627 Caroline Street, Key West - Conch House in Need of Revival

Just Listed, but not by me, 627 Caroline Street, Key West. This home is located is located a little over one block from the Historic Seaport which was the economic hub of commerce in the 1880s and early 1900s. I searched the Historic Sanborn Fire Maps and determined 627 Caroline Street was built before the 1889 map which makes sense given the located near the seaport.  As I studied that map I learned a large portion of the 600 block was a sponge drying field. I can visualize a horse drawn cart relocating freshly harvested sponges to Caroline Street to be tried then put back on the boat to set sail for northern destinations. Today this house and two other original homes are the only buildings that have not been renovated in the modern era. That's what makes this particular old house so interesting and appealing from my point of view. Let me tell you why.

 

I wrote above this house has not been renovated. It wasn't. But it was messed around with. The original front porch was partially enclosed and had jalousie windows added. French doors were added to the adjacent parlor that is adjacent to the enclosed porch. The space is dark and dreary. The porch enclosure should be removed and existing interiors should be dramatically changed. Plans to renovate the property are included in the offering. The elevations shown below would "restore" or perhaps "create" a Grand Conch front facade with two story porches. The new house would have three bedrooms and a new detached guest cottage plus pool. The existing "garage" would disappear and be replaced by two tandem parking spaces. The bay window on the first floor would be re-purposed as a steam room for the first floor front bedroom.

The second floor was built for the way people lived one hundred fifty years ago. It had a bathroom added and that worked for the past century. Modern Key West functions much differently. We may not need as much closet space as folks living up north in America, but we need more bathrooms. The plans include a main floor guest bath located under the stairs. The first floor bedroom has shower plus steam room. The two second floor bedrooms have en-suite baths and the guest cottage has a half bath. There is even a pool bath located. New glass slider glass panel doors will open out to the pool from the first floor and second floor rear decks. The view from the second floor rear will be amazing.  The back yard is quite large and undeveloped. The plans propose a guest cottage and pool. A new owner might prefer a larger pool  The plans are proposed and not determinative as to what must be done.

This little part of town has changed dramatically since I moved to Key West in 1993. The old seaport was renovated and now is an esplanade that wraps around toward the Truman Waterfront Park. The seedy old buildings on Caroline Street have become upscale shops and restaurants. More restaurants and hotels are located where the original boat docks existed to the north and west. The photos just below show the corner next to 627 Caroline. The photos show the history and the change over the years. Such is also the story of much of Old Town. So much is the same, and so much has changed, mostly for the good.

CLICK HERE to view the Key West MLS datasheet on 627 Caroline Street, Key West. Then please call me, Gary Thomas, 305-766-2642, to set up a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me show you this house and walk the area to see how much opportunity this building, this lot, and this location have to offer to a new buyer who is seeking a project property. This is going to be a serious renovation and not one where you apply a coat of paint and put in a Home Depot kitchen. Our office sold the house next door (621 Caroline St) in 2016 for $3,200,000. It was the home of author Phil Caputo. It had 4,0000 sq ft of living space and a transient rental license which generates a lot of income. A new owner at 627 Caroline Street could rent that property as a monthly vacation rental throughout the year. Or not. Renting is not required but could be very profitable if that is something a new owner wants to pursue.

1028 Virginia Street, Key West

The new listing at 1028 Virginia Street, Key West is located about one block west of White Street. This property is located in the Old Town area known as South of Truman. CLICK HERE for a GOOGLE MAP aerial view of the area. You will understand why the lot is so large - two separate houses were combined years ago to create one larger property that today measures 48' X 85' or 4272 sq ft.  The aerial view shows and the City of Key West recognize three separate living units on the lot..

Even as early as 1965 when the above black and white photo of 1026-1028 Virginia Street was taken, the two houses were connected via bridge visible in the photo. That bridge still exists today, but the two houses are rented separately. There is also detached two story cottage located behind 1028 Virginia Street which is not visible from the street.

The "unit" on the west side was formerly a stand alone house identified as 1026 Virginia Street. This is a large one bedroom apartment with fairly large back yard with a sunny deck.

1028 Virginia Street is about the same size and similarly laid out but which has a smaller rear deck. The entrance to the rear cottage is located on the east side of the property. Access is restricted through a semi-enclosed gated entry. The gate opens to a private deck where French doors open into the two the story cottage. The main floor includes living, dining, kitchen and bath. The second level is a sleeping loft. .

This property has three licenses with the City of Key West so all three units can be rented on an annual basis. A new owner looking for a place to live with income could live in any of the three buildings. All are in move-in condition. They are dated to the extent that not everything is brand new, but nothing needs to be fixed from what I could see. They reflect the style of updating that occurred in the late 1980s and early 1990s.  We should all look that good. These units should rent immediately when they become vacant. Locals would love the location because it is within easy walking or biking distance to Duval Street. Faustos grocery and numerous gyms, yoga studios, and neighborhood restaurants are nearby.

CLICK HERE to view the Key West MLS datasheet and more photos.  1028 Virginia Street is offered at $897,500.  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.

Happy Easter Everybody!

Gary Thomas | Realtor | Preferred Properties Key West

Key West - Is that all you got?

I think a lot of people think selling real estate is easy. A Realtor simply sticks a sign in the ground, puts pictures in the MLS, and buyers show up to buy a house.  A Realtor then sends the contract to the title company and a big fat check is wired to the agent. That would be great. But that is not what happens.

I remember the time I had a particularly bad day. (Wait, as I write this I had a flash - when is that not the case? I have so many bad days.)  I got a call from my clients. They had decided to follow my advice and asked me to go to their house to sign the contract I had presented to them much earlier. Many things had happened during the intervening time period, none of which were good, and many which were predictable. I decided to meet with them in person to get the contract signed to reduce the chance of change of heart. I got in my car and headed to my clients' house.   

Key West was particularity busy that day. Tourists were everywhere - in cars, on bikes, walking in streets with go cups, jay walking into traffic taking selfies and dragging kids behind. It was bedlam.

I was sitting at a red light behind a car with tourists. The light turned green. The tourist-mobile did not move. The driver had her left turn signal on and seemed to wait and wait and wait for all the traffic from the opposite direction pass. That is the proper thing to do. Then there was no traffic. Yet she waited. Maybe she had not noticed there was no traffic. I gave a short "beep" as opposed to a blast from my horn. She edged forward but paused long enough that I would have to wait for the next light. She finally turned and stuck her left hand out the window with the middle finger pointed toward God. I accelerated and went stragith through the intersection before the yellow light turned red. I simply laughed and said to myself "Is that all you got?"

I got the contract signed and eventually got my commission. I went through a small amount of hell along the way to get that deal done. Some readers will gripe that Realtors make too much money for so little work. When I was a kid I worked hard for every dollar I made. Physical labor is so easy compared to the stuff I go through now.

917 Hibiscus Lane, Key West - Living Life in the Slow Lane

This particular week is one of the busiest weeks of the year in Key West. Thousands of families, college kids, and single adults are here seeking fun during Easter Week. The are moving about en-mass up and down Duval Street and nearly every other street in town. Getting anywhere by car is a chore and walking on Duval Street is nearly impossible especially if you get behind a fat family of which there are many. There are some exceptions where there is no traffic this week, nor any other week. These are what I like to call the slow lanes of Key West.

Some of the lanes are so small or hidden that you may need a map to find the houses located there. Such is the case of 917 Hibiscus Lane, also known as Billygoat Lane.  Tell your UBER driver to take you to 917 Billygoat Lane and he'll look at you like you have had one too many.  But if you go to the Monroe County Property Appraiser website and search the address, you will see the land officially identified as "Billygoat Ln".  By either name, the lane runs parallel to Fleming Street which is located about 150 feet to the north. Today there are only three individual homes on this street. Two other houses located on Grinnell Street border this lane. Other original cottage size houses have been incorporated into large homes on Fleming Street which gives those larger homes off street parking and a guest cottage. Hibiscus dead-ends at a massive estate which also includes two homes located on Margaret Street. The end result is life on this little lane is very tranquil even during a week like this week.

The listing Realtor describes 917 Hibiscus Lane this way:

"This contemporary style home is perfection. Located on a quiet and secluded lane in the heart of Old Town this architectural gem is an ideal primary residence or second home getaway. Enter the front door to a great room with a soaring ceiling and an open concept floor plan perfect for entertaining. The large living / dining / kitchen is flooded with light from lots of windows. The master bedroom at the rear of the home has an ensuite bath and multiple closets. The guest bedroom has an ensuite half bath with laundry. Sliding glass doors open from the living area and both bedrooms to the picture perfect garden with outdoor dining, pool with water feature, adorable garden cottage, garden shed and private outdoor shower. The oh-so-charming garden cottage is the perfect spot for hanging out."

This charming home looks and feels especially large. The vaulted ceiling runs the length of the house. Multiple sets of glass panel doors and windows bathe the interiors with daylight. A large collapsing wall in the master suite opens the space into the main living area which I believe will be primarily used by the owners and occasionally shared with a guest. That is the way most homes like this are used.

The second bedroom, or guest bedroom and private bath, are located at the front of the house. There is a small guest cottage located at the back of the property. This is where you ask your brother in law to stay. There is an outdoor shower which everyone will fall in love with. The pool and waterfall are another unexpected delight.  I was envious of the grass and had to feel it to see if it was real. It's real pretty, but not natural.

The house is located within a three minute walk to Azur, Old Town Bakery, Mangia Mangia, and Michael's.  The Historic Seaport is two blocks north and Duval Street is four blocks west. People save all year and spend thousands of dollars to come to Key West. You could be here living the life of your dreams.


CLICK HERE to view the Key West MLS datasheet on 917 Hibiscus Lane, Key West, offered at $1,395,000. 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.

Odds Are You Lose. Why Waiting for the Right Time Fails

Today's blog entry is for you disbelievers and prophets of doom and gloom who believe the asking prices will go down and not up. I will concede that the asking price on a lot of our housing stock has been priced too high and that a lot of homes have not sold because common sense tells us a particular place is just not worth what some sell wants it to be worth. In the past couple of months there have been more daily price reductions than closed transactions posted to our local MLS.

There have been 114 residential sales in Key West which closed since January 1, 2018. I would like to share a few of the more notable which I previously wrote about when listed.

1126 Stump Lane initially was offered last summer at $549,000 and recently closed at $520,000 or $920 per sq ft. This was a one bedroom 570 sq ft house on a small lane. It went under contract relatively early after it was listed but closed several months later because of minor title defect which was cleared. 

923 Angela Street is a very pretty little house which received a coveted ceramic star for preservation and renovation. It was initially listed at $1,099,000 and sold at $965,000 or $969 per sq ft for this 996 sq ft two bedroom, two bath home with pool but no off street parking. The lack of parking was probably the primary reason this house stayed on the market so long.

1025 Eaton Street is a three bedroom home with pool and covered off street parking in the rear with a total of 1340 sq ft of living space. This house was initially listed at $1,150,000 and recently sold at $1,065,000 or $795 per sq ft. Many potential buyers fail to look at houses on Eaton and White Streets assuming the interiors may be noisy. This house was not noisy. The interior was in great condition and the back yard and pool were amazing.

1011 Windsor Lane is located opposite St Mary's Basilica. It is a very large and somewhat dated grand conch house plus rear cottage that sit on a very large Old Town lot. It was initially listed at $1,299,000 and later sold at $989,000 or $572 per sq ft.  A new owner will probably spend somewhere over $300,000 to renovate this home and cottage and add a pool. When renovated, I think this property will be worth around $2 million.

508 Grinnell Street is a beautifully renovated home and rear cottage with pool and parking located on one of the best blocks in Old Town. The 2049 sq ft house was initially listed at $2,150,000 and sold at $1,850,000 or $903 per sq ft.

1233 South Street is located in that area I have been calling Casa Marina East. The totally rebuilt 1750 sq ft  3 bedroom 3. 5 bath home with pool and off street parking sits on a large corner lot of in an area rivaling homes in the more defined Casa Marina district. This home was listed at $1.795,000 and sold at $1,786,00 or $1,021,000 per sq ft.

I must admit the sales prices on all of the homes I selected seem very high especially when viewed on a price per square foot basis. During the last three months the average Key West house sold for $820,008 or $563 per sq ft. The "average house" includes small condominiums, mid-century fixers, and a $5 million plus estate on Sunset Key. What I see from these sales is a strong sales price for quality homes in highly desirable locations in Key West. 

I predict we will see buyers return in May and June to swoop down and pick from the overpriced and unsold homes.  This is the same phenomena that has occurred during the past two years. The problem is that most homes located in Old Town and the Casa Marina areas are one of a kind and are not replaceable. Potential buyers risk a lot by waiting for the right moment to make an offer.