1211 Grinnell Street # F, Key West - Bank Owned Property

Slowly but surely the backed up foreclosures are working their way through the Key West court system. I wrote about 1211 Grinnell Street Unit #F in September 2015 when it was a short sale. That short sale did not get accomplished. Today the property is Bank Owned. That means some lucky buyer is going to have an opportunity to buy what I think is a nice house in the very desirable Grinnell Gardens Community.

Grinnell Gardens is a unique compound consisting of seven distinctive units which share a large and sunny pool. Each home has one designated off street parking space. These homes were built new in 1994 and replicate the Greek Revival architectural style found in many houses in our Old Town area. This particular two bedroom two and one-half bath home has 1390 square feet of interior living space plus covered first and second floor front porches for private outdoor entertaining.

The prior owner was the original owner of this unit who paid extra to incorporate additional insulation between the first and second floor as well as the space separating this unit from the one next door. The owner also applied custom Venetian plaster to the interior walls and pickled the floors and wood work, both techniques that were in vogue two decades ago.

This house is pretty simple. And that is the joy of it. The combined living, dining, and kitchen area make for a relaxed Key West lifestyle home. If you were to become the new owner you could take this house as it comes or maybe sand and refinished the real wood floors - perhaps add a dark stain. Maybe you would tone down the walls with a more subtle paint scheme and paint the trim a crisp white that is found in so many of our older homes. You might landscape the back area which right now is begging for some attention. The view of the million dollar home next door only adds to the appeal of this space that has been forgotten.

The second floor center hallway separates the master suite which is located at the front from the guest bedroom and laundry located at the rear. Venetian plaster is also found on this floor except here each bathroom his tile floors The bathrooms have fixtures that were popular a quarter century ago. The windows in each bathroom are frosted glass for privacy.

When you open the door out to the second floor balcony you immediately appreciate not only the views but also the charm of this sweet little environment.

Three of the seven homes in Grinnell Gardens have their own private pools. Over the years that I have shown units here, I think I have only seen people sunning by the main pool twice. That's actually pretty common in small places like this. The home owner association rules do permit owners to rent their homes on a long term or vacation rental basis. But the people who stay here treat this place like home. CLICK HERE to view more photos I took of this property.

1211 Grinnell Street #F in Bank Owned and offered for sale at $630,000. Please CLICK HERE to view the Key West mls datasheet and then call me, Gary Thomas, 305-766-2642, to schedule a private showing of this home. I am a buyers agent and a full time Realtor at Preferred Properties Key West. This home has so much potential as a new full time residence or as a second home for buyers that hope to retire here in the future. I know some places may generate more short term income, but I always caution buyers to consider whether they would want someday to live in a place where a hundred or so units turnover every Saturday afternoon. That is something all potential buyers should consider.

1309 Grinnell St - Freshly Renovated Casa Marina Area Home - Key West

Nine months ago I first wrote about 1309 Grinnell Street which is located in the tony Casa Marina Area of Key West when it was being offered as a fixer-upper. It went under contract the first week it was listed. The new owner is a local contractor that totally renovated this home which is now offered for sale at $1,599,000.  The listing Realtor describes the property as being a...

"Complete renovation in the Casa Marina! X zone.Beautiful large front covered porch poolside, with new pavers for zero maintenance. Decking off the kitchen to enjoy your meals cooked with new Kenmore Pro Series appliances.Downstairs Master bedroom and bath has new imported designer tile and vanity. Upstairs is a 2nd Master bedroom and bath,large walk in closet, and vaulted ceilings.New Oak flooring,drywall, and paint throughout. Custom built interior doors and wood work. Upstairs guest bedroom connects to a third bathroom, with a marble designer floor, new plumbing, fixtures,and a cast iron tub. High efficiency a/c, upstairs and down.There is a new metal roof, Miami Dade impact resistant doors and windows, electric service, wiring and lighting. House has new Hardi Backer siding, fascia, decking,fencing, and more. Off street parking too!"

When I passed through the entry gate I was immediately taken by the lagoon style pool and newly landscaped yard that gave the house a presence it previously did not have. The stage was set for something quite different than existed before. New slider doors open out to from the living area to the cool pool. Since most Key West houses are reversed with public rooms in the rear to provide pool views, it's appropriate that this home has its living area up front to look out at the pool located in the front yard.

This new house is anything but formal. The combined living, dining, and kitchen areas are designed and outfitted for Keys casual living. The living area has just a bit of separation from the dining and kitchen area. An extra wide opening from the kitchen allows the chef to be a part of whatever is going on inside this area as well as to provide a view out to the pool. The laundry area is located just off the kitchen. The guest bath is tucked away off to the side. Several rooms in the house have the sliding wood doors made especially for this home.

 

The master bedroom and en-suite bath are located at the rear of this home. Impact glass doors open out from each of these rooms to the south side deck that runs the length of this home. Similar doors open out from the dining area. The shower in the master bedroom provides a means of quick escape to get an all over Key West tan to the private outdoor area. I know a lot of my older customers favor first floor master bedrooms. This obviates the need to sell and buy a new place when climbing stairs becomes a chore. And when you're young, you can step out and take a skinny dip just before you hit the hay.

There are two bedrooms and two baths on the second floor plus an extra large second floor sitting area. I am sure you have noticed the new wood floors and sharp baseboards and trim evident throughout the house.

CLICK HERE to view the Key West mls datasheet and to view more listing photos. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this lovely newly renovated Casa Marina Area home that is offered at $1,599,000 and partially furnished (as shown).  I am a buyers agent and a full time Realtor at Preferred Properties Key West.

Key West Investment Propety - Price Reduced on 1122 Southard Street

The asking price on 1122 Southard Street in Key West was just reduced to $995,000. This is the really interesting property with upside potential. The listing Realtor describes this investment property this way:

"This historic building includes 5 licensed apartments. There is a large 2BR/2BA, two story unit at the rear ideal for an owner, a 1 Bedroom, an efficiency and 2 studio units. Lot's of the original Dade County Pine and architectural details including the original staircase are intact. Excellent Old Town location. The property is currently owned by a non profit organization for their use and so rents are currently well below market value"

Frequent readers of my blog know that I have a shoe box where I sometimes find old photos of actively listed properties. I found just such a photo of 1122 Southard Street that was taken five decades ago when this property was a laundry of all things.  I searched the historic Sanborn Fire Maps to see if I could determine when 1122 Southard Street was built. The 1889 Map ignored this area entirely but I know for a fact that there were multiple homes and businesses in existence in the immediate area at that time. then. It was not until the 1892 map that a building was cited on the lot and the address given at that time was 1018 Southard St. The address of 1018 Southard was changed to 1122 Southard Street on the 1899 map.  That map indicated a small cut-out a the right rear of the lot where a water tower was located. That cut-out exists today which is now a part of a large adjacent property to the rear. My conclusion is that 1122 Southard Street existed at least as of 1892 and probably earlier which I will explain later

 The Monroe County Property Appraiser shows this building as having 2515 sq ft of living space plus porches. The irregular lot measures 40 ft wide by 82 ft deep minus the cut-out for the old water tower in the rear which I mentioned earlier. The building is located next door to the historic Key West Armory which is owned by the State of Florida which suggests to me that it will always be maintained and not become a nuisance neighbor. Southard Street has two of the most expensive listings in town. Most of the single family homes on Southard are priced over the one million dollar mark.

As the listing Realtor indicates this property currently is owned by a non-profit organization which was providing housing to local artists. Today the building is vacant except for two tenants. I think whoever buys this building has several options to take advantage of the low occupancy by re-renting the vacant units at market rate without spending any money.  These units are small and ideal for single occupancy tenants. There is a real housing shortage in Key West. These would rent in a heartbeat even .  A buyer who wants to do some "fix-up" could do some improvements to the units. I  am not sure the updated units would rent for a lot more money but a fix-up may make the buyer feel  better about the building itself. The building is well maintained. I just know that many buyers feel compelled to spend new money whenever they buy something. Below are a few photos of the four units in front.

These apartments would be easily rented to new people moving to the area or to people who have lost their long time residences to be displaced by someone who bought a home that they plan to renovate.  This building is located within easy walking distance to Duval Street or the seaport where many locals are employed. There is adequate on street parking but the fact of life in Key West is that many locals do not own cars but use bikes or scooters or their feet as primary means of getting around.

The two story unit at the rear has so much potential for either an owner-landlord or as a place to actually spend some money to increase the rental on this particular apartment. I think any money spent on the rear unit is money well spent. This space is worth the price of the building in itself. The income from the apartments in front would pay all taxes, insurance, and upkeep on the building.

CLICK HERE to view some not-so-good photos I took with my small pocket camera on a recent showing of this property. They provide some simple views of the units and the grounds.

The asking price on 1122 Southard Street was just reduced to $995,000. CLICK HERE to view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to schedule an appointment to see this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West.