first level features a great room, large galley style kitchen, bar area, full bath, bedroom and tile floors. There are French doors on either side of the great room that allows pool and tropical garden views. Upstairs are two enormous bedrooms with private baths, vaulted ceilings and wood floors. All rooms throughout the home have French doors opening to the outdoors. You won't believe the views from the second floor. They will make your friends green with envy.

For further reference this property is located very near the Hotel Marquesa. Duval Street is just one block to the west. Sarabeth's Restaurant is only a half block to the south. The Tropic Cinema, Red Barn Theatre and The Waterfront Playhouse are within a five minute walk. The Historic Key West Seaport is also located within easy walking distance. There's even a Starbucks on the corner of Duval and Fleming, just one block away. Nearby Fausto's Food Palace is a great place to buy regular groceries, delectable bites, and it has a first rate wine selection.

605 Free School Lane is offered at $1,199,000. CLICK HERE to read more information in the Key West mls datasheet and to view interior photos. This property is consistently rented. Advance notice is required to arrange showings so that guests are not disturbed. Please call me, Gary Thomas, 305-766-2642 to arrange a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

Southernmost Point Guest House

Southernmost Point Guest House

Preferred Properties Coastal Realty, Inc. (that's where I work, but this is not my listing) just listed the Southernmost Point Guest House.


The listing Realtor describes this property this way:

"The Southernmost Point Guest House is a one of a kind property! The same family has been welcoming guests to this Victorian era mansion for over 20 years! Located on an enormous corner lot,the seven units are individual apartment units, not just rooms. Wide wrap around verandas offer views of the ocean, the pool and the tropical gardens. The grounds are large enough to accommodate parties on one side and peaceful solitude on the other. This versatile property could generate ancillary income through additional retail/commercial uses. Features include off street parking, a commercial grade laundry,and an A+ location in the heart of Key West's tourist area. This is a great opportunity. Seller financing possible to qualified buyer."

The county records indicate the house was built circa 1885
The above photo was taken in 1965

I went by the property this morning to take some current pics for you to see. I like to compare the way some of our grand old houses look today from yesterday. The sign on the front porch says it all -- NO VACANCY. That sign rarely moves because this place is always full.


The three most important words in real estate are location, location, location. The Southernmost Point Guest House has one of the very best locations in Key West. Click GOOGLE MAP for an aerial view that proves my point. The property is located about 200 feet from the Atlantic Ocean. Some of the rooms and verandas have ocean views. The property is one half block east of the world famous Southernmost Point so a lot of people walk by or drive by the location every day. The location is near the fun stuff and great restaurants on or near Duval Street, but it is not a the middle of the hubbub. At night the traffic is gone and the entire area is very peaceful. That is why so many visitors come back year after year.

South Beach

The current owner has a very successful business plan evidenced by that constantly hanging NO VACANCY sign. A new owner will probably develop a new business plan and perhaps redesign the spaces and usage. I think this property could successfully compete with a couple of our boutique hotels.

The Monroe County Property Appraiser shows 8296 sq ft of building space and a large 14,575 sq ft lot. That lot includes the buildings, gardens, pool, and the parking lot. The availability of on site guest parking is a feature most guest houses do not have.


CLICK HERE to checkout the Key West mls database and to view more photos on this property. Better yet, please contact me, Gary Thomas, 305.766.2642 or by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Our office is the exclusive Lower Florida Keys affiliate of Christie's Real Estate.

507 Frances Street - Old Town - Key West

507 Frances Street is located on one of the best blocks in Old Town

Dismissed. That's what buyers have done to this interesting property at 507 Frances Street in Old Town Key West: they have dismissed it. They have ignored it. They can't figure out what it is or why it should interest them as a possible home in Key West. I'm here to shed some light on this property and perhaps create a little interest in it.

507 Frances Street (above) in 1965 with suggested changes by me

507 Frances Street intersects with Curry Lane - January 2011

I found the Black & White Photo (above) that shows how this property looked back in 1965. Compare that photo with the color photo just below. The place has not changed much. You will note that I added some text to the Black and White Photo to suggest possible changes to this house because I think change is exactly what is needed.

The Red Doors on Caroline Street

701 Southard Street Key West - January 2011

507 Frances Street is one of five double gable houses that I am aware of Key West. The others are located in the Meadows area, Petronia Street, and two familiar properties (the Red Doors on Caroline Street and an apartment building at 701 Southard Street). If you study 507 Frances and compare it to either the Red Doors or 701 Southard you will immediately see that Frances Street architecture is basically the same. That is, there are two buildings seemingly joined at a common point with the resultant double gable roof. Frances is different, however, since the porches on Frances Street were enclosed sometime in the past (at least pre-1965). But the three properties share another interesting feature: they are all site-situated right at or very near the sidewalk. There is no front yard or fence to set the building off from the sidewalk.

Imagine the front porch enclosures eliminated and the interior ceilings vaulted

Imagine the rear with a pool and French doors up and down with second floor cantilevered deck

The county records aren't much help on this property. They state the building was built around 1930 but that is the story of so many old properties. Many of the homes in the area are pre-1900s so it would be pure speculation to say one date over another. The records do show the current building as having 2107 sq ft of living space that is situated on a 38' x 50' lot. The house abuts Curry Lane, one of the most of the slow lanes of Key West.

The listing Realtor describes 507 Frances Street this way:

"This sturdy double gabled building is situated in a very nice area of Old Town Key West. Historically, it is said to have served as one of the early schoolhouses in Town, then later as a church. Presently in use as a 3-unit licensed year round rental producing total annual rent of $48,000, with the tenants paying utilities. The building could convert nicely to a fine single-family residence."

I showed this property in early 2010 but neglected to take any interior photos. The front porches are integral parts of the current usage. I recall the original exterior walls at front are still in place and doorways open onto the porches. An interior stairway provides access to the three units as currently configured. It works fine for the current usage but a new stairway could redefine the usage as a single family residence. The second floor units is very charming but it could be a wonderful master bedroom with en-suite bath and rear deck overlooking a new pool below. The ceilings could be vaulted and the whole interior spaces transformed into a very decent sized Old Town residence with a striking architectural style. Conversion of the enclosed porches to open porches would reduce the living area by about 300 sq ft but it would add a tremendous amount of charm to the facade.

CLICK HERE to checkout the Key West mls database and to view listing photos of the interior. This is not a short sale but I would advise the current owner purchased this property in 2006 at a much higher price than the current asking price of $599,000 or $273 per sq ft. Keep the property as is and collect rent or do some interesting renovations.

If you would like to see 507 Frances Street please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. To those that dismiss this property I say HOOEY!

1012 James Street - Old Town - Key West

If you are looking for a cute Key West cottage with a pool and off street parking priced under $550,000, I may have the answer to your search. The very lovely home at 1012 James Street just had a price reduction to $535,000. The listing Realtor describes the home this way:

"This is a magical cottage with an open floor plan, saltillo tile floors, wonderful screened porch overlooking the 10 X 20 foot pool (7 feet deep with swim jets) and gardens. In addition, two sets of French doors from the living area open to a beautifully designed side porch which also opens from the kitchen and has access to the pool and gardens. There are two bedrooms upstairs each with private half baths and a full bathroom on the ground floor. Off street parking."

One of two bedrooms on second floor

Screened porch overlooks the pool and gardens

The back of the garden opens onto Thompson Lane

I wrote about this cottage the day it was listed in February 2010. I must say I am surprised it did not sell. I really thought it would go quick. I have shown the house several times since then.

The main living level is so Key Westy. You walk inside the front door and you either 'get' the house or you don't. By that I mean it has not been all fussed with. The living room isn't fancy but rather laid back and inviting. The stairs to the second floor (where the bedrooms are located) has no handrail. An accident waiting to happen for the alcohol impaired, perhaps, but the stairs become part of the architecture of this place. The kitchen is off to the left. There is no granite or marble or stainless steel. The kitchen is plain white, but it is so damned cute and utilitarian at the same time. And just beyond the living area is a screened in porch that overlooks the cool pool and bricked garden.

If this house was located on William or Elizabeth Street it would have sold in no time flat because it has all of the features second home buyers want except one: location. Oh it is in the right part of town, except it isn't. It is in Old Town but not the right street. Much of the nearby area is commercial including Manley deBoer Lumber Company, Keys Energy, Finnegan's Wake, and the Key West parking garage.

Just one block north other nearby neighbors include the Historic Key West Seaport and destination places like Dante's, Schooner Wharf, Harpoon Harry's, A&B Lobster House, etc.

If you have trouble with stairs, this is not the place for you. CLICK HERE to checkout the Key West mls database and view more listing photos. If you like what you see, please call me Gary Thomas, 305.766.2642 to arrange a showing of 1012 James Street. This really is a cute place and you owe it to yourself to look beyond the neighbors you may find objectionable at first. I think you will be delightfully surprised. Seriously! I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.