I was a Sputdnut Man

Remember when you were a kid and you marked your age by half years or even quarter years? I just turned 69 and now I mark my age by decades.

The good side of growing older is the wisdom that comes with it. My life experiences help me gauge the present by things I remember from the past. I grew up in Denver in the 1950s. My mom and dad got married in 1929. My sister was born in 1930 and my brother in 1935. My parents raised two kids in the Great Depression. My mom never got over the Depression. I was raised as a child of the Depression even though I was born in 1947 at the very start of the Baby Boom.

Even as a kid I had several odd jobs to make spending money. I got an allowance, but not enough to meet my needs. Back then my needs consisted of candy and model cars and airplanes. I used to build a lot of models. In 1957 a friend and I talked the owner of the Spudnut Shop in the nearby Lakeside Mall into letting us go door to door to sell fresh Spudnuts.  (I found the photo of a very similar Spudnut shop online. It is eerily similar to what I remember.) Spudnuts were donuts made with potato flour. My friend and I made 75 cents each for selling a dozen bags of Spudnuts. One day I rang a doorbell and a woman's voice from the inside rang out "Whose there?" And I answered "The Spudnut Man." I swear this is true: she came to the door in a bra looking for a man and saw only a little ten year old boy. She bought a bag from me. I never saw a woman other than my mother in a bra before. It was amazing.

Sometime either before or soon after my Spudnut days I learned a valuable lesson about the value of my time and my work. We had a horrible snow storm. On a cold and snowy Sunday I went outside with my snow shovel and set out to shovel sidewalks. I think I charged 25 cents. The lesson came when I shoveled a particularly large sidewalk. It must have been a corner property. I remember being exhausted. When I was done I went to the house to collect my money. The man asked "How much?"  I said something like "However much you think it is worth." The bastard only gave me 50 cents. I had shoveled my little tail off for this guy. And all I got was 50 cents. I wasn't so mad at him as I was mad at myself.

I put myself through college and law school. I paid for everything with money I earned plus a couple scholarships. I had to pinch pennies to get by. My college dorm did not serve a Sunday evening meal. I often made soup in my popcorn popper at a cost of ten cents.  I went to the University of Denver College of Law where the tuition was very expensive. I worked at the courthouse in Golden, Colorado during the daytime and attended law school at night. I got a part time job as an assistant to Professor Jamison which helped pay part of my tuition. I managed to have all my college loans repaid within a year or so after graduating. 

The following are some of the benchmarks I used to determine if I am paying too much for something today as compared to what it used to cost. Way back in 1957 I was in the 5th grade.  I went on my first day with Karen S. (my "steady") which lasted one week. We double-dated with another couple and saw a movie at the Oriental Theater located on 44th and Tennyson Street. The "show" cost 25 cents. We bought a long paper bag of popcorn for a dime at the drugstore next door and Green Rivers in the theatre for another dime. Total cost for a Saturday afternoon date was $.45 each. Today the Regal Cinema in Key West charges $10.09 for a matinee ticket. Popcorn and drink would be another $6 or so.

I had to buy a new car just as I started law school. I chose a 1970 VW which cost me $2000. A 2016 Beetle starts at $19,588. My first studio apartment cost $125 per month. A comparable studio apartment in Key West would cost over $1500.

You could buy a Coke for a nickel when I was a kid. Later Coke came out with a King Size bottle for a dime. Today in Key West a can of Coke costs $1.50. I have had to pay $3 for a Coke in restaurants.  I remember we used to have Crestridge Dairy deliver two gallons of milk twice a week to our house. Milk cost $.45 a gallon back then. Today in Key West the price is about $4.50. And nobody delivers milk. Way back in the 50s bread cost $.19. Last week I paid $4.29.

The summer before I started college I had a job at the Jefferson County Airport where I refueled small airplanes. I was paid minimum wage - $1 per hour. A fellow employee who just got out of the Air Force made $1.10. He was a man, and I was still a boy. The minimum wage in Florida today is $8.05. (That's pre-tax earnings.)

Can you imagine getting out of the military and earning minimum wage and having to pay $4.29 for a loaf of bread or $4.50 for a gallon of milk? Or paying some ridiculous amount for rent?  If you lived in Key West your motivation factor would be pretty low. Mine would. In fact I would be pretty angry - like when I felt the man short-changed me on the hard work I put in to shovel his sidewalks while he stayed inside his warm home.

None of this has a thing to do with buying or selling a home in Key West or elsewhere. I do think that my life experiences have given me a genuine appreciation for the value of money and how much time and often times how much hard work it takes to earn money. This in turn helps me be a better Realtor.

If you want to buy a house in Key West please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

916 Washington Street, Key West - Casa Marina Area

When I entered the grand foyer of 916 Washington Street I immediately thought of this as Key West's Trianon for it truly is a petite palace.  Cory Held at Preferred Properties Key West recently listed this 3764 sq ft home that sits on a 7484 sq ft lot in the heart of the Casa Marina area which is offered at $3,300,000.  She describes the property this way:

"Located in the Casa Marina on a corner lot sits this elegant home built in 2007 with 5.5 bathrooms. A bright living/dining and a majestic bar with its own refrigerator, ice maker, bar sink, Chefs dream kitchen with top of the line appliances including a pot filler over the large Wolf range. French doors reveal lush tropical landscaping, covered lanai, pool, full bath and outdoor kitchen. A gracious foyer leads you to the en suite guest quarters on the main floor. A custom laid staircase to the second floor guides you to the open media room and yet another wet bar and laundry area. Two guests en suite bedrooms and over sized master surrounded by Epay Decking. Impact windows and doors, generator and 2 Door garage."

The above photos show the grand entrance, the welcoming bar and chef's kitchen with access to the butler's pantry and first floor laundry (there's one on the second floor as well),  plus access to the two car garage.  A beautiful first floor power room is located off the entry.

The first floor guest suite is a large enough to become the master suite should using the stairs ever become an issue.  The spaces are gracious and accommodating. Note the remark on the middle photo. All of the walls and ceilings were hand painted by a local artist who spend months creating this unique environment.  The paint technique is known as Venetian plastering. It is an interior finish used mostly on walls and ceilings first made popular in the 1550's in Venice, Italy.  CLICK HERE to view a slide show of photos I took of the residence.  Pay close attention to the detailed photos which show a variety of paint treatments used throughout this home.

The master suite is palatial by Key West standards - correction, by any standard. What a wonderful place to catch some Zzz's, take a shower, or soak in luxury.  Additional features include the master closet and dressing room. French doors open out to the second floor covered porch that overlooks the pool below.  Just off the master suite is the second floor living room or media room with an adjacent coffee bar.

Two more extra large bedrooms with en-suite baths complete the second floor.  The front bedroom has access to the second floor front porch for private outdoor contemplation.  The rear bedroom has access to the second floor rear porch which has access to the rooftop sundeck.  If you prefer to have an all over Key West tan, the rooftop sundeck ought to work just fine. The deck has 360 degree views of the Casa Marina Area.

The pool, spa, outdoor kitchen, and deck provide luxurious spaces for entertaining family and friends.

The Atlantic Ocean and Higg's Beach are located about four blocks away.  It's an easy walk to Salute on the Beach for an inexpensive beachfront lunch or dinner. Louies' Backyard is even closer, except the meals are much more expensive but equally casual.  I live in the Casa Marina area and love it. I can be at either restaurant within minutes.  Old Town is a bit longer walk. I drive there these days.  Nothing in Key West is too far away - this is an island.

CLICK HERE to view the Key West mls datasheet and listing photos of this petite Trianon.  If you would like to view this home or any other property 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 Key West.  Let me help you find your place in Paradise.

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Who Needs to be a Millionaire in Key West?

I have been selling houses in Key West to folks from up north in America for twenty years. Most of the people I have worked with visited Key West on several different occasions before they succumbed to the lure of living the island life. Some are rich but most are people of a bit better-than- normal means. They have saved their money or made good on other investments. Maybe the kids are finally out of school and are no longer a financial drain. Many are looking for a place to retire to in a few years. Some are willing to buy a place they can rent out as a vacation rental while others are open to buying a fixer-upper and doing some hard work to create their dream house in Key West.

We have a limited supply of houses in Key West. State law controls the number of new building permits allocated to the Florida Keys and this includes Key West. This means we can't grow or build that many additional houses any one year and our limited space on this little island lessens the possibility of building new places because there just is not that much undeveloped land mass. The City of Key West has limitations on size, height, and density with further restricts what may be built and where it may be built. So there is an persistent challenge to buy what exists at the best possible price. Since the demand exceeds the supply, housing costs in Key West rise year after year. Twenty years ago a potential buyer could purchase a cute little cigar maker cottage in Old Town Key West for about $200,000 more or less. Today The cost will be nearly one million dollars US.

If you think I exaggerate the price or the supply consider the following. I just searched the Key West mls database for Active Single Family Homes. As of 7:30 AM on February 8, 2016 there are 105 homes priced at $1,000,000 or higher listed as ACTIVE in the Key West mls database.

More startling is the number of homes priced at $2,000,000 or higher. There are 37 of those currently on the market. I then checked to see how many $2 million plus sales we had in 2015 to see if there is a real demand for such expensive homes. I guess there is to extent because we sold 11 of them in 2015. I sold one myself. My office either listed or sold or both three homes priced over $2 million.

I then checked to see how many homes sold over $1 million but under $2 million. There were 56 such sales. Almost all of the sales of homes priced over $1 million and higher were sold in the Old Town, Casa Marina, and Meadows areas. Two sales occurred on Sunset Key and there was one sale in mid town and another in new town. This confirms what I continually write and tell prospective buyers when we meet: most buyers want to buy a home in the Old Town, Casa Marina, and to a lesser extent the Meadows Areas. There are a lot more homes for sale in the mid-town and new-town areas, but those are not typically areas where second home buyers typically look. Maybe they should. But they normally do not.

I know from experience that most million dollar plus buyers pay cash for their homes. I think that is pretty much a given fact in most million dollar sales in Key West. This statement is not meant to discourage future buyers. There are still properties available at lower prices, but those properties are either located in areas where second home owners probably would not consider purchasing or which houses will likely need some degree of improvement. Some may never really be able to improve that much because of lot size, location, or city building restriction.

Here's the catcher: there are 108 single family homes offered for sale in Key West that are priced from $365,000 up. You can buy a nice home for that much up north in America. Here you can buy an opportunity.

I have been having a lot of discussions with other Realtors in my office and other offices about how busy they have been this past month. Many expressed concern that our market was over-priced. We have also had a lousy winter so far. Our typical warm days have been replaced with a lot of gray days and a lot of rain. But most vacationers booked their trips here months ago so I don't think the bad weather has really interfered with real estate enough to have a real impact.

Only 10 single family homes went under contract in Key West after January 1, 2016. The status varies from contingent show, contingent, or pending. The median price for contingent homes is $665,000. There is just one pending sale with a "median" price of  $1,400,000.

We have just begun the second month of our selling season. I wonder how many of the million dollar buyers we will see in Key West this year. I wonder how many sellers who have their homes listed for over one million dollars will sell and how many will not. And since we only sold 11 homes priced over $2 million 2015, I wonder how many such sales we will get this year. The stock market has not been our friend of late. I don't think we have been impacted by the ZIKA Mosquito Virus. But I am sure it will come into play sometime. Yes we do have a demand for quality homes in good areas. I just do not believe we have as many buyers as we have properties for sale.

If you are looking to purchase a home in Key West and need a buyers agent, please contact me, Gary Thomas. I am a full time Realtor at Preferred Properties Key West. CLICK HERE to see some my recent sales. I am always looking for more new business. I am realistic about pricing on both the listing and buying side.

237 Golf Club Drive, Key West - OPEN HOUSE

 "This town ain't big enough for the two of us." But 237 Golf Club Drive in Key West is!

237 Golf Club Drive, Key West, Florida has 1720 square feet of interior living space plus four covered balconies and a sunlit terrace overlooking the private pool. The lot is 4948 square feet, the largest lot currently offered among the competing other Sanctuary homes. The value is apparent. Follow Woody to the Super Bowl Sunday OPEN HOUSE. Click GOOGLE MAP.

237 Golf Club Drive, Key West

OPEN HOUSE  -  SUPER BOWL SUNDAY

12:00 to 2:00 

Offered at $749,000