Is The Party Over?

I was walking down the street a while back and noticed a couple of Key West crazies acting out on the front porch. I picked up my camera, snapped a couple of quick pics, and ran. It occurred to me that they may have been upset by the fact that there is definitely a shortage of houses for sale in Key West. If you spend a lot of time searching the Key West mls for a house or condo to buy, you have probably seen for yourself that the inventory of available properties is definitely down. I have posted a couple of recent blogs that showed some of the projects of Key West, renovations and even some new construction properties as well. Below are some photos of current projects that may interest readers who may have missed the opportunity to buy when prices were lower and the inventory was quite large. That was then and this is now.

730 United Street - fire damaged home being rebuilt

The Key West Citizen reported on October 24,2007 that that house at 730 United Street was heavily damaged by fire caused by someone smoking in bed. The house sat abandoned for nearly five years. Within the past few weeks workers have begun the rebuilding this old Conch house.

These guys are doing a lot of work quite quickly. I often wonder why other projects take so darned long to see any progress happen.

615 Thomas Street built circa 1901. Demolished after the City Building Department Condemned the structure in 2006.

615 Thomas Street - Key West - March 2012

A couple of weeks ago I noticed substantial new construction occurring across from the gates at the Shipyard Condominiums on Thomas Street. I took the above photo on the morning of March 22, 2012. There are several large old homes in the Bahama Village area that are for sale and that have interesting buildings that could benefit from renovation. Some have parking; some have large lots; most are priced less expensively than similar houses in Old Town.

Fired damaged home August 2011

August 2011

The above house is located on a nice little Old Town lane. The property suffered severe damage last summer. Many months later the property is set for major rebuilding. Local architect Tom Pope designed the new structure that will begin to take shape once all of the debris is removed. Stayed tuned for progress reports on this most interesting Key West project.


405 Olivia Street as it appeared when it was offered for sale as a bank owned property in 2010. I got a lot of phone calls and emails on this house that sits across the street from the Ernest Hemingway House. The property eventually sold and construction has begun.

A few weeks ago

March 23, 2012

Ditto

618 Grinnell Street is a classic eyebrow house undergoing total renovation

House jacked up while new piers were formed and poured

March 17, 2012 after new piers were installed and house lowered to ground

I took extensive photos of 618 Grinnell Street prior to renovation and new photos last week. I will do a periodic update and a final reveal once the work is done. This is going to be one sweet project.

A much less extensive and certainly less expensive renovation is taking place across the street. Irregardless of the cost, this smaller home will benefit from the new facade and other updates that are planned. The 600 block of Grinnell Street is one of the nicest blocks in Old Town.

Foundation being poured 900 block of Flagler Avenue

1016 James Street as photographed by the WPA in the 1930s

1016 James Street when listed for sale

1016 James Street December 2011

1016 James Street March 2012

Rear of 1016 James Street when it was still for sale - rear on Thompson Ln.

Rear of 1016 James Street December 2011

Rear 1016 James Street March 2012

I am really anxious to see what happens with this old Eyebrow house. I showed it a couple of times over the several year time period when it was listed for sale. The house had a horrible addition on the back and a little building that I told buyers could become a pool cabana. Let's see what happens here!

CLICK HERE to search the Key West Association of Realtors mls database to search for your potential new home (or project) in Paradise. Open up to the possibility of doing a little or maybe a lot of work to create your own project.

If you see something you like, please consider contacting 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, Florida. The party isn't over till the fat lady sings.

64 Front Street - Truman Annex - Key West

64 Front Street - Key West, Florida

If you are looking for that special Key West home with lots of space for you and your family and friends to enjoy, you may want to consider the 3213 sq ft five bedroom home located at 64 Front Street in the exclusive Truman Annex area in Old Town Key West. The listing Realtor describes this extraordinary property in an understated manner:

"Located in the gated community of Truman Annex, this 5 Bedroom/5 Bath home is the perfect Key West retreat. Designed by local architect for entertaining; blending indoor living with the tropical Key West outdoor life style. All rooms have French doors opening to covered porches. The 5th bedroom is located in the pool-side guest cottage. Opportunity exists for a 6th bedroom on the main level - adjacent to a full bath. Perfectly located for complete poolside privacy. Easy walking distance to restaurants, galleries, sunset celebration and Fort Zach."

Presidential Gates to the Truman Annex circa 1938

The house has 3213 sq ft of living space on two floors. The facade faces Front Street which winds its way from the famous Presidential Gates up to Southard Street which then exits westerly to the oceanfront or easterly past the guard booth at Thomas Street. Almost all of the large single family homes in the area were built after the City of Key West annexed the property a couple of decades ago. A few historic homes became part of the development for good measure. The private streets provide a street scape that is near breathtaking. While some potential buyers may fret about a derelict little house on an otherwise historic block in Old Town, you won't find any reason to fret about the neighboring homes on Front Street. The views from the first and second floor front balconies are priceless.

Front porch first floor

Second floor balcony overlooks the old Weather Station

Front Street

Once inside you will find large and inviting rooms throughout this spacious home. The formal entry is gracious and inviting. The extra large living room is on the left. The space is so large that the grand piano barely stands out.

The study is located opposite the living room. The kitchen is located at the rear. A center hallway provides good separation between these spaces as is no longer typical in many properties these days.

Multiple French doors open from dining room to balcony overlooking pool

Large eat-in kitchen

A grand staircase provides access to the second floor. The master bedroom with en-suite bath is located over the same octagon shaped room where the dining room is located below. The bedroom also had French doors that open out to the rear second floor balcony that overlooks the pool below. There is even a rear staircase that provides access for a midnight skinny dip in the pool.


The master bathroom is immense. It is seductive in its simplicity and design. You just gotta see it! And there is an adjacent extra large walk-in closet that will sate any clothes hound.

Just off the pool is the guest cottage which has Murphy bed on one wall, a sofa on another, and a mini-kitchen for making toast and coffee. The problem with having such a great set-up like this is that your free-loading brother in law will never leave. Of course there is the pool and the house even has covered off street parking at the rear. CLICK HERE to view a slideshow of photos I took of 64 Front Street. Take the time to take a look. You will appreciate the quality of this home and the value of this location.


64 Front Street is offered at $2,195,000. CLICK HERE to view the Key West Association of Realtors mls datasheet and to view listing photos of this beautiful home. If you are shopping for a home at this price point, please contact me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Like I said, there is nothing to fret about if you buy this home.

Bank Owned Trailer Park - Lower Florida Keys

Every now and then I get a phone call or an email from a potential buyer who has had a persistent dream of buying a place in Key West that he or she or they could operate as an investment. The goal is give that potential buyer the reason to move here and have a place to go to that could turn a profit. With the rate of return banks are offering in today's diluted economy, making a profit on just about any non-risk investment ought to provide a greater rate of return. Preferred Properties is the listing brokerage for a Bank Owned Trailer Park condominium located on Summerland Key, just 29 miles east of Key West. The listing Realtor describes the property as:

"The Summerland Palms Trailer Park fronts US1 with easy highway access. The parcel consists of 21 condominium sites for monthly rental plus an on site laundry and sewer treatment plant. The well maintained property is approx. 39,328 sq. feet and has an annual income of appx. $170,000. There is potential for on site building, redevelopment and/or future use of building rights off site. A full package is available."

Summerland Palms is a trailer condominium where all of the lot spaces (except one) are owned by a single owner, the Bank. The owner leases the 21 spaces to the individual trailer owners who pay monthly rent. There is a common laundry facility that also generates income. The combined projected gross income is $170,000. According to the listing agent, this investment would generate about a 6% return on investment.

Coin operated laundry for extra cash income

Click GOOGLE MAP for an aerial view of the location. You will note the trailer park sits off highway US1 behind what is called Flagship Drive, or on the Gulf Side of the highway at Mile Marker 29.


CLICK HERE to view the Key West mls datasheet and to view lots of listing photos. The asking price on this Bank Owned Property is $1,400,000. Please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com so that I can send you the listing information package on this property. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

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811 Washington Street #103 - Short Sale - Casa Marina Area - Key West

811 Washington Street #103 - Key West - Short Sale

Preferred Properties Coastal Realty, Inc. listed 811 Washington Street Unit #103 as a Short Sale. The listing agent, not me, describes the property thus:

"Perfectly situated in the heart of the Casa Marina district is this truly beautiful 3-story townhome. Cathedral ceilings and custom-cut Carlisle Lumber pine floors welcome you to this quality home perfect for year round living. Bright & open great room, gourmet kitchen with stainless Viking appliances & granite counters, spacious bedrooms with en-suite marble baths and private balconies. Fenced for privacy, this elegant townhome boasts a private bricked patio with native tropical landscaping, relaxing pool & a rear entrance. This townhome comes with one deeded, bricked off-street parking space. Close to Duval Street but in a very quiet residential neighborhood."

Even though this small development was not completed until 2007 the landscaping is lush and mature. The front is maintained by the homeowners association and it looks really great. Like so many Key West houses, this place is built with the indoor and outdoor living areas in mind. The interior living area looks out to the private 8' x 13'pool and garden area at the rear. That area is lush with greenery and the pool is so cool and inviting. CLICK HERE to view the Key West mls datasheet on this Key West short sale.


The developer built just nine town home units. They are all alike as far as construction, layout, cabinets, appliances, bathroom fixtures, etc. The end units, such as this unit, have extra windows on the east wall as this is an end unit. This gives the living room a bit more daytime light. Note the photos below which were taken inside another unit that show the kitchen layout, the master bedroom with vaulted ceiling and rear second floor balcony that overlooks the pool below. The second bedroom is on the second floor at the front of the house. Also see the photo of the third floor bedroom. Each bedroom has its own en-suite bathroom. And there is guest bath located just off the living area on the first floor. This town home has 2240 sq ft of living space on three floors. There are front and rear balconies on the first and second floors. The interiors feature crown molding, real wood floors, expensive interior trim and high end amenities. And, of course, all of this and the Casa Marina location make this an outstanding value in this price range.

Viking kitchen appliances

High end kitchen cabinets and beautiful wood trim throughout this town home

Master suite with balcony overlooking the private pool for this unit only

Third floor bedroom with en-suite bath

I live in the Casa Marina Area and I love it. Houses in this area are close to the beaches and and easy jaunt to Old Town. Many full time residents live in this area whereas many of the single family homes in Old Town are part time residences. For this reason I think the Casa Marina area is more of a community than Old Town, but that is just my opinion. I know others will disagree. Most of the houses in the Casa Marina area are priced over a million dollars so the prospect for long term appreciation on your investment in the Casa Marina area home will likely prove successful in years to come. You can get to the airport or out to Searstown or the Winn Dixie in about 6 or 7 minutes. Most of the commercial activity in the Casa Marina Area is limited to White Street and runs only three blocks south of Truman. We've got a sweet little ocean front restaurant called Salute on the Beach where you can wine and dine al fresco while you watch the sunset.

Higg's Beach is a five minute walk - wouldn't that be too much fun!

There are fewer and fewer properties available with this kind of location and this low of a price. If you would like to see this short sale opportunity or if you would like more information, 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. in Key West. Let me help you get one of the last bargains in Key West. This will not last long. Do not delay. I am serious about this!