1509 Pine Street, Key West - The Meadows Price Reduction

 I've been selling homes in Key West since 1996. Experience has taught me that the home at 1509 Pine Street in the quiet Meadows Area offers so many of the features home buyers seek in a Key West property. I am certain when any potential buyer sits on the front porch they will immediately and deeply fall in love with this location and this home because it is the epitome of what a Key West house ought to be. 

The listing Realtor describes 1509 Pine Street, Key West, as

"This beautiful 3/3.5 home looks historic but was built in 2008 with important modern elements such as hurricane rated doors and windows. There are dramatic 11 foot ceilings and high end finishes plus a gourmet kitchen with granite counters & stainless appliances. A private heated pool and spa are accessed through 8 ft glass doors and surrounded by foliage.Covered private carport and storage. Each bedroom is en suite and the master has a vaulted ceiling plus a private balcony. There is two zone central air, hard wood and travertine floors, solid wood doors, high ceilings on both floors, crown molding and high end fixtures used throughout the home. This home is in pristine move in condition and will delight the most discerning buyer. Private parking is accessed through electric gates at both ends of the driveway. Great Meadows location near everything Key West has to offer. Easy to see!"

The Meadows of Key West was designed to be and is the epitome of design and high-end construction in Key West. The homes were built to with stand the challenges of our sub-tropical climate and sunny days. The Hardiboard siding and impact windows and doors will keep long term maintenance and insurance costs down as opposed to other stick built homes in our area. Each home has a private pool and carport which is accessed via private rear driveway which is managed by the home owner association whose sole function is to maintain the limited common areas. Just like in your home up north, you as homeowner of this home would be responsible for the upkeep and maintenance of your front and rear yards and pool.

Like many of the Grand Conch Houses of Old Town, this home has a covered front porch located off the master suite.  The ceiling in the master bedroom is vaulted which really adds dimension to this space that includes a good-sized walk in closet and en-suite bath. Readers should study the architectural detain in the second floor porch. You just won't find this kind of quality at this price in a similarly sized historic home in Old Town - at least not at this price. You might for a million dollars more. But not at this price. And if you find one, your maintenance costs and insurance costs will still be higher.

There are two additional bedrooms on the second floor both of which have private en-suite baths and ample closets. The rear bedroom (pictured above) is locate above the carport. I guess you could refer to it as a carriage house of sorts. Note that both guest bedrooms have tray ceilings, crown molding, recessed lights, and many more design feature.

 CLICK HERE to view the Key West MLS datasheet and to view more listing photos of 1509 Pine Street now offered at $1,269,000.  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.

Key West Real Estate Sales Report - First Six Months of 2017

It's that time again - time to take a look at the houses sold during the first six months of 2017 and try to make sense of what those sales tell us about the current real estate market in Key West. I will compare the 2017 solds to the solds during the first six months of 2015.

As in the 2015 survey I used the Key West MLS database for the geographic areas of Key West and Stock Island but did not include any sales east of Stock Island. This is geographic area most potential buyers consider to be "Key West" even though our MLS database extends ten miles east of Mile Marker 0. 

707 South Street Key West pool and gardens

173 single family homes sold between January 1, 2017 and June 30, 2017. The least expensive house sold at $325,000. 707 South Street (famed for being a filming location for the James Bond movie License to Kill ) was the most expensive home sold in Old Town. The house sold for $5,000,000 plus an additional $395,000 for the furnishings.  The house and guest cottage had undergone an extensive renovation plus the addition of a garage entered off Villa Mill Alley with guest bedrooms on the second level. Landscape architect Craig Reynolds redesigned the pool and grounds into a tropical paradise.

920 Terry Lane Key West

1403 Catherine Street Key West

721 Chapman Lane Key West

The real estate market in Key West keeps getting more expensive each year.  As prices continue to rise the volume of sales has gone down a bit. There is still a huge demand for homes in Key West and sales were much more brisk than I thought earlier in the year.  116 single family homes sold between $325,000 to $987,000 or 67% of the entire sales during the first six months. There were 45 singles family homes that sold priced $1,000,000 to $1,950,000. The three homes shown above reflect the appreciating market in Key West. 920 Terry Lane sold in March 2013 for $750,000 and resold in June 2017 for $1,175,000 or 63% price appreciation in four years. 1403 Catherine Street sold for $750,000 in May 2012 and resold in June 2017 for $1,300,000 or 57% price appreciation. 721 Chapman Lane sold was a bank foreclosure that sold in March 2011 for $370,000. The owner did an incredible renovation to the home. It sold in April 2017 for $1,200,000. This sale is significant because of the location - Bahama Village. In the next year or so I think the price for homes in Bahama Village may explode as the new Truman Waterfront Park will open to the public. Homes located near the Historic Key West Seaport underwent a similar price spike a generation ago as the boardwalk and esplanade made the old seaport much more tourist friendly.

411 Grinnell Street Key West

 Six homes sold between $2 million to $3 million including 411 Grinnell Street pictured above. This 1541 square foot home sold at $1,817 per sq ft. The home was located on a 8,375 square foot lot which included a ROGO unit with plans to build a second home. I have no idea whether another home will be built. And six homes sold in excess of $3 million with two which sold at $5 million, 707 South St mentioned above and a manse on Sunset Key.

I looked back at my six month report from 2015 where we had a total of 207 single family home sales in Key West between January 1, 2015 and July 1. The highest priced sale was 620 Eaton Street (above) which sold at $4,495,000. The least expensive house sold at $225,500. During the first six months of 2015 34 homes sold between $1,000,000 to $2,000,000. During the first six months of 2015 7 single family homes were sold priced between $2,000,001 to $3,000,000.  Twelve houses sold in 2017 sold priced over $2,000,000. That's a huge increase in volume of sales plus price increase. I have written several blogs complaining that there are not enough buyers willing to pay for homes in the higher price ranges. The sales statistics prove that I was wrong about demand and willingness to pay more than $2,000,000 for a house. The 2015 MLS stats show 70 houses sold priced under $500,000. 32 single family homes were sold during 2017.  That part of our market is really diminishing. As a local I worry about affordable pricing for other full time residents. More and more locals have to find places to live on other nearby islands which are now experiencing similar price appreciation, just at a less expensive price than in Key West.

I hold open houses almost every weekend during prime selling season - late November thru Memorial Day. One of the most repeated observations is the seemingly high number of homes listed for sale in Key West.  These "buyers" are typically looking at homes in Old Town or Casa Marina which are located on about 25% of land mass of the Island of Key West. They perceive all the for sale signs as omens of woe. That's hardly the case. Many of the homes still have for sale signs without riders advising the public the houses are under contract. The three examples of recent home sales also illustrate the frequency of re-selling the same house within a limited time period. In most of America, homes are lived in for a generation or more. Houses in Old Town and Casa Marina are often second of third homes and are resold with frequency. If you happen to come to Key West and want to look for a house, look me up. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

703 Eaton Street #2 Key West - Back on the Market with New Low Price

This is an update of my September 2016 blog about 703 Eaton Street #2, Key West.  I thought this two bedroom two bath BANK OWNED CONDOMINIUM was an excellent buy then and it is an even better buy now. It was under contract from early December until yesterday when it was placed back on the market as active at the REDUCED asking price of $387,900 or $386 per sq ft for this 1003 second floor unit.

Soon after I moved to Key West in December 1993 I got invited to a lot of parties and get-togethers including a cocktail party at 703 Eaton Street which was then a single family home owned by a local doctor and author. I met a lot of very interesting people that night - I mean a lot!  That is something new comers to town can look forward to. Key West is very welcoming to all who come here. You can be as big a member of the community as you want or you can be anonymous. There is room for everyone.  When I arrived I immediately noticed this home was not like the other old houses I had been in because it wasn't old. In fact the original house pictured above was razed in the 1970s. The current building was constructed in 1979.  The building is quite large and was converted into
condominiums after the good doctor sold the home several years ago. The photos below are of unit #2 located on the second floor.

The owner of this unit enters the grounds via gated entry on Elizabeth Street. The exterior stairway leads to a separate gated entry to the second floor balcony overlooking Eaton Street. You enter into the living room which has a fireplace on one wall. There is a large balcony which overlooks the shared pool below. The compact kitchen is located adjacent to the entry. The master bedroom suite is located on the west side of the unit and the guest bedroom is located on the east side.

The second bedroom is located on the opposite side of the living room. This spatial separation gives the owner and guests or roommates privacy.  If you have looked at some of the more expensive units in Truman Annex you'll appreciate what I am saying about privacy. Oh, and this unit has views of the pool from both the living room and the master bedroom. 

The guest bath is located at the end of the hallway and adjacent to the second bedroom. Both bedrooms have ample closet space.

703 Eaton Street is located two blocks from the Historic Seaport and two blocks from Duval Street. You and your guests can walk to everyplace you might need to go in a matter of minutes, well, almost everything. The new 24 hour gym is located one block away. Starbucks is two blocks. Fausto's grocery is one block away. I lived a little over a bock away for the first eighteen months I was in Key West. You can't beat the location for convenience. The traffic really does slow down to a trickle at night. CLICK HERE to view more photos I took of this unit. 

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. 

403 - 405 Caroline Street, Key West

Yesterday, instead of hosting an open house to showcase one of my listings, I decided to go to see other open houses.  I want to share with you the incredible property located at 403 - 405 Caroline Street in Key West. I knew I had been inside about 25 years ago or so when my first real estate broker listed this property. I saw it then but had no present recollection of what it used to look like.  As soon as I entered the owner's unit I knew i had to share this place with my loyal readers. The current owners bought this place in 1999 and did an incredible job in re-creating a wonderful living space unlike anything else in Key West.

The listing broker describes the property this way:

"One-of-a-kind historic property dating back to the late 1800's. Two buildings consisting of three legal units with high ceilings, colossal multi-paned windows, mahogony railings and shutters, cuban tile and wood floors, and large tropical courtyard with ample room for a pool. HRO zoning permits many uses including, but not limited to residential dwellings, professional offices, medical services, and places of worship. Property is configured with a two bedroom and two bathroom main house, a one bed and one bath apartment, and a large studio, perfect for an artist, extended family, or guests. Both structures are connected by over 1500 sq. ft. of decks and porches. There is also a coveted off-street parking space with a unique entry point."

 I looked inside my old shoebox for some photos of the property as it used to look and also found photos of the area which is pretty special in its own right. You see, the houses sit opposite the Presidential Gates on the opposite side of Whitehead Street. President Harry S. Truman used to pass these gates on an almost daily basis when he vacationed at the Little White House a block or so further west.  As I stood on the second floor balcony that wraps three sides of this property, I snapped a photo of the old gates that connect our historic past to the present day.

I cropped the black and white photo two above. If you are familiar with the location, you probably recognize the proximity to Mallory Square, the boat basis across the street, and nearby Duval Street. But back in the day, before the tourists took over, this location was an easy five minute walk to the very active seaport where fishermen, spongers, merchants, and the US NAVY lived and worked.

1965

circa 1980

I searched the Historic Sanborn Fire maps seeking more information on the age of the buildings. I found a different history than I had pee-conceived.  The 1889 Map showed a much larger L-shaped building that extended east on Caroline Street. The map says the building was a photo gallery back then and remained such until the 1899 map. There was a bookstore (of all things) located directly across Caroline Street.  The Odd Fellows Hall was located about fifty feet or so to the east. I found a photo of that once magnificent building that workers from the WPA took down in the 1930s. Thank God they did not dismantle the entire town in the name of progress.  The maps showed numerous changes in use of neighboring properties over the years. The 1912 Map shows 403 - 405 Caroline Street which means these two buildings were built sometime between 1899 and 1912.

The Monroe County Property Appraiser shows the two buildings as having finished interior living spaces totaling 2,688 sq ft plus an additional 2909 sq ft of decking much of which is covered in some fashion. The lot measures 66' X 70.16' or 4620 sq ft. The buildings are in superior condition in my opinion. The current owners renovated the properties after their purchase and did a masterful job in re-imagining the usage. It has to be seen in person to appreciate the creativity they brought to the project. There is nothing like it in Key West. 

The property as currently configured is three units which could be legally be re-purposed in any means as outlined above by the listing broker. Today there are two apartments in the west building - a one bedroom on the ground floor and a "studio" on the second floor. 

The first and second floor units are the same size but configured differently. Both have front and rear porches and use of the rear garden area.  The second floor studio is unlike any I have ever seen in Key West. I am pretty certain the original ceiling was flat wood construction typical throughout the area. I think the current owners removed that ceiling as well as interior walls and created the new curved ceiling, added the expansive glass windows at the rear and created this wonderful open living space. CLICK HERE to view more photos of this wonderful property.

The east building is configured a bit different from most houses in Key West as the main living area is located on the upper level and the bedrooms are on the first floor. The owners removed interior walls and the original flat ceiling and opened the living and dining areas into one open space. The efficient kitchen is attached. There is window which looks out at the trees and historic old building across the street. What at first appears to be a wood closed located on the east side of the living room is actually the stairway to the main floor. When I entered the space I was awed by the rich wood and old copper fittings.  How cool is this, I thought. The guest bedroom is located at the front of the property. The door was open. It was about 1:00 PM. Trolley cars were passing by every five to ten minutes. I listened for clamor. I really didn't hear anything that was annoying to me and I get annoyed by tourists very easily. The master bedroom is located at the rear. It is huge. A door opens out to the rear deck and garden. What a lovely place that would be for morning or a late night drink before bed.
There are two covered off street parking spaces located between the two old houses. This place is totally civilized. And I think there is room for a pool.

CLICK HERE to view the Key West MLS datasheet and to veiw 47 listing photos of this wonderful property. The 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.