Bank Owned "Fixer" with Huge Upside - Key West

627 Southard Street - Bank Owned - Key West

Just listed, but not by me, 627 Southard Street in Old Town Key West. This property is priced at just $399,000 and it will spark a bidding war because it has so much potential and because of its prime location. The listing Realtor describes the property as:

"Historic Property In Old Town. Prime Location In Need Of Complete Renovation. All Cash Offers Only. Proof Of Funds Required With All Offers."

The original house was built in 1899. I dug into the old shoebox and found the photo below that shows the house as it appeared in 1965. Compare that to the way it looks today. The trim (and that ugly carport are still in place. The trim is great. The carport is not.

627 Southard Street in 1965

627 Southard Street in 2012

The Monroe County Property Appraiser shows this house as having 2010 sq ft of living space divided between two floors. The front has first and second floor front porches for watching the continual people parade as locals and tourists go to and from the various haunts in Key West. There is a main level wrap-around rear deck that has ample room for expansion. The rear yard has plenty of room for a pool. I guesstimate the space between the house and the rear property line to be about 30 feet. The lot is good sized for Old Town: 40'x90' or 3497 sq ft. An ugly car port is currently attached to the house. That should go but the off street parking should definitely stay. (See how nice the next door neighbor's driveway is in a photo below.)


I was in this house several months ago when it became Bank Owned. I took a lot of pics at that time when a prior resident's property remained in the house. Those items are now gone but the pics will give you some idea of the spaces available. CLICK HERE to view the photos. All of the mess in the photos is now gone. And CLICK HERE to view the Key West mls datasheet.

The downstairs area has been pretty much stripped to bare walls. Most of the interior is gone. You won't find much "Dade County Pine" here. And if memory serves me right, you won't find interior wiring or plumbing on this floor. That means a new owner can create new living spaces and put electric, plumbing, HVAC where that owner wants. The demolition work on this floor is over. It is pretty much ready for design and execution. The rear end on this level currently has sets of double hung windows that look out to the rear where a new pool would be located. I would put French doors here that would open out to a new expanded deck and pool. I would enlarge the current covered deck area on the east side to expand the outdoor living area.

The trash is gone as is most of the main level interior

The second floor appears to have been renovated in the past decade. There are new bath fixtures, new drywall, and new central air. It might make good sense to demolish all that was done and rebuild anew. This place has been abused. If you look at the photos, you will understand exactly what I mean.
Upon seeing the house earlier today I would suggest a new buyer remove the existing hardwood floors on both levels to get rid of any lingering pet odors.

House of horrors is now empty and ready for new ideas!

627 Southard Street and its neighbor to the immediate east

Neighbor to the immediate west

Neighbor across Southard Street

This property is Bank Owned and Offered at $399,000. It will sell for more than that. 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.

621 Caroline Street - Old Town - Key West

621 Caroline Street - Old Town - Key West

Preferred Properties (that's where I work but this is not my listing) just listed 621 Caroline Street in the Old Town area of Key West. The listing Realtor describes the property thus:

"This Elegant 5-bay Center Hall Classic Revival Mansion Has Been Lovingly Restored And Remodeled.Located In The Heart Of Old Town Key West, The Former Home Of Pulitzer Prize Winner Philip Caputo Encloses Over 4000 Square feet of living on three floors. Five large bedrooms and five bathroom with off street parking and pool. Nice outside space. Transient license."

The home is mentioned in Kevin N. McCarthy's book "A Book Lover's Guide to Florida" where Phil Caputo's ownership and writing acclaim are discussed. McCarthy writes that Caputo and his family lived in the house in the late 1970's. Later he rented a cottage off the nearby Lopez Lane where he wrote. The house as 621 Caroline Street has 4000 sq ft of living space, but maybe not enough space to write proper prose.

The house at 601 Caroline Street was built in 1889. The Grand Conch house sits on a large lot 46'x93' (4507 sq ft). It is located two blocks from Duval Street and about one-half block west of the Historic Key West Seaport. McCarthy wrote that Caputo was an avid fisherman. What a great location for a fisherman to live - half a block from the seaport.


This home has a spacious dining area and comfortable living room with views to the private pool and large outside deck area with tropical landscaping. There is a breakfast nook in the kitchen which also has French doors that open to the deck and pool area. There are a total of five bedrooms and baths. This home has a valuable Transient Rental License which means there are no rental restrictions as to the number of days or number of stays permitted. This large estate type home which is perfect for a quiet retreat or large families traveling together.

621 Caroline Street is offered at $2,195,000. CLICK HERE to view the Key West mls datasheet on this unique Old Town property. Better yet, please all me, Gary Thomas, 305-766-2642 to schedule a showing for this property. Showings are only available on turnaround days when guests checkout. Advance notice is necessary. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Seascape Tropical Inn - 420 Olivia Street - Key West

If you have the itch to quit your job and move to Key West so that you can own and operate a guesthouse, you may want to consider the ever-so-cute Seascape Tropical Inn. Seascape is located at 420 Olivia Street - about 100 feet from Duval Street and it's famous neighbor to the west is the Ernest Hemingway House. Seascape Tropical Inn was praised by the New York Times and named the "Best Value of all Key West Bed & Breakfasts" by Florida Keys Magazine.

The new pool is easily accessible from all rooms

Breakfast in the morning and complimentary cocktails in the early evening

Sun-worshiper's paradise on most days

All seven guest rooms have private baths and each room has been updated to provide top quality lodging including A/C, refrigerator, cable TV, and wireless Internet service. The beautiful pool is easily accessible by all rooms. (And it meets all current State of Florida health requirements which will save a new owner from huge expenses.) The current owners have upgraded all rooms and have increased year round occupancy from 72% in 2009 to 88% in 2011. This is a great opportunity for a prospective guest house purchaser in Key West.

Each room is unique

I used to town the former Eaton Lodge Guest House at 511 Eaton Street. I know from experience the value of owning a guest house that is located near Duval Street and the importance tourists place on proximity to nearby attractions. Once guests are settled in their rooms, they know they can walk out the front door and be anyplace they want to be within a few minutes walk. South Beach is a couple of blocks to the south, great restaurants can be found on Duval or any number of the intersecting streets, bars of all sizes and for all sorts are located everywhere. The Waterfront Playhouse and Red Barn Theater are a ten minute walk north on Duval Street. Sunset at Mallory Square or fishing trips from the Historic Seaport are all within easy walking distance.

Pretty as a picture - and near everything important

CLICK HERE for view the Key West mls datasheet on Seascape Inn which is offered at $2,250,000. Contact me for detailed information and more photos by sending an email request to me at kw1101v@aol.com.

Reception Parking - not many guest houses have this!

I consider my experience as a guest house owner in Key West to be a valuable asset in helping a potential purchaser find and buy the right guest house. Please call me, Gary Thomas, 305-766-2642 if you would like to schedule a visit to see Seascape Inn or any other guest house. Viewing any guest house is difficult because owners do not want to disturb guests. It is important that we schedule appointments in advance. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

1514 4th Street - Key West

The three bedroom two bath family home located at 1514 4th Street in the Mid Town area of Key West became even more affordable with the price reduction to just $359,000 or $245 per sq ft for this 1466 sq ft home. I think the house may actually be a bit larger which, if true, would reduce the price per sq ft a bit. The lot is 54'x96' or 5184 sq ft. Most of the houses in this immediate neighborhood were built around the same time, 1966, and most have been updated since then.


The listing Realtor describes this home this way:

"Room for your family and friends in this centrally located home! This 3/2 plus den needs only a touch to make it yours. The kitchen is redone, and the house has all new windows, doors, and a/c from the airport mitigation upgrades. The rear yard contains an over sized pool with decks and covered area for barbecue parties. The yard is fully fenced and has room for off-street parking, too. Make this your home today!"

As luck would have it my camera went bonkers on the day I showed this house earlier this week. So I don't have any photos that I took except the front shot. The listing agent provided me with the pool photos below. The interior was updated after Wilma. The kitchen is new and the tile floors look quite new. I liked the tile color, material, and size. It ought to go with about any decor. The house interior would greatly benefit from a fresh coat of paint. The exterior trim could use a paint job as well. The front and rear yards could look so much better the areas got some new landscaping.


There is a nice pool at the rear. The pool and backyard are quite large, but the area surrounding the pool is dull. It needs landscaped to provide a tropical look and to add some privacy.


The house was the beneficiary of the airport mitigation program in 2006 which included new windows, doors, air conditioning, and insulation. The house got a new roof in 2009. Those upgraded features should reduce windstorm insurance premiums for a new owner.

If you are looking for a good sized family home at a good price, this home is certainly worth considering. Painting, cleaning, and landscaping are things most homeowners are capable of doing on their own. And you don't have to cost a lot of money to achieve a great result. CLICK HERE to view the Key West Association of Realtors mls datasheet. If you would like to schedule a showing, please contact me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

1709 Washington Street - Key West

1709 Washington Street - Key West

Just listed by Preferred Properties (that's where I work but this is not my listing), 1709 Washington Street in the near MidTown area of Key Key. The listing Realtors describes this new listing thus:

"This charming historic home features two bedrooms, two baths plus a large eat-in kitchen, high ceilings with crown moldings and a wrap around porch. There is a spacious covered porch that functions as an outdoor living/dining room and opens to the sunny decked pool area. Easy to see."

The heart of this home

The covered outdoor living area

The single story home at 1709 Washington Street has 1017 sq ft of living space under air. It sits on a 52' x 94' (4862 sq ft) lot near the corner of Ashby Street. That's in the general area where Mid Town Key West begins. Most of the homes in this area are single family and most of those are owner occupied. The lots tend to be larger than Old Town so the density is much less in this area. This home is offered at $585,000. CLICK HERE to view the Key West Association of Realtors mls datasheet on this property.

Crystal blue pool

If you would like to see 1709 Washington Street or any other property in Key West, please call 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. Let me help you find your place in Paradise.

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Hop on this Key West Investment

3416 North Roosevelt Boulevard - Key West, Florida

Just listed, but not by me, the real estate only a special purpose building located on the main thoroughfare into Key West. The listing broker describes the property this way:

"This is a real estate only purchase with a fantastic, stable true triple net long term lease in place. Family owned since the building was purpose built in 1971 for IHOP, lease has been in place with the same franchise company since the beginning. NOI is estimated to be about $100,000 for the year ending May 2012. Was $93,512. for the year ending May 2011. There are NO expenses to the property owner,just a $4000 check every month and an annual check for 7.5% of the gross receipts. In the past, these leases have been renewed. The base lease currently in place runs through April 2020, and the possible extensions carry the cash flow through to 2050."

I went out to the property to take photos last night just before sunset. The traffic was still quite heavy. It took me about ten minutes to take the photos and then find a safe gap so I could walk back across Roosevelt Boulevard. While I was there I noticed folks who I assumed were staying in nearby motels walk to the IHOP. Others walked past and went further west. The thought occurred to me that is why this inexpensive eatery is located where it is. It's probably why Denny's and MacDonald's which are located a few blocks further east. There is a huge concentration of motel rooms in this section of town. Then I remembered something I found while searching for online photos of IHOP in Key West. I decided not to "borrow" the family photo I found, but the sunset pic he took is shown below along with his comment about his family's experience at the Key West IHOP.

Free Sunsets across from the IHOP

"Yes, our first supper on Key West was at IHOP. But at least the building is on N. Roosevelt Blvd., right across from the Gulf, and we saw a beautiful sunset from right there. At the famed Mallory Square -- sunset-watchers' Mecca -- you watch the sun set over filthy-rich peoples' houses on another island (at least at this time of year). Whoop-dee-ding! You can see the same island in my sunset shots here from the NE side of Key West, but it's not nearly so annoyingly close."

And I got it. I got what that photographer was writing about and how he and his family could see our wonderful sunset across beautiful waters undisturbed by the performers, the souvenir hawkers, or the "filthy-rich peoples' houses".

Not all of the people that stay in the motels in this area of Key West want to spend $18 for an appetizer, $39 for a steak or an extra $9 for some French fries in some upscale Old Town restaurant. Especially if they have little kids. Places like the Outback Steak House and TGI Fridays also located on North Roosevelt are almost always crammed with tourists and locals that are looking for good food at non-Duval Street prices. Of course, they don't have the water views available at the IHOP or MacDonald's. All of the North Roosevelt restaurants serve food that a big segment of the tourist population (and locals) want.

The IHOP property at 3416 North Roosevelt Boulevard is offered at $1,975,000. CLICK HERE to view the Key West Association of Realtors mls datasheet on this property. Remember, this is a true triple net investment with a guaranteed monthly payment of $4,000 plus an annual check for 7.5% of the gross receipts. The lessee is the same operator for whom this special purpose building was built in 19971. The check comes in each month like clockwork according to the listing broker.

If you would like more information on this property or any other property in Key West, please contact me, Gary Thomas, 305-76-2642 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, Florida.

517 Elizabeth Street - Old Town - Key West

517 Elizabeth Street as it appeared in 1965

517 Elizabeth Street - Key West - March 2012

Just listed, but not by me, a home the listing agent fondly describes as a historic treasure.

"Located on one of the most desirable streets in Old Town Key West sits this historic 4 bedroom treasure. Loved and cared for by the same family since the 1950's, this home offers a tremendous opportunity to enjoy the best of Old Town living. Large lot with ample room for a pool, off-street parking for 3 cars and a rare and highly coveted garage make this an attractive property for renovation. Located in the X-zone near Solares Hill on a quiet and charming street in a neighborhood of million dollar homes. A Grande Dame of A Conch House in Old Town Key West."

Off street parking for 3 cars!

The house sits in the middle of the block. The neighbor to the immediate north is the Monroe County Public Library. The neighbor to the south is a similarly built and well maintained Conch house. Most of the houses on the block are old, in fact, one directly across the street is among the oldest on the island. That was the first house I sold in Key West. Interestingly, one of the newest houses in Key West is being built adjacent to the old house right now. I have mentioned the new house a couple of times in recent blogs that discussed various construction projects in Key West. See a photo of the really new house just below.

517 Elizabeth Street is offered at $775,000 or just $338 per sq ft. I expect this home will be under contract (probably all cash if custom rules) within a short time. This is exactly the type of home buyers with an urge to redo want to purchase. CLICK HERE to view the Key West mls database for more information on this new listing.

If you are looking for a place in Key West, please consider contacting me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. If you want a place like this new listing you better act quickly because places like this are in short supply.