Old Key West - Ocean View - Estate Property

701 Waddell Avenue - Casa Marina Area - Key West

Just listed by Preferred Properties Coastal Realty, Inc. (that's where I work), 701 Waddell Avenue in the Casa Marina area of Key West. The listing Broker describes the property like this:

"Situated across the street from the Atlantic Ocean, this beautiful home occupies a prominent corner lot in a vibrant neighborhood. Built in 1908, the 5 bedroom, 4 bath house originally served as an inn for the Key West Electric Company, and later as a doctor's office. The home was completely renovated in 2003 and received the Ceramic Star award from HARC. In addition to the 1,500 sf wraparound porch, the elegant interior provides 4000 sf of living space highlighted by original windows with wood sashes, Bahama shutters, crown moldings, solid wood doors and 10' ceilings. A large porch off the kitchen is complemented by an outdoor living area with a heated pool and waterfall, perfect for entertaining. Pool house can be used as a studio space."

I found one of those 1965 vintage photos of the property that shows how it looked then. Compare it to today's look. Both are pictured below.

701 Waddell Avenue as it appeared in 1965

701 Waddell Avenue as is looks in December 2010

Not much has changed on the outside. The house is basically the same with some minor architectural changes. And that is the way it is supposed to be in Key West, especially for homes in the Historic District and homes that have been singled out for the historic significance to the community. The inside of this home has been updated but the basic character has been left intact. There is a great new kitchen with partial views that overlook the pool at the rear. The baths are all updated as well. The old Key West charm is readily evident on all three levels of this water view property.

You may be more familiar with the location because of its famous neighbor across the street at 700 Waddell Avenue, Louie's Backyard. I found a photo of that property also taken in 1965 and a current pic as well. (The house behind Louie's was moved to another location many years ago. That space is now the After Deck bar which provides incredible views while sipping cocktails and contemplating life.)

Doggie Beach - Key West

701 Waddell Avenue is priced at $2,285,000. It is a big house with 3914 sq ft of space including 5 bedrooms, 4 baths, the office and entertaining areas. CLICK HERE to checkout the Key West Association of Realtors mls datasheet and to view more photos of the property.

The lot is an irregular 100' x 100' with 9787 sq ft of actual land. CLICK HERE to see a Google Map aerial view of the house and area. The back yard is huge. There is a small cottage that overlooks the very large kidney shaped pool with waterfall. A large "U" shaped deck wraps the house from Vernon Street around to the opposite side of the kitchen. That deck is elevated from the yard below so you have a heightened perspective of the yard and pool below.


I live in the Casa Marina area and love it. I am close to everything but far enough away that I don't have to live with the commotion. The (other) beaches are just a couple of blocks away. Old Town is a short bike ride or a long walk. Shopping is a few blocks away. (This particular location is busier than most of Casa Marina because of Louie's and the beach.)

Locals are welcome to use the facilities at the Reach Resort, just a block to the west down a sandy walkway CLICK HERE. Simply rent a chair and buy cocktails and you have first class ocean seat any day you want. Locals may also purchase a membership at the Casa Marina where they have full use of the gym, spa, and beaches plus a discount on all food and beverages. First class all the way.

If you are looking for a large estate size property like 701 Waddell Avenue, please consider contacting me, Gary Thomas, 305-766-2642, to show this property to you. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Our office is the Exclusive Lower Florida Keys affiliate of Christie's Great Estates.

Thanks to the Grinches

I want to share a little story with a very happy ending. It's about a couple who had a dream of buying a Key West getaway place with a pool and good location. They had been coming to Key West for several years and made the decision to look for a place to call their own.

We looked at houses in the Old Town and Casa Marina areas. After a couple of trips they found a place in the Casa Marina area they really liked. It was recently built and had a lot of features they liked. They made an all cash offer "near" the over the million dollar asking price. The seller happened to also be a part-time real estate agent with a full time job doing something quite different. A lot of sellers have very confused views of how valuable their personal property is worth. And this seller/agent was most confused. I met with the seller in his/her office and discussed the offer. The seller expressed a desire to get a deal done but who ultimately was not prepared to make any deal.

A couple of months later my same buyers made an offer on another property in the same neighborhood. This property was a delightful small two bedroom home with a cottage and a beautiful pool. It was priced in the "stratosphere" by one of the top agents in Key West. My buyers made an all cash offer on this place, but we were unable to reach a mutually agreeable price.

We looked and looked at other properties and my buyers got very frustrated at the reluctance of the two sellers they viewed as greedy. As the number of quality homes in just under million dollar price range shrank I suggested we look at fixers and also consider building lots. There are different rules for renovation of non-historic houses and for areas not under HARC's jurisdiction. That opened a world of new possibilities to my buyers.

I suggested that they buy a big building lot in the Casa Marina area and build their own dream home. They hired a local architect, found a great contractor, and incorporated several of the things they liked in the two houses they were not able to purchase. They purchased a vacant lot in Casa Marina, and I got to see the finished product yesterday. I have been taking progress photos over the past year as the house was built, but seeing the final home was just amazing. I could not be happier for my buyers. The place is just beautiful.

View from the living room toward the outdoor living area and pool & gardens beyond

View of the master suite

View of the pool and garden from the master bedroom

The separate Writer's Cottage - a world of it's own

Tom Pope did the architectural design; Brent at Teixxeira Enterprises was the general contractor; and Craig Reynolds did the landscape design. The house came in "on time" and on budget. The owners are really happy about the way things worked out. And all of this happened because of other peoples' greed. (By the way, neither of the two houses mentioned above sold.)

So thanks to the Grinches my buyers have exactly the dream home they wanted!

Open House - Sunday - Key West

Preferred Properties Coastal Realty, Inc. is hosting another big Pre-Christmas Open House on Sunday, December 12th from 1:00 to 3:00 PM in various Key West locations. This is your opportunity to see a wide variety homes in different parts of Key West. (The house shown above, however, is not on the list!)

The following homes will be open for your inspection. Click the blue linked address for more information on each home.

1175 William Street offered at $750,000 and hosted by Gary Thomas

1502 Petronia Street offered at $825,000 and hosted by Dominque Barerra

1116 Stump Lane offered at $615,000 and hosted by Dan Skahen

4 Lowe Lane offered at $995,000 and hosted by Mabry Binnicker

618 Grinnell Street offered at $1,200,000 and hosted by Frank Kerwin

316 Peacon Lane offered at $999,000 and hosted by Beth Eliot

806 Shavers Lane offered at $729,000 and hosted by Cory Held

1106 Packer Street offered at $698,000 and hosted by Everett Watkins


1222 Johnson Street offered at $429,000 and hosted by Mary Readel

1315 Eliza Street offered at $1,495,000 and hosted by Walter Schmida

Please drop by one or all of the the homes featured in our Pre-Christmas Open House. And mention you saw my blog when you walk in the door. I won't get anything out of it, but we will know that potential buyers (and some skeptics) are reading my little blog.

Emma's Secret -713 Emma Street # 4 - Key West

The asking price for 713 Emma Street #4 just got a lot more tantalizing: it has been reduced to just $399,000. The four unit compound was built in 2005. Each unit is slightly different but each unit has top of the line fixtures, amenities, and workmanship. I can't say that about a lot of properties in town. But this place is so fine that I invite would-be buyers to call me to schedule a showing. Then we can do some comparison shopping so you can see for yourself how this place stacks up against similarly priced properties in all parts of Key West.

The listing broker describes this property this way:

"Stylish 3BD, 2.5BA condominium situated in a secured and private courtyard setting. Just blocks from Duval St & built as the owners unit 1995, it is in beautiful shape. Fine craftsman ship & materials throughout include Brazilian hardwood floors, vaulted ceilings, granite counters, sub-zero refrigerator, Viking stainless gas stove and Bosch dishwasher & compactor. Lounge by the designer pool with waterfall surrounded by a tumbled brick patio. Enjoy the luxuries of modern construction with GE smart wiring, Hardiboard siding, , assigned off-street parking and storm shutters. Walk to local attraction, restaurants and shops. Just four units in the development."

The gated entry to the complex lets you know you have arrived someplace special and secretive. When the gate opens your eyes travel down the bricked pathway past the pool and finally view the water wall. It looks like an ever changing mirror of water cascading down into a pool. The small courtyard separates the four units and provides some shared and soe private spaces for each property owner.


This home is located at the far rear on the south side. It gets morning light which breaks into the kitchen and living room. All rooms have beautiful crown molding, rich real wood floors, and designer light fixtures. The kitchen is just gorgeous.. You will not find a prettier kitchen for this price in this town. Period.


The third bedroom the listing broker refers to opens directly onto the kitchen so it can do double duty as a guest room, office, or a third bedroom if required. This room has its own private bath. This bedroom has an entrance onto its own private rear porch.

The two bedrooms upstairs have vaulted ceilings and separate en-suite baths. There is a beautiful stairway between the two floors that has a window that illuminates the stairway and provides a glimpse of the pool below. I don't recall having ever seen such a beautiful staircase in any home at this price point.


If you are shopping just by "price point" you need to see this home. If you are shopping for value you need to see this home. If you are shopping for a 3 bedroom home priced under $500,000 you definitely need to see this home. CLICK HERE to checkout the Key West mls data sheet and to view more photos of this property.

If you don't know the area, the Shipyard Townhomes are located 1/2 block to the north, Santiago's Bodega is 1/2 block to the south, and Blue Heaven is just one block to the east. Ft Zachary Taylor State Park and Beach is a five minute walk.

Please call me, Gary Thomas, 305-766-2642, to schedule a showing of what I call Emma's Secret. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

909 Pohalski Lane - a Cool Block in Key West

Just listed by Preferred Properties (that is where I work but this is not my listing), 909 Pohalski Lane in the Old Town area of Key West. Several months ago I wrote about a neighboring property, a multi-unit building which still has not sold. Other real estate companies have other houses for sale on this little lane. The house across the lane is offered at $549,000. I don't think the failure to sell is so much a function of the location as it is an ability to find the place. You see Pohalski Lane is just one block long and is a one way street entered just west of the Chevron gas station at the corner of White and Truman. If you drive past the entrance, it's a big ordeal to drive several blocks to make a second try.

I will also bet a lot of people wouldn't give the location a second thought because the houses are so close to Truman. Perhaps houses on this block would appeal more to folks from busy places like New York City or to locals who value proximity to work and fun. I found a delightful "read" on this little block on Conchscooter's Key West Diary. Read his blog item CLICK HERE . He fails to mention the incredible fried chicken at Dion's located in the Citgo gas station across the street or the fun time so many locals have at the Coffee Mill. But his comment "Pohalski Lane invites life to be lived outdoors, with lots of plants and enough activity, bit not too much considering how close to the main artery it lies" is spot on. When I took the blow photo (notice the cat) a neighbor across the lane was watering his plants. Another gave a watchful eye. The weight set in Conchscooter's photos is still there and it looks like the weights are used daily. This is a cool block.

The listing Realtor describes 909 Pohalski Lane thus:

"Darling conch house duplex in old town Key West at a very affordable price. The front unit is a bright and adorable studio apartment. The rear unit is a 1/1 with a private patio. The property is fenced and has a white picket fence in front. This property is walking distance to everything that Key West has to offer. A great rental property and also perfect for an owner occupied / rental combination."

909 Pohalski Lane is on the right behind the white picket fence

The Coffee Mill on Pohalski Lane

Dion's Quik Chik in the Citgo gas station - best fried chicken in Key West

CLICK HERE to checkout the Key West mls datasheet for more information on this little legal duplex that is priced at $299,000. A lot of potential second home buyers want a place they can occasionally use and also rent out when they are not here. Perhaps this duplex property might provide the kind of living arrangement that would work for a buyer seeking income to help offset the purchase price.

If you are looking for a place in Key West, please consider working with me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

617 Fleming Street #4 - Old Town - Key West

617 Fleming Street - Old Town - Key West 2010

617 Fleming Street - Old Town - Key West circa 1965

The Campbell Courtyard Condominiums have one of the best locations in Old Town. They are close enough to Duval Street and the Historic Key West Seaport that you can be in either place in five minutes or less. But they are far enough away that you do not hear the frenzy on Duval. Many of the neighboring properties are among the highest priced homes in Old Town. And there are still some of the undone houses that make Old Town so appealing. The area is chic but not too chic. CLICK HERE to view a Google aerial view of the location.

The condos were "developed" or assembled in the late 1990s from a group of unrelated buildings into the compound with a shared location, identity, and an incredibly inviting pool. The nine units were sold off and there has not been a large turnover of ownership since then. The main building shown above was built in the 1920s and the eyebrow cottage (just below) was built in the 1890s. All buildings were totally renovated during the condo conversion.

The Eyebrow Cottage and Pool at Campbell Courtyard

The developer that did the condo conversion retained a unit and that unit was just listed, but not by me, at the asking price of $529,000 and who describes the unit like this:

"Enjoy all Key West has to offer when you live at Campbell Courtyard in Old Town. This contemporary two story condominium offers two bedrooms and two bathrooms with a balcony overlooking the neighborhood. The common areas are beautifully maintained lush gardens surrounding the pool. Walk to galleries, shops, clubs, and more from this central location. Furnishings are negotiable so you can move right in!"

Look up to the very top photo and you will notice a wide balcony on second floor. That is the main level of this unit. The living room is on the left (west side) and the kitchen is on the right (east side). The doors open to the balcony where you can sip your morning coffee or early evening martini and watch the people on parade forever. But every Friday during the last week of October you will have the ringside seat to watch the official Fantasy Fest "People's Parade". There is a spiral staircase that leads to the third floor where there are two good sized bedrooms and two baths. CLICK HERE to checkout the mls datasheet and to view listing photos of the interior this Key West pied-à-terre.

This place, Dear Reader, is worth looking at if you are looking for a very well located second home in a great Key West location. Please call me, Gary Thomas, 305-766-2642, to schedule your own private showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

217 Truman Ave - Short Sale - KeyWest

217 Truman Avenue - Old Town - Key West

I normally write about the cute Conch cottages on the east side of Duval Street because that is the area where most buyers are looking. But today I want to suggest that potential buyers consider the cute Conch cottage located at 217 Truman Avenue as a potential property in Paradise.

The two story house is located three blocks west of Duval Street in the Bahama Village area. The nearest landmark you may recognize is the Bethel AME Church at the corner of Truman and Thomas Street (see photo below).


The listing Realtor describes the property this way:

"This quaint Key West home was renovated in 2006. Upgrades include new kitchen with granite countertops and stainless steel appliances. French doors lead out to the private pool and waterfall. Spiral staircase takes you to the upstairs bedroom with balcony view of the pool area. This is a potential short sale transaction subject to lender approval."

I have shown this house a couple of times. I am surprised it has not sold. It is all redone and it looks very nice on the inside and outside. The main living area is downstairs at the rear of the house. The kitchen is located mid-way and a bedroom and bath are at the front. A spiral staircase leads to the second floor where there is another bedroom and bath. There is a Romeo & Juliet balcony at the rear that overlooks the pool and deck area below. The asking price on this place is now $369,000 (down from the original asking price of $519,000). CLICK HERE to check out the mls data sheet and to view listing photos of this cute Conch Cottage.


This house is definitely worth looking at. There is a lot of house at the asking price. Please call me, Gary Thomas, 305-766-2642, to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Just think, you could be using that lovely pool this winter when your friends up north are shoveling snow.

Laughing in (Key West) Florida

If you are among the many freezing up north right now and are dreaming of someday owning a place in Key West, please consider the following. I did a quick analysis of the November 2010 single family home sales in Key West and compared those numbers to 2008 and 2009.

November 2010 - 15 total sales
Bank 1
Short Sale 2
Market 12
5 in Old Town with the lowest $435,000 for a fixer and the highest $1,475,000 in Truman Annex
Average Old Town price per sq ft $441

CLICK HERE to see what sold in November 2010.

November 2009 - 22 total sales
Bank 8
Short Sale 4
Market 10
Average Old Town price per sq ft $509

CLICK HERE to see what sold in November 2009

November 2008 - 6 total sales
Bank 2
Short Sale 3
Market 1
Average Old Town price per sq ft $765 (only one sale but good location)

CLICK HERE to see what sold in 2008

I have often said that statistics lie and liars use statistics. Politicians lie every day. Dogs lie in the middle of the floor. I am sure someone will see the fewer number of sales in 2010 from 2009 as an omen of doom and gloom. But 2010 is double the sales of 2008. The price per sq ft in Old Town in 2008 (with just one sale) and 2009 (with 5 sales) is higher than 2010 in Old Town. Go back and look at the two higher end houses that sold in 2009: one was at 1108 Fleming and the other at 631 Southard. Both are great locations. The Fleming Street property is a poster child for Key West charm and the Southard Street house was an incredible buy at $1,800,000. My point is that you can use the numbers to prove any thesis. The numbers for 2010 are better than 2008 on number of sales but not a price per foot basis. However, there was only one sale in 2008. There were an equal number of sales in 2009 and 2010 but 2009 was higher on a price per sq ft basis.

I checked the Monroe County public records to see what is happening in the world of foreclosures. I only compared foreclosures for the Key West to Stock Island because the rest of Monroe County is too far to drive and not areas where my buyers typically look. And I don't think what goes on in Key Largo has anything more to do with me than what goes on in Havana. Both are about the same number of miles away from Key West.

There were 4 new bank owned properties in all of Key West in November (plus one week at the Galleon Resort which I do not count). During the same time 11 new lis pendens were filed in my target area plus one for another unit at the Galleon Resort. (Why do people buy timeshares? I have never understood that.) A lis pendens is the document lenders file the with Clerk of the Court (county clerk in most locations) that tells the world the lender is taking legal action that is adverse to the owner and that usually means a foreclosure lawsuit has been filed. I acknowledge that a few national lenders have stepped back from filing new foreclosures so I am not sure if the current small number of new lis pendens filings means other foreclosures will be filed en mass once the moratorium is lifted. Time will tell on that. (I don't believe there are that many new foreclosures being withheld, however.)

I then checked the Clerk's records to see how many Key West properties became bank owned in 2009. The answer was 10 in Key West plus 19 more timeshares. Again, I don't count timeshares as they are evidence of too many cocktails and poor judgment.

Since foreclosures take so long to actually occur, it looks to me like the foreclosures in 2010 are down significantly from 2009. This follows the trend that I previously have written about.

If the politicians in Washington would stop playing politics and start to do the peoples' business, we could get things moving more expeditiously than they are. The good news nationally is that the economy is starting to recover and some businesses are starting to hire. Once people get being over being afraid of the future and embrace it, money will start to flow.

It happens every January - forever

I believe prices today are at the low point. I think we will see our real estate market move up significantly in January. The snowbirds will soon be here and they will be looking for deals and they will buy. It happens every January. In the past 33 days 5 Old Town houses priced over $1,000,000 each went under contract. One of those is priced over $2.8 million. It went under contract yesterday. The average price per sq ft on the 5 houses is $652. When those houses sell (close) other buyers in the market are going to feel a lot better about buying now that others have made the decision that it is okay to buy in Key West.

If you are looking for a place in Key West, please consider working with me, Gary Thomas, 305-766-2642 or email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Our office is the Exclusive Lower Florida Keys affiliate of Christie's Great Estates. CLICK HERE to checkout the real Key West Association of Realtors mls database. If you see a place you like, please contact me. I left Colorado 17 years ago to get out of the cold. I love living in Paradise.