Old Town Key West Price Reductions - Time to Buy

I typically tell buyers and sellers that the Key West "selling season" runs from Christmas Week and ends around May first or thereabouts. This is the time of the year when most sellers place their homes on the market thinking that more buyers will be here during those months. The stable base of full time residents in Key West has been about 25,000 for decades. Locals don't leave on May first.  They have housing needs all year long. And since Key West has become a full time destination resort, visitors come here all year long which has driven the demand for more hotel rooms, restaurant seats, and bike rentals. This is turn drives the demand for workers to make beds, prepare and serve food, and provide other tourist related services. The Key West economy is robust. Prices are high and moving higher. But the reality also is there are several houses which have been listed for sale sale that have been on the market for several months which have not sold.

I've been representing buyers of houses in Key West for twenty years. I have learned that most are buyers of houses in Key West are "pretty smart cookies".  After all most are looking to spend over $500,000 to buy a place here (any place here costs about that much and probably a lot more). The come prepared to buy a place with knowledge of our market and our past sales. They know houses that have been on the market for a prolonged period of time are either over-priced or that there is something wrong with the house or the location. Houses that don't pass the smell test often ignored by potential buyers and equally often by real estate agents. 

1216 Varela Street is a cute 2/2 single family home with a private pool located in Old Town Key West. The listing Realtor describes the home this way: "Perfect property in an excellent location for either a working couple living full time in Key West or as a “pied-a-terre” for owners wanting a problem free home to use seasonally as a “lock n’ leave”. Large master with two closets and a balcony overlooking the private pool. Wonderful kitchen with granite counters, wine cooler and a dual fuel range. X flood zone and shutters all around making insurance affordable. All reasonable offers encouraged.  Originally priced at $799,000 now reduced to $760,000. CLICK HERE for more info.

923 Angela Street has appeared in my blog several times over the past ten years. We have a limited supply of houses in Key West. We tend to sell and re-sell the same inventory over and over again. This time this house is much different than before. This time this house has been totally renovated and had a pool added. There are two factors that challenge most potential buyers who consider this house - lack of an off street parking space and location across the street from the Key West cemetery.  There is usually on street parking within 75 feet or less. The cemetery is what it is. The neighbors don't party at night. CLICK HERE for more information on this home which is now offered at $1,128,000.

The asking price on 629 Elizabeth Street was recently reduced by $100,000 to $1,599,000. This home is basically all new even though described as a renovation. Everything is perfect on this 3/3 located at the top of Solares Hill, the highest point on the island of Key West. CLICK HERE for more info.

The listing Realtor describes 816 Ashe Street as "This historic gem has been in the same family since being built in 1923. Featuring Dade County Pine, heart pine floors, first floor master bedroom, & attached laundry room/workshop. Two spacious front porches provide the perfect setting to relax and enjoy the quiet pace of Old Town Key West life. Off street parking & flood zone X. A perfect historic renovation project". This is a property for a buyer who wants to be creative and do a nice renovation to a great old house.  CLICK HERE to view MLS info on his home now offered at $795,000.

514 Elizabeth Street is another house that has appeared in my blog several times over the years. This is the first house I sold when I got my real estate license in 1996. The house had been updated by the family who had owned the house for generations. My buyers put in the pool, deck, and a small out building They have used the home and also rented it as a monthly vacation rental. Reduced asking price is now reduced to $1,350,000. CLICK HERE for more info.

1106 Grinnell Street is livable as is, but it offers a new owner all kinds of possibilities as a renovation project. Other homes in the area continue to become a part of the surge in renovations in the south of Truman area of Old Town. CLICK HERE to view MLS on this home now reduced to $490,000.

The listing Realtor describes 812 Fleming Street #5 this way: "Price Reduced!! Superb location! Here is your chance to own a top floor unit at the Seafoam Condominium on an iconic street in Old Town. Dade County pine covers the walls and floors in this 613 sq ft, 1 bedroom, 1 bath unit. Recent updates includes new, stainless appliances, fresh paint throughout, all new fixtures, and more. The 200 sq ft balcony overlooking Fleming St." Now offered at $550,000. CLICK HERE for info. 

1509 Pine Street has everything that second home buyers want accept two things - it is newer construction and it is not located in Old Town proper. The home is one of eight built in 2008, each of which has a private pool and covered off street parking. This home has three bedrooms and 3.5 baths. And it is gorgeous. Now offered at reduced price of $1,299,000. CLICK HERE to view MLS. 

There is nothing odorous about any of these homes. They are seasoned and ready to be purchased. There are over 100 single family, condominiums, and town homes under contract and pending closing in Key West. Some lucky buyers still have really nice homes like these that are available for purchase. Please contact me, Gary Thomas, 305-766-2642, to set up private showings. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

Key West - What Has Been Seen Cannot Be Unseen

Do not take life too seriously – you will never get out of it alive. - Elbert Hubbard

The quote is funny and yes it is true.  The tragedy of the quote is that many people live in a pretend world where they do accept they will die.  Or maybe it is just that they prefer not to think about it or talk about it.  I guess it is sort of funny that some Key West vacationers take walking and trolley tours of so called haunted houses and often end up at the Key West Cemetery. They take photos of the graves and sometimes even post ghoulish photos of themselves or the tombstones on the Internet.  I, for one, have never been inside the Key West Cemetery. I'm not afraid. I just have had no reason to go there.  And as I understand it, there is no room for me there when I may need it.

I found the two photos below which show a funeral procession in 1934. Look carefully between the two monument pillars on either side of the gate and you can barely see 630 Elizabeth Street about which I have written many times. Funeral parades through the streets of Key West continue to this day.  The last parade I saw was several years ago. I was standing in front of our old city hall on a Saturday afternoon. A former colleague led the procession swinging a scepter as the mourners followed behind him. The paraded up Angela Street to the top of Solares Hill where Angela becomes Windsor Lane. The mourners slowly made their way down Windsor Lane to the iron gates at the cemetery. A small choral group of African American women dressed in bright white passed by singing. They were followed by a brass band that had had me clapping and crying at the same moment. It was an awesome experience to witness the funeral procession of someone whose name I did not know but who had so many loyal friends to take him to meet the Lord.

It seems like I am forever writing about houses that are located on or near the cemetery or one of our busier street like White, or Eaton, or Whitehead, or United, and even Southard.  Potential buyers normally shy away from all of those streets except Southard.  Those streets do experience a good amount of daytime traffic.  But traffic dissipates to a trickle after sunset when Conch Trains and Trolleys head to the barns, the delivery and service trucks stop for the night, and the office and sales people return home for the evening. When you really think about it, a huge number of our Old Town houses are located on one of these named streets or on streets that face, abut, or have view of the Key West Cemetery. And for some buyers, the location of a house with any cemetery view is an absolute no-no. For them, what has been seen cannot be unseen. 

Look at all the homes that border or are located within eyesight of the cemetery

I am reminded of the time I was showing homes to a middle aged couple looking for a quaint Key West cottage with a pool and parking. I told them about a particular house on Olivia Street which I had blogged about. I drove them to the house. The wife refused to look. I implored her just to look - to give the place a chance. Nay! She said. I told her about another customer of mine to whom I sold a big house a few years earlier. He ended up buying a house located one block past the cemetery even though he initially feared his daughters would be afraid to walk by the cemetery. He later told me cemetery did not phase them.  He said they love their house, their pool, and their ability to come to Key West to chill.  End of story.

Sometimes so of the very best deals in Key West are houses that are located on the busier daytime streets or that have views of the cemetery.  To buyers that want a deal, do not be afraid to look where some fear to look. If you are among the people who failed to buy when prices were really low and are now faced with prices that are sky high, consider looking where others fear the dead. 

Having the cemetery as a neighbor will mean quiet nights with no parties. Parking is never a problem. The area as a whole enjoys more sunshine and breezes as compared to more densely populated parts of Old Town. And you just may get a bargain in the process.  Oh, if you are looking to buy a place in Key West and if you are not working with a Realtor, call me, Gary Thomas. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

New Ronny Bailey Artwork of Old Key West

Ronny Bailey dropped by my office the other day to show me his newest wood carving depicting a Key West cigar maker's cottage of long ago. Frequent Readers of my blog will remember I first learned of Ronny several years ago when he stopped by Preferred Properties Key West to show a new wood installation he had created. Ronny is a Conch, a native Key Wester. He was a general contractor by trade. When he retired he began the second phase of his life as a folk artist. I don't think he started out to be an artist as much as he used his skills as a carpenter to create replicate miniature versions of the facades of homes that used to dot much of our Old Town area. Later he did larger homes and then added some commercial buildings. (CLICK any photo to enlarge it.)

I photographed the above piece in front of the actual house to demonstrate the attention to detail and historical correctness. Ronny used reclaimed Dade County Pine lumber which he cut, planed, sanded, painted to create this remembrance of a time that is now a memory. As our heritage gets "restored" or "renovated" Ronny's works are becoming the last memory of what Key West of years ago once looked like - before everything was decreed by the do-gooders on HARC to become perfect and as contractors took months and months to fix the old old houses at the cost of hundred of thousands of dollars to fix houses that originally only cost a few hundred dollars.

The new wood carving is number five in what may become a series of  many. Ronny told me he joined two boards together with biscuits, stained all sides, and then began to carve the detailed images. The dark stain accentuates the carving. The carving below exhibits the same whimsy, attention to detail as his more elaborate installations.  There are always little touches such as chickens, cats, a hanging light bulb, a mailbox, a broom. Here a clothes line and a stick prop open a window with a propensity to obey Newton's Law of Gravity and a man feeding the chickens in his front yard. I have never seen or heard of locals who eat their chickens. But it wouldn't surprise me. Finally note the three watchwords appearing on each of Ronny's are: Love, Joy, and Peace.

I noticed the address over the door - 522. I asked Ronny the address of the house. He said it was the spirit of our houses, not a particular house, then added the number refers to Galatians 5:22 (But the fruit of the Spirit is love, joy, peace, patience, kindness, goodness, faithfulness,).  He is a man of faith and those are the guiding spirit of his life.

Locals and returning visitors to Key West can tell the time of year depicted - sometime between May and June when the Royal Poinciana Tree (red tree on the left) is is full bloom. The original home was so minimal in size and construction. It would have cost only a few hundred dollars to build. Today contractors take months and months to restore these homes at the cost of thousands upon thousands of dollars. Of course the red rooster, mama hen, and baby chicks are evermore on this their island home.

It may come to pass that Ronny Bailey's artwork may become the only remaining remnant of historic Key West.

520 Porter Lane, Key West - Transient Licenesed President's Walk Town Home

I have written about Presidents Walk Town homes on several occasions over the years. These town homes were built in the early 1990s and vary somewhat as to interior layout and condition. Some are pretty much in the original condition while others have been updated - some tastefully and others done to the owners' sense of style. Some are located on Southard Avenue while others are nestled away to the rear of large multi-million dollar single family homes which face Front Street.

Some homes have first and second floor front and rear porches or balconies, but not all.  Each unit has an assigned parking spot and some have covered parking and storage.  The amenities at Presidents Lane include a beautiful pool plus the beautifully maintained grounds of the Truman Annex and  gated security. Frequent visitors know that Truman Annex enjoys a great location near Duval Street, Mallory Square, quick access to Fort Zachary Taylor Beach and state park, and soon will be steps away from the new City of Key West Truman Waterfront Park. 

 Each of the Truman Annex communities has a private pool for that community. The President's Walk pool is for owners and guests only of that community. It is located about a 90 second walk from 520 Porter Lane which is shown below. This home is offered for sale by Preferred Properties at $874,900.

The listing broker describes 520 Porter Lane this way:

"This two bedroom two and a half bath townhouse in Presidents Walk includes a Truman Annex transient rental license. Beautifully updated kitchen opens to the dining and living space with french doors to the large outdoor deck. Each bedroom has an attached private full bath as well as a balcony for indoor outdoor living. Assigned covered parking spot with attic space included!"

This home has an undated interior with new kitchen, new tile floors and a half bath tucked under the stairs to the second floor. This home has a nice decked rear with a gate that leads to the nearby parking space.

The master bedroom has a private en-suite bath and private balcony overlooking the little walking lane that end about 25 feet to the east. The importance of this is the fact you won't have neighbors walking past your balcony on those frequent nights when the weather is so pleasant you want to leave the doors open. The back bedroom also has a private bath and a private rear porch.

This unit has a covered parking spot located about thirty feet from the back gate. When I show places like this I point this kind of feature out for a good reason: if you go to the store and buy food you also probably have to carry it in to the house. This is a good location compared to so many other units in Truman Annex where the parking is (No.1) not covered and (No.2) located a long walk from the entrance to the home or condo.  Our summers and falls are known for their heat. Getting into a covered car is preferred to one baked in the sun.

This home has a valuable Truman Annex Transient License which permits owners to rent the unit any 25 weeks of the year on a weekly basis and possibly to rent the unit as a monthly or longer term rental the rest of the year (or use it oneself). These units are located the nearest the guarded entry which just two blocks from Duval Street. We do not have person on person crime like big cities But having the guy at the gate makes the two block walk home at night seem safer just the same. And having the beach a couple of blocks to the west is just wonderful.

CLICK HERE to view the Key West MLS datasheet and to view listing photos. Then please call me, Gary Thomas, 305-766-2642, to set up a private showing of this unit. I am a buyers agent and a full time Realtor at Preferred Properties Key West.