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Wednesday, October 23, 2013

901 Pearl Street - Bank Owned - Key West


The Bank Owned property at 901 Pearl Street offers potential buyers something that you just normally don't find in a house in the Old Town vicinity - a reasonable price and an ability to tear down the existing house and to build new or to alternatively renovate with new technologies and new materials (e.g. replace existing jalousie windows with impact windows).
The existing property is located at the corner of Pearl Street and Albury Street. CLICK HERE Google aerial view of the area which I will discuss late. The lot is 50' X 70' or 3500 sq ft which is a good size for the area.  The existing house was built in 1953 and is a CBS (concrete block construction) building. It is not deemed a contributing structure.  I believe a new owner could tear down the existing building and re-orient a new house more efficiently on the lot. (There's wasted space on north and south sides and a tiny back yard.)  Any new structure would have to comply with current building codes and set backs. But the large lot size affords a new owner flexibility as to what type of house to build (maybe a Conch cottage or a two story home) and where to situate the property on the lot.  A new owner might site the front of the house on Albury which would leave room at the rear (south side) for a new pool.
The current house has been lived in "as is" for several years. It is typical of many 1950s era ranch houses with two bedrooms, one bath, a shared living and dining area and a closed off kitchen. Each of the rooms have original Cuban tile floors (all in good condition). The bathroom is a throwback to the colorful 1950s tiled bathrooms. There is even a cedar lined closet. Both bedrooms have good sized closets. A new owner would probably replace the jalousie windows. I would expand some of the widow sizes and replace with energy efficient impact windows. The kitchen exists - but barely. A new owner would probably install a new kitchen and update the appliances. I believe the south side yard is large enough to accommodate a new pool.
 
There are a couple of issues a new buyer would need accept. First, the house has some spalling on many of the exterior walls. This is a common occurrence for CBS houses and commercial buildings buildings in Key West. Spalling can be repaired. A concrete contractor would be able to tell a potential buyer the cost to do any repairs.  Also, the existing carport is in bad shape. Since the carport exists, a new owner might alternatively tear it down, keep it place and repair it,  or possibly convert that space into a third bedroom.  The existing laundry room is at the rear of the carport and has water and sewer in place. I think the entire area could make a great new master suite.  CLICK HERE to view photos I took of this property.
Many of the nearby homes are quite expensive.  I think money spent on this property either as a fixer or building new is money very well spent. The house is located one block from Bayview Park (the main city park) and a couple of blocks away from the Garrison Bight Marina. Duval Street is a 10-15 minute walk and an easy five minute bike ride.
The asking price on this 901 Pearl Street is now $389,900.  I believe the successful purchaser will be a person who offers cash and accepts the property as it exists with all faults - whatever those faults may be.  CLICK HERE to view the Key West Association of Realtors mls data sheet.

Please call me, Gary Thomas, 305-766-2642 to schedule a showing of this bank owned property. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.



Monday, October 21, 2013

1425 White Street - Key West Grand Estate


Long time readers of my blog might suspect the home shown above is located in Santa Barbara or La Jolla instead of Key West. And they would be wrong. Yes, the home is atypical for Key West.  It is in fact more reminiscent of an old Italian villa snuggled away from the world.  Although the house is only nine years old, the design  and lush landscaping suggests the property is much older. The softly faded exterior is emphasized by creeping vines that climb up the walls and over trellises and columns. The ochre colored walls blend harmoniously with the red barrel tile roof and seamlessly blend with the palms and tropical vegetation that surround this property. 
1425 White Street is located at the corner of White Street and Flagler Avenue in the Casa Marina Area of Key West. The lot totals 13,813 sq ft (92.5' facing White Street X 149.33 facing Flagler Avenue). According to the Monroe County Property Appraiser the house is 3369 sq ft. The property is now offered for sale at $2,000,000 or $594 per sq ft. The Atlantic Ocean is a four block walk to the South. Old Town is a five minute drive to the west or north. The Key West International Airport is seven minutes or so on a normal day.  And the worries of the world are forever enduring, but behind the double door arched entry, the worries disappear as you enter a truly remarkable Key West property. 
You gotta admit, the entrance is pretty damned impressive. And that's just the beginning of what you will see in this remarkable property which the listing Realtor describes as:
"Unique and elegant, walled and landscaped for the utmost privacy sits this luxurious estate on a double corner lot. 3 bedrooms, 2,5 baths and an office in the main house and a separate guesthouse. The impressive front gate opens to a beautiful pathway leading to the front entrance, a 2 car garage and additional off-street parking. Outstanding kitchen equipped with all gourmet appliances includes a Wolf stove, Subzero fridge, two Bosch dishwashers, a drawer fridge and custom cabinets. Large rooms, huge great room and 16' ceilings. Polished hardwood floors. Split floor plan for privacy. Gracious outdoor living includes a beautiful pool and hot tub, covered porches and gardens. The roof is barrel tile. A most elegant & private retreat."
Once you are inside the property you notice the rich Cypress wood that sets off the portico leading to the front door. You also become immediately aware that all of the doors and windows are painted black and that all are variations on paladin windows. Much of the architecture and interior hallways features the similar curved arches.  All interior walls feature Venetian plastering. Some rooms also include tromp loy finishes such as the arched wall in the living room shown below. Rich rosewood floors are another feature of the house. Travertine marble is used in other areas.
While this house looks old on the outside, the interiors are laid out with a modern take on American life in the early 21st Century. In the old days rooms were partitioned off into various functions. Today and especially in this house the rooms seem to flow from one use to another. While the house has a very grand feel, it is also functional.  The kitchen features Kraftmade Cabinets, a Wolff range, Subzero refrigerator, and rich appointments everywhere. Doors open out from the kitchen to an outdoor dining area to the east. Doors from the adjacent dining - family room open out to the covered loggia or portico that overlooks the pool. 
The west wing of the house includes two guest bedrooms which share a Jack and Jill bath, the most incredible laundry room I have ever seen, and the double car garage. The two bedrooms have French doors that open out to the pool area. If you look at the above photos you will notice the doors and trim all of which are painted with a superior deep black finish that is absolutely PERFECT. The finish is the very best I have ever seen anywhere.  Seriously!
French doors off the master bedroom lead to the east garden area and the glass door in the master bath leads to the spa and pool.  Two large walk-in closets are another feature of the master suite. 
The guest cottage is located at the front part of the property. It has a wet bar for making cocktails and coffee, but it is not equipped as a kitchen.  There is a large closet and a very large bath with tumbled marble walls and French doors that open out to the pool.

I took a lot of photos of this incredible property which you can see if you CLICK HERE.  Take some time and go through the photos and imagine what a grand life you could lead if you lived here.  This house sits empty now. It has been that way for some time. It needs a new owner.
I realize that this house does not look like the typical old Conch house with a white picket fence that almost everybody associates with Key West. That and the previous much higher asking price of $2,700,000 are probably the two biggest factors this property has not sold. The new price of $2,000,000 is probably beyond the means of many people reading today's blog. But for that small group of buyers that can purchase a property like this, I would suggest you take a look. The property is listed at a price much lower than when it was purchased. The property is vacant and needs someone to take care of it.  If this would not be a full time residence, I think a new owner could very successfully rent this as a vacation rental.  
CLICK HERE to view the Key West mls datasheet. And then 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 Key West. You just might get over the Conch cottage thing and fall in love with this big and truly impressive Key West property. I did.









Sunday, October 20, 2013

606 Truman Avenue No. 1 - Windward Park - Key West


Preferred Properties Key West (that's where I work but this is not my listing) is the listing brokerage for 606 Truman Avenue #1 a sharp 2/2 Windward Park town home which is offered at  just $729,000.  The home offers 1260 sq ft of living space divided between the two floors with two master suites.

The listing Realtor describes Unit #1 this way:
"Delightful two bedroom two bath townhouse in a well-sought out Old Town compound, Windward Park. Unit 1 is tucked away in the front corner of the complex, therefore somewhat removed and most private. Enter into a large great room with two-story cat walk. Great for displaying treasured art. The new kitchen features high-end, custom cabinetry with unique counter tops and new appliances. The downstairs bedroom with adjoining bath has French doors leading out to a very secluded deck with beautiful tropical plantings and a hot tub. The upstairs features the master bedroom with en suite bath, as well as a second-floor porch that offers private, treetop views of the pool (heated in Winter) and well-manicured tropical gardens of the complex."
The main living area with the second floor "catwalk" can bee seen in a couple of other units at Windward Park but not all. The catwalk certainly adds dramatic flair to the living space where the ceiling soars two stories.  Otherwise, the main floor is laid out traditionally with the living room and dining area at front followed by a guest bedroom at the rear. There is a main floor bathroom with access off either the living area or from the bedroom. French doors open from the living space out to a spacious deck which includes a private hot tub. (Not all units have this feature.)
If you have looked at houses in Key West before you have probably found that many bedrooms are rather small and often dark. Not so here. The second floor master bedroom is extra large.  If you prefer sleeping in a king size bed, you will have room to spare in this big boy bedroom that has windows that face the east, south, and west (although the light here is filtered by the second floor covered porch) . The closet is equally extra large. The en-suite bath is located at the rear and has a window that overlooks the garden of St. Mary's of the Sea Basilica.  The first floor bedroom is quite large and has plenty of room in case you find using a stairway a bit challenging.

The second floor front porch provides an enviable view of the pool that is shared with only 12 other units.  Compare this property to some similarly priced units in Truman Annex where the pools are shared by potentially shared by hundreds of units.  I am not being negative on Truman Annex, but you will likely to have to pay more money to have fewer potential people sharing your pool if you live there.  CLICK HERE to view the Key West mls datasheet and to view all listing photos.
Readers not totally familiar with the location may be aided by who the nearby neighbors are including the aforementioned St. Mary's of the Sea Basilica (Truman at Windsor Lane), Better Than Sex (desert restaurant at Truman and Simonton), Moped Hospital (also at Truman and Simonton),  and Denny's (located one block away at the corner of Truman at Duval Street).  Many of the gyms and yoga studios are located nearby as well. I mention the neighbors because many popular tourist attractions which are within easy walking distance.  Unit #1 is currently used as a private residence but a new owner could easily rent the unit as a Key West monthly vacation rental. Several, but not all, residences at Windward Park are rented. 
 If you would like to see this unit or any other  property in Key West, please call 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 Key West.  Let me help you find your place in Paradise.

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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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