Las Salinas Condominium Unit 112 West - Key West

I've been to Las Salinas three times in my life. Once was a few years ago during Realtor caravan. (That's when local agents preview new listings.) The second and third times were this week. I am showing properties for another agent who is out of town this week. I was very pleasantly surprised at how nice (and affordable) Unit 112 West is and decided I wanted to share my impressions with you. On June 3rd I wrote about a possible double dip in the recession and stated "I have never shown a unit at Las Salinas and won't. I wouldn't want a buyer of mine to buy there." About 20 readers added their comments, most of which were negative. I must admit I wrote without knowing what I was talking about. I should run for Congress.

The listing Realtor describes Unit 112 West this way:

"This may well be the nicest 2/2 available in Las Salinas. Granite counters, Stainless appliances. Basically a completely new unit. Comes with deeded covered parking. Location is great in the condo project and Las Salinas is extremely convenient to the beaches and shopping center areas."

New Kitchen, New Appliances, New Lighting and Clean Everywhere

I did a quick comparison to the other units currently available at Las Salinas and found that other units are priced less on a price per sq ft basis and that a similar sized unit with a better view but which has not been recently updated costs much higher on a per sq ft and real dollar basis. I have not been inside the other units. I suggest a potential buyer look at several and then determine which works best as far as price, location, view, and most importantly how the units compare as to functionality. If you think about it, moving into a place that appears all new has to make you feel better than moving into a place that you feel you need to paint or repair to make it more livable. Unit 112 West is offered at $229,000.

This unit has a Deeded Covered Parking Space

There are currently 15 homes, condos and townhomes for sale in Key West that are priced under $250,000. CLICK HERE to view the Key West mls datasheet on this unit. And CLICK HERE to see the rest of the photos I took of this unit. This building is about a five minute walk to the South Roosevelt esplanade. You will see walkers, joggers, skaters, bicyclists, and more doing their thing along the scenic waterway. Yes, the ocean sometimes smells. But most of the time it is a scenic delight.

If you would like to see this property or any other property in Key West, please consider working with me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Las Salinas Unit 112 West is worth looking at.

1005 United Street #B - Casa Marina Area Townhome - Key West

Just listed by Preferred Properties (that's where I work but this is not my listing), 1005 United Street #B which the listing Realtor describes thus:

"Centrally located Townhome on the borderline of Old Town and Casa Marina. Exquisitely appointed 2 bedroom 2 bath with soaring ceilings. The Main level consists of an open floor plan complete with gourmet kitchen, built in library and French Doors leading to your own covered porch overlooking the pool. Upstairs are two large bedrooms with wrap around terraces and an outstanding slate tile bathroom with a new jacuzzi tub. Custom closets throughout. One off street parking space. Not a drive by."

This unit is big and really, really nice. It has lots of room to live in and all of the living spaces are nicely finished. This is a place you will be proud to call home-even if it is to be used only as a Key West getaway. This home is one of three that share a pool so it is called a townhome for purpose of that pool. The annual pool maintenance fee is just $500. Otherwise, the homeowner pays all of his or her building maintenance, insurance, and other costs of home ownership just as in a typical house.

This home has 1272 sq ft of living space divided between two floors. Downstairs you will find a dreamy kitchen with large open pass through to the dining area which flows into the living room. The ceiling height downstairs is 10'. The living room has two sets of French doors with overhead transoms. The living room opens to a decked pool, and there is a generous decked front court yard.Upstairs you will find two very large bedrooms. Both bedrooms open to a wrap around balcony leading to a covered porch overlooking the pool. The high ceilings, custom kitchen and designer details make this home a standout!

I suggest that potential buyers that are looking a townhomes and condos in Truman Annex priced in the $500,000 to $600,000 range take a look at this place for comparative purposes. This unit is probably going to be a lot larger and have more high-end features than you will find in most units in Truman Annex. And instead of sharing a pool with 19 or 67 or 176 other units, you will only have to share the pool with two neighbors. Oh, and parking is just outside and not half a block away. It is worth looking at and considering.

1005 United Street #B is offered at $589,000. CLICK HERE to view the Key West mls datasheet and to view listing photos. Better yet, please call me, Gary Thomas, 305-766-2642 to arrange a showing. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Price Reduction - 820 Windsor Lane - Key West

820 Windsor Lane - Old Town - Key West

Today I am once again writing about the really cute little house at 820 Windsor Lane in Old Town Key West. This property is listed by Preferred Properties. That's where I work, but this is not my listing. The asking price was just reduced to $398,000 or $324 per sq ft. The listing Realtor describes the property this way:

"Location & Charm. Two-story conch home on a corner lot in a great old town neighborhood, this property offers original historic details with an attractive floor plan: guest bedroom and bath are downstairs while the master bedroom and half-bath occupy the entire upstairs. Features include high ceilings, Dade Co. Pine walls & floors, spacious rooms and an open kitchen with breakfast bar. Front porch, a private deck and a bricked patio provide outdoor living. House is owner-occupied and all systems function, but it's rough around the edges and is a good candidate for a major renovation."

In his book The Streets of Key West: a History through Street Names J. Willis Burke says Poorhouse Lane got its name because "a poorhouse was once tucked away there". I found another of those old photos that show how this property looked like in 1965. Poorhouse Lane is denoted by the unpainted vertical fence on the opposite side of the house. See the photo below. Now look at a similar photo I took in December 2010 looking in the same basic direction. With the overgrown trees and cars it is hard telling it is the same place. But it is.

820 Windsor Lane circa 1965 - Poorhouse Lane is denoted by the vertical unpainted fence

820 Windsor Lane as it appears in 2010 hidden behind the foliage

820 Windsor Lane is a two bedroom two bath home that sits on a good sized 40' x 50' lot just across the street from the Key West cemetery. Click GOOGLE MAP for an aerial perspective of the location. The street view is inaccurate as it shows only the fence on Poorhouse Lane. St. Mary's Catholic Church is located two blocks to the south at the corner of Windsor Lane and Truman Avenue (that's where James Bond parachuted to the church to be best man at his friend's wedding). Bill Butler Park is a short one block walk at the west end Poorhouse Lane. I must confess the City of Key West ought to spend more time and more money to maintain this potential gem.

Poorhouse Lane ends is one block long and ends at Bill Butler Park

Bill Butler Park

The Historic Key West Seaport is a five or six minute walk to the north. I mention that not because a lot of potential buyers have boats or plan to go on fishing trips or sunset cruises, but because there are many great restaurants there. I love Harpoon Harry's for breakfast and lunch (great "real" hamburgers). A lot of friends are wild about the Half Shell Raw Bar located on the water's edge.

You can walk to Duval Street in about five minutes. The fact is you can be just about any place in Key West within ten minutes by car. You can be most places in Old Town by foot or bike in about the same time. And it is that convenience that makes a location like 820 Windsor Lane so appealing.

Front room used as an office or second bedroom

Open living, dining and kitchen

Master bedroom and open bath

This home has a very Old Key West feel. All rooms are natural (unpainted) Dade County Pine walls, ceilings, and floors with all windows and doors painted white. The window panes are old and the glass has 'stretch marks' that show their age. There front room downstairs does double duty as an office/den and second bedroom. There is a full bath on main floor. The living room, dining area, and kitchen are one big open space with lots of windows. The master bedroom and an open bath occupy the entire second floor. There front porch has view of the Key West cemetery. The side and back yards are private and spacious. But there is not room for a pool.

CLICK HERE to checkout the current Key West mls datasheet on this property and to view more listing photos. Or you can CLICK HERE for a slide show of more photos I took of this property. Better yet please call me, Gary Thomas, 305-766-2642 to schedule a showing of this cute Conch Cottage. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

173 Golf Club Drive - Bank Owned - Key West

173 Golf Club Drive - Bank Owned - Key West

The cute little 806 sq ft two bedroom townhome at 173 Golf Club Drive at the Key West Golf Club is back on the market, but it will probably not be there for long. The listing broker describes the property this Bank Owned way:

"This 2 bedroom / 1.5 bath townhome is located towards the end of Golf Club Drive closest to the Club House. Home has newer laminate floors in the bedrooms and staircase with tile in the main living area. Property has a front porch and back porches with an upper balcony that overlooks the front yard. This listing is move in ready and priced right."

The first floor space combines the kitchen, dining, and living areas. A half bath is located on this level. A large rear deck overlooks the small backyard. This is a good space for someone who does not want a yard to maintain. Upstairs there are two good sized bedrooms, both of which have vaulted ceilings. They share a single bath. There is a very nice second floor balcony off the master bedroom at the front. It has views of the fairway across the street. This unit is the second to last unit before entering The Sanctuary. That means you will not be hearing traffic all day long.

View from the front porch with partial view of fairway across the street

Master bedroom has vaulted ceiling and a balcony

I sold twelve units at the golf course in the past two years. I've seen some really nice properties and some that needed a lot of work. This unit looks pretty good to me with the exception that the exterior trim around the windows will need to be replaced and there is some minor drywall repair that needs completed. Otherwise, this is a nice little property that is priced to sell at just $192,299 or $23954 per sq ft. CLICK HERE to view the Key West mls datasheet on this unit.

I took photos of this unit yesterday. You may view a slide show if you CLICK HERE. I did note features on the photos that need attention. But you can see for yourself how darned cute this place could be if decorated. The unit won't work for you if you need a grand golf course view because the view from the back is only of trees. But that view probably is the reason this unit is priced so low in comparison to other units at the golf course.

If you are interested in seeing 173 Golf Club Drive or any other unit at the golf course, please call me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Be 'fore' warned, this unit will go quickly.

Compound Investment in Key West

1027 Howe Street (corner of Howe at Julia Streets)

If the harbingers of doom and gloom haven't spooked you out of your mind, the compound at 1027 Howe Street in the Bahama Village area of Old Town Key West may be worthy of your consideration. When times are tight and people don't know what is going to happen next, probably the last thing they want to think about is making an investment in income property. There are enough talking heads on TV, bloggers, and other know-it-alls telling the rest of us what the S&P downgrade of America's credit rating means for the economy. The wild ride on Wall Street has got to spook anybody with any significant amount of money invested there. Wall Street thrives on turmoil because they always make money when the market goes up and when it goes down. They make off of people who panic and people who into rising markets. (I know that is an over simplification, but it works for my purposes.)

A reader who chooses to remain nameless recently commented on the woes of buying Key West real estate. Instead, he or she suggested that people reading my real estate blog buy silver. That's a great idea. Go to bed at night and sleep on your bars of silver. Snuggle in comfort next to the cold hard shafts of metal. Silver can bring extra comfort to you on the cold nights in February when you let it grow warm next to the mantle. In the hot months like July and August you can chill silver in the freezer for a couple of hours and then put the bars in a back pack which you can take to work or on short trips. The cold metal can help cool you down for a couple of hours. Yes, silver can be your friend and it can be a good investment too.
Or you may choose to buy a property like 1027 Howe Street for about half of what it sold for in 2004which the listing describes this way:

"Private compound in old town, completely fenced,large lot. Main house downstairs is a 1 bedroom ,1 bath, living room, kitchen, wrap around porch, dade pine walls, wood floors high ceiling, beautiful space. Upstairs is a 1 bedroom, Living room, bath, kitchen, upstairs front porch.Seperate 1 bedroom, 1 bath guest cottage.huge outdoor living space, room for a pool, and more. Potential short sale"

Here are the details: The Monroe County Property Appraiser shows the property was purchased in October 2004 for $1,100,000. The Monroe County Property Appraiser's website shows that three residential addresses have been combined into one new legal description which as three buildings with a total of 1374 sq ft of living space situated on a 65'x80' (5133 sq ft) corner lot. The three original buildings at this location were destroyed by fire around 1970 so what is there today is of more recent construction.

This property just might work for that buyer that wants a private living space plus reliable monthly income without huge property management fees. I can envision a new owner keeping one unit for personal use and then renting the other spaces until such time as the owner decides to move to Key West full time. Typically one bedroom units rent for about $1200 per month (more or less depending on other amenities). In the future an owner may want to reconfigure the current two story two units into a single family residence and use the cottage for guests. There is room for a pool and gardens. CLICK HERE to view the Key West mls datasheet and to view listing photos.

1027 Howe Street is a short sale that is offered at $575,000 or $235 per sq ft. My experience has been that asking prices on short sale properties are negotiable just like market sales. Several months ago I wrote about another listing across the street at 1026 Howe Street. That property is still for sale, and it is still offered at $439,000 or $439 per sq ft. That property is a single family that was updated. I think a dollar for dollar comparison may show 1027 Howe Street as being a darned good opportunity on a price basis. Just below see some photos of the neighboring houses in this block. The City of Key West is progressing on the redevelopment of the Truman Annex waterfront park just a couple of blocks to the west. There is public housing a couple of blocks away. So you can view this location as being located in a nice neighborhood with a promising future or you can be dismissive of the area entirely.

1031 Howe Street

Southwest corner of Howe at Julia Street

1026 Howe Street referenced above as a comparison property

1015 Howe Street on the northeast corner of Howe at Julia

If you have an interest in a compound like 1027 Howe Street, consider the value of owning a property that can be purchased now at a reasonable price which could throw off income during the short term and which ought to increase in value in the long term. If you would like to schedule a visit to this property or any other property in Key West, please consider working with me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Why think of sleeping with a piece of silver when you could sleep in Key West.