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Friday, January 4, 2019

1022 Fleming Street, Key West - Just Listed

Just Listed, but not by me, 1022 Fleming Street, Key West.  Just take a look at how regal this house sits on one of the best blocks in Old Town. You can't tell it by looking at the house, but it is actually a two story legal duplex
The listing Realtor describes the property this way:
"A must see, historic gem on truly one of Key West's most prestigious and desirable streets. In the heart of Old Town sits this beautiful 2 story grand home. With huge wrap around porches on both the upper and lower floors, the curb appeal is truly a hallmark of Key West. This property offers many possibilities for its new owners. Leave as a legal duplex for immediate rental income -- long term or vacation rental, live in one unit and rent the other, or renovate into a magnificent single family residence. Offered completely furnished with all new furnishings, it is ready for whatever one decides. Each spacious floor has 2 bedrooms and 1 bath, full kitchens with stainless appliances, laundry, open living/kitchen/dining areas and lots of outdoor space both in front and back. The house is filled with natural light and coveted dade county pine throughout. The lower unit has direct access to a lovely deck and pool. This prime location is only a short few blocks to all Key West has to offer including the Historic Seaport and World Famous Duval St."
I sold this property to the current owners just a few years ago. They did a superb job of re-creating this space without it looking like so many of the houses we see today. All work was permitted and done by licensed contractors. There is new HVAC and electrical wiring and fixtures and fans throughout. The interiors and exterior were professionally painted. The floors professionally were professionally refinished and look great. French doors at the rear of the first floor unit open out to the rear deck and pool. The left side hallway provides access to both bedrooms. The hall is painted bright white. New furniture and furnishings were purchased to rent the units.  All furnishings convey with the property at closing. The front door opens out to the wrap-around deck. It's a great place to sit and watch the world pass by. And it is a great place to view the People's Parade during Fantasy Fest. 
The second floor is laid out similarly but not identically. The living area opens out to the covered rear balcony which has nice sunny views to the south.  The first bedroom has a door which opens out to the wrap-around deck for a quick exit should the need permit. Both bedrooms have access to the front balcony which has wonderful views of Fleming Street. And the view from the rear is every bit as wonderful.

CLICK HERE to view the Key West MLS datasheet on 1022 Fleming Street and then please call me, Gary Thomas, 305-766-2642, to show you this great Old Town property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

 Follow me on TWITTER for new deals and updates on listings.



Thursday, January 3, 2019

2018 That Was the Year That Was in Key West Real Estate


At the beginning of each new year I take a look back at the real estate sales of the prior year. I try to understand what the market told us about what we had to offer and our pricing. I continue to be surprised by some of the sales.  I want to take a look at what I consider the best real estate deals (or remarkable sales) for 2018.

1413 Whatlton Street
This unassuming house and its next door neighbor were on and off the market for over ten years. Initially priced at $1,250,000, it eventually sold as a bank owned foreclosure at $420,000. The house was a total mess and was torn down. Construction started but has stopped for some reason. This was a bargain.
1501 Leon Street
What did I say in the first paragraph about being surprised by some sales. This bank owned house located at the corner of Leon Street and Flagler Avenue was a total mess. It had been butchered into several illegal apartments. But it sat on a really large lot which meant a new owner could tear this thing down and build new. The surprise it the new owner is renting the place with few visible changes viewable from the street. Sold for $417,385.
1026 Whitehead Street
 I wrote about this fixer property a few months ago. I really liked it because of two things. The lot was very large and had room for a pool. The interior had been gutted so a new owner could see exactly what he or she would have to do to renovate. Contractors often will not give new owners a realistic price on renovation because they cannot see under existing wood or drywall to determine how much new work needs to be done. Here, the hard work was done. I assume this property will be renovated and I imagine it will end up back on the market priced somewhere around $1.2 million in a couple of years. If I am still around we should all look back and see if my price assumption proves accurate.  I know this for a fact renovations cost as much money as the owner is willing to pay and as much as the builder can get the owner to pay. The good thing about doing a renovation is that the new owner gets the house they want. It is a long and expensive process. This sold for $475,000.

1126 Stump Lane
I sold this adorable one bedroom Old Town cottage for $520,000. We had a back-up contract. Cuteness sells. Location sells. Buyers will do with a pool or parking or both if they can buy a place that offers them the chance to live their dream.
512 Louisa Street
This 720 sq ft house sits on a lot that roughly measures 25' X 100' just a few feet east of upper Duval Street. It is designated as a "receiver site" for a transient license. The buyer bought this in four days on the market and paid $549,000.
733 Poorhouse Lane
While the front of this little Old Town cottage is unassuming, the back yard is a new home owner's dream. The lot is wide, deep, and free of any large trees meaning a pool and new landscaping should be a breeze. This home will be a renovation project. It sold for $625,000 after just a few days on the market.
628 Margaret Street
This is another 720 sq ft house that sits on a small lot which the listing Realtor said was large enough for a pool. This fixer sold for $620,000. There is a mix of houses priced in the one to three million dollar range within 250 feet of this home.
711 Olivia Street
This is yet another 720 sq ft house that sits on a larger, rectangular lot that also includes a garage. That house sold for $620,000 and is now being renovated into a large home with a pool. The house is located amid several much higher priced homes were the market trend continues to rise.
715 Fleming Street
This lovely little home sits across the street from the Monroe County Library. It was an absolutely beautiful place when I wrote about it. It sold for $775,000. It has room for a pool. It will be interesting to see how this house and lot may change.
726 Poorhouse Lane
This was more of a fixer house than an end product. The 1280 sq ft house sits on a near 5000 sq ft lot at the convergence of Poorhouse and Passover Lanes. Bill Butler Park is across the street. I think this could be a show stopper when renovated. Sold for $875,000. I wish whoever bought this property well.
1215 Truman Avenue
This is a very interesting house. Grand Conch (Revival) style house with existing pool and off street parking. Big old girl. She needs some work but the new owner, who paid just $835,000, has already started the work. Somebody got a pretty good deal on this.
823 Angela Street
This storybook cottage was completely renovated and has a brand new pool. It was purchased fully furnished at $965,000. It is located on a one-way lane opposite the city cemetery. Half the universe would never look at this house because of the location. All of this owner's living neighbors live in million plus homes. You don't get to do that in life by being naive.
912 Truman Avenue
This historic home has 3494 sq ft of interior living space divided among three floors. Plus it has two grand front porches and a decent sized pool in the rear. The house sits on fee simple ground inside a compound of more recently built homes. It sold for $980,000.
915 Washington Street
You couldn't ask for a better location than 915 Washington Street in the Casa Marina Area of Key West. All of the neighboring homes are larger and more expensive. It has a nice pool, off street parking, and an inviting front porch. Plus it is adorable. It sold for $1,160,000.
1425 Whalton Street
The new owner paid $1,175,000 for this 8775 sq ft lot and tore down the original concrete block house to build a new contemporary home. The Casa Marina Area continues to attract buyers wishing larger and newer homes located on larger lots but still conveniently located near both the beaches and Old Town.
713 Eaton Street
This iconic 1340 sq ft home was renovated by Angelo Donghia decades ago but still had his stylistic imprint. It sold for $1,100,000. According to a friend, a lot of very famous people used to party here. Some buyers refuse to consider looking at a home on Eaton Street, or by the cemetery, or near a business or church. These "locations" create buying opportunities for those who are more open to all locations.
522 Simonton Street
I represented the buyer who paid $1.3 million to purchase this strategically located historic home. Renovation has already begun. There will be a pool and the house will be perfect in every way. That is what this buyer does. He does everything perfectly. Watch to see what happens.
712 Ashe Street
Readers with good memories will recall this house sold in December 2016 for $1,410,000 just after it was totally renovated.  All but a few original boards were replaced. It is basically a brand new home. The original purchasers made some changes and then re-sold it for $1,515,100. This is one of the better tear down to next to nothing redos.  The original builder is a Realtor and knows what buyers want. (I am not related to him or in his office. He just does good work.)
1233 South Street
This house was taken down to the foundation and rebuilt. Top quality throughout and had all modern amenities plus killer pool and new landscaping. Sold for $1,786,000 - top of the market for this Casa Marina east neighborhood. More buyers who want quality an a more affordable price need to cross White Street to look at homes.
412 and 420 Grinnell - Side by Side Houses Both Selling at Top Prices 
Two houses located side by side and sold within a couple of months of each other. 412 Grinnell Street above was totally renovated and won ceramic star for excellence in renovation. Five bedrooms, pool house, pool, gated off street parking, and excellent Old Town Location. Sold for $1,999,000 cash or $1,064 per sq ft.  A smaller home but similarly highly renovated home on a double lot across the street at 411 Grinnell Street sold in June 2017 for $2,800,000. That property is now being expanded.
Located next door this 1972 sq ft home also has a pool, guest cottage, and off street parking. It sold for $1,960,000 or $994 per sq ft. I mention these three houses as this is one of the most expensive locations in Old Town.
1006 Fleming Street
This two-home property plus guest cottage and incredible pool has sold five times since 2001. Each sale has been marked by new improvements to the home plus steeper and steeper sales prices. The interiors are incredible. The exterior is always very well main tainted.  The location is highly desirable as the seaport is just a couple of blocks to the north and the Duval Street madness (call it what it is) is located four blocks to the west. The years and sales prices: 2001 - $660,000 for each house (adjusted price); 2011 - $2,600,000; 2015 - $2,750,000; 2018 - $3,100,000
526 William Street
 This home sold in 2015 for $2.500,000 and just re-sold in 2018 for $3,400,000. The house was one of the first renovations by Broadway Producer Herman which kick-started the renovation craze in Old Town. Successive owners have changed and updated various things Herman added to the property but nobody messed with the grand pool. It is stunning.  That is why places like this attract buyers with lots of cash who want to own a home on a great block and then tinker with the house just enough to call it their own. Then they sell it a couple of years later and normally make money on the transaction.

 I will soon post an update to my continuing series of the Projects of Key West. This town has changed so much since I first came here. It was ticky-tacky in such a lovely way. Duval Street is now just tacky and it ain't lovely anymore. But the streets are better, the houses are much better maintained, and most of the locals love life here. Some have to work at so many jobs that I am not sure all love living here. And some people have so much money and so many homes that they may not spend enough time here to appreciate how good life is in Key West. I got rid of my Facebook page a few months ago. Someone negatively remarked how I described myself - I sell houses to rich people. Ya almost gotta be rich to buy a place here. Look at how much it costs to buy our crappy houses.

Follow me on TWITTER for new deals and updates on listings.



Tuesday, January 1, 2019

Happy New Year 2019


Happy New Year - 2019

Thank all of my loyal readers who have followed my blog. I really appreciate it and I sincerely appreciate the people who contacted me and bought a house or two or more from me.

I just closed my sixth transaction with one client. That means so much in this business where some people are just transactional and look to find the best deal for them as opposed to people who stick with an agent and do all deals with him or her.  
At my most recent open house one "looker" expressed concern about all the open houses that were up for viewing last Sunday. That person was fearful as to something being amiss in Key West.  Not the case, I said. Key West is full of people.  Hotel rooms are going for $800 per night. It's crazy!  Now is the best time to sell.  Realtors were out in force trying to find a buyer for their listings. That is why there were so many open houses.

I do think there is something remarkably wrong in Key West, however. I wrote about all the empty store fronts a couple of months ago. They are still empty.  The owners of these buildings are seeking outrageous lease fees. This has been the case for years so my objections won't have any impact on what these landlords do. But I think they are hurting our economy.  They make it more and more difficult for a person wanting to sell something to actually do so and to make enough money to stay in business. 

Finally, today in my 72nd birthday. I feel really old. But then not so old. I am not as old as my grandmother was when she was my age.  We live our lives better now in so many respects. I am not as narrow minded as she was.  I never was. I have always been a genuine doubting Thomas. Even as a wee lad I questioned my grandmother as to why I should be reborn. I strongly confronted her statement that I was a sinner. At age six or seven how could I have been a sinner?  Ridiculous.

I have lived through 13 presidencies. This current one is a doozy. We will get through it okay. Of that I am sure. This is America and we endure. My parents lived through the Great Depression. I made it thru the turbulent late 1960s and Watergate.  I changed my life and moved to Key West and found a place and lifestyle that I love. And I love working with folks like you who dream of finding the kind of place in life that I found. Houses are a part of what we seek.  The other part is the place. Dream!


Follow me on TWITTER for new deals and updates on listings.

Monday, December 31, 2018

New Year's Eve Showing - 2009

Nine years ago today I met some new clients for the very first time. I picked them up at the Marquesa Hotel and we headed toward our first of several showings. I remember that day for three reasons. First, it was cloudy and drizzly - something not normal in Key West. Second, it was after all New Year's Eve day and town was extremely busy as people were out and about everywhere despite the dampness. Third, my lady customer got injured.

We had just finished looking at an expensive home in Old Town which was listed by one of our "star" listing agents. We headed out the front door. My customer started down the steps and slipped and fell and landed on her behind. The listing agent was unconcerned and said something like "You should have been more careful!" implying what happened was her fault instead of expressing any concern as to whether she was injured.

She got up, dusted herself off so to speak, and got in my car where we headed off to the next property. Inside the car she announced she did not like the other agent. The good thing was she was not seriously injured and the couple ended up buying a house in Old Town from me.

A couple of years later the house next door to the one the couple bought came on the market. I called my lady up and convinced her to buy it sight unseen.  She did. (It was a short sale and one of those incredible bargains that happened a few years ago.)

A year of two later my lady customer was in town and invited me to dinner at the Cafe Marquesa. We discussed the market, life, her two houses, and the other agent who she sneered at as I mentioned his name. She still hated him.

Sunday, December 30, 2018

11 Nassau Lane, Key West - Open House Sunday

Look carefully at the newspaper Avery is holding next to his seersucker jammies.  It is the Key West Citizen of course. Avery and Lillie are Key West locals who do what so many locals do - they go to Sunday Open Houses to see what is for sale and compare what they have to what someone is trying to sell. I see them often at open houses that I host.
I sent in an ad to appear in the Sunday Key West Citizen before noon on Friday only to get an email advising me I missed the cutoff deadline. So the ad I intended to run will not be in the paper.  Instead, look to INSTAGRAM and TWITTER for reminders of the Open House at 11 Nassau Lane in Old Town Key West.  
Greet each morning from your treehouse view of the orchid garden at 11 Nassau Lane located near the end on one of the slowest lanes in Old Town Key West. Don't blink or you'll miss the turn off of Fleming Street between Grinnell and Frances Streets. Better yet, walk.  It does a body good.


Enchanting two bedroom two bath cottage offered at $899,000.  Open Sunday December 30th

11 Nassau Lane
Open House
12:00 to 2:00 PM

Let's prove the Key West Citizen obsolete - come to my Open House! Look for Avery.  

Remember to follow me on TWITTER CLICK HERE for real estate deals that I may not blog about.



Saturday, December 29, 2018

Key West Properties Blog Twitter Account



I started the Key West Properties BLOG eleven years ago this week. I didn't really know what a blog was or what I would do with it. As it turned out, I somehow created an internet connection between myself and potential buyers of houses in Key West who are located all over the place.

Along the way some other real estate agents got upset with the sales I was making. Rules were made that required me to get permission from a listing real estate agent before I could write a blog about a property.  That dampened things a bit, but I followed the rules.

Some real estate agents still will not let me write about their properties. That is their prerogative. But I recently realized I am legally able to TWEET about listings.  And that is why I set up a new TWITTER account which I request you click in the USEFUL LINKS corner or CLICK HERE to go to Twitter and then follow me.

I am on the Key West MLS all day long.  I am always looking for deals and learning when prices are reduced, properties go under contract, and what got sold and for how much.  I can now share that info with my dear readers and Twitter followers. I won't tweet every little thing.  But I will let readers and followers know about interesting new listings etcetera.




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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.
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