U.S. Coast Guard - Key West Style

The U.S. Coast Guard - Key West Style

"What do 'coasties' have to do with real estate?", you ask.

Well they are a big part of the life in Key West. Their job is being part of Homeland Security and doing life saving chores, drug interdiction, port protection, and so on.

Many of the people live off base. So they compete for housing just like all of the waiters, bartenders, fishermen, shopkeepers, construction workers, etc. that compete for short term housing. A single guardsman with no dependants ranked E-2 gets $1452 to pay housing and utilities. Since most one bedroom apartments in Key West go for $1200 or more per month with the tenant paying all utilities. That can amount to an additional $200 to $300 per month in some cases.

Those high prices create the need for roommate situations. A two bed, two bath apartment, condo, or home will typically rent from $1800 per month and up plus utilities in most instances. Old Town housing is the most expensive. Properties with a pool, on-site laundry, off-street parking, or other amenities usually rent the quickest and at the highest price. The less expensive properties are typically located in the mid-town area (east of White Street to Kennedy Drive). The price differential is not all that great, however.

I advise investors who have apartments or homes they want to rent on a long term basis to try to rent to servicemen. As a rule these service men and women make superb tenants. They are neat, clean, obey the law, and pay their rent on time each month.

We're having a Party and you're invited...

We're having a Party and you're invited...

Anyone who reads this blog is welcome to attend a little cocktail party on Thursday, January 25 between 4:15 to 6:15 PM at 612 and 616 Olivia Street in Key West.

We are hosting the event to present two beautiful homes to Realtors and sophisticated buyers.

I am including a photo of 612 Olivia from 3 years ago and a photo taken last week. The old structure was demolished and the new home was recently finished. The home has 4 bedrooms, 6 baths in two buildings with a total of 3220 square feet of truly elegant living space. And that's just for starters.

612 Olivia was constructed for a particular owner who either has a large family or lots of friends. The rooms and public areas are spacious. And the pool, gardens, and terraces were designed for casual living and grand entertaining. 612 Olivia is offered at $3,200,000. Do drop in on Thursday and say hello.

There's no place like home

There's no place like home

Season is upon us and Key West is full of people. The tall ships are here for Race Week and the town is full of your regular run-of-the-mill tourists as well. See photo of one of the tourists to the right...

Those of us who are fortunate enough to live here full time often think that tourists view Key West as if it were Disneyland. Heck, they walk right into traffic to take pics of each other without looking to see if that car really wanted to move.

I found the photo to the right of Duval Street depicting the street as if it were a model. This is a real town despite what tourists think. There are 25,000 odd folks who live here full time. And 12 normal folk.

Finally, there is the pic of Key West International Airport. I love that little airport. Get here before it is rebuilt to look like every other airport in the country. There is nothing finer than returning home to Key West late at night and seeing that old welcome sign. Then you get off the ramshackle plane and smell the Key West air. It does smell different than air in America. (And it's not the ocean. It's just plain old Key West air. Maybe I'll start to bottle it and sell in on Ebay.) Then you grab a cab and go fast down South Roosevelt towards town. The cabbie tells you everything that happened since you went away. Those guys are the repositories of the social history of Key West. Man, there is nothing like coming home.

From Bulging Waistlines to Bulging Muscles

Island Gym

I hurt my left arm something fierce last year and haven't been able to do much with it since. There is a new gym at 1119 White Street (former home of The Bagelry where you could watch your waistline grow). It is simply called Island Gym.

So I'm it's newest member. It's as clean as a whistle, but then it's new. But I got a feeling it will always be that way. There is lots of Pride of Ownership going on there.

The rates are okay (for Key West). They have daily, weekly, monthly, seasonal and annual rates. And they are offering 10% off for memberships in January. The only bad thing I can say about the place is that it is small and has lots and lots of equipment--most of which is Hammersmith. Top of the line.

And it is located in my neighborhood--Casa Marina. I included a pic of the Fausto's Food Palace on White Street for those who know its location. The gym is one block to the south. I took these pics around 7:00 AM today. Key West is so beautiful at that time of day. Many people are snug in their beds, but others are out jogging or walking their dog. While I was on the treadmill I watched probably 100 people stop their cars and go into the Cuban bakery across the street from the gym for coffee con leche.

By the by, I ran into a familiar face at my open house today: John Isaksen of Isaksen Insurance. He saw our ad in the Key West Citizen and stopped by to see me. I did not recognized him because he had lost 25 pounds. He, on the other hand, knew who I was because of the ad. And he commented on the fact that I had gained weight. Thanks for noticing, John.
Glad to hear you remind me of my accomplishment. I had about 50 visitors at the open house--two of which seemed genuinely interested. Not a bad day.

If I lived here, I could be home now...

If I lived in Key West, I could be home now...
Ain't that the truth. The other day I wrote about the island running from the Gulf of Mexico to the Atlantic Ocean. So I decided to post a photo to prove it. The Gulf is at the top and the Atlantic is at the bottom of the pic. My office is located just to the top of the large white building in the middle next to the right side of the pic. That building is the old Gato Cigar Factory and is now part of Monroe County government offices.

The third photo is of the beach at the Casa Marina Resort. Locals go to the hotel for a variety of reasons including the annual 4th of July picnic and the Fantasy Fest Pet Parade. Both events are must dos if you live in Key West.

Key West is packed to the rim with lots of vacationers and attendees to the boat races. Our office (Dunaway McKenzie Realtors) is holding Open Houses tomorrow, from Noon -- 2:30 at the following locations: 612 and 616 Olivia, 1318 Duncan Street, and the Sea Isle Town Homes at 901 Windsor Lane. See photo at top right. The developer just reduced the price to $1,900,000 on these newly constructed and elegantly appointed 3 bedroom, 3 1/2 bath two-story town homes, each with its own private pool. Come see for yourself. If you lived here, you could be home now!

Things to do in Key West

Things to do in Key West

1. Go to the beach. We have a few. We just don't have a lot of sand or waves. But we have so much sun you don't mind laying on the rocks cause you can get a great suntan. Better yet, hangout at your guesthouse (or hotel) pool.

2. Go to Duval Street and walk up and down the longest street in America--it stretches from the Gulf of Mexico to the Atlantic Ocean. (That's about one mile in Key West.)

3. Go out to eat. We have some great restaurant like the Cafe Marquesa, Antonia's, and 915.
You can get a lot of reasonably priced and very good food at places like Caroline's (it's in the 300 block of Duval--try the cheeseburger) or TGI Fridays (in the Winn Dixie Shopping Center).

4. Go to Tropic Cinema (400 block of Eaton, just west of Duval) or the Regal Cinema (the Searstown shopping center).

5. Ride a bike and take a self-tour of the island. Obey the stop signs and don't aggravate locals by doing dumb things.

6. Visit the Key West Cemetery. Pics included to the right. One of the best streets in all of Key West is Carey Lane. There are 3 sweet little cottages that have been renovated. There are no Conch Trains or tour buses, no motorcycles or bicycle tours, heck, even a lot of locals don't know where the lane is located. But it is just steps away from the Key West cemetery. Take a left, walk a half a block and you are at the corner of Margaret and Southard. Three block to the north is the Key West Seaport and three blocks west is Duval. So close and so far.

7. Call Gary Thomas and buy a house. 1-877-778-7092.

Is the Island Surrounded by Water?

"Is the Island Surrounded by Water?"


I mentioned that I used to own Eaton Lodge Guesthouse and the question cited above is an actual question I got when a potential guest called to reserve a room.


Recently a friend from Atlanta asked me to pick-up a couple of his friends who were in Key West on a cruise ship and show them around Old Town. They asked how all the cars got here.

The answer to both questions is simple. Key West is a real island in the middle of the Atlantic Ocean (or sea or bay or whatever body of water you think). It is accessed by driving down U.S. 1 from Miami over a series of Keys ("cays" or islands) that are connected by bridges, the longest of which is the famous seven mile bridge. The other two means of getting here are via airplane or water.

Since we are surrounded by water, many potential home buyers think that they can purchase a waterfront home or condo. That's next to impossible on the Island of Key West. There are only a handful of properties actually on the water here and because of that, they are normally among the most expensive properties in Key West.

If a water view can be substituted for "waterfront", there are many more potential properties available. And if proximity to water is the criteria instead of "water view", the list becomes even wider.

During the past 5 years several new developments have been built with "water views" in Key West and on Stock Island, Key West's nearest neighbor. Most of these properties are condominiums and some even come with boat slips or having boat slips available. And because of the recent downturn in the real estate market these properties are priced more affordable than ever. The Impossible just became more affordable.

Checkout the above link to search for your new home in Key West-- water view or not and please give me a call (toll free) 1-877-295-7099.

616 Olivia Open House on Sunday

616 Olivia Street
Open House
Sunday
Noon - 2:30

Come join me on Sunday for an Open House at 616 Olivia Street in Old Town Key West. This elegant newly constructed (not renovated) home is located within walking distance to all that Key West has to offer, but far from the madding crowd.

The 2000 square foot home features 2 large bedrooms on the 2nd floor and a 3rd den/study/guest room on the 1st and 3 full baths. The master bedroom has a second floor covered balcony that runs the length of the house and overlooks the rear gardens and inviting pool. The interior floors are travertine marble and so are the covered front porch and rear lanai. There is crown molding and recessed lighting everywhere. The home is a GE Smart House.

So many homes in Old Town do not have parking, but this one trumps them all: it has covered parking and a door that allows you to enter into the kitchen. (That is a true novelty for Key West.) And the kitchen has everything as well: custom made cabinets, high end stainless steel appliances, professional range, wine cooler, marble, granite, you get the picture.

French doors across the entire rear of the house allow the descerning homeowner to enjoy the beautiful pool and garden views any time, day or night.

The 600 block of Olivia Street is particulary charming. To me it looks like Whisteria Lane--without the drama. Key West provides enough of that.

The home is offered at $2,300,000. Come take a peek.

Sweet William Transformation

Why Does Real Estate Cost So Much in Key West?

I was doing my morning internet surfing today and ran across this picture (bottom right) on flickr.com . The caption read: "This house is for sale by the famed Christie's Group. This 'Preferred Property' is about to fall down, which I found marvelous." That got me to thinking about discussing why housing in Key West costs so much and why the current downward turn benefits would-be buyers.
The house pictured was listed in July 2006 at $799,000. It is 1638 square feet on a 1959 square foot lot. There is off-street parking. And it was priced at appraised value at the time. The price has been dropped to $599,000. The good thing about this house is that it is in a good relatively good location in Old Town, but not the best. It obviously needs lots of work, but it does have the street appeal that makes it desirable.

The top four photos show a house in the 500 block of William Street as it looked a year ago and as it looks today. The restoration is almost complete. The tax records show that the existing house was 2827 square feet under roof. It looks like the square footage has been increased as the property was restored as well.

The property was sold a year ago for $1,225,000 and sold in January 2007 for $3,495,000 CASH.

The process of restoring a home in Old Town Key West is similar to any other town with an architectural review committee. The Historic Architectural Review Committee (HARC) controls that process in Key West. The City has a designated official that ensures that the city code is enforced with respect to all homes in the Historic District that are subject to the code.

HARC reviews all planned renovations, restorations, and even new construction in the Historic District to ensure that the historic character of the Old Town area is not diminished by new construction. It has strict guidelines that it jealously protects.

Old buildings such as the one pictured and chided as a "Preferred Property" cannot be torn down and rebuilt. Instead, buildings like this must be conserved and restored. Costs of such conservation and restoration often exceed the costs of normal new construction. The end result is that the cost of acquisition, planning, reconstruction, landscaping, etc. all add to the cost of the final home. But then the final home is often a work of art.

There are some great buys in Key West because of the market downturn. Prices will not stay at there current low rates and those people who buy now ought to reap great rewards in the future.

The Artist House Key West -- For Sale

The Artist House

Located at 534 Eaton Street, The Artist House has what other innkeepers
wish they had: a magnificently appointed and truly historic property.

This seven unit property is located one-half block off famous Duval Street on Eaton Street--old Key West's millionaires row. Eaton Street is one of two main corridors that bring traffic in to the Old Town area. So this is a very high visibility location and because of its innate beauty, attracts many would-be lodgers who failed to make reservations in advance or who mistakenly booked a room at a huge motel on Roosevelt Boulevard.

(I used to own Eaton Lodge at 511 Eaton Street. I know the guest house business and I know the value of owning a beautiful and historic property on that particular block.)

The property was the home of Dr. Thomas Otto and was named for his artist son, hence the name "The Artist House".

The rooms are large and most feature original fireplaces, crown molding, high baseboards, and period finishes that transport the lodger back to a grander era.

The Artist House is priced at $2,599,000. It has six licensed guest rooms. This beautiful property could be yours and you could fulfill your dreams of being the next Bob Newhart--but you would just be living in Paradise instead of New England.

More info: Please call Gary Thomas 1-305-766-2642