Suprising Luxury Home Sales Surge in Key West

I wrote about the house below located at 1026 Von Phister Street in Key West on August 2nd. I know that property very well - I live across the street. I was totally surprised when it went under contract the next day. The moving truck was there this past weekend. Listed for $3,295,000. It closed yesterday for $3,195,000 or 96.96% of asking. It was an arm's length transaction involving two separate brokerages. That sale is among many recent luxury home sales over two million dollars. I wanted to make sense of what is going on. I went to my MLS platform to search recent sales for the locations most in demand by second home and luxury home buyers.

Casa Marina Area

2019 - 4 Single Family Homes

• Average Sales Price $2,325,000
• Average Sales Price Per Sq Ft  $937

2018 - 5 Single Family Home Sale

• Average Sales Price $3,000,000
• Average Sales Price Per Sq  Ft $1,008

Old Town - The Historic District 

(Strict adherence to White Street as eastern boundary and United Street at northern boundary. Includes sales in Truman Annex but not Sunset Key).

2019 - 21 Single Family Homes Sales

• Average Sales Price $2,367,500
• Average Sales Price Per Sq Ft $1,099

2018 - 10 Single Family Home Sales

• Average Sales Price $2,225,000
• Average Sales Price Per Sq Ft $817

I noticed what I thought was a surprising number of single family home sales over $3,000,000. I searched the MLS and compared to 2018 to confirm my suspicion.

2019 - 7 Single Family Home Sales

• Average Sales Price $3,295,000
• Average Sales Price Per Sq Ft $983

2018 - 5 Single Family Home Sales

• Average Sales Price $3,225,000
• Average Sales Price Per Sq Ft $833

Three of the $3,000,000 plus sales were located in Truman Annex and four were located on Fleming Street.

There were two single family homes which sold in excess of $5,000,000 in 2019. There was only one sale in excess of $5 million during the same time period in 2018 and it was located on Sunset Key which is not a part of my consideration.

908 Fleming Street sold for $5,000,000 or $1,953 Per Sq Ft. This was no ordinary 2560 Sq Ft home. It was an extraordinary home plus cottage, zen cottage, dining pavilion overlooking lake-like pool sitting on a 10,681 Sq Ft lot in the heart of Old Town.

101 Admirals Lane was located in Truman Annex. It was built new in 1994. It was 3,173 Sq Ft main house plus master bedroom cottage, pool and grounds totaling 14,183 Sq Ft.  It sold at $5,870,000 or $1,850 Per Sq Ft.


Unlike the talking heads on television that know everything, I am trying to make sense of what is really going on in our local market. A couple of years ago I sold a big house to a former attorney-created a lot of money by selling an internet company he created. He felt Trump was too unpredictable and might cause the stock market to crash. He took some cash out of stocks to spread his risk into real estate. This risk aversion may be the explanation for what we are seeing in the Key West real estate market. There were many more multi-million dollar sales that I did not count because they are located outside Old Town and Casa Marina. I was surprised to see how many of those there have been as well.
  

Bob & Carol & Ted Alice & Gary as the Bridesmaid

It was New Year's Eve 1970 when I saw Bob & Carol & Ted & Alice with David and Lisa (not their real names).  Otherwise, this is a true story that has nothing to do with real estate.

David was my college dorm roommate between January to June 1968.  He replaced Richard Sanger who dropped out of college. What a shame. We lived in a co-ed dorm with male and female sections separated by a large common area with ground floor cafeteria and second floor lounge and tv area. Nobody had a personal tv in those days. We lived on the first floor southwest with the best group of guys I knew in my dorm days.  David and I became fast friends or friends fast.

David was a nerdy intellectual hippie. He had an engaging personality and a forever smile. He stood perhaps 5'7" tall and maybe weighed a buck twenty if that. His shaggy hair constantly looked like it needed washed. It draped to his collar but never below. He took showers nightly - he just didn't come out looking fresh as a daisy.  He wore horn rimmed glasses which appeared to be permanently anchored to the his pronounced mutton chop sideburns. He always wore Levis and a flannel shirt which looked like it needed to be ironed. His father was a full professor at another university who he spoke of with pride. He had an older brother who I learned more about, later.

David and I kept in contact after the 1968 term ended. I got a summer job as a clerk at the Jefferson County Courthouse in Golden, Colorado thanks to my political work for Judge Frank Jamison. David asked me to ask the Judge to officiate his marriage to Lisa. The Judge agreed. The wedding took at Genesee Park  just before sunset on a Saturday a week or so later. There were just five people present: the Judge, the Bride, the Groom, the Best Man (David's best friend from high school) and myself.  I decided that I had to be the Bridesmaid since David declared his friend Steve as the Best Man. The parents were not invited, nor were any other friends. The ceremony was short and sweet and over in a few minutes. If you click the link you can see for yourself why the couple chose this place to be married. The Judge returned to Denver. I seem to recall that we made hamburgers after the ceremony. Then we returned to our homes.

David's parents held reception at their home in Boulder a couple of weeks later. His brother was at the reception - a normal looking guy. There were a lot of people at that party. I still did not understand why the families and friends were not invited to the wedding. It was David and Lisa's decision and none of my business. We stayed in contact after that but lost the wonderful interactions you have when roomies really like each other.

David and Lisa lived in Boulder and drove to Denver on New Years Eve 1970. We went to see Bob & Carol & Ted and Alice. It was one of the first movies about the sexual revolution and included mate sharing and sharing too much personal information - the kind personal information that people just did not reveal in real life - until then. I don't remember the movie as much as I remember driving back to David and Lisa's  trailer in Boulder where I spent the night. They brought out a Ouija board. I had never seen one before. Nothing physical just asking the board to reveal all - that was some scary stuff.

A few years passed. Our contacts became fewer and fewer. It was the summer of 1976. I met someone who changed my life. I admitted to myself that I was gay. I felt the need to tell my family and Judge Jamison, the man who became such an important part of my life.  He said something like "I wondered when you would figure it out."  And then I thought about telling David. I called him. We agree to meet at Tulagis - a beer hall on the Hill in Boulder.

David greeted me with his famous "Roomie!". We embraced, drank beer, and talked about old times. I eventually summoned up the courage to tell David my big secret that I was gay. That was a really big admission to make in the early 70s. Nobody would admit to being gay. I wasn't sure how he would react. I hoped he would be cool. Instead, he said he had an admission: he was a cross-dresser. What? Did Lisa know? Yes. Within a millisecond I envisioned mutton-chopped, oily-haired, horn rimmed glasses wearing David modeling a long silky slinky red dress. It just did not compute. It never did and never would. He was not joking.

Then he told me more. His family lived in a far away country for a couple of years where his father taught at a university while David was a young teen. His brother was a year or two older. David said they had sex with each other on a regular basis. What? He said it was only mutual masturbation or oral. He thought nothing of it. I did! I could not believe this kid was more odd than I thought I was.

David and Lisa eventually divorced. David and I lost contact with each other  a couple of years later.  Earlier in my life when I was a lawyer and later worked in banking, I dealt with people undergoing challenging life experiences like divorce, drug and alcohol addiction, foreclosure or loss of business, being charged with a crime, and death. Over the years I have dealt some very successful and even famous people teetering on the edge. Now I sell houses. We all have our secrets and our vulnerabilities.

2601 South Roosevelt Blvd No. 501A, Key West, FL - Oceanfront Condominium

 Take a moment and consider waking up to that view each morning. It's possible. Just Listed: 2601 South Roosevelt Boulevard Unit 501A, Key West, Florida. This 980 square foot end unit has direct ocean views from the living room, kitchen and dining area, and master bedroom. The guest bedroom has courtyard views.

I found an artist's conception of the property (below) from the1960s. The front two buildings marked "A" and "B" were built in 1964. The "C" building was built in 1967.  Like any project built fifty plus years ago, Key West By the Sea has changed a bit. The buildings are the same on the outside. There is a second pool in the courtyard behind the "A" building. The landscaping has matured. The interior courtyard still has a big green lawn. There's an orchid garden and a tennis court as well. The difference with the property is how some owners have renovated their units while others remain pretty much unchanged. Unit 501A has not been substantially updated.

The Federal Aviation Administration is funding the installation of all new wind impact resistant windows, doors, sliders, and air conditioning as a part of the airport noise abatement program. This is occur by 2021 and will be at no cost to any owner or to the condominium association. I think this unit looks just fine the way it is. If I bought it, I would wait until the new windows and doors are installed before doing any interior remodeling. In the meantime, I would enjoy the pools, the tennis court, the orchid garden and the sandy beach across the street.

The Key West By the Sea Condominiums is a professionally managed association. Monthly condo fees for this unit are $612.56 and include cable tv, exterminating, building maintenance, all building insurances, common area and pool maintenance, security, and management. Pets are permitted. Rentals are not permitted until a new unit owner has owned the unit for one year. There is on site laundry as not all units have a washer and dryer in the unit. 501A does not have a washer and dryer but one could be installed during renovation. A second bath could also be installed.

CLICK HERE to view the Key West MLS data sheet on 2601 South Roosevelt Blvd No. 501A, offered at just $590,000, then please call me, Gary Thomas, 305-766-2642, to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Let Pythons Be Pythons but Not in Key West

I sold a really cute house in located in the Old Town area of Key West  to a couple from a Mid-Atlantic state a couple of years ago.  They hired a local architect to design a renovation for them. The architect marshaled the project through our Historic Architectural Review Commission and got approval for a stylish update including the addition of a pool in the back yard.

Demolition of the interior started several months ago. The new owners were recently in town and invited me over to see what has happened so far. I was really impressed. What once was is no more. New interior framing replaced the old rooms and sagging floors. An interior stairway was added to the very large attic space which created a good-sized bedroom, bath, and laundry area. The ceiling in the back addition was vaulted creating a whole new living area which will look out to the garden and pool.

As I walked from the back of the lot toward the rear addition the lady mentioned that the workers had recently captured a python in the backyard - right where I had been standing. Ekes! They then told me the workers called animal control who came over, captured the creature, and took him (or her) away. I said I had never heard of a python in Key West. They said the animal control person thought it was a pet that may have escaped or that the owner let it go free.

I have written before about people who move here and get a dog or cat because they are lonely and don't know anybody. I understand how petting a dog or cat could comfort just about any person. But not a python.

1424 White Street, Key West - Casa Marina Area

I remember driving home from work one late afternoon in 2002 when I saw what I thought was impossible -being razed in Key West. Checkout the photo just below and you can see the house that used to sit at 1424 White Street in the Casa Marina area. As you may be aware you can't tear down old houses in the Historic District and in some parts of Casa Marina or the Meadows areas. Houses that have been officially designated as historically significant by the Historic Architectural Review Commission must undergo rigorous approval process before the structures can be altered. And only a few houses meet the criteria that would permit demolition.

1424 White Street as it appeared in 1965

1424 White Street as it appeared in July 2010

Now look at the photo immediately above. Notice the striking similarity between the two and yet detect the differences. The obvious changes are the longer existent exterior stairway, the removal of the second floor porch "addition", and what appears to be replacement siding. Otherwise the porches and everything else looks pretty much the same. Or so it seems.

In the days that followed I watched the roof of the old house get hoisted into the air. Then piece by piece the old house was torn down. Stick by stick and room by room the house came tumbling down. Then bobcats moved in and tore up the earth under the old house. The site was clean except for the original which which was suspended in air. A new crew moved in and drilled holes in the earth for new concrete piers. Carpenters began building the frame for a new house in the space under the roof. Weeks and months went by and finally the roof was lowered onto the new shell. Siding was attached and the exterior was painted. The old relic porch stoop was restored and given new life but the historic bases were kept intact and intentionally not restored so as to keep a more authentic look. It is that old look that tricks the eye and makes one think the house itself is a relic when in fact it was "new" in 2003.

This is how the listing Realtor describes 1424 White Street:

"The perfect blend of classic Conch architecture with a stunning rebuild and renovation greets you at this coveted Casa Marina home. Although the historical piece dates to 1928 with the original concrete pillars in the front, it was rebuilt by an award winning builder from the ground up in 2003. Beautiful whitewashed Dade County Pine walls greet you as you enter the front door with a large staircase to take you upstairs to 3 of the bedrooms. The 2 guest bedrooms have a large renovated bathroom between them with beautiful turquoise quartz countertops and glass tiled walls. The master suite has 2 rooms with a cathedral ceiling in the bedroom and a large bathroom also filled with turquoise. The downstairs has a fourth bedroom currently used as an office plus a completely renovated bathroom.
Boasting large voluminous rooms with 10 foot ceilings this 4 bedroom/3 bathroom charmer showcases a fabulous open floor plan and entertaining space. The chef's kitchen was redesigned in 2018 and features beautiful Vadara counters, an undercounter beverage cooler, 5 burner gas cooktop, oven, wine refrigerator and top of the line stainless steel appliances. The kitchen/dining area flows seamlessly to a large family room with double French doors leading out to over 640 sq. ft. of Ipe decking surrounding the heated cocktail pool. The possibilities for this property can be endless, from a year round home to wonderful luxury rental option"

There is a large den or family room located at the front of the house which could easily become a guest bedroom or even a first floor bedroom when climbing the stairs becomes difficult as there is a full bath located adjacent.

The inside of this house is all about family and entertaining. The ceilings on both floors are high. The great room at the back of the first floor has a large family-style kitchen which extends into the living area and the adjacent semi-formal dining area. French doors at the back and rear side of the house open out to the rear garden and pool. Too many of the older houses in Old Town are claustrophobic. This home is the opposite. Big spaces make for big living.  Note the extra large crown molding, high baseboards, quality trim and clean real wood floors. This home was built by one of the premium local contractors to be his family's permanent home. While the wood walls resemble Dade County Pine of yore, they are new pine painted to look old.

The gentleness of the stairway and the second floor landing are so graceful. The master bedroom is located at the rear of the second floor. It's another good sized room with rear deck overlooking the backyard.

Two guest bedrooms share a large bath on the second floor. The master suite is located at the rear. All three bedrooms have access to the second floor covered front porch. The master suite is very large and has a unique closet system built into an office. The master bath is immense. My favorite feature of the bedroom are the multiple windows on two sides.

This 2392 sq ft home is located at the corner of White and Von Phister Streets in the Casa Marina area. It is offered for sale at $2,190,000. This home was built by one of the top residential builders in Key West for his family's personal residence. You can see the attention to detail on the outside and on the inside. CLICK HERE to view the Key West MLS datasheet and listing photos.

I live one block away and I love this area because it is close to everything. The White Street Pier and Higgs Beach are a short four minute walk away. That's where they shoot off fireworks at least twice each year.) Faustos Market is a few blocks to the north. They have a great little meat counter with an in house butcher. The Dairy Queen and numerous small restaurants are in that area as well.

If you a looking for a special place in Key West let me show you 1424 White Street. Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me show you the house that would not die.

1211 Knowles Lane, Key West - Price Reduced

 1211 Knowles Lane, Key West - 2019

1211 Knowles Lane, Key West - 1965

The listing Realtor describes 1211 Knowles Lane in Key West this way:

"Excellent opportunity to create your dream home in the X Flood Zone of Old Town, at just $563/SqFt! This 3BR/2BA is located on quiet, peaceful Knowles Lane & comes equipped with new floors, new stainless-steel appliances and a fresh coat of paint. Owner recently removed one section of paneling to expose what he suspects is Dade County Pine lining the exterior walls of the original structure. Take a look at 5th photo! Kitchen enjoys plenty of counter space with convenient laundry room at its side and an open view of dining room. Home has off-street parking and was tented in May 2019. Perfect buyer is anyone looking for a project property to make into their million-dollar Old Town charmer, or someone looking to do minimal work and rent out immediately to long term tenants. Lots of ideas already in mind for renovations & improvements - easy to verbally explain such ideas upon in-person showing. You won't find comparables in this area at this price. Owner has priced to sell!"

I have written before that our historic property records are "imperfect". No it's worse than that. They are awful. The Property Appraiser shows this house was built in the 1920s. However, I searched the Historic Sanborn Fire Maps and found this house actually existed as early as the 1889 map when the "lane" was called Pear Lane. The listing Realtor suggests and I agree that there is likely Dade County Pine walls under the 1960s basement paneling walls that currently exist. However, we can see that the front room was renovated sometime after 1965 when the front porch became a part of the house. Likewise, the addition at the rear visible in the photo above looks to have been built after the 1960s. The listing Realtor and I agree that the building could be taken down and a pool and decking put in that space.

The house is livable as is, but the highest and best use would be to do a thorough renovation from foundation to roof. Knowles Lane is only one block long running south to north from United Street to Catherine Street. It's tiny and slow and one of the most desired locations in Old Town because it is in the X Zone - the highest elevation on the Island of Key West. 

The house next door to the north was thoroughly renovated a couple of years ago. It is precious. 1211 Knowles Lane could look equally as charming.


CLICK HERE to view the Key West MLS datasheet and listing photos of 1211 Knowles Lane. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.