1017 Windsor Lane, Key West - Bank Owned Investment Property

Just Listed 1017 Windsor Lane in Key West. This Bank Owned investment property ought to sell quickly. It is located in Old Town and across the street from St. Mary's Basilica. The listing Realtor describes the property as:

"Located in Old Town this 4 unit income producing property is legally permitted. One 2 bedroom/1 bath house, Two-1 bedroom/1 bath Apartments and One 2 bedroom/1 bath Apartment upstairs. Great Investment Opportunity."

This property consists of two separate buildings. The front house was built in 1963 and is a one story ranch style house with a nice open living area and kitchen combination.  There are two bedrooms and one bath in this 1081 sq ft home. There is a front deck located amid the trees and flora in the front yard plus a rear deck (33' X 12'). The interior floors are terrazzo. This house has central air conditioning. The house appears to be CBS construction with stucco overlay. The roof looks to be asphalt shingle. The house needs cleaned and painted but looked to me to be in pretty good condition.  The kitchen and bath are dated, but they ought to work fine for this investment property. Of course any buyer will need to have a thorough home inspection to advise as to the structure.

The Monroe County Property Appraiser shows the rear building as being a 1768 sq ft two story building with CBS foundation which was built new in 1985. It looks to me that the building is stucco over wood frame construction. There are two first floor units each of which has a living area, kitchen, bath, one bedroom, and a rear wood deck with laundry hook-up.

The second floor apartment takes up the entire second floor. It has an open living area with kitchen plus two good sized bedrooms (one with large walk in closet), bathroom, and laundry.  This unit does not have a deck per se. The second floor balcony does provide outdoor space and it is private. The views are of the church yard across the street and neighboring rear yards. The lot measures 48.5' X 114' or 5529 sq ft.  CLICK HERE to view more photos I took of this property.

While I do not rent apartments in Key West, I have a pretty good sense of what typical apartments rent for on a long term monthly basis. These units would never function as "vacation rentals", but they would be very successful long term residential apartments that should rent instantly because of the convenient location, set-up, size, individual washer/dryer, and some private outdoor space. I think the front house ought to rent between $3,000 to $3,300.  The two one bedroom units ought to rent somewhere between $1,300 to $1,500. The upstairs two bedroom unit ought to rent for $2,500 or more. The landlord would pay water, sewer and trash. Each unit has a separate electric meter and the tenant would pay that charge. If you check Craigslist. org you'll find that my estimate of rental price is the average price being sought. There are few rentals in Key West in any price range. These would get rented quickly.

I looked through my old shoebox and found a couple of aerial photos taken of the area in the 1960s. The predominate feature in both photos is St. Mary's which is located across the street. You'll notice a huge linear building that extends across much of the church grounds. That building burned and no longer exists. What a pity. That was a very interesting building. I added white arrows to the photos below to indicate the location of 1017 Windsor Lane. If you study the black and white photos you may be able to find the old Scotty's Lumber yard where First State Bank is now located, the town homes on Catherine Street, the former trailer park on Truman which is now Windward Park, Suburban Propane's tank farm among others.

CLICK HERE to view the Key West mls datasheet on 1017 Windsor Lane which is offered for sale at $798,000. Please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this attractive Key West investment property.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

2645 Gulfview Drive, Key West - Waterfront Property on the Gulf of Mexico

2645 Gulfview Drive is a smart looking 1600 square foot home located at Gulfview Point (formerly known as Roosevelt Annex) in Key West where each of the 25 single-family homes and town homes  are located on the water and sited for exquisite views of the setting sun over the Gulf of Mexico. Gulfpoint Annex continues to be an exclusive community with a neighborhood of homes surrounded by water on three sides.  This is the only place of this kind in Key West! Click GOOGLE MAP for an aerial perspective of the property and its relationship to the water.

This development was built by Pritam Shingh who also developed Truman Annex, the Key West Golf Club Community, Parrot Key Resort, and the new Marker Hotel in Old Town Key West. Each of the residential communities have the look and feel of small town America. After you pass the gated entry the road winds through the friendly neighborhood. Many but not all of the homes have covered off street parking (this one does). 2645 Gulfpoint Drive is located near the far end of the private road which means you won't be hearing or seeing other vehicles drive by your home. 

The main living level provides a lot of living space both indoors and outdoors. The family chef will have water views from the kitchen as he or she looks through the living area and out to the Gulf of Mexico. There is a spare room tucked off to the right side of the living room which has pocket doors to provide privacy when needed.  An owner might use that space as a dining room, home office, den, or maybe as a guest bedroom. (There is a half bath on this floor as well.) There is an expansive covered deck with steps that lead down to the larger open deck at pool side. Just beyond the picket fence is a walking trail that wraps around all three sides of the development. This is a great place to walk the family dog. Some owners have installed floating (non-permanent) docks to moor small boats at waters edge.

On the second floor there are two guest bedrooms at the front of the house. The bedroom on the west side has a door that opens to the front balcony which overlooks Gulfview Drive. Both bedrooms have vaulted ceilings which enhance the spatial feel in these rooms. The master bedroom with en-suite bath is at the rear where there is a covered deck that has commanding views of the water. I had a listing that I sold at Gulfview last year. Each time I took potential buyers out to either deck their jaws dropped - the views are just incredibly beautiful and so serene. So many people dream of moving to Key West and imagine the joys of living on an island. The reality in Key West is that there are very few homes that have any sort of water view.  This home is the exception to that rule! Here you can actually see the water every day and watch amazing sea and sky change as the morning turns to day and the day turns to night. You'll see sunny skies and foreboding clouds and even watch and listen as thunder claps across the vast open water. You'll have a view that very few people get to have in our little town.

There is a home owner association which requires payment of monthly fees of $372 which includes cable television, security, and grounds maintenance. The park-like grounds are meticulously maintained. Pets are permitted with restrictions. CLICK HERE to see more photos which I took.

2645 Gulview Drive is offered for sale at $849,900. CLICK HERE to view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your perfect place in Paradise. This just might be that place!

Small World of Ronny Bailey - Love, Joy, and Peace in a Box

My friend and local folk artist Ronny Bailey dropped by my office on Monday to show me his latest creation - a kit to create your very own Key West Cigar Maker Cottage "Dream Home".  When I was little kid growing up in the 1950s many paint by numbers kits were sold with color-coded drawings whereby the home artist would paint between the lines to paint blue or whatever the color might be in appropriate spaces.  If you painted inside the lines and used the correct color, you would have your very own original copy of a manufactured piece of art. I did several. I wish I had saved at least one. But like almost everything from my youth, it got tossed.

Ronny's box promises to be more challenging and a lot more art worthy in my opinion.  Ronny describes the kit as:
Artist kit creates artwork 12.5"tall by 11.5" wide.Inside the kit you will find all you need to create your own unique work of art. Includes quality wood pieces, handcrafted window, door, attic vent, and mailbox, glue-no nails or screws required, paint 1 oz. each of white, black, red, blue and yellow, paint pallet and color mixing guide, 3 quality paint brushes,hanging hardware, wax paper to protect your work surface, easy instructions, and tips from the artist.

 Ronny opened the box with pride and gently removed the packing material from the door and window. He explained that local custom cabinet maker Hansen and Bringle fabricated the pieces made of poplar wood. The door and window were custom made using individual pieces of wood, just like the real thing, so that the finished cottage would look authentic.

The home artist gets to complete the cottage using the enclosed paints.  If you are a fan of Ronny's original pieces, you'll quickly see that none of his houses has any of the primary colors contained in the little bag. Come to think of it, most artists start out with similar primary colors to create a universe of totally different pieces of art. However, his completed prototype totally disproves what I just wrote.

Ronny created a prototype.  I wonder what you could create. You can give it a try. CLICK HERE
to see Ronny's Facebook Page where you can learn how to purchase the kit.

And remember to call me, Gary Thomas, 305-766-2642, or send me an email at kw1101v@aol.com if you want to buy a genuine cigar maker's cottage or any other home in Key West. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

1401 Grinnell Street, Key West - Afflordable Home in the Prestigious Casa Marina Area

Just Listed, but not be me,  recently built home in the Prestigious Casa Marina Area of Key West. The listing Realtor describes 1401 Grinnell Street as:

"Great location! Corner lot in Casa Marina. Newer 3 bed, 1 bath slightly elevated home in much desired Casa Marina neighborhood." 

The home is a very simple 3 bedroom, 2 bath 1003 sq foot single level modular home constructed in 2003. You could not expect something more plain. It is built on a decent sized lot which measures 45' (on Grinnell) X 96' (on Souht) or 4,331.00 SF. A couple of nearby homes on Grinnell are smallish mid-century CBS construction. A large mid-century home is located next door to the east. The neighborhood has a mix of late 19th Century, mid-Twentieth Century, and relatively recent renovations. There is a stunning 21st Century home 900 block of South which was designed by Tom Pope with landscape and pool by Craig Reynolds.

Most of the homes in the Casa Marina Area sell for more than $1,000,000. That is why I think this home is an attractive buy at the asking price of $659,000 or $653 per sq ft.  The average price per sq ft in the Casa Marina Area was $688.49 during the past six months. This home may not have all the bells and whistles the others had, but it has the location. And since this house is of recent construction, it could be razed and rebuilt or maybe expanded. Or maybe bought as a land hold and expansion onto an adjacent lot at some future date.

CLICK HERE to view the Key West mls datasheet on 1401 Grinnell Street. Then call me, Gary Thomas, 305-766-2642, to schedule a personal inspection. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.

Happy 4th of July from Key West, Florida!

Happy 4th of July!

from
Key West, Florida