Bank Owned Estate Property - 1309 Villa Mill Alley - Key West - Price Reduction

If you have been looking for a Bank Owned property in Key West with lots of upside potential, the just reduced asking price on 1309 Villa Mill Alley is something to cheer about.  I can't say enough good things about this property. The listing Realtor does a good job, however, by stating:

"Gated entry to this large 3529 sq ft home located in famous Old Town Key West on an alley only 2 blocks from the beach and Duval street. 5BR/4BTh. Master suite down with marble bath. Large spacious kitchen, a real dining room, office/craft room, outside storage room, and a super large living room that may be turned into an office (has separate entrance). There are decks upstairs, downstairs and on sides. Lush, mature, tropical landscaping and fence make this a very private home. As you enter through the gate the view of the free form pool and spa framed by the lovely landscaping is spectacular. French doors from kitchen open onto this stone patio for a cozy pool-side lunch or dinner. Off Street, bricked parking for two cars."

1309 Villa Mill Alley is located just south of United Street and east of Simonton Street. The "alley" dead ends about 300 feet or so. The other homes on the "alley" have all been updated and are among the more expensive homes in the Old Town area. The house at 707 South Street sits opposite to the entrance to Villa Mill Alley. 707 South Street was a featured scene in the James Bond movie "License to Kill". All of the houses on Villa Mill Alley are estate type properties meaning large homes, large lots, and higher than average price tags.  All have dense tropical foliage that protect and insulate the properties from public view.

The subject property has bricked off street parking for at least two cars. The living room of the house is located in an old cottage at front. The rest of rest of the house which is actually two two story houses united by a two story staircase and lobby is new construction built in 1995. New windows and decks were added in 2006.

Original house is now the living room

Living room

Like other homes on Villa Mill Alley, this property has a gated entry that opens into a courtyard. The pool and spa are located here as well. Doors from the kitchen, the master suite, and the two story staircase and lobby all open out to the courtyard.

This house has lots of space for sophisticated living and real rooms. (Some places in Old Town have cramped attic bedrooms and limited closets. Not this home. And this house has traditional rooms with identifiable purposes. I say that because so many houses today have great rooms that serve multiple purposes. That is fine and works very well in many instances. But there is something ever so nice about a home that has traditional rooms like this property. French doors open from the courtyard into the large kitchen with vaulted ceiling. This kitchen is huge and has room for seating around the island for informal dining. The formal dining room (not seen in most new construction) is located adjacent (first and third photos below). The living room is located to the front (second photo below). 

The kitchen is located in a new addition to the back of the original house on the lane. The dining area and office/study (located adjacent to the rear) are on the ground floor or the south two story new houses that are joined together by the two story staircase and lobby. Sound confusing I know.

The master bedroom with en-suite bath is located on the ground floor on the north side of the home. The bedroom has sets of French doors that open out to the cool pool and spa for a refreshing late night dip. The bedroom has a cedar lined closet. The bath is extra large and features a steam room. There is a rear entrance that leads to an outdoor shower - a must in every Key West home.

The second floor is dedicated to sleeping in both north and south wings. The north wing has a second master suite (with en-suite bath) that is laid out differently but which has a deck that overlooks the pool below. The south wing has two smaller bedrooms that share bath.There is even a second floor sundeck for some private al fresco sunning.

1309 Villa Mill Alley has 3529 sq ft of living space distributed among the several buildings that are all connected. The house sits on a large 6656 sq ft lot hidden from public view.  This bank owned home was initially offered at $1,595,000 but has been reduced to just $1,349,900 or $383 per sq ft. If you are a serious buyer you will know that the price per sq ft is considerably lower than similarly sized important homes in the Old Town area. This property has previously been successfully rented as a monthly vacation rental. It has superior amenities and a great location near South Beach and upper Duval Street. It provides easy access to many Old Town locations within a few minutes by foot or bike. This place is definitely worth looking at.  CLICK HERE to view the Key West mls datasheet and listing photos. I took more photos which can be seen if you CLICK HERE.  I added the floor plan below so you can get a feel for the layout.

If you would like to see this great bank owned property, please contact me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise. 

1105 Olivia Street - Old Town - Key West

1105 Olivia Street - Key West, Florida in 1965

 Just listed by Preferred Properties Key West, that's where I work but this is not my listing, 1105 Olivia Street in Old Town Key West.  When I saw this new listing I knew I had to do some early morning snooping to see what I could learn about this property which is located a little over one-half block east of the Key West cemetery and one block north of Truman Avenue in the southeast quadrant of Old Town.  I dug deep into the proverbial old shoebox and found the photo above which was taken back in 1965 when 1105 Olivia Street was FERNANDEZ CLEANERS.  If you look just beyond the square facade you see the outline of the simple cigar maker cottage that pre-dates the commercial use.  I then went to the Sanborn Map of 1889 and found the house abutting the city sidewalk. That review satisfied me to that this old house was built before 1889.

I took the above photo this morning to show how 1105 Olivia Street looks in 2013.  The house itself has been updated over the years, but I suspect that a new owner may do a new renovation of this old house. I am mindful that the 623 sq ft home has only one bedroom, but it does have a great Old Town location and it has the potential to convert an existing cistern into a dip pool. That, Dear Readers, makes this new listing worthy of your consideration.

The listing Realtor describes this property this way:

"Old Town sleeper. Behind the gated entrance is a one bedroom one bath cottage with a private rear courtyard. High ceilings in the living/dining room along with a wall of windows provides light and tropical ambiance. There is an eat-in kitchen, renovated bath and good-size bedroom. A little renovation will produce an Old Town Jewel!"

Living room looks out to what might be the pool area

Update this kitchen

Convert the concrete cistern into a dip pool

The 1889 Sanborn Map shows the house located right on the City property line with a very large rear yard. The current Property Appraiser map shows the lot at 20' x 55'. The house itself is 40 feet in length which leaves 15 feet for the creation of a small pool. A new owner would probably need to convert the old cistern into a dip pool as building code would limit new construction. I do believe code would permit the conversion but a new buyer would need to verify this before relying on what I "believe" to be permissible.

Most of the cottages and larger homes in the immediate neighborhood have been updated. Some of the properties have small pools but most do not have off street parking. You must remember that this area (once referred to as Pohalski Village) was mostly cigar maker cottages on situated on small lots. That has not changed in the decades since the houses were built. Back in the old days the residents walked to work and to neighborhood stores.

In today's more modern world off street parking is very limited in this area. Most owners park their cars on the street.  Most of the residences in this area are single family homes. There is commercial activity up on Truman Avenue one block to the south.  There is little to no "spill over" of parking from those businesses into this neighborhood.

This is the area where you will find most of the local gyms and yoga salons. And Duval Street is only a five to seven minute walk.  The Historic Key West Seaport is also located within a short walk to the north. I like to point out that you don't have to have a pool in your backyard to enjoy a pool.  Dante's is located at the Seaport. Locals go there on a regular basis to lounge by the pool. They usually buy some burgers and booze, but that is less expensive than paying the cost of operating a pool everyday of the year and paying for pool maintenance. 

CLICK HERE to view the Key West Association of Realtors mls datasheet to view the particulars on 1105 Olivia Street which is offered at $439,000.  If you would like to see 1105 Olivia Street or any other listing in Key West please contact 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.

8 Nassau Lane - Old Town - Key West, Florida

 

A few years ago I had floor duty when some walk-in customers came in and wanted to look at small homes in Old Town. I showed them several houses on the computer and said there was a new listing on Nassau Lane. I called the listing agent and we drove over to see it. Nassau Lane is located just off Fleming Street between Grinnell and and Frances Streets. The lane is about one block long lane that dead ends perhaps 150 feet from Fleming. I parked on Fleming and we walked down the lane. As we approached the house the lady said "Gary, I love it. I want to buy it!" I said you haven't even seen the inside. She re-iterated she wanted to buy it. We had a signed contract (both sides) in about two hours time. We became friends and see each other occasionally for dinner. A couple of years ago  I was walking another couple down that same lane when the couple that bought the small house came outside. The owner came up to me and hugged me. She told my buyers that they love their house and Nassau Lane. I made a remark about only looking at one house and she said the house and the lane are what she had dreamed of. She said there was no reason to look further.

I wish all sales were that easy. They are not. I have written about the lure of houses and cottages located on the slow lanes of Key West. Nassau Lane is one of those slow lanes. The large home at  8 Nassau Lane which is located near the end of the lane was recently listed.  The listing Realtor describes the property this way:

 "Elegance and serenity await you in this beautiful home located at the end of a quiet lane in Old Town Key West. New construction built in 2006, this home combines the look of a classic Key West house on the outside with contemporary lines on the inside. Luxuriate in the large open great room with soaring cathedral ceilings that provide brightness and light. Gorgeous maple wood floors, impact rated windows and doors and downstairs master bedroom suite. Two large guest bedrooms on the second floor. Built by Bird Construction, Key West's luxury builder. Built-in cabinetry, custom millwork and staircase, quality finishes throughout. Lush tropical yard with pool and off-street parking. A Hidden Lane Treasure for the Discerning Buyer."

 The great room is located at the rear of the home where the ceiling soars to 22 feet. The maple floors, custom cabinetry in the kitchen and the cabinets in the dining room provide unique architectural elements to the simple and clean design. This great room opens to the landscaped yard with pool and spa. 

 The master bedroom with en-suite bath is located on the main floor. Two guest bedrooms are located on the second floor which is accessed by a really interesting stairway designed by the owner.

 I know that this contemporary home is probably not the type of property most home hunters in Key West are looking for. But if you are looking for a home that works and provides good sized rooms, private baths, a beautiful pool and spa, off street parking, and totally sophisticated living, you really ought to take a look at 8 Nassau Lane. You might find yourself pleasantly surprised.  This home is offered at $1,895,000.  CLICK HERE to view the Key West mls datasheet. If you have a couple of minutes, view the YouTube video below.

If you are looking for a large home on a quiet little lane in Old Town Key West, please call me, Gary Thomas, 305-766-2642 to schedule a showing of this lovely home. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

709 Windsor Lane #A - Old Town Key West - Short Sale

709 A Windsor Lane - Old Town - Key West

709 A Windsor Lane in Old Town Key West became an active short sale yesterday.  This 487 square foot one bedroom one bath cottage style abode is a legal condominium (one of three in the small association) located adjacent to the Key West Writer's Compound about which I have previously written. It is not a part of the Writer's Compound, but it does share the wonderful location near the top of Solares Hill.


The listing Realtor describes the property this way:

"Charming Conch Style Condo in Old Town Key West. One bedroom one bath with loft completely renovated with the finest finishes. Stainless steel appliances, granite counter tops and beautiful kitchen cabinetry. This is a must see! This is a potential short sale transaction subject to lender approval. Buyer to pay a $2750 negotiation fee to Seller's negotiator."

This unit shares a common wall with Unit B which was a bank owned property that sold a couple of years ago. A third condo, Unit C, is located at the rear of the parcel. The condos share a common plot of ground with side access on the west boundary for access for Units B and C. Monthly condo fees are $73.65 per month and include building maintenance and insurance, and common area maintenance. However, the association does not maintain windstorm insurance. The small condo association may make it extremely difficult to obtain traditional bank financing on a property like this. Otherwise, I think this is a bargain property. Read on.


I took the attached photos CLICK HERE for a lender two years ago. I observed that the unit appeared to have been updated in a good and workmanlike manner. The interior space was well arranged and utilitarian. The living room and kitchen share a common space which is normal in most modern Key West properties. The bedroom is off to the right and it is quite spacious. There are windows on two walls so this space is very comfortable as opposed to some bedrooms which appear claustrophobic. The bath is at the rear and it is extra large. A ship's ladder provides access to the loft located over the bedroom area. This is a neat place to send guests you don't want to stay too long or it would make an excellent place to store things you do not use everyday.  CLICK HERE to view the Key West Association of Realtors mls datasheet and to view listing photos.


709A Windsor Lane is a short sale priced at $269,000. If you would like to see this property, please call me, Gary Thomas, 305-766-2642 to arrange a showing. I am a buyers agent and a full time Realtor at Preferred Properties KeyWest. This is a comfortable small home in a great Old Town location.

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