804 Catherine Street - Key West
Just
listed, but not by me, a true "fixer" with "upside potential" that will
not break the bank. The listing Realtor describes the new listing that
is located at 804 Catherine Street in the South of Truman area of Old
Town Key West this way:
"Nice Old Town
single family home lovingly cared for by the same family since the
1960s. Large lot with off-street parking on a quiet street. Plenty of
room for a pool and gardens. Loads of potential to make this your Dream
Home in Paradise."
The
listing Realtor shows the house as having a total of 2083 sq ft of
living space. The lot is 38' x 92' or 3496 sq ft. I suggest a potential
buyer look at the size of the existing building as "potential" and view
the lot size as a "phenomenal" opportunity to create a tropical living
space.
CLICK HERE
to view the Key West Association of Realtors mls datasheet and to view
the listing photos of this property. Next, get out a clean sheet of
paper and draw a rectangle. Draw a square that occupies the bottom 60%
of the rectangle. That space would represent the existing concrete
apron in front and the existing house. The back 40% of the space is
where you would build a covered deck overlooking the new pool which you
would frame with lots of tropical foliage and palm trees. Maybe you
would include a Key Lime tree or frangipani or other ornamentals to add
color to the space. The back yard right now is a paved with concrete.
You will need to chop it up and have it hauled away. But afterward, you
will have a huge piece of land where you can create your own dream
space. If you have looked at other properties you surely know how
limiting some spaces can be. There are all kinds of code restrictions
and rules limiting homeowners. This space is big and barren and not
necessarily affected by concerns like those.
Plot
out how you would restyle this property on a budget that works for you.
Don't be extravagant. But don't be cheap either. Any new owner will
likely gut the inside of the house as it sits today. A new owner will
probably add new windows and doors, install a new central air
conditioning system, put on a new roof. Since the rooms will likely get
reworked and usages moved around, new plumbing will be installed. You
will likely install a new kitchen and baths. These are things most
renovators do. The final cost would be dependent a lot on the quality of
cabinets, fixtures, appliances, and lighting that you install. The
structure itself seems very sturdy. A licensed home inspector or general
contractor can advise as to the accuracy of my layman's observation.
But I think I am correct on this point.
804 Catherine Street as it looked in 1965
804 Catherine Street as it looks in April 2012
A
new owner will obviously need to get HARC approval of a new renovation
plan, but I suspect that will be pretty easy. Below is a list of things I
would do. Look at the pics and figure out for yourself what you would
like to do.
First, I would take off the brick veneer and restyle
the front. I would try to add a front porch and add a white picket
fence. I found the old black and white photo of the property which shows
how the property when at lease a part of it was used as Pedro's'
Upholstery Shop. That space has been enclosed and is now part of the
living room. I would personally ditch that usage entirely. I'd even
forgo the lovely old lean too canopy in favor of the open air. I'd
replace the concrete with brick pavers, create a pretty period correct
front porch, add a white picket fence and some tropical plants. The
front would look much better without it.But that's just me.
I
would redesign room usages and move the bedrooms and bathrooms to the
current front of the house. I would blow out the back wall and put in
new French doors or perhaps install sliders which recess into the rear
walls which would open the entire rear pool and garden to the new home.
There is a second floor to this house that is not visible from the
photos. There is no existing stairway to this space. A new owner may
want to use that space for bedrooms or perhaps loose the space and vault
the rear area to create spectacular views of the pool and garden. The
possibilities are endless.
804
Catherine Street is located just three blocks east of Duval Street. If
you walk straight over from the house, you would land at LaTeDa. Take a
left and walk a few blocks to South Beach. Take a right at Duval and you
could get lost at any number of art galleries, business emporiums,
drinking establishments, or eateries.
La Te Da at Christmastime 2011
804 Catherine Street is offered at just
$399,000 or $191 per sq ft. Similar fixer houses have recently sold at $188 per sq ft. Do the math. This property is priced right.
CLICK HERE to view photos I took of the front and rear yards. The rear yard is the key to this Key West property.
If you would like to see 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 Key West. I really consider this property as buying opportunity for someone who wants a fixer project.