1122 Southard Street, Key West - Price Reduced on Investment Property

The asking price on 1122 Southard Street in Key West was just reduced from $995,000 to $875,000. 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 now owned by the State of Florida. This suggests to me that the Armory will always be maintained and not become a nuisance neighbor. In fact local painting contractors are just finishing the front facade of this historic building. Southard Street has three 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 and temporary artists-in-residence. 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 be rented in a heartbeat.  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 has been 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 and 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. Instead many locals walk or ride bikes or scooters 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 from $995,000 to $875,000. 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.

906 Fleming Street, Key West - Newer Home on Millionaire's Row

Just Listed, but not by me, 906 Fleming Street, Key West. This house fits right in with the historic homes on what is known as Millionaires Row in Old Town. But this house is not old. It was built new in 2008. I dug into my old shoebox and found a photo of the old barbershop that used to be located where the house now sits. And I found another aerial photo taken in 1999 that shows the barber shop and the now front yard for what used to be the Overseas Hotel located across the street at 917 Fleming Street. The old hotel burned in 1967 and was razed a couple of years later. The barbershop building did not burn, but it certainly no longer fit into the row of impressive homes that mark this prestigious location.

906 Fleming St in 1965

Overseas Hotel in 1920 post card

Overseas Hotel as photographed in 1950

Overseas Hotel as photographed in 1965

I wanted to share the above photos with you because they demonstrate the changes that occasionally occur in our historic district where preserving the past is a part of the enduring character of our lives today. The old barbershop was a modern building and was therefore allowed to be razed. The old hotel was burned. It was taken down and the lot is now the front yard to an incredible home that sits tucked away from public view. You'll understand why I added the hotel photos later on. I also reviewed the Historic Sanborn Fire Maps and learned there was a small building located on the lot at 906 Fleming Street prior to the barber shop. More interesting to me was the tall long  narrow building located next door to the east that was referred to as a Chinese laundry. That building was also razed and newer multi-million dollar home plus appurtenant buildings now occupies that space as well as buildings on Hibiscus Lane and Margaret Street. 

The listing Realtor describes this home this way:

"Located on Millionaire's Row in the heart of Old Town this luxury home checks all the boxes with designer upgrades throughout. Built in 2008 with Hardie Plank siding and impact windows and doors this low maintenance home boasts 4 bedrooms and 4 and half baths all with marble flooring. Seamless access from each bedroom to outside porches! Solid bamboo flooring, crown moldings, wet bar, and gourmet kitchen with marble counters and back-splash complete the great open floor plan. Master suite with beautiful Verde marble has large soaking tub and Roma Steam shower/sauna. Step outside master bedroom French doors to a wonderful, private sundeck, perfect for enjoying the sun or cool Key West evenings. The heated pool surrounded by lush landscaping has a custom waterfall and Spa! Covered carport for 2 cars complete this gem. Priced to sell!"

The covered front porch will be the envy of your friends throughout the year but especially on the next to last Friday of every October. That's because the annual Key West Fantasy Fest People's Parade will pass by this home on that day. The second floor covered porch will provide a great place for your friends and family to people watch. The great room is located at the rear of this home. One wall includes an integrated cabinet for stereo with auto ventilation and wet bar. An island separates the kitchen area from the living and dining spaces. Wind impact resistant sliders open out to the lanai and pool, spa, and waterfall area.

View of the location where the Overseas Hotel used to be located.

I sold 912 and 916 Fleming Street a few years ago. They sit on one of the best streets in Key West.

Annual People's Parade during Fantasy Fest

This 2000 sq ft home has four bedrooms with four full and one half-bath Each bedroom has immediate access to a covered porch or deck area. The owner, family members, and guests will have only need to take a few steps to enjoy Key West's wonderful climate. This home has a successful history as a Key West (monthly) vacation rental. It is located a short distance to the Historic Seaport and a brief walk to Duval Street.

906 Fleming Street is offered for sale at $1,895,000. CLICK HERE to view the Key West mls datasheet and listing photos. Then please call me, Gary Thomas, 305-766-2642, to set up a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

11 Birchwood Drive, Key West - Just Listed!

Just Listed, 11 Birchwood Drive, Key West, Florida. This is a brand new and never been lived in home located in Key West's official bedroom community located on Stock Island Key at Mile Marker 6.  This community evolved as an alternative to Old Town which became very expensive for young locals to afford. And most of the lots here are located on canals which have relatively quick access to open waters. This is a single family area where there are not condos or multiple family situations. And other than the gas station up on US 1, there is no commercial activity here. I dug down into my old shoebox and found a photo taken in 1987 that actually shows the site where 11 Birchwood Drive would be built 29 years later - 2016. The lot had never been built upon until now. CLICK HERE to to see a Google aerial view of the lot and the area as a whole. You will see that this house is located across the street from a "pond" which has canal access to the ocean. I will discuss more later.

As I drove through the neighborhood I appreciated the evolution of this area. Some of the original one story ranch style houses still look pretty much like they did in the 60s and 70s. The architecture changed in the 70s, 80s, and 90s. Several of those homes are two story and are of concrete block construction. More recent houses located on premium waterfront lots are mini-mansions.

The listing Realtor describes 11 Birchwood Drive this way:

"Brand new and ready for you! This spacious home is a custom modular with many upgrades including 9ft. ceilings on both floors,double 3/4 plywood sub-floors, crown moldings, built to 180 mph. wind loads, impact windows & doors, built 2 ft. above required grade, all of which result in a very low cost of living. This home has an open floor plan with a bright kitchen that features solid wood cabinets, granite counter tops and stainless appliances. A breakfast room could become an office or study. Lots of storage on both floors. The downstairs has a deck overlooking the lush backyard. Upstairs is a huge master en suite with a large garden tub and separate shower plus a walk-in closet. There are two more bedrooms and a full bath upstairs plus a laundry area with W/D hookups. The bright and sunny yard is sodded and landscaped with mature trees and plants. This home is across the street from a lagoon which is used for boating access. This beautiful home is easy to see!"

The modern open living area concept is clearly evident in this home. The space surely seems larger with the nine foot ceiling. The kitchen is a real family kitchen with room to make more than nuked fast foods. I suspect the view from dinging area at the front of the house will create some anxious moments as it has a great view of the the lagoon across the street. There is a deck off the living room at the rear. The one thing the builder missed was installing a stairway to the back yard.

The master bedroom is immense. It has a large en-suite bath with tub and separate shower. There are two more large bedrooms which share a second bath.

The house has 1920 sq ft of interior living space. The exterior is easy to maintain Hardiboard siding which is pest resistant. The impact windows and doors meet Florida's newest and toughest building code requirements which means your fire & liability and windstorm insurance costs will greatly reduced as compared to what you might expect in an older home. But I suspect a new owner will be contemplating building a small dock on the pond across the street where the family boat will be parked.  CLICK HERE to view more photos I took of the exterior and the lagoon.

CLICK HERE to view the Key West mls datasheet with lots of excellent photos of this home including some drone photos. I need to buy one of those drones. These pics are too cool. After you've looked at the photos, please 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.