724 Windsor Lane Open House

Heading to the beach or brunch after church?

Open House

724 Windsor Lane

11:00  to  1:00

Cute One Bedroom Cottage with Off Street Parking

 $679,900

You'll never have to ride your scooter to work again!!!

739 Olivia Street, Key West - Bank Owned

Whoa! I really had to dig deep into my shoe box and dust off some of the images. It has been so long since I wrote a blog about a Bank Owned property in Key West. 739 Olivia Street, Key West has been the subject of foreclosure since 2007. That is not a typo. (I'll bet the guys in the foreclosure department did a jig or three when this was finally completed)

 

Let's look at the black and white photo of the house taken in 1965 and the Historic Sanborn Fire Map from 1892 to see what we see. The Monroe County Property Appraiser records say the house was built in 1943. The Map shows a grocery store and a rectangular building at 741 Olivia St which is 739 Olivia Street now. The taller structure on the side abutting Windsor Lane no longer stands.

Let's start with the map. The 1889 Sanborn Map does not show any properties in this area but we know that the area had many structures. The 1892 map shows the property so we know it existed as of that date. I was surprised to see the large rectangular building at the corner of Windsor Lane and Division Street. There are two old cigar maker style houses there now. I did not realize that until I started to write this blog. 

 I added a check mark to point out the obvious - the floors are not level. The house needs a lot of work.

The MLS listing says 

"This Old Town Key West cottage is located on the corner of Olivia Street and Windsor Lane. The possibilities are endless with this fixer upper. This property was under construction and is now partly gutted. This home will be sold in as is condition with no appliances. Home is a 2/2 with a bonus room that opens up to the rear deck. This home also has off street parking." 

I think the former owner took the plumbing fixtures and walls as souvenirs of his life there. I am probably right about this.

The lot measures 60 Ft X 43 Ft or 2,592 Sq Ft. The existing house is 768 Sq Ft. HARC rules will apply to any renovation.  There will be multiple offers on this property. Realtors waking up will be getting bombarded by buyers.  

739 Olivia St is located across the street from Trujillo Grocery I wrote a blog about the historic property in 2018. CLICK HERE to read the story. The grocery is still there. This is a three way stop corner. Lot's of traffic in the daytime. Not so much as night. 

CLICK HERE to view the Key West MLS datasheet and listing photos of the interior. Then please call me, Gary Thomas, 305-766-2642, to discuss this property. A visit may be nice but you won't see much more than you see in the photos. You will appreciate the location or not. This is a fixer upper at the listing Realtor states. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

724 Windsor Lane Open House - Tiny VS Toothy

If you are out and on  

Saturday March 20 between 12:00 to 2:00 or 

Sunday March 21 between 11:00 to 1:00

stop by the smaller and definitely prettier Conch Cottage at 724 Windsor Lane in Key West.

It has parking in the rear entered off Galveston Lane. 

$679,900

 

the simple life - 814 fleming street key west florida

 

The listing Realtor describes 814 Fleming Street #8 Key West thus:

"Enjoy tropical treetop views from this third floor condominium in the historic Seafoam building. The deep 20 foot porch is on the private rear of the building and overlooks the association swimming pool. Wood floors and walls, ceiling fans and French doors enhance the charm and simplicity of this one-bedroom unit."

The unit is located on the third floor rear of the Seafoam Condominiums building which I have written about several times over the years. The building is stunning in its minimalist design. This unit is the epitome of minimalism. A new owner can change all that - if they want. Or not. 

The building has two sets of stairs - one at the front which goes up and the second at the rear that goes down to the community laundry room and pool. There is no parking. You may not need parking. Everything you need is within walking distance, bike ride or taxi. There is on street parking. Monthly condo fees are $475 which includes building maintenance and insurance and water. 

CLICK HERE  to view the Key West MLS datasheet and more excellent photos of this simple and oh so lovely one bedroom Seafoam Condominium offered at $595,000. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing. I am a buyers agent and a full time agent at Preferred Properties Key West, the listing brokerage. 

Key West Real Estate Throwback Thursday No. 18

WHAT A BUNCH OF CLOWNS!

from March 17,  2015

This is a true story.

Once upon a time in a year not far ago I represented a buyer that had a contract to purchase a Bank Owned cottage in Old Town Key West. As is the case in most bank owned real estate transactions, the bank hired a closing agent out of the area to "close" the transaction. A closing agent can be a title company or in some instances it may be a law firm. In this particular instance the out of area bank owner engaged a lawyer located far away from Key West to close this transaction.

Some banks tend to be a bit stingy and try to reduce their sales costs by using title companies and attorneys that will agree to charge lower fees in exchange for getting "volume business" for their services. I guess the theory is that a lawyer is a lawyer and a title policy is a title policy and that nothing can go wrong so why not get the cheapest service possible.

My buyer was purchasing a cottage in Old Town Key West. I knew from past experience that we needed a survey just to make sure there were no 'lot line' or other boundary issues.  Back in the old days neighbors pretty much agreed to property boundary or lot lines. In this day of million dollar homes, it is important to make sure that lot lines and related issues are known. Some homes in Old Town have been in the same family for decades. Boundary issues often arise days before closing when a survey on a property that has been in the same family for generations is about to close. This particular property was purchased about ten years ago. I didn't really expect to find any problem. But the survey found a problem.  My buyer hired a local attorney to review the issues, and he was able to resolve the matter and move forward to closing.

The lawyers exchanged comments on the proposed title policy and HUD settlement sheet. My buyer then wired in funds to close the transaction. The lawyer in a far away Florida city received the funds and closed the transaction. A copy of the deed was sent via email to my buyer.

A couple of days later the closing attorney hired by the bank in the far away Florida city sent an email to my buyer's attorney, me, my buyer, and others that read:

"Just noticed a small detail that we are missing. We did not receive the $100,000.00 EMD. [EMD is the earnest money deposit that was wired to another Key West law firm designated by the listing real estate office as the 'escrow agent'] Please advise how we can obtain the deposit so that we can complete funding.

Thank you,"

My buyer typed an immediate response and hit the REPLY TO ALL button on his email. His email read: 

"WHAT A BUNCH OF CLOWNS"

Eight minutes later the closing attorney hired by the bank in the far away Florida city responded:

"Just to advise that the CLOWNS received the wire. We are not fully closed and funded. See below.Thank you"

Within minutes my buyer sent the following:
"THE CLOWNS RECEIVED THE WIRE BUT ARE NOT FULLY FUNDED OR CLOSED. WHAT DOES THAT MEAN? "

The buyer's attorney quickly sent an email stating:
"Typo...."

I contacted the Key West law firm that was holding the $100,000 earnest money deposit. That firm wired the earnest money deposit to the closing lawyer hired by the bank in the far away Florida city. My buyer got title to the Key West cottage. I got a huge chuckle over the "small detail" of the missing $100,000 earnest money deposit. And I roared with delight at my buyer's Clown comment and implied reference to the cut-rate legal service provided by the attorney hired by this particular bank seller. 

The One That Got Away

Obviously those trout didn't get away. Late afternoon this past Valentines Day a duplex located in the Case Marina Area was listed for sale at what I thought was a bargain price. I quickly drove over and took a couple of exterior shots and then contacted the listing agent to ask permission to write about the new listing. She asked me not to blog because one of tenants was giving her grief. So I didn't. I did send the listing to some active buyers who considered the property. The structure sat on a 5,300 Sq Ft lot which made it very worthy of consideration for a developer or a person who wanted to just buy it and bank it. The value of the location will only go up.

A few days later the agent allowed me and other agents to see the front unit which was tenant occupied. The prospect of a remodel was feasible but I felt the lot was worth far more than the present structure. I found a photo of it in my shoebox dated 1965. It looked pretty good back in the day. But times are changing and duplexes like that are not worth as much as a fancy new home in the tony Casa Marina Area.

The property was listed at $829,500 and formally went under contract 14 days later. Other "tear down" properties in the area have sole in the past year for well over $1,000,000. That is why I consider this is the one that got away. It hasn't closed yet. It will probably be in my year end recap of sales. 

 

320 William Street #4, Key West - Penthouse Condo

 

The penthouse condo at 320 William Street #4 in Key West, Florida is located within a block of the historic Key West Seaport. Most of the houses in this immediate area were built in the last half of the 19th Century. The seaport was the hub of Key West commerce. The seaport was located on the north side of Caroline Street. Businesses lined Caroline Street. Merchants, spongers, and seamen lived in the nearby houses and boarding houses. I looked in my old shoe box and found the black and white photo of 320 William taken in 1985. It looked nothing like the beauty today.

I found another photo of the 300 block of William Street taken in 1885. I took the color photo two below standing in front of 320 William Street earlier today showing the same view 136 years later. The old street appears much wider, but there were no cars and few trees back then. The legendary Red Doors is located at the right side of the photo. The note on the back of the black and white photo says circa 1889 meaning it probably existed as of that date. You can see there were no porches in 1965 The property was originally multi-family and converted into condominiums in the early 2000s. 

The Red Doors at 800 Caroline Street was a house of ill repute, or so I understand. The photo below was taken in 1975 looking north and east across Caroline Street. The old steam plant can be seen in the background. They City of Key West renovated the seaport in the mid 1990s and created a new boardwalk that now wraps around to the west near the Harbour Place Condominiums. I love the seediness of the old pic but the revitalization of that area created the on-going boom in Key West historic housing and economy.

 

The above photo of spongers was taken at the seaport in 1930. So much as changed over the years. I would absolutely love to have experienced what life was like back then - including wearing long pants and a fedora.

The listing Realtor describes this 782.50 Sq Ft second floor condominium this way:

"Nothing else like this elegant penthouse in heart of Old Town. Just steps from KW Harbor and boardwalk. Entire second floor of 1880s renovated Great House has 2-beds/2-baths plus 80sf loft and features 200sf of treetop balconies. Great room has soaring ceiling with original Dade County pine fretwork, walls, floors and 5 sets of French doors that open to 3 balconies: Sunrise balcony. Sunset balcony. Moon rise balcony. City living at its tropical best. One of only 4 units in upscale, downtown condominium, where living is exclusively dedicated to home ownership. No rentals. HOA fee includes insurance and most building maintenance."

 

Take a moment to view the building sketch two above. You will notice an exterior staircase lands at a porch bring guests into the unit where they are greeted by odd looking stairs. Don't worry. Those stairs go up to the loft storage area which is not used for sleeping. Three sets of French doors on the east facing wall open out to the covered balcony overlooking William Street.

I took the photo below from the neighboring house in 2014. I love this street and watching the people ogle and awe over the houses dreaming someday they may live in one of these homes.

French doors open from the kitchen to a private covered porch that faces south not viewable from passers-by.

CLICK HERE to view the Key West MLS datasheet and listing photos and also a Matterport video of the 320 William Street #4, Key West, Florida offered for sale at $895,000. 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. This unit will be on open house this coming Sunday 12 to 3. Drop by and tell the agent you read about the unit in my blog.