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Thursday, August 16, 2012

1209 Margaret Street - Old Town - Key West


1209 Margaret Street

I showed the house at 1209 Margaret Street a couple of days ago. It was my first time to step inside the property about which I have received numerous inquiries from potential bargain shoppers. The house has been on and off the market for a few years. The new broker listed the property at $259,000 on May 1st and then reduced it to the current asking price of $249,900. At that price, this is the least expensive single family house in the Old Town area of Key West.  The listing broker describes the property this way:
"Great opportunity to renovate an old town property! Located just blocks from upper Duval Street. Off street parking and located in a quiet neighborhood. Actually is a 3 bedroom home.The driveway to the right of property belongs to the house in the rear. Central A/C duct work already installed. Cash offers only as it needs a new roof, but it does not have any known leaks. Located in an X Zone, so no flood insurance needed."

I brought with me my bag of prejudices. I had prejudged this house unfairly.  I never gave it a chance. I was wrong.   CLICK HERE to view he Key West Association of Realtors mls datasheet and listing photos.

1209 Margaret Street in 1965
 The Monroe County Property Appraiser says this house is 853 sq ft and was built in 1953. I'm pretty certain the Appraiser is wrong at least on the construction date. I dug into the old shoe box and found a photo of the house that was taken back in 1965. (See the black and white photo sbove.) 1209 Margaret Street did not yet have the "moden" cement monolith front porch that is so evident today. Instead, we see a nice little entry canopy to protect guests as they enter the modest home.


Notice that the small "addition" in the black and white photo is now missing.  Too bad. Also missing is the original wood siding which characterize's our famous Cigar Maker Cottage style homes. The house appears to have been updated with poured concrete addition at the rear and part of the foundation and lower wall system on either side. The monolith front porch completes the modernization. Too bad HARC was not around when this flawed design got built because HARC would never have allowed this to happen.

Inside I was surprised to find three decent sized bedrooms, a living room and good sized kitchen.  That's a lot of living space. The house is clean. It is currently rented at $1500 per month.  There is a sixty day kick out clause in the lease. I think the rent could be higher for someone who only wants to buy the property as an investment and not to do any improvement. Note the listing broker's admonition: this must be a cash offer as the property will not qualify for a mortgage.

There is a decent sized back yard that might provide space for a nice yard or maybe even a small pool or deck. The listing broker said the property line for 1209 Margaret Street extends to about two feet of the separately owned cottage located to the rear of the house that is for sale. I judged the lot to have about 18 feet for potential development.

 I don't build houses so you cannot accept anything I say or write as being accurate as to what a new owner should be able to do. My opinions are only opinions as to what a new owner might try to do. I do think a buyer that is looking for an el cheapo deal ought to take a look at this property.  CLICK HERE to view more photos I took of the exterior of the house and its famous neighbor to the north, the El Siboney Restaurant.


If you would like to see 1209 Margaret Street please call me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

Wednesday, August 15, 2012

232 Golf Club Drive - Bank Owned - Key West


232 Golf Club Drive - Key West

Just listed, but not by me, a really attractive spa home located inside the cloistered Sanctuary at the Key West Golf Club community.  I got a chance to visit this new Bank Owned listing this morning, took some photos which you may view if you CLICK HERE.  This 1120 Sq Ft home has two bedrooms, two and one-half baths, a spa pool, covered off street parking, and it is offered at only $384,900.  I challenge you bargain hunters to find anything comparable as far as age, amenities, or price in the Key West area. I don't think you can do it.


The listing Realtor describes 232 Golf Club Drive thus:
"Island Style Living At Its Best In This Private Community The Sanctuary, A Gated Community Within Key West Golf Club. Spacious Living Area On The First Floor With French Doors Leads You Outside To Enjoy The Dip Pool. Second Floor Has 2 Bedrooms Each With Their Own Bath, A Laundry Closet, And A Large Balcony Off The Master Bedroom. Needs Your Personal Touches." 

I liked this place. Most of the rooms are painted green which I find to be a little "wrong", but that's an easy thing to fix. The kitchen appliances are dated and are relatively an inexpensive fix as well. The main floor is tiled and looks to be in good shape. I did not notice any damaged tiles. The stairway and second floor bedrooms are carpeted. The carpet needs replaced. Again, that is an easy fix. 


The master bedroom with en-suite bath is located on the second floor. The bedroom has a vaulted ceiling which adds a spacious feel to the room that has windows on two sides plus access to the front second floor balcony which spans the house.  The second bedroom has a good sized en-suite bath as well, bu tit does not have access to the balcony. Speaking of the balcony: the view is killer! Wow! This view here belies the inexpensive price tag. Your friends and family will be so jelly!


I also looked at the outside. I did not see any rotted framing on the window trim which is sometimes seen on some houses there. This home looks like it has been well maintained. The front facade almost looked like it had been freshly painted. It wasn't, but it looked to be in excellent condition.  That to me means a new buyer will not need to be doing many exterior "fit-it" jobs.

The back area is where us Key Westers spend much of our life. The outdoor area here has a "spa" or mini-pool.  You can't do laps in that pool, but you can relax and enjoy your Key West home.  The little garden could use a little fixing. It doesn't look bad; it just doesn't look as cute as it could. Again, this is an easy and inexexpensive fix.

Even though this home is unattached to any other property, it is classified as a town home.  As such the homeowner is responsible for exterior maintenance, insurance, etc. 

 The covered parking spot is located 46 paces from the front entrance to 232 Golf Club Drive. That's sixty seconds or less. More if you are old. But it's convenient no matter what.

The Key West Golf Club Community has two pools, one of which quite large. There is also a fitness center available to homeowners at no extra fee. And of course the homes are all located next to the golf course. The community grounds are meticulously maintained.  The home owner association fees are $333 per month. This fee includes cable tv, common area maintenance, security, and management.


CLICK HERE to view the Key West Association of Realtors mls database and listing photos.  If you would like to see this property, or any other property in Key West, please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.


Tuesday, August 14, 2012

1018 James Street - Old Town - Key West

Just listed, but not by me, 1018 James Street in Old Town Key West. I wrote about this house in January 2011. It did not sell then, but I'm pretty confident the recent renovation of the house next door at 1016 James Street will help wannabe fixer-uppers that 1018 James Street is a project worthy property.  The Monroe County Property Appraiser says that 1018 James Street was built in 1900, see photo below which was taken in 1965.
I dug into the old shoebox and found the photo below which says it was taken by the WPA in the 1930s. It shows homes in the 1000 block of James Street (dirt road is a better description).

I spoke with the listing Realtor about the property on Monday. We agreed that the current renovation of the house next door at 1016 James Street (see the eyebrow house on the right in the black and white photo above and the color photo below) will help potential buyers understand what can be done with this property.

1016 James Street
1016 James Street looks pretty appealing in its present state. Compare the current look to the way the same property looked in August 2010 when I took photos for my blog.


Compare the before pics to how the same house appears today. It's not finished but it sure looks a lot better.


It is the same place, only it's better than ever. The house was elevated and new piers were installed. The house was updated and brought to current building codes.  A new addition was added to the rear, and a small out building was incorporated into the new rear living area complete with a new pool and decking.

The back yard "before" renovation
The back yard "during" renovation

Now that we can see what can be done to an old house in the same location, let's consider the new listing at 1018 James Street which the listing Realtor describes as:
" Classic Old Town diamond in the rough! This property has the charm of a cute Conch cottage backing up to Thompson Lane. In it's present state, this 3 bedroom /1 bath has Dade county pine throughout, large bedrooms, great front porch, large cistern, off street parking in the rear, and a new roof. Motivated sellers that are willing to entertain all reasonable offers. Great renovation project with a great location within a block to the waterfront."

1018 James Street - Key West
Rear building might become a pool cabana
 I took some additional photos which you can view if you CLICK HERE. And please CLICK HERE to view the Key West Association of Realtors mls datasheet and listing photos of this property.  1018 James Street is a 1510 sq ft house that sits on a 3304 sq ft lot (or 41' x 80').  It is offered for sale at $425,000.  (The house next door at 1016 James Street was originally a 984 sq ft house that sits on a 40' x 80' lot.)

The Key West Historic Architectural Review Commission will have some impact on what you can do to the outside of the property, but you as a new homeowner can decide how you want to re-create the inside of the house.  You and your architect and builder will tear down existing walls and eliminate decades of old school design. You can create you perfect Key West getaway place.

1018 James Street is located about two blocks south of the Historic Key West Seaport and the shops and restaurants in that area. The shops, galleries, and nightlife on Duval Street is an easy walk from here, just six blocks or about ten minutes.

If you would like to see 1018 James Street or any other home 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. Let me help you find your place in Paradise.



Monday, August 13, 2012

Restoration Project - 522 Grinnell Street - Key West

522 Grinnell Street - Old Town - Key West

The listing Realtor describes 522 Grinnell Street as:
"There is an exceptional opportunity to continue the renovation of this beautiful home in a highly sought after location. This historically significant home built prior to 1884 has always been admired for its beautiful architecture including Dade County Pine walls and ceilings throughout, grand proportion room sizes with twelve foot ceilings on the first floor and eleven foot ceilings on the second floor. The current owner has completed all of the demolition work and this wow factor potential home is ready for completion by a new owner with the style and manner they desire. This property is licensed for two units."


522 Grinnell Street as photographed in 1965

Peeling paint of yore - now gone

Restored bay window on opposite side of the house

I have shown this property numerous times over the past several years. I fell in love with the place before I ever went inside. It has looked sad and forlorn for years. The paint was peeling and chipping away, but I knew that could be fixed. A window on the south side was broken and covered by an Al Gore for President sign, but I knew it could be replaced. An odd looking carport on the right side diminished the grandeur of the house, but I was sure there would be a way to deal with that issue. The rear of the house had a cobbled addition that looked awful, but I imagined that wreck could get removed and a new two tiered rear porch could be added in its place.

First floor front porch

Rear addition has been removed - what will take its place?

The former owner's family had lived in this property for generations. The current owner is not related to the prior owners. My remarks about the prior owners are not intended to disparage anyone. Contrarily, I relish the somewhat odd experiences I had when I showed the house. I recall the story the former owner telling that this house, like so many of the grand old homes in Key West, was built by ship chandlers. That means the house was built by the men who built great sailing vessels that could withstand strong winds and the elements. I will never forget standing with her on the second floor front porch as she recounted having watched a storm coming across from the Atlantic side of the island as it made its way toward the Gulf of Mexico a couple of blocks to the north. She remarked about how strong her father was during that storm and how well the house withstood the winds and rain.

The current owner purchased this property in 2006 after the house was marketed by not less than four different agents over a four year period. The prior owner never allowed any listing agent to show the property. The owner did it. She took charge and told and re-told the family's history in the house. I imagine she did not want some Realtor to get the facts wrong or to fail to state an essential point about the property. After one showing I remember my buyer saying something like "No wonder she hasn't sold the house..." and then said something unflattering about the owner. But I got why the former owner was so proud of the house. It is, as the current Realtor says, "admired for its beautiful architecture".


If you look at the photo of the house above you would expect the front door to be the door on the front porch. You would be wrong. The main entry is actually located on the side porch to the right. The entry hall is rather unassuming. The stairway, however, is ever-so-graceful. I love the thin stiles and deep dark and delicate handrail, especially as is curves and makes a you turn toward the top handrail.

The ever-so-graceful stairway
Once inside there are multiple large rooms with twelve foot ceilings. Rooms of this size do not blend easily with the way live our modern lives, but there are people who crave the sophisticated single purpose rooms of yesteryear. This house has many such rooms for that buyer. One such room is the formal dining room with a fireplace. It looks sad now, but most houses look sad while they are 'under construction'. I'll bet you that it won't look sad by the time the renovation is completed.

 One of two bay windows in this home

Originally the main parlor - would this become your Great Room?

Dining room with fireplace - would this be your new kitchen?

Renovated front and side porches with new doors

The rooms upstairs have been stripped away as well. The family kitchen was located at the rear of the second floor. I remember the former owner's mother sitting at the kitchen table coddling a box of new born kittens during one showing. The older woman always sat in that kitchen and always smiled as potential buyers passed by her table. The memories of the ancient matriarch and her progeny are all that remain of the events that occurred during the hundred years her family lived in this old house

Photo taken where an old shed used to stand

Room for a pool in this large rear yard

The current owner has removed the old addition at the rear and cleaned up the interior. It will be up to the new owner to complete this house. While I am not a builder, I have a good sense of the work ahead which will include installation of all new electric throughout the house, new water and sewer lines, new HVAC, installing new bathrooms, a kitchen, a pool, and landscaping. I heard that the approved plans call for the addition of a new two story rear porch. I remember telling perspective buyers that is what I would do if I owned the house. The house did not need the old falling apart addition. It is gone and now there is room for a porch where I can imagine there will be space off the master suite at the second floor rear where the new owners can sit and ponder the meaning of life (or anything else).

CLICK HERE to view more photos of this restoration project.

522 Grinnell Street is offered at $1,450,000CLICK HERE to view the Key West Association of Realtors mls datasheet and to view the listing photos. Better yet, please call me, Gary Thomas, 305-766-2642, to schedule a showing. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.


Disclaimer

The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.
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