Merry Christmas

923 Eaton Street - Key West - Back on the Market

If you are a frequent visitor to Key West, you have surely driven or walked by 921 and 923 Eaton Street,  the two side-by-side gems that rival the famous "Painted Ladies" of San Francisco. Although not as elaborate, the Key West Ladies speak to the simplicity of design that characterize many of the houses in the Old Town area.  In his book The Houses of Key West Alex Caemmerer wrote "What particularly impressed me at that time, although many of these houses were small and owned by people of modest means - mostly local workers, they had a simplicity of line and an aura aura of elegance and dignity which had the same effect on one as does, for instance, a simple Bach tune."

Now you may think my comparison of the Painted Ladies in San Francisco to the more modest Key West Ladies is a stretch. You might be correct but consider that Alex Caemmerer selected the modest house at 921 Eaton Street as the cover photo for his book about Key West houses.

921 Eaton Street as photographed in 1965

923 Eaton St as photographed in 1965

Who would have thought that these two simple little houses owned by locals of modest means would become iconic representations of Key West architecture. But that is what they did. Now, the sad fact is that between the time Alex Caemmerer immortalized 921 Eaton Street and the recent Recession, the two ladies fell into disrepair as both properties were foreclosed upon. You can see that the new owner of 921 Eaton Street has started a restoration of that residence. 923 Eaton Street went under contract soon after it was listed for sale in October. It went back on the market today at the asking price of $498,400.  The listing agent describes the property this way:

"The perfect Christmas present, historical charmer so close to the Seaport and Key West's shopping and restaurants. Once you walk into this home you will be delightfully surprised by the large open living areas, high ceilings,huge back yard and endless possibilities. Perfectly livable home is ready for you now, or your upgrades to make this a gem sparkle and shine! Rare, huge,fenced, back yard complete with brick pavers, allows for expansion of existing home AND pool AND pool/guest house. Dade county pine galore and beautiful new hard wood floor in the spacious living room, front porch, upgraded baths and kitchen, separate indoor laundry room. Bring your best offer as this one won't last at this price!"

 

The Monroe County Property Records date the construction of both 921 and 923 Eaton Street at 1906. I experienced frustration today trying to access the historic Sanborn Fire Maps for Key West and was unable to enlarge a particular file which show 923 Eaton being in place in 1889.  I saw a house at that location for that date, but I was unable to decide with reasonable certainty that it is the same house. But I am pretty sure it is.  This little area is located near the Historic Key West Seaport which is located just two blocks to the north.  Many of the old homes in Key West are located in this area because the earliest residents of Key West lived here near their work - the seaport.

No matter the exact date it was built, the fact is the 923 Eaton Street has the earmarks of a really old house and includes lots of Dade County Pine walls, ceiling, floors, traditional windows, scuttles on the second floor roof, etc. The house was updated around 1988 from what I can determine in the Property Records.  It looks to me like the an interior wall or walls in the front part of the house were removed to create the current living room.  A new addition was added to the rear where the kitchen was updated, a bath and laundry added, and a large combination dining/family room with modern sliding doors were added. The back yard was bricked-in and some landscaping was added. A bathroom was added to the second floor as well. I assume all renovations were done at the same time. What was in style 25 years ago now looks tired and needs updated or maybe replaced.

The constant feature of this property is the historic character of the original house and the very large (deep) back yard where there is room for a large pool or maybe a smaller pool a a guest cottage.  CLICK HERE to view the Key West Association of Realtors mls datasheet on this property. 

Key West is packed to the brim with Christmas visitors. Somebody very well may this place this weekend.  Do pass up this second chance to get a cute little Key West house with room for a pool. If you would like to see 923 Eaton Street please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise. 

Recent Key West Guest House Sales

Whether you are a long time reader of my blog (I appreciate all of you!), or a new reader that wants to buy a guest house, or maybe a potential buyer of a single family home or a Key West getaway condo, take note of the recent Key West guest house and hotel sales shown below.

In November 2012 I reported on the sale of several Key West guesthouses which included the Coconut Grove Guesthouse, Oasis Resort, Coral Tree Inn, and Seascape Inn. The Oasis and Coconut Grove guest houses sold for $7,200,000 or $200,000 per room for the 36 room guest house complex.

The same Seller/Owner also sold the  Coral Tree Inn with 11 guest rooms for $2,100,000 on December 28, 2012. The Coral Tree is now a part of the Equator Resort, a gay male resort. I snapped an early morning pic of the the new addition to the Equator Resort. It look so much better.

The Seascape Tropical Inn (above) Guest House with 7 licensed rooms sold for $2,000,000 in November 2012.

The much smaller Watson House (above) at 525 Simonton had 3 licensed rooms was a short sale that sold at $1,440,000 in January 2013.

The Sea Shell Motel and International Youth Hostel (below) located at 716-718 South Street has 17 transient licensed rooms and sold in October 2013 for $2,900,000.   

The Cypress House 601 Caroline Street sold in February 2013 for $3,850,000. It has a total of 22 guest rooms with licenses.  I stayed at the Cypress House on many occasions in the 1980s. It was and is one of the most beautiful old homes in Key West. The price paid reflected the condition of the property at that time and the lack of private baths for all rooms at that time. I found an old photo (above) of this iconic property. The building has not changed, for this we can all be thankful.

The primary reason I decided to move to Key West to buy and operate a guesthouse. One of the places I looked at but did not buy was called Big Ruby's that was located on Appleroth Lane not quite one block west of Duval Street. I saw the building when it was empty and nearly abandoned. It was offered at $500,000.  The building had a definite sway to one side.  I feared the cost of renovation and repair which  ended any further consideration of the property. I was short sighted and learned that what you see is not what you get. (It works the other way as well: things that seem to be in god repair may not be.) Somebody else purchased Big Ruby's.  It was renovated, a new building was added, and two buildings on Whitehead Street acquired to expand the property into a complex with 38 licensed guest rooms.  Big Ruby's sold in July 2013 for $7,200,000. 

Pearl's Key West (below) sold in November 2013 for $9,250,000. This property has 38 licensed guest rooms. It had two pools, licensed bar, and some off street parking.   

Last week the world famous La Te Da was sold for $6,300,000. The listing realtor aptly described the property as an "Iconic Guest House That Started It All. La Te Da Has A 193-seat Restaurant With A 5-cop Liquor License, A Hotel & An Entertainment License, Two Bars, Cabaret, 16 Licensed Transient Units, Pool. Own A Legendary Property And Business.  I stayed at La Te Da during my first visit to Key West nearly 30 years ago. I knew within a few minutes of sitting at a poolside table to eat lunch while our rooms were being prepared that La Te Da was not like any other hotel I had ever been to. A lady seated next to me at a two-top got out of her chair, took off her sarong, walked nude into the pool, swam one lap, and then emerged to put her sarong back on and finish her lunch.  Larry Formica built this little gem and made it something so special to all of us who stayed there, ate there, drank there, or who attended tea dances in years gone by.  I wish the new owners good luck. 

Earlier this year I wrote that the 260 room Southernmost Hotel Collection in Key West sold for $184,500,000 and the Pier House Resort and Caribbean Spa sold for $90,000,000.

I think active buyers of guest houses and single family homes need to reflect on the extraordinary prices buyers have recently paid for guest houses and hotels. Key West has weathered its way out of the recession and the BP Oil Spill fiasco that scarred tourists and buyers away in droves.  Our economy really got a double whammy for a couple of years. Some buyers feared the recession was not over and refrained from buying thinking prices would continue to decline. Then overly aggressive TV and newspaper reports spread fear that the Florida Keys would be polluted from oil from the BP oil spill. Tourism declined first from the fear of oil contamination and later from tourists demanding demanding discounted rates for lodging, food, and other tourist related businesses. 

After everybody realized the recession was really over and that the reports of oil pollution were untrue, tourists and buyers came back. The buyers had stashed cash and were ready to buy. The short sales, bank owned bargains, and backlog of real estate inventory began to sell. And they sold and sold until the inventory of low to moderate housing was nearly depleted.  Buyers looking for quality homes in Old Town and Casa Marina returned and started buying up the bigger properties. If you spend hours on Zillow, Trulia, or the Key West mls you may already know that many new listings are being now going under contract within a few days after being listed. I am not making this stuff up.  It is really going on - not all houses and not all price ranges. But there are many properties in all price ranges that are being purchased within a few days of being listed for sale. 


Please note, I was neither the listing agent nor selling agent on any of the sales shown above. I think the prices being paid for hotels and guest houses reflect a realization by investors that Key West is a good long term investment.  If you are looking to buy a guest house, a cottage or home, please consider calling me, Gary Thomas, 305-766-2642.  I am a buyers agent and a full time Realtor at Preferred Properties Key West.  I love living my life here.  You will too.

414 Louisa Street - Key West - A Christmas Wish Come True

Santa arrived in Key West a couple of days early this year. Good guys and gals may find the new listing at 414 Louisa Street in Key West their Christmas Wish come true.  This Charming Conch Cottage is a totally renovated home with vaulted ceiling in the living area, two bedrooms, two baths, off street parking, a pool, located near Duval Street, capable of being used as a legal vacation rental, and priced at just $850,000.  The house has 948 sq ft of living space on one level plus an easily accessible attic where you can stash the kids. This home was just listed by Preferred Properties Key West, that's where I work, but this is not my listing. The listing Realtor describes the property this way:

"Unique 2/2 Conch Cottage in a very desirable location with both pool and off street parking. Renovated in 2009 and meticulously maintained since. Lots of special features including custom Jacuzzi tub in master, cove lighting, open/beamed ceiling and LED lighting feature in the pool. Hot and Cold outdoor shower for the pool guests. Special home that must be seen to be appreciated."
I looked in my old shoe  box and found a photo of 414 Louisa Street dated 1965.  Compare the spartan way it looked back then to the new and improved way it looks in 2013.   

 The listing Realtor told me the current owners completely renovated the property by replacing the piers, adding all new electric and plumbing throughout the house. The bedrooms and bathrooms were redesigned and fitted with all new bath fixtures, tiles, etc.  Take a look at photos that show this house from the front door to the pool in the back. And then CLICK HERE to view many more photos.

 

 

The pocket doors retract and reveal the spa-like master bath with Jacuzzi tub and designer fixtures.  There's a TV mounted on the wall so the two of you can enjoy your favorite programs.

 

 

French doors at the rear open to the covered rear patio and swimming pool. There's an outdoor shower around the corner as well.

I think 414 Louisa Street could make an excellent vacation rental. It is located on a very quite one-way street just one half block away from Duval Street. It is within easy walking distance to South Beach, the Southernmost Point, the Hemingway House, and the historic lighthouse, and a short walk to Ft. Zach Taylor State Park and Beach.

414 Louisa Street is offered at $850,000.  CLICK HERE to view the Key West mls data sheet.  But better than looking a descriptions and photos online, please call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com to set up a private showing of this Key West cottage that could be the answer to your Christmas wish list. I am a buyer agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.

13 Kingfisher Lane - Key West Golf Club

Just listed - 13 Kingfisher Lane at the Key West Golf Club. This remodeled 1100 sq ft town home is the best priced three bedroom, two bath unit available and is offered at $375,000.

Twin sets of French doors expand the main floor living area out to the wrap-around porch that over looks the adjacent nature preserve. The screen enclosed rear porch has views of the golf course.

 The home has new hardwood floors on the main floor, new kitchen with granite counter tops, stainless steel appliances, and custom cabinetry. There is even a built-in breakfast bar.

A unique feature to this unit is the half bath plus hidden laundry room located on main floor. Bi-fold doors open from inside the bath to reveal the laundry which is cleverly hidden away under the staircase.

 

The master bedroom with en-suite bath are located at the rear of the home on the second floor. The bedroom has a vaulted ceiling which dramatically expands the living space but still keeps the space in perspective to the home as a whole. Newly installed impact windows look out to the golf course. There are two more bedrooms plus a shared bath on the second floor. 

The Key West Golf Club has two community pools, one which is gi-normous, the community center and fitness center (included in the HOA fees), and expertly maintained streets and grounds that make this place so picture-perfect.  You will enjoy driving home through the lovely tree lined streets with each house having a white picket fence and differing architecture.  13 Kingfisher Lane is unique unto itself and it is pretty as a picture to boot.

The Key West Golf Club is an 18 hole public golf course.  CLICK HERE to view MORE PHOTOS of my new listing.

CLICK HERE to view the Key West mls datasheet and listing photos.  This home would make a great permanent residence, a terrific second home which could be rented as a vacation rental or as along term rental. The home is currently occupied by a five year resident who spotlessly maintains the home. The lease expires in April and the tenant is willing to stay or leave depending on the wishes of the new buyer. I would encourage buyers looking for an investment property to consider the cost savings of not having to pay some property manager ten to fifteen percent of your monthly income just to collect your monthly rent.  Property managers provide useful services, but one is not necessary if this tenant stays put.

I am the listing Realtor on 13 Kingfisher Lane. Please call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Key West.  This is an exceptional Key West property and it is the best priced three bedroom unit at the Key West Golf Club.