WHAT A BUNCH OF CLOWNS!

This is a true story.

Once upon a time in a year not far ago I represented a buyer that had a contract to purchase a Bank Owned cottage in Old Town Key West. As is the case in most bank owned real estate transactions, the bank hired a closing agent out of the area to "close" the transaction. A closing agent can be a title company or in some instances it may be a law firm. In this particular instance the out of area bank owner engaged a lawyer located far away from Key West to close this transaction.

Some banks tend to be a bit stingy and try to reduce their sales costs by using title companies and attorneys that will agree to charge lower fees in exchange for getting "volume business" for their services. I guess the theory is that a lawyer is a lawyer and a title policy is a title policy and that nothing can go wrong so why not get the cheapest service possible.

My buyer was purchasing a cottage in Old Town Key West. I knew from past experience that we needed a survey just to make sure there were no 'lot line' or other boundary issues.  Back in the old days neighbors pretty much agreed to property boundary or lot lines. In this day of million dollar homes, it is important to make sure that lot lines and related issues are known. Some homes in Old Town have been in the same family for decades. Boundary issues often arise days before closing when a survey on a property that has been in the same family for generations is about to close. This particular property was purchased about ten years ago. I didn't really expect to find any problem. But the survey found a problem.  My buyer hired a local attorney to review the issues, and he was able to resolve the matter and move forward to closing.

The lawyers exchanged comments on the proposed title policy and HUD settlement sheet. My buyer then wired in funds to close the transaction. The lawyer in a far away Florida city received the funds and closed the transaction. A copy of the deed was sent via email to my buyer.

A couple of days later the closing attorney hired by the bank in the far away Florida city sent an email to my buyer's attorney, me, my buyer, and others that read:

"Just noticed a small detail that we are missing. We did not receive the $100,000.00 EMD. [EMD is the earnest money deposit that was wired to another Key West law firm designated by the listing real estate office as the 'escrow agent'] Please advise how we can obtain the deposit so that we can complete funding.

Thank you,"

My buyer typed an immediate response and hit the REPLY TO ALL button on his email. His email read: 

"WHAT A BUNCH OF CLOWNS"

Eight minutes later the closing attorney hired by the bank in the far away Florida city responded:

"Just to advise that the CLOWNS received the wire. We are not fully closed and funded. See below.Thank you"

Within minutes my buyer sent the following:
"THE CLOWNS RECEIVED THE WIRE BUT ARE NOT FULLY FUNDED OR CLOSED. WHAT DOES THAT MEAN? "

The buyer's attorney quickly sent an email stating:
"Typo...."

I contacted the Key West law firm that was holding the $100,000 earnest money deposit. That firm wired the earnest money deposit to the closing lawyer hired by the bank in the far away Florida city. My buyer got title to the Key West cottage. I got a huge chuckle over the "small detail" of the missing $100,000 earnest money deposit. And I roared with delight at my buyer's Clown comment and implied reference to the cut-rate legal service provided by the attorney hired by this particular bank seller. 

Open House - 812 Johnson Ln, Key West Florida

If you are in Key West and are out and about today after church or after brunch, stop by my Open House at 812 Johnson Lane in Old Town Key West. I have put a GOOGLE MAP just below so that you can find me. The home will be open 12:00 to 2:00 PM.

812 Johnson Lane is actually located three blocks from Duval Street and about one-half block north of Truman Avenue on a single block that begins at Windsor Lane and ends at Packer Street. Most of the cottage style houses on this block date back to the beginning of the twentieth century. Several of the cottages have been renovated including one across the street that merited a Ceramic Star several years ago. This is a quiet little lane near everything, and 812 Johnson Lane is a bright little star on this street.

The front cottage was totally renovated in 2014. All interiors were gutted and replaced. Today there are two new large bedrooms with ample closet space, recessed lighting, crown molding, and new floors. There's a new travertine marble bath and a cute new kitchen complete with new cabinetry, granite counter-tops, and stainless steel appliances. The house is laid out with two bedrooms up front off the main hallway. The open living area is at the rear where beveled glass doors open out to the covered rear porch that overlooks the heated pool that is 5' deep. I mention the depth because size matters to some people.

 

The covered porch looks not only provides shelter from the sun but also provides a comfortable and protected space for poolside dining. You'll be surprised at how much time we Key Westers spend outside - that's a big part of the reason many of left our lives in the frozen north.

There is a second cottage at the far side of the pool. The owner obtained permission to add a bath and laundry to the cottage. There is also an outdoor shower on the back side of the cottage. The lot extends 117 feet from Johnson Lane to the rear property line. That's deep for a property in Old Town. When you look up to the sky you can actually see the sky and sunshine. There are nice trees on the neighboring houses which the neighbors get to take care of. Here, the owner gets to take care of tanning. This property would make an excellent vacation rental!

812 Johnson Lane is offered at $769,000. Please stop by and see me or CLICK HERE to view the Key West mls datasheet on this really cute two cottage buying opportunity. Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Key West.

1430 Albury Street, Key West - Build Your Own Dream House

Just Listed by yours truly, 1430 Albury Street in the quiet Meadows Area of Old Town Key West. I wrote about this location a couple of years ago when there was a CBS house located here. Back then the address was 901 Pearl Street. The owners took down the old house, cleared the lot, and added the nice tall white picket fence shown below.

The owner in collaboration with architect Carlos Rojas designed a two story 'Conch' Style home with about 1900 sq ft of living space on a 50' X 70' (3500 sq ft) lot. All plans have been HARC Approved and all City Planning  Department requirements met. You can apply for a building permit the day you close. The hard work has been done. The house will have four bedrooms, three and 1/2 baths, four porches, a pool and deck, and off street parking. The house can be constructed with new and efficient building materials including Hardiboard siding which is easier to maintain than traditional wood siding. The home will include new wind impact resistant windows and doors. This means your wind insurance will be a fraction of what you would pay for a house with regular windows. The new house is FEMA flood compliant which will result in lower insurance costs. Your regular home owner's insurance will be less costly because it will be built to the highest building standards in Florida again as compared to old construction. These savings will be significant in the short and long term. A new owner could revise the plans and build a different version of his or her dream house. The approvals are done. The hard part is over.

The new house is located within easy biking distance to Duval Street and all of the noise and commotion over there. I know a lot of potential buyers think they want to live no more than two blocks from Duval. Believe me, you'll be much happier not having to hear folks walking back to their hotels or rental houses at 3:00 AM or listening to Conch Train conductors re-telling stories about old Key West twenty times a day - every day of the week. 1430 Albury Street is located one block from Bayview Park. You can go there to walk your dog or play tennis.

1430 Albury Street is offered with approved architectural plans at $750,000. CLICK HERE to view the Key West mls datasheet. I can provide more detailed information on the plans to interested buyers. Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Key West.

1516 Duncombe Street, Key West - Bank Owned

The banner photo above was taken about sixty years ago in front of the old Key West High School at 1300 White Street. The new high school coincidentally is located across the street from the house that is the subject of today's blog - 1516 Dumcombe Street. The listing Realtor describes this Bank Owned property this way:

"This three bedroom home features tiled floors throughout, updated kitchen with granite counters and SS appliances. Large family room, utility room and a fully fenced yard. Great location, walking distance to shopping and beaches."

1516 Duncombe Street is a 1247 sq ft ranch style CBS (concrete block construction) house built in 1964. That's the same year Harry James Mitchell took the above photo of a street in Key West. The architecture used in the Duncombe Street house was new in 1964 but it is old now just as the houses in the photo were old then - perhaps fifty years old when that photo was taken. Those old houses are now treasured by people who want to buy a place in Key West. The old houses have become so expensive that many folks think they may not be able to afford a place in Key West. The house on Duncombe Street needs some "fixing" but it is affordable by Key West standards. Let's take a look.

Key West High School is located across the street

Third Bedroom or Family Room

Bedroom No. 1

Bedroom No. 2

The house sits on a 52' X 93' sq ft lot (4840 sq ft). There is an ample side yard for parking two cars plus a very large rear yard with plenty of room for a pool. The house was updated by a prior owner. There are some issues a new owner will have to tackle including repairs to the rear bedroom.  A home inspector can help a buyer identify the issues this house faces and give an estimate on the cost to repair the same. CLICK HERE to see more photos I took of this house.

1516 Duncombe Street is offered for sale at $359,900 or $288 per sq ft. That's $108 per sq ft less than the average house priced under $555,000 in Key West. Please call me, Gary Thomas, 305-766-2642 to set up a showing to see this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

820 Carsten Lane, Key West - Old Town Surprise

When I started this blog eight years ago I realized that one of the things that draws people to Key West is the simple way we spend our lives. If you watch any of those reality tv shows about million dollar listings in Beverly Hills or New York you get to see houses for people that live the fast life, the showy life, the I'm very important life. While I amdit I watch those shows, I don't aspire to live in those places. Life in the slow lane is fine with me.

Just listed, but not by me, is 820 Carsten Lane located on one of the cute little lanes that dot our island home. The lane is located on the back side of the old Harris School on Southard Street. The lane runs from Margaret Street to the east to William Street on the west - just one block. There's a dogleg bend in the road about midway through.  The Historic Key West Seaport is a short walk to the north. Duval Street is four blocks west. The cemetery is around the corner to the rear. Near everything but not there.

I found an old black and white photo of the property taken fifty years ago. It shows the simple construction of the original house to be a long wooden box. I checked the Property Appraiser records and learned that numerous improvements and additions to the structure were made in 1996-1999. A pool was added later. The Property Appraiser records show the house was built in 1908 and sits on a 32' X 86' lot. The reconfigured house is laid out a bit different than what you'd find in Peoria, but were not in Peoria. The entrance is now located mid-way on the right side of the house. The old front room is now the main floor bedroom. The living area is in the center of the house and the kitchen is at the rear.

French doors open into the living area which like the front bedroom has a vaulted ceiling. Original Dade County Pine walls have been painted white and present a subtle juxtaposition to the stained wood floors. Skylights were added that bring in additional light.

The front porch railing is visible through the front bedroom window. The original door now opens out to the porch where you could sit and watch the occasional neighbor or tourist walk down the lane.  While the room is not huge, the vaulted ceiling transforms this space into something much larger than actually exists. It works.

The kitchen and bath/closet area complete the back third of the interior portion of this house. The photo shows a gas stove. You have no idea how many potential buyers want a gas stove. Serious! 

I would imagine that most owners would probably use the covered outdoor living area as the primary living space throughout most of the year. The gate at the rear of the yard opens onto Carey Lane, a little dead end lane with some of the most precious cottage homes in Key West.

The second floor tree house bedroom and bath are accessed via an exterior stairway. A small balcony provides a view of the pool and grounds below. The bedroom space is just magical. I took the photos in mid-afternoon. The sun filtered through the tress as I looked down to the pool and I thought I should buy this place. But I already have a house and don't need another one. So I'm staying put and maybe some reader will call me up and say "Show me that tree house!" CLICK HERE to see more photos I took.
820 Carsten Lane is offered at $849,000. CLICK HERE to view the Key West mls datasheet and listing photos. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this really unique home on one located on one of the slow lanes in Key West. I am a buyers agent and a full time Realtor at Preferred Properties Key West.