Key West Recent Sales Update

A Key West Dream House

We just passed the half-way point of the Key West seasonal real estate sales. At least that's the way I view it. Most real estate sales occur during the time period between Christmas and Easter because that is when there are more potential buyers in town looking to purchase property. When the weather up north turns nice the snowbirds go back home and spend their summers at their main homes or perhaps a summer place. For that reason most serious sellers try to list and get their Key West real estate sold when the largest number of potential buyers are in town.

I did a quick search of the Key West Association of Realtors mls database to determine the number of single family homes that have sold in the Key West area from January 1, 2012 to March 1, 2012. The sales results are shown in the graph below.


The sold prices on a per square foot basis followed the norm for Key West properties as well. The 5 low end units sold for the lowest price on a per square basis at an average of $211. The 22 mid range units sold at an average of $614 per square foot. And the 2 high end units sold at $588 per square foot. I must remind readers that housing prices in Key West vary greatly based on location, size, and amenities. We have a diverse housing stock with mansions that are located on blocks with houses that look like they have never seen a coat of paint. Internet real estate websites that project 'values' of dissimilar properties do a disservice to users because the computer database wrongly assumes nearby properties are of the same type or condition. We know that is not a truism in Key West.

Easter Sunday or soon thereafter the seasonal buyers will head back up north. Properties that go under contract through that time period will continue to close for a couple of months thereafter. We will likely see a slump in sales over the summertime as that is the norm for summer. Sales will probably hit a low point in September and October which are traditionally the worst times to sell in Key West. Hardcore buyers that want the very lowest priced property may want to wait it out to see what is available next fall. The problem with waiting like that is you can never really know what will be left.

Most Realtors that I talk to have a group of active buyers who are looking for that great little second home that the buyer can use during the winter and maybe occasionally rent the rest of the year. They want a place priced between $350,000 to $700,000 or so. They want a pool and off street parking and charm and location. If only we lived in a Disney community, we could all have places like that. Instead we live on a little island in the middle of the ocean that's a pain to get to and where houses are priced outside the reach of many. The bargain real estate market of a couple of years ago is becoming a memory. If you wait too long you may get priced out of the Key West market a second time.

CLICK HERE to search the Key West Association of Realtors mls database to find your place in Paradise. If you see a property that you like, please consider working with me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Key West on HGTV's HOUSE HUNTERS

House or Condo in Key West, Florida

I miss the old days when we all had three TV networks plus educational TV (where you could watch a guy paint!). Back then the choices were simple and the viewer had an easy and predictable viewing experience. Today cable and satellite TV offer so many diverse viewing options that a viewer needs a guide to help find what is available at any one moment or what will be available in the future. By chance last night (Friday, March 9th) I was searching for something to watch other than the 19th repeat of MONK when I noticed that HGTV had a "New" (really) program on its HOUSE HUNTERS program where a couple was searching for a getaway house in Key West. I decided to watch it. And so should you if you are in the market for a place in Key West. This morning I searched the HGTV website to see when episode HNT-5801H will air again. HGTV does not show a new air date, but we all know every episode gets shown repeatedly, forever, just like MONK.

HGTV's description of the Key West episode:

"Key West, Florida, has always been a special place for Matt and Amy. It's where they honeymooned, it's their favorite vacation spot, and it's about to be the site of their future vacation home. But for this couple, escaping the cold Ohio winters comes with a hitch. Matt wants the privacy of a single family home. Amy wants a carefree, low maintenance condo or high-rise. Who will win out?"

After the couple was introduced we got to meet their Realtor, Sandy Tuttle, an agent from Marathon, Florida. Sandy and I worked together on a bank owned unit she listed last year. She is a really great agent who works for another company further up the Keys. Sandy showed the couple three different properties in three different Key West locations. That follows the typical House Hunter format. Each property met some of the buyers' search criteria and each offered some challenges as well.

The first house the couple saw was located in the New Town area of Key West. The house was built in 1965 and sits on a nice block with similarly sized homes built during the same era. I showed this house last year to a local who wanted to buy a house he could renovate and flip. The house is still available as of today at the asking price of $335,000 or $243 per sq ft. The show did not disclose that the house is Bank Owned. The viewer could see for him or herself that the place is a real challenge. The floors are on different levels, the rooms sizes are odd, the kitchen is small, the carport canopy dominates the facade and makes it totally out of character with the neighborhood, but the pool is huge. My buyer determined the house needed too much work and too much money for him to achieve his goal of re-selling at a modest profit. The house hunter couple decided likewise.

Still Available! Photographed this morning

Similar vintage house across the street

The voice-over described the second property as being Key West beach side, but whoever wrote the script got that part wrong. There is no beach at Key Cove. I recently wrote a couple of blogs about units at Key Cove. Unit number 48 is a bank owned unit. This was taken off the market on January 20th. Unit number 25 was a short sale. It sold for $375,000. That unit was very similar in size and amenities that the home buyers looked at except the unit they saw had a view toward the east and #25 did not need any repairs.

The House Hunters bought one of these homes - photographed today

Community Pool

The third property the couple looked at was a second floor condo at 1800 Atlantic Condominiums. Matt stated a familiar lament I have heard so man other potential buyers state about the place seeming like a hotel. The unit they looked at was original, meaning it still had the original kitchen cabinets, plastic drop down ceiling in the kitchen, and master bath with the Roman tub. I don't think any hot water heater could ever fill one of those tubs. By the time the tub was full, the water would be running cold. Either that or the bather would be asleep. The couple was bothered by the location being on the second floor just above Bertha Street and worried they would hear the traffic go by. The potential ocean view from the balcony was obscured by trees. And the couple grimaced over the high monthly condo association fees. The couple did like the huge oceanfront pool and location, however.

1800 Atlantic Condominiums

Ultimately the couple chose the Key Cove unit. Matt and some of his buddies from Ohio did a quick renovation and redid the problematic bath and spiffed the place up really nicely. I searched the mls and learned that the unit the TV couple purchased sold for $350,000. The program did not disclose that the unit was bank owned. According to the mls datasheet a different Realtor at the same company (not Sandy Tuttle) actually sold the unit. I think the couple made a very good decision and got a very nice Key West getaway house. Congrats to them! I hope Sandy got part of the commission!

It's fun to watch a show like this because it exposes the viewers (people like you) who may be thinking of buying a second home in Key West to issues most buyers on a budget face: location, price, and features that are positives or negatives. The fixer house ain't gonna sell for a long time unless the bank drops the price to give away status in my opinion. Condos at 1800 Atlantic offer twice the space and in my opinion offer superior construction to similarly priced condos at Shipyard in the Truman Annex area of Key West. However, the street side units are sometimes more difficult to sell, and all units must pay the high monthly condo association fees. Key Cove has a mix of very high end units still available, but there are a few affordable housing units and mid range units that are also a part of this complex.

CLICK HERE to do your own personal Key West House Hunting SEARCH of the Key West Association of Realtors mls database. Select the property type, price range or other feature you want. If you find something that interests you, please contact me to help you find your place in Paradise. Call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Oh, I am a big fan of MONK as well.

Southpark Condominium - 804 South Street - Key West

804 South Street - Key West, Florida

Chillest Pool on the Island!

804 South Street Unit No. 103 is located on the second floor and has 640 sq ft of interior living space plus a large and sunny deck located just off the bedroom. There is a second floor front balcony as well that is great for people watching. The unit has been recently renovated with the installation of a new high end kitchen, bath, new plumbing and electric, and split system air conditioning. The real wood floors are beautiful. Everything about this unit speaks chic and sleek. The interiors are just stunning compared to other properties in this price range - or higher.

Front balcony for people watching

Sleek new kitchen with Bosch appliances

Private deck off the bedroom

Parking is adjacent to the building

Cottage at the rear of the pool provides additional storage for each owner

This unit is one of sixteen units (four in each building with two up and tow down) in the Southpark Condominiums. Each unit has one dedicated off street parking spot plus one big storage container in the separate cottage located near poolside. This unit is offered at just $339,000. CLICK HERE to view the Key West mls datasheet on this property. Condo fees are $425 monthly and include building maintenance, building insurance, common area and pool maintenance. This condo association is qualified so you can get a new mortgage on this property.


I sold two units in the South Park Condos in the past two years. My buyers love their getaway homes. And for good reason. The buildings and grounds are well maintained; they have one of the prettiest pools on the island; units are owner occupied or rented on a long term basis; and the location is close to Higg's Beach to the south and South Beach to the west (sounds odd, I know, but it is Key West geography). CLICK HERE to view a slide show of photos I took of this property.

If you would like to see this or any other property in Key West 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.

1123 Von Phister Street - Casa Marina Cutie - Key West

1123 Von Phister Street - Casa Marina Area - Key West

Frequent readers know that I live in the Casa Marina area of Key West (it's the quieter location close to the Atlantic Ocean where home most of the homes are large and sit on equally large lots). Preferred Properties (that's where I work but this is not my listing) has a small cottage style home that is actually located only a few doors from where I live. I wrote about this cottage home when it was first listed. I am surprised that it has not sold yet. I decided to comment about the place again. The listing Realtor who also lives in the area describes the property like this:

"This lovely 2/2 Conch cottage is located on a quiet street in the desirable Casa Marina neighborhood. Some of the home features include a living room with cathedral ceiling, kitchen with granite countertops, two french doors (one off the of master bedroom), two patios plus a covered porch to enjoy the excellent outdoor living that Key West has to offer. Property is set back from the street for additional privacy."

Vaulted ceilings and large living spaces

The cottage sits behind a white picket fence to the rear of the 36' x 94' (3404 sq ft) lot. The cottage has 854 sq ft of living space plus decks. The Monroe County public records show the house was built in 1938, but we know that was during the Great Depression. Other larger houses in this particular block were built in 1906 and 1907. I suspect this cottage was built some time prior to 1938. Public records also show that the house was updated in 2000. The interiors offer large vaulted ceilings and user friendly bedroom spaces. Even though this place is called a 'cottage' it has all the convenieces of a much larger space. Offered at just $595,000.


CLICK HERE to view the Key West mls data sheet on 1123 Von Phister Street. Better yet, please contact me, Gary Thomas, 305-766-2642, to schedule a showing of this home. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me show you around the neighborhood. I know you will love the area.

1320 Grinnell Street -Casa Marina Contemporary - Key West

Just listed by Preferred Properties, that's where I work but this is not my listing, 1320 Grinnell Street in the Casa Marina area of Key West. The listing Realtor describes the chic new listing this way:

"Situated in the heart of the Casa Marina, is this meticulously designed contemporary 2 story 2 bedroom 2 1/2 bath main building with a separate two story guest cottage. Superb finishes provide the ideal indoor and outdoor Key West Living space. As you enter you are greeted by a spacious living/dining area with an ultra-modern kitchen. Large glass sliding doors reveal the infinity pool and lanai complete with an outdoor gas fireplace. On the second level is a guest suite and sitting area with an entertainment center overlooking the lush landscaping and pool. The separate cottage contains a living area and loft style bedroom with a shower bath all opening to the pool."

Then she adds "This is not a drive by." Amen to that!

Foyer

As soon as you cross the threshold you instantly become aware that this is no ordinary residence. The house is populated with large rooms with open spaces but also little niches that evoke a sense of something semi-sacred. There is a fluidity that beckons the first time visitor to quickly move from point to point to see what might possibly be next. The views of the pool and garden (designed by Key West landscape architect Craig Reynolds) beckon those on the inside to go out to the pool. Once outside the view of the inside is equally enticing. Something extraordinary must be going on inside. Nothing is static. This house had endless possibilities.

The pool and gardens seem to flow into the living area. When you go out to the guest cottage the doors and view there seem to draw the guest to go back outside.

View from inside the guest house shower. Time for a dip?

I'll bet you figured out the small building is the guest cottage. That's easy. Are you wondering what is located upstairs to the left? Do you suppose that is the master suite? If so, what is the behind the rail on the second level? And what is going on with the waterfall to the left?

Second floor master bedroom with en-suite bath and balcony overlooking the garden and pool below.

Master bath

Pool area as viewed from private deck off the master bedroom

Second level gallery with loggia that overlooks the pool

The Casa Marina area is known for its proximity to the Atlantic Ocean, the nearby beaches, and a wide variety of architectural styles that blend into a welcoming neighborhood. Unlike the Conch Cottages, Grand Conch Houses, and Eyebrow Houses that populate most of Old Town, the Casa Marina area has a pluralism of architectural styles. There are some historic homes, many mid century homes, a few candidates for demolition or renovation, and some estate properties. Most of the homes in the Casa Marina area are priced over one million dollars, but there is the occasional bargain home that is small or a place that needs some updating. And then there are homes like the fabulous house located directly opposite 1320 Grinnell Street that was featured in Architectural Digest in July, 2010.

I took more photos which you can see if you CLICK HERE. If you want to see some incredible nighttime photos, you must CLICK HERE to view the Key West mls datasheet and listing photos. 1320 Grinnell Street has 2657 sq ft of living space under air. The grounds are 74'x80' or 5992 sq ft. The home is offered at $2,200,000.

If you are looking to purchase a home in Key West and are not working with another Realtor, please consider asking me to help you find your place in Paradise. Contact me, Gary Thomas at 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

Mr. Potato Head

One of the very best Christmas gifts I ever received was given to me by my big sister back in the early 1950's - it was a Mr. Potato Head. Unlike the Mr. Potato Heads today, you needed a real potato to make this toy work. Today's version is made out of plastic and to me that is just 'wrong'.

The thing I liked about Mr. Potato Head was that I could make him become whoever I wanted him to be. He could look happy, for sure. But I could put his ears or nose in a funny place or move his eyebrows or smile to an odd location and create my own chameleon of sorts. The 1950's was much different from 2012. I was easily amused.

I was talking to another local real estate agent a couple of weeks ago about an experience he had at an open house a few days earlier. I want to relate that episode to my readers because it is a bit instructive about how real estate is sometimes marketed and sold in Key West.

Here is the set-up and the cast of characters. The names and places have been changed to provide a bit of amusement. Location a lovely old Conch House on a nice street in Old Town Key West. An OPEN HOUSE sign invites passers-by to enter to see the house that is for sale. The Asking Price is over a million bucks (isn't everything in Key West?). Inside is Mr. Green Jeans, an affable real estate agent seeking a buyer for his listing. Mr. Potato Head is another local real estate agent at a different real estate company. Mr. and Mrs. Offput are customers of Mr. Potato Head.

The house itself has many of the attributes first and second home buyers want in a place in Key West: three bedrooms, three baths, a pool, and a great location. The place is old but very well cared for. There are no major issues affecting the value of the house other than it is probably priced too high.

The OPEN HOUSE was advertised in the Key West Citizen, our local newspaper. Mr. Green Jeans placed an Open House sign on the street as well. Dozens of tourists entered the house to see what they might possibly buy were they in the market. Several actual real estate buyers showed up to see the house. The potential real buyers seemed excited about the property which pleased Mr. Green Jeans. As is often the case, some neighbors also stopped by to see what their fellow neighbors house looks like and how much it might cost. A favorite past time of many Key Westers is to go house shopping on Sunday afternoons even though they have absolutely no intention of buying anything.

Mr. Green Jeans allowed lookers to move about the house and offered information to anyone who had questions. One couple announced that they had recently purchased another house on the same block. They just wanted to see this particular house because they had not done so when they were looking. The couple moved from room to room. They went out to the pool and talked to each other about various features. Then they went upstairs where they were alone, whereupon Mr. Green Jeans overheard the following exchange:

Mrs. Offput said "Why didn't' we see this when we were looking?"

Mr. Offput replied "Mr. Potato Head said it wasn't what we were looking for".

Mrs. Offput countered "We could have bought this house for a hundred thousand dollars more than we paid for that piece of sh*t house we bought across the street!"

"Mr. Potato Head said it wasn't what we wanted," Mr. Offput said in defense.

Mrs. Offput cried "We could have had this house that is so much larger and so much nicer than the one we bought. If only you hadn't put me on that damned budget!"

Mr. Offput lamented "I'm sorry. I didn't know."

When Mr. Green Jeans related the story of the dueling duo I reminded him that Mr. Potato Head had actually listed the same house a couple of years earlier for a couple of hundred thousand dollars more than the current asking price. I searched the old mls records and looked up the words Mr. Potato Head used to describe the same house. Mr. Potato Head only used glowing terms in his listing. He made it sound like anyone would fall in love with the place.

Mr. Green Jeans then told me that Mr. Potato Head had listed and sold the house that the Offputs purchased. Everything fell into place.

The Key West Association of Realtors mls website is open for all potential buyers to view active listings. Buyers tend to shop online by price, location, and somewhat by photos. The Offputs are responsible for not insisting on at least looking at the house they later regretted not buying. You can't really blame any agent for wanting to sell his or her own listing.

If you are looking for a place in Key West and are not working with a Realtor, please consider working with me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. I am no potato head.

821 Southard Street - Old Town - Key West

821 Southard Street, Key West, Florida - 1965

821 Southard Street, Key West, Florida - March 2012

821 Southard Street has a very calming affect on me each time I show the house. It reminds me of my grandmother's house. It is to comfy-cozy. It sits high up off the ground. The house sits back from the street protected by a white picket fence. Two giant palms flank the house to provide cooling shade in the hot afternoon sun. The porch runs the width of the house where an owner could sit and watch the world pass by.


The front door enters directly into the living room which runs from front to the back of the house. Every time I have been to this home the rear French doors have been opened and my view has always been drawn to the beautiful rear deck. The master bedroom is located on the right side of the house. A second bedroom is on the left rear side, just off the dining area. The kitchen is located at the right rear. The kitchen has large windows that look out onto the covered rear deck. If I owned this home, I replace the windows and create a serving bar type of arrangement. The current owner recently added a second bath in the rear bedroom located just off the rear deck. This bedroom has a tall vaulted ceiling and might make an excellent master suite.

Rear Bedroom with vaulted ceiling

821 Southard Street is a 3 bedroom 2 bath house of 1526 sq. ft. that sits on a large 5400 sq. ft. lot (54'wide x 100' deep). The present garden is lush and dense. There is a great view of the steeple of a nearby church and the giant trees in other yards create a grand view from the covered rear deck. There is no pool, but there is plenty of room to install one. There is a small cottage at the right rear of the garden. Perhaps that cottage could be transformed into a cabana or a poolside bar. Oh, and look at the photos below. If you used the rear bedroom as the master suite, wouldn't it be just wonderful to wake up in the morning and look out to that garden. CLICK HERE to view more photos of the property in a slide show format.

Ample room beyond deck for a good sized pool

Perhaps a potential cabana or pool bar

The listing Realtor describes the property:

"Picture perfect one level cottage with three bedrooms, three baths on a large 5400 square foot lot with offstreet parking. This very charming home is filled with light and features an open floor plan with tall ceilings and wood floors. The very large living/dining room opens through french doors to a covered porch, deck and generous sized back yard with plenty of room to add a pool. In addition there is an outbuilding for storage or would make a great pool cabana."

---

CLICK HERE to view the Key West Association of Realtors mls datasheet and to view listing photos of this property. 821 Southard Street is offered at $995,000.

If you would like to see 821 Southard Street or any other property in Key West, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.