210-2 Southard Street, Key West - Transient Licensed Shipyard Condo in the Truman Annex

 

Just listed by Preferred Properties, that's where I work but this is not my listing, 210-2 Southard Street in the Shipyard Condominiums at Truman Annex. Truman Annex is located just two blocks from historic Duval Street and all of the attractions that make Key West a world class destination. This is a unique one bedroom unit with a valuable Truman Annex Transient License which permits 25 weekly rentals throughout the year. The unit may also be rented monthly or used by the owner or the owner's family throughout the year.

The listing Realtor describes the new listing this way:

"This bright and breezy second floor Shipyard unit has a spacious rear deck, assigned parking and a special Truman Annex transient license. The management company calls this unit Treetops because of the lovely poinciana trees front and rear. This unit is being sold turn-key with attractive tropical furnishings and assumable advance bookings."

If you have been watching Key West real estate sales for the past few years and are waiting for a price dip to get the house you didn't get when prices were lower, don't hold your breath. A dip might occur, but if it does it probably won't last long and when the market returns, there will be slew of buyers chomping at the bit to buy what they should have bought before prices increased after the 2008 market down turn. For the past several years those same type of buyers have gobbled up Shipyard Condos because renters favor this development over just about any place in town. Read about why in the next paragraph. I did a quick search to determine the number of sales since 2013 and the price paid on a per square foot basis for each year. Numbers speak louder than words.

YEAR     NUMBER UNITS SOLD     PRICE PER SQ FT
2013        5                                             $666
2014        9                                             $741
2015        13                                           $857 
2016        7                                             $862

There are now only four units available in the Shipyard which are priced on an average price per sq ft of $895.  As you link at the mls link below consider what is included in this unit that is not often included in most other Shipyard listings by the company that sells most of the Shipyard units: furnishings and advance bookings. Most sellers make buyers pay for the furnishings and require a buyer to take over the bookings with a specific property management company to get them. They are offered in this listing without qualification.

Returning visitors to Key West love the location, comfort, and security that Truman Annex provides. Guest who stay in this unit will especially love this location because it's hard to get lost when the place you are staying is located about 100 feet west of the gated parking entry and next to a park-like space between the next row of condos. People do get lost, especially people who have had the extra cocktail. The location itself is within walking distance to Ft Zach Taylor State Park and Beach.  The pool is only a minute or so walk, but I'll bet you more guests will head off to the beach to enjoy the sun and ocean.  At night the Green Parrot and other nearby establishments provide music, food, and cocktails.  During season the Waterfront Playhouse at Mallory Square and the Red Barn Theater offer live performances that feature many local talents. Day or night, there's always something to do and whatever it is, it is within easy walking distance of Truman Annex. Duval Street is two blocks to the east. Sunset Celebration is held nightly - just a five minute walk to the north through the ever beautiful Emma Street in the Truman Annex.

CLICK HERE  to view the Key West mls datasheet and listing photos.  Better than that, please call me, Gary Thomas, 305-766-2642 to set up a showing of this unit.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

 

1122 Southard Street, Key West - Price Reduced on Investment Property

The asking price on 1122 Southard Street in Key West was just reduced from $995,000 to $875,000. This is the really interesting property with upside potential. The listing Realtor describes this investment property this way:

"This historic building includes 5 licensed apartments. There is a large 2BR/2BA, two story unit at the rear ideal for an owner, a 1 Bedroom, an efficiency and 2 studio units. Lot's of the original Dade County Pine and architectural details including the original staircase are intact. Excellent Old Town location. The property is currently owned by a non profit organization for their use and so rents are currently well below market value"

Frequent readers of my blog know that I have a shoe box where I sometimes find old photos of actively listed properties. I found just such a photo of 1122 Southard Street that was taken five decades ago when this property was a laundry of all things.  I searched the historic Sanborn Fire Maps to see if I could determine when 1122 Southard Street was built. The 1889 Map ignored this area entirely but I know for a fact that there were multiple homes and businesses in existence in the immediate area at that time. then. It was not until the 1892 map that a building was cited on the lot and the address given at that time was 1018 Southard St. The address of 1018 Southard was changed to 1122 Southard Street on the 1899 map.  That map indicated a small cut-out a the right rear of the lot where a water tower was located. That cut-out exists today which is now a part of a large adjacent property to the rear. My conclusion is that 1122 Southard Street existed at least as of 1892 and probably earlier which I will explain later.

 The Monroe County Property Appraiser shows this building as having 2515 sq ft of living space plus porches. The irregular lot measures 40 ft wide by 82 ft deep minus the cut-out for the old water tower in the rear which I mentioned earlier. The building is located next door to the historic Key West Armory which is now owned by the State of Florida. This suggests to me that the Armory will always be maintained and not become a nuisance neighbor. In fact local painting contractors are just finishing the front facade of this historic building. Southard Street has three of the most expensive listings in town. Most of the single family homes on Southard are priced over the one million dollar mark.

As the listing Realtor indicates this property currently is owned by a non-profit organization which was providing housing to local artists and temporary artists-in-residence. Today the building is vacant except for two tenants. I think whoever buys this building has several options to take advantage of the low occupancy by re-renting the vacant units at market rate without spending any money.  These units are small and ideal for single occupancy tenants. There is a real housing shortage in Key West. These would be rented in a heartbeat.  A buyer who wants to do some "fix-up" could do some improvements to the units. I  am not sure the updated units would rent for a lot more money but a fix-up may make the buyer feel  better about the building itself. The building has been well maintained. I just know that many buyers feel compelled to spend new money whenever they buy something. Below are a few photos of the four units in front.

These apartments would be easily rented to new people moving to the area or to people who have lost their long time residences to be displaced by someone who bought a home that they plan to renovate.  This building is located within easy walking distance to Duval Street and the seaport where many locals are employed. There is adequate on street parking, but the fact of life in Key West is that many locals do not own cars. Instead many locals walk or ride bikes or scooters as primary means of getting around.

The two story unit at the rear has so much potential for either an owner-landlord or as a place to actually spend some money to increase the rental on this particular apartment. I think any money spent on the rear unit is money well spent. This space is worth the price of the building in itself. The income from the apartments in front would pay all taxes, insurance, and upkeep on the building.

CLICK HERE to view some not-so-good photos I took with my small pocket camera on a recent showing of this property. They provide some simple views of the units and the grounds.

The asking price on 1122 Southard Street was just reduced from $995,000 to $875,000. CLICK HERE to view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to schedule an appointment to see this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

906 Fleming Street, Key West - Newer Home on Millionaire's Row

Just Listed, but not by me, 906 Fleming Street, Key West. This house fits right in with the historic homes on what is known as Millionaires Row in Old Town. But this house is not old. It was built new in 2008. I dug into my old shoebox and found a photo of the old barbershop that used to be located where the house now sits. And I found another aerial photo taken in 1999 that shows the barber shop and the now front yard for what used to be the Overseas Hotel located across the street at 917 Fleming Street. The old hotel burned in 1967 and was razed a couple of years later. The barbershop building did not burn, but it certainly no longer fit into the row of impressive homes that mark this prestigious location.

906 Fleming St in 1965

Overseas Hotel in 1920 post card

Overseas Hotel as photographed in 1950

Overseas Hotel as photographed in 1965

I wanted to share the above photos with you because they demonstrate the changes that occasionally occur in our historic district where preserving the past is a part of the enduring character of our lives today. The old barbershop was a modern building and was therefore allowed to be razed. The old hotel was burned. It was taken down and the lot is now the front yard to an incredible home that sits tucked away from public view. You'll understand why I added the hotel photos later on. I also reviewed the Historic Sanborn Fire Maps and learned there was a small building located on the lot at 906 Fleming Street prior to the barber shop. More interesting to me was the tall long  narrow building located next door to the east that was referred to as a Chinese laundry. That building was also razed and newer multi-million dollar home plus appurtenant buildings now occupies that space as well as buildings on Hibiscus Lane and Margaret Street. 

The listing Realtor describes this home this way:

"Located on Millionaire's Row in the heart of Old Town this luxury home checks all the boxes with designer upgrades throughout. Built in 2008 with Hardie Plank siding and impact windows and doors this low maintenance home boasts 4 bedrooms and 4 and half baths all with marble flooring. Seamless access from each bedroom to outside porches! Solid bamboo flooring, crown moldings, wet bar, and gourmet kitchen with marble counters and back-splash complete the great open floor plan. Master suite with beautiful Verde marble has large soaking tub and Roma Steam shower/sauna. Step outside master bedroom French doors to a wonderful, private sundeck, perfect for enjoying the sun or cool Key West evenings. The heated pool surrounded by lush landscaping has a custom waterfall and Spa! Covered carport for 2 cars complete this gem. Priced to sell!"

The covered front porch will be the envy of your friends throughout the year but especially on the next to last Friday of every October. That's because the annual Key West Fantasy Fest People's Parade will pass by this home on that day. The second floor covered porch will provide a great place for your friends and family to people watch. The great room is located at the rear of this home. One wall includes an integrated cabinet for stereo with auto ventilation and wet bar. An island separates the kitchen area from the living and dining spaces. Wind impact resistant sliders open out to the lanai and pool, spa, and waterfall area.

View of the location where the Overseas Hotel used to be located.

I sold 912 and 916 Fleming Street a few years ago. They sit on one of the best streets in Key West.

Annual People's Parade during Fantasy Fest

This 2000 sq ft home has four bedrooms with four full and one half-bath Each bedroom has immediate access to a covered porch or deck area. The owner, family members, and guests will have only need to take a few steps to enjoy Key West's wonderful climate. This home has a successful history as a Key West (monthly) vacation rental. It is located a short distance to the Historic Seaport and a brief walk to Duval Street.

906 Fleming Street is offered for sale at $1,895,000. CLICK HERE to view the Key West mls datasheet and listing photos. 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.