630 Elizabeth Street - Old Town - Key West - Bank Owned

630 Elizabeth Street is a big old house located at the very top of Solares Hill. The black and white photo above has a little ^ showing the location of the house and its commanding location and view to the east and south. What you can't see in the photo is the topography. Windsor Lane drops off to a right angle and slopes gently toward the Key West cemetery two blocks to the east. This is important for those worried about flooding. It doesn't flood. It won't flood. If it did flood, the entire island of Key West would be under water. I don't think that will happen during the lifetime of anyone able to read this.

This property is Bank Owned. It has been bank owned since September 2007. There was a recent contract that failed because the potential buyer could not obtain a new mortgage on this property. So the property is now aggressively price to sell for CASH ONLY at $246,900 or $123 per sq ft. The house is 2012 sq ft and sits on a 1682 sq ft lot. As you can see from the photos above and CLICK HERE this house has no front yard. The rear yard is presently about 12 wide by the length of the property.

This is how the listing Realtor describes this property: "This historical building, located atop Solares Hill, was the Solares family General Store circa 1884. It sits on the corner of Elizabeth and Angela Streets just 2 blocks from Duval St. In addition to the excellent curb appeal and 2012 sq ft of living area, it has approximately 936 sq feet of bonus attic space. It is a duplex with infinite possibilities for renovation. The location and square footage make this property an investor's dream. CASH OFFERS ONLY." This Realtor is very fair and submits offers to the bank owner promptly.

What I say and think doesn't really matter because my opinion doesn't count when it comes to HARC or the Key West planning department. But I think a buyer could chop off the rear addition and create enough space for a decent sized first and second floor new rear porches and still have room for a small, but real, pool. A variance may be necessary and nothing can be assured in life, but I've got to think a good plan to preserve the looks of this old house might get some massaging by HARC and planning. But, like I said, what I think doesn't matter.

Somebody is going to get a great deal on this house. CLICK HERE to read more about the property and view the photos. Here are a couple of additional pics I took this morning. Pic 1, Pic 2, Pic 3, Pic 4.

If you would like to see this house or make a sight unseen offer on this old house, please contact me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. The offer must be all cash and all offers must show proof of funds.

800 Elizabeth - Old Town Key West Renovation Project - Short Sale

I get emails and phone calls from prospective buyers looking for a renovation project in Old Town in a "good location" where there is no worry about flooding and that has off street parking and room for a pool. The new listing at 800 Elizabeth Street CLICK HERE could potentially fit those requirements provided a buyer gets permission from the Historic Architecture Review Commission. That will not be easy.

The listing Realtor describes 800 Elizabeth Street and 624 Petronia Street this way: "A special opportunity to own 2 Old Town homes with an overwhelming total of 8 bedrooms and 3 1/2 baths presenting investment rental income potential. Located in Old Town just 2 blocks from Duval Street, the home offers numerous possibilities for large families, employee housing or use one rent one. The property features preferred elevation sitting high atop an X Flood Zone. Each home has separate electric & water meters. This is a potential short sale requiring third party approval."

800 Elizabeth Street and 624 Petronia Street is offered at $510,000 or $230 per sq ft. The house sits near the top of Solares Hill which means there is no danger of flooding. (Nothing is certain in life, but I'm pretty confident that the location will not flood.) And the location is just a two walk block to Duval Street. Elizabeth Street is a one way street so you don't need to worry about Conch Trains or Trolleys passing your house all day long.

This property is currently used as apartment rentals. A buyer could keep the current use for a few years and then do a renovation. The options are wide open.

If you are looking for a renovation project, please call me, Gary Thomas, 305-766-2642, to schedule an appointment to see this property.

1015 Eaton Street - Old Town - Key West - Eyebrow House - Short Sale

So you have been coming to Key West for years and dream of "someday" moving here. You imagine what it would be like to get up in the morning and have coffee out by the pool under the palm trees listening to the birds cheep while you watch the butterflies flitter and the geckos dither. Maybe you love going over to the Green Parrot or down to Sloppy's and getting a little crazy and think to yourself, I could do that all the time. Or perhaps you dream of being able to do something adventurous like parasailing, snorkeling, biking, or canoing through the mangroves whenever you want.

You regret not having bought years earlier when prices were cheaper. You remember that special house you saw at a Sunday afternoon Open House and say to yourself "I should have bought that place." But you didn't.

CLICK HERE to do your own personal search of houses for sale in Key West. You set the price range and see what is available today. Tomorrow, surely one of two of the properties you see will be gone. I expect more new properties will be listed, especially condos and townhomes in on the eastern side of the island. But there is a limited amount of single family houses under a million bucks in the Old Town area.

1015 Eaton Street is listed as a short sale at the asking price of $995,000. This house is a classic eyebrow house that has been tastefully restored. It has four bedrooms, three bathrooms, a new addition at the back with a large great room and kitchen that open onto the long and inviting pool and spa. The living area has a fireplace for those two or three days a year there is a bit of a nip in the Key West air. The great room doors open accordion style so that the entire outside becomes part of the inside. The master bed and bath are on the ground floor. The bath opens onto the spa making a late night dip just too inviting. And if you have looked at eyebrows before and been disappointed by "dinky" bedrooms, look at this house. The bedrooms are large and the ceilings tall. That means those rooms are actually livable. A claim not all eyebrows can make.

1015 Eaton Street is a listing of Preferred Properties Coastal Realty Inc. While this is not my listing, I hosted an Open House there and have spent enough time there to get a real feel for the house. I loved it. The kitchen and baths are new so you won't feel like you are roughing it like you might in many old Key West houses. The bedrooms are good sized so you have more room than to crawl into a bed. If you have looked at other eyebrow houses you know what I mean. But the really neat feature is the way that the back end of the house totally opens onto the pool area. You move to Key West to enjoy the outside. And the outside here is just wonderful. The one thing this house does not have is off street parking. If this were to be your second home, you can easily store your Key West car in the public garage which is one block away. (I believe the monthly storage fee there is $100.)

CLICK HERE to see more photos and read the detailed information on 1015 Eaton Street. This house is a short sale that is offered at $995,000 or $573 per sq ft. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com if you would like to schedule a showing of this classic Key West Old Town property.

April Sales Recap for Key West

It's that time of the month again: time to report on what happened in Key West real estate sales for the prior month. I think I am a pretty optimistic person. I'm old enough and seen enough not to get too rattled by the Swine Flu Scare and the Chrysler Bankruptcy. I know thousands won't die of the flu and that Chrysler will emerge from bankruptcy and continue to manufacture Jeeps and convertibles. That is why I am not frightened by the seemingly sad numbers for the month of April 2009 as compared to prior years.

There were 11 single family homes sales in all of Key West for the month of April with an average price per foot of $455. Two of the sales were "short sales" and one was a bank owned property. Notable sales included three I wrote about here earlier including 608 William Street that sold at $670,000 or $890 per sq ft; 708 Eaton Street that sold for $2,400,000 or $724 per sq ft; and 912 Fleming Street that sold for $372 per sq ft. 608 William Street is a tiny little gem in a great Old Town location. Remember when I wrote yesterday about people that buy a look, a lot, and a location? 608 William Street had all three nailed!

708 Eaton Street is a big property on a busy street during the daytime, yet it commanded a huge price per sq ft. Proof again that quality does matter to discerning buyers.

And don't forget 912 Fleming Street. It has one of the best locations in Old Town and is surrounded by multi-million dollar homes on all sides. The house is in good condition and has a gorgeous pool and rear courtyard. Congratulation to the new owners, Sean & Kellee.

In 2008 there were 11 single family homes sales in all of Key West and the price per sq ft then was $419.

Condo and Townhome sales in Key West in April were not quite as fortunate. There were 10 such sales in April. Three were "short sales" and three were bank owned properties. The average price per sq ft was only $271. In 2008 there were 11 sales with an average price per sq ft of $537. In 2007 there were 20 sales where the price per sq ft was $751. (Four of those sales were of units at Santa Maria Condominiums. Several units there are now offered as short sales with prices discounted in the hundreds of thousands of dollars!) And in 2006 there were 12 condo and townhome sales with an average price per sq ft of $791.

The number of sales in 2006, 2008, and 2009 is fairly consistent. If you take out the four Santa Maria sales for 2007, all four years have about the same number of units changing hands each year. But the price degradation is disturbing. Short sales and bank owned units at the golf course, Shipyard, Seaside, and similar properties have just decimated that market. I watch the filing of Lis Pendens in the Monroe County Clerk's office. The filing of new Lis Pendens on condos and townhomes is not stopping. I haven't tracked how many were filed previously and I can't state the numbers currently. But there are enough to make me think we have not seen the bottom of foreclosures in the condo and townhome sector of our market.

I think there are some real bargains in the condo and townhome market. A buyer has to look not only at the price of a particular unit but also the developments, the strength of the the home owners associations, the reserves held by the associations, and the condition of each unit. Some units are better than others. And some developments are better maintained than others. So if you are looking to purchase a condo or town home, take your time, do your homework, and buy wisely.

When I started today's blog I said I'm optimistic. Everything I just wrote sounds bad however. Sales are down in dollars and percentages over years past. On the other hand, there are lots of buyers. Everybody I know is writing offers. Many of those offers are screwball and low-ball offers that do not have a chance of getting accepted either by the seller or a lender in a short sale scenario. The other day I got an e-mail from a local lender offering 4.5% 30 year mortgage money. That makes buying a place in Paradise much more affordable. There are not a lot of houses in the Old Town and Casa Marina area under the million dollar benchmark. My advice is to think big and think bold. Houses that have not sold during season are languishing for a reason: they are probably over-priced. I think there is a group of houses in the $1.2 million range that are nearly ripe for purchase. Wait until hurricane season and see how ripe they are then.

If you are looking to buy a place in Paradise, please consider working with me,Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. E-mail me at kw1101v@aol.com. Let me help you find your place in Paradise.

The End is Near!

The End is Near! At least it is for the small eyebrow house at 405 Frances Street in Old Town Key West. No, the house is not going to be torn down, but after months of being on the market, a contract has been signed and the owners and buyers await the closing on the transaction. CLICK HERE to see the particulars on this old house.

The house on Frances Street is quite similar to many other Old Town homes that have been lived in by generations of Key West residents. A few houses in similar condition are still available for purchase. And you might be surprised to read that there are buyers looking to purchase old relics like Frances Street. All of the Old Town houses are in the Key West Historic District so the rules of the Key West Historical Architectural Review Commission ("HARC")will apply. CLICK HERE to read and download the HARC Rules. If you are thinking of buying any house in Old Town, you really need to know the general intent of the rules.

Some of the more valuable houses in Key West once looked something like 405 Frances Street to some extent. When I show old houses to prospective buyers I suggest that they forget about the often cramped interiors and take a different approach. I suggest that buyers look at buying the house as a box with no inside walls. Let the designer or architect rebuild the house utilizing the existing exterior walls and maybe add an addition to the rear or side, HARC permission required. Existing walls go away and new functional living spaces emerge. The look from the street hides the new functionality at the rear.

People who buy old houses in Key West are basically buying a look, a lot, and a location. If the buyer is lucky, the buyer gets a nice looking old house, a decent sized lot, and a suitable location. We all know certain locations suck. We know certain lots are tiny. And certain houses are just plain ugly. 405 Frances is cute and has a great location, but the lot is tiny. So the buyer gets two of three. That's not bad.

I created a list of active houses in Old Town that I think might make for good renovation projects. Some of these properties have been on the market for a long time. Some may not be in good condition--the kind where a buyer would feel comfortable moving right in and sleeping and eating. Some may still seem to be priced very high given their condition. I would simply suggest that buyers take a look at the house CLICK HERE for a late addition: 630 Elizabeth Street just went back on the market. It is bank owned and it would make a great remodel project.

CLICK HERE to see the houses that I think might make for good renovation projects. It is my subject opinion. The only caveat I would add is not to let the asking price dissuade you from considering the individual properties. I think deals can still be made in this tight market. Some of the houses listed have very inflated asking prices in my opinion. The sellers either are living in La-La Land or they are just waiting to get an offer and think they will negotiate.

If you are one of the many buyers who has postponed making an offer on a second home in Key West and continue to hold to the belief that prices will continue to drop, I would simply urge you not to wait too long. The end of the down market is near. The supply of houses is drying up. The supply of houses in Old Town is really drying up.

More on the current market tomorrow. If you see something you like, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc, an affiliate of Christies Great Estates.

715 Ashe - Old Town - Key West

Potential Dream Home in a quiet Old Town Location awaits a buyer. 715 Ashe Street is located one block west of White Street between Olivia Street to the south and Southard Street to the north. I give you the location because a lot of locals don't even know where Ashe Street is located. So how in the world can Conch Train drivers and moped riders ever find it. It's the next best thing to living on a slow lane in key West.

715 Ashe Street is a two bedroom, two bath home with a total of 1222 sq ft of living space that sits on a good sized 3055 sq ft lot. The interior has Dade County Pine walls and ceilings. Some of the walls have beaver board, an early variation on drywall. The walls I saw are in very good condition. The floors have been tiled and are also in good condition. The house seems level and several of the support piers have been replaced. There is even a new roof as of May first (or so). The owner has taken good care of this house. If I were buying the house, I would get permission from HARC to replace the jalousie windows with HARC approved windows that would make this little gem shine. The front porch needs some restoration to make it look like the other story book homes in the area. And there is plenty of room for a nice sized pool in the back. My advice: spend a few bucks and buy a cute house at a great price before all the deals are gone for good.

715 Ashe Street is offered at $549,000 or $449 per sq ft.

CLICK HERE to read how the listing Realtor describes this property and see more photos and information on 715 Ashe Street. Please call me, Gary Thomas, 305-766-2642, to schedule a showing of this home. It is tenant occupied, so 24 hour advance notice to view the home is required.

Stressed to Excess in Key West

One of the things living in Key West has taught me is to be more patient and not to let little things upset me so much. Following Conch Trains continues to stress me, however. I take evasive action any time I think I'll have to follow one more than a block or so. Getting stuck in a traffic jam in Key West (translated: sitting at a stop light for a couple of minutes) stresses me. People that are not handicapped that have handicapped windshield emblems and that park in handicapped parking stress me big time. And people and businesses that put up signs to prohibit the public from parking in the public right of way don't' just stress me: they p*ss me off.

Conch Trains bring business to our town. Not to me and not to most of the people who live here. But they are good for Key West. So I tolerate them. And try to avoid them.

Traffic jams here are not like they are up north in America in places like New York City, or Los Angeles, or Atlanta. I was in Atlanta a couple of months ago. It took us 45 minutes on a Saturday night to drive six blocks. We were on a six lane (one direction) road. I'd be nuts if I had to live through that every day. How do you readers cope with that?

There is a local Key West resident that drives a big rugged truck that exudes his "manhood" to no end. He has one of those handicapped parking permit that he hangs on his windshield mirror when he pulls into a handicapped parking space. I watched him do this one day. He got out of his big rig and strutted someplace in the small shopping center. He is no more handicapped than I am. I don't know the guy personally so this isn't a me vs. him issue. There is a real handicapped person that uses that same handicapped parking space regularly. His van is outfitted with a special lift that helps him get out of his van in his wheelchair. The guy with the big rig took the real handicapped person's parking spot.

There are a lot of older people in the Old Town area that have handicapped parking signs placed in front of their homes. I get it. I understand parking is tight in Old Town. But the streets are public. Giving certain people special treatment isn't right unless they really are handicapped. And being old is not a handicap.

Finally, I have to criticize property owners that put up signs or erect barriers that keep the public from parking on the public streets and right of ways. The photos above show a sign placed in the public right of way next to a Casa Marina area town home warning potential parkers not to park there. The neighbor across the street has grass planted in his public right of way, and he erected metal poles to prevent the public from parking on the right of way.

There is a new deli on Truman that just put up signs inside the deli and on the side of the building that state "CUSTOMER PARKING ONLY UNAUTHORIZED VEHICLES WILL BE TOWED AWAY AT VEHICLE OWNER'S EXPENSE". And in smaller letters at the bottom there is a spot for the police department phone number. The signs look like something the city would put up. That's the point I guess. Put up something to prevent someone from doing something that they have a legal right to do.

I guess in the scheme of things if this is all I have to worry me, I've got it pretty easy. If I had to move back up north I don't think I could handle it.

Big Bad George

I'm not going after the former President!

Last week I urged my readers to quit their jobs, move to Key West, and become an "I used to be" by purchasing a great little property at 811 Fleming Street (CLICK HERE). That property went under contract on Wednesday, so you are outta luck on that one.

But, fear not, there is another opportunity awaiting some sharpie with an athletic background, or a resauranteur, or maybe just someone with a good business acumen. I'm talking about the new listing at 19269 Bad George Road on Sugarloaf Key. CLICK HERE. This is a Preferred Properties listing.

The listing agent describes this property thus: "Great opportunity to have your own Restaurant, Sports, and Leisure Club with large pool and hot tub on a private 2 acre lot complete with 3 clay court tennis courts. 150 seat Restaurant and Bar for SRX license capability. Also, two residential apartments with a renewable transient license. Many improvements have been made including 2-zone A/C in restaurant. This property is only 15 miles away from Key West!"

The restaurant includes both inside and outside dining and a separate sports bar area and poolside service. Many improvements have been made including two zone air conditioner in the restaurant and the enlargement of the kitchen with a $25,000 hood.

Many people that work in Key West live in the Sugarloaf Key area. It is 15 miles from Key West. Sugarloaf is also the location of many second homes for people that live up north in America. Not everyone wants to get in the car and drive to Key West every morning to go to the gym or play tennis. And not everyone that lives up there has a pool, although most live on canals or have water views. It looks to me like there is a captive audience of locals in the Sugarloaf area that would use a facility like this.

If you are thinking of relocating to the Keys and want to have something to do, you owe it to yourself to take a look at this property. To see this property please call me, Gary Thomas, 305-766-2642.

Together We Have It All

Style. Grace. Warmth. Whimsy. Charm. Together they add up to quite a package when you are talking about a person or a house. Of course if you are talking about a person being at the right place at the right time is pretty important. And if you are referring to a house, location is most important! Don't we know it.

The new listing at 1108 Fleming Street has just about everything a discerning buyer could want. This is how the listing Realtor describes 1108 Fleming Street: "Beautifully appointed historic home on one of the most prestigious streets in Old Town Key West. Three bedroom conch house with guest cottage, inviting pool and off street parking. Open floor plan with high ceilings, french doors overlooking lush tropical yard. Large master suite with office area, family room with vaulted ceilings and bright, airy rooms. Deep lot goes through to Curry Lane with off street parking accessible from the lane. The quintessential Key West hideaway for the discerning buyer."

The last time this property was on the market it sold within a few days of being available. Times are more difficult today than they were then. But this old house is better and more cheerful than it was then. The house is bright and cheerful from front to back and bottom to top. Every room is different, but the entire place flows evenly and with purpose. The great room at the rear of the main house invites you out to the pool. The guest cottage at the rear invites you to come in and get cozy. You know you are in an old house. But everything inside is new so you are not fearful that something will break and cannot be fixed.

1108 Fleming Street is located at the far end of Fleming Street. It's a good six or seven minute walk to Duval Street and about the same time to get to the Historic Seaport. There are two convenience stores down on White Street and a couple of nifty restaurants within two blocks. Curry Lane runs behind the house and that is where the off street parking place is located.

The master suite is located on the second floor. There is a little sitting room or office outside the bedroom. There is a small set of French doors that separate the two areas. A little tag is affixed to the door handle. It reads: "We may not have it all together. But, together we have it all." This house has it all together in spades. What a perfect little Key West home. Style, grace, warmth, whimsy, charm, and location. (And off street parking!) 1108 Fleming Street is offered at $1,295,000 or $807 per sq ft. This is a really neat house. I don't think it will last long, even in this difficult market. CLICK HERE to read more info on this house and see more photos.

CLICK the following tags to see individual photos of the house: Kitchen, Guest Cottage Bedroom, Guest Cottage Exterior, Master Bedroom, Master Bath, Office off the Master Bedroom, Stairway.

1108 Fleming Street has Style,Grace,Warmth,Whimsy, Charm, and Location.If you want to have it all, please call me, Gary Thomas,305.766.2642, to schedule a showing. Town is very busy right now. Sales results for this month ought to be pretty encouraging.

726 Fleming Street - Old Town - Key West - Transient License

There is a new listing at 726 Fleming Street in the very heart of Old Town Key West that may interest you second home buyers that want a place you can rent to help pay part of the cost to buy the place. The listing agent, who is not located in Key West, and so far has not complied with our listing requirements and supplied any photos of the property, says this about the property: "LOCATED IN THE HEART OF KEY WEST!! THIS 2 BEDROOM, 2 BATHROOM BUNGALOW WITH HIGH CEILINGS HAS ONE OF THE FEW TRANSIENT RENTAL LICENSES!! DO NOT MISS THE OPPORTUNITY TO OWN THIS SPECIAL PROPERTY. NO NEED TO HAVE A CAR, WALK TO EVERYTHING! PRICED TO SELL." CLICK HERE to see all of the agent supplied information.

726 Fleming Street is located one house to the east of Love Lane. Love Lane is situated east of the Monroe County Library at the corner of Elizabeth and Fleming Streets. William Street is just about 125 feet east of the property. If you are familiar with those landmarks, you have a pretty good idea of the location. If you remember the house that was the subject of the This Old House renovation a few years back, 726 Fleming is right across the street to the south.

According to the listing agent, 726 Fleming Street is 792 sq. ft and sits on 1743 sq ft. lot. The asking price is $595,000 or $751 per sq ft. I have not been inside, but the house looks tidy from the street. You cannot beat the location. And the existence of a transient license which permits the owner to rent the property just like a hotel room for 365 days per year is a genuine bonus.

Please call me to see if this property meets your needs in a second home in Key West. Please call me, Gary Thomas, 305.766.2642 to schedule a showing. I took some potential buyers past the house yesterday afternoon and there were people looking at that time even though there is no for sale sign on the property or photos in the mls.
This property probably will not last the week.So you better move quickly.