718 Caroline Street, Key West

There are two new listings located 718 Caroline Street and 720 Caroline Street in Historic Seaport Area of Key West. I got a chance to see the interiors a couple of weeks ago before the listing agreement had been signed. I immediately recognized the building had been updated and expanded a few years ago, but I had no idea the building dated back to the beginning of the Twentieth Century.

I first searched the Historic Sanborn Fire Maps that date back to 1889 and successive editions. I found a building on this site on the 1889 map, but I could immediately tell it was not this building because the maps were precisely drawn to identify the size and location in case the building would be destroyed. It was not until the 1912 map that the current building appeared at the corner of Peacon Lane (previously known as Gruntbone Alley). Whereas the previous building was set back from Caroline Street and away from Gruntbone Alley, the 1912 building was located at the property line of both streets. That is the building that still exists today.  The Monroe County Property Appraiser dates the building to 1918.  I think I am correct and no matter if the date is off by a couple of years either way, it is still an old building.

1965

1970

I then dug into my old shoebox and found the top two photos which show the original building in 1965 and 1970. There is a notation on the 1965 photo stating the small building with awning projecting over sidewalk was "demolished" indicating that was done after the photo was taken. The next photo shows the building as it appeared in 1970. Note that both photos show the building is but one story tall. The aerial photo above was taken in 1999. I added a mark to show 718 Caroline Street as it exists today. You can immediately see the building was then two storys tall and has a widow's walk on the roof. I selected to add this photo to the blog because it also shows the Historic Seaport just a short 18 years ago before the massive renovation took place there. During the past four years Caroline Street was rebuilt as well to provide better access for the movement of people and vehicles in the area.

 The building as currently configured consists of two ground floor commercial units (not for sale) and two residential condominiums distinguished by different street numbers.  718 Caroline Street is a 1589 sq ft two bedroom two bath unit with incredible views to the north and the south.

The main living level is actually on the second floor of the building. Both units share the broad and sunny deck on this level. When you pass through the double front door opening you enter into a light filled living area with treetop views of nearby Peacon Lane.  That lane begins one block to the south at Eaton Street and ends at Caroline Street. Most people (including locals) do not know it exits. Almost all traffic will emanate from the few people who live on this lane and the few tourists who happen upon it by accident.

The smaller of the two bedrooms is located at the front of the building where it shares the balcony with 720 Caroline Street both of which have commanding views of Caroline Street. The historic seaport is located one block to the north. Pepe's Cafe is located one block to the east and Dante's is located two blocks further. Dante's has become favorite daytime hangout of locals and returning guests. They can swim and/or drink and dine all day long by the huge pool.

The master bedroom of 718 Caroline Street has a couple of views unlike others you'll probably experience elsewhere in Old Town. From the south third floor private deck you can view the rooftops  of the other homes on Peacon Lane.  This unit has the only access to the widow's walk atop the house. There you have a commanding view of the Caroline Street corridor and the historic seaport.
CLICK HERE to view the Key West MLS datasheet and to view more photos of 718 Caroline Street offered at $825,000.

720 Caroline Street has 1567 sq ft of living space on two floors. The open concept living area integrates nicely with the broad second floor sundeck. The smaller of the two bedrooms fronts onto the Caroline Street balcony. The master suite is on the second floor. It has expansive view of the southern skies. CLICK HERE to view the Key West MLS datasheet for 720 Caroline Street offered at $825,000.

The commercial and residential condominiums share proportionately in the monthly condominium dues which cover all building insurance, building maintenance, and common area maintenance. 718 Caroline pays $861.90 and 720 Caroline pays $849.94.

These units are being offered separately, however, one buyer might prefer to buy both and claim a stake in the future of Old Town. This building has both a historic past and prominent presence.  Please contact 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 Horror Story No. 9

Nearly a decade a go an author and screenplay writer purchased a full time residence from me. A few years later while our real estate market was in the dumps he decided it was a good time to buy an investment property.  I showed him a soon-to-be-listed little duplex which he instantly fell for.  He purchased the above pictured cute little duplex located on a lovely Key West lane before anybody else got to see it.   The place was in good condition such that the new owner was not required to make any repairs.  In fact is was tenant occupied when the buyer took possession.

A few months later I received a telephone call from the owner. He said he had just arrived in San Francisco to teach a writing class when he received a phone call advising him the duplex had been severely damaged in a fire very early that morning hours. He asked me to take a look, take some photos, and let him know what I thought.  Someone from the Key West Fire Department had contacted him and advised that both tenants were okay but that the woman tenant's dog died in the fire from smoke inhalation.

As I drove over to the property I expected to see the place burned down to the ground. When I got there I thought my buyer had exaggerated the magnitude of the event. The place had a crime scene tape out front. I couldn't see any fire damage from the street. It wasn't until I entered the side yard and walked to the rear when I saw some charred wood over the rear patio deck.

However, all of my assumptions about exaggeration abruptly ended when I looked inside the burned out windows to the interior. The place must have been a raging inferno.  The building was so severely damaged that the city condemned the property which made it possible for the owner to take down the structure and build new duplex. Our Historic Architectural Review Commission required the owner to retain the three front walls and front roof line as shown in the two photos above. An entirely new house was built in the space using building impact windows and doors and Hardiboard siding which in turn made the house less expensive to insure and also less expensive to cool. Most owners in Old Town are not permitted to use these construction materials as they are not approved by the historic commission. .

The owner built a new duplex on the lot, added a second story which was a new and larger master bedroom with en-suite bath. The front three walls were incorporated into a totally new studio apartment. The few people who had seen the duplex both before the fire and after rebuilding were amazed at the difference. I sold the place the next year. I think the two humans who lived in this place were very lucky to have made it out alive.

I was told the lady tenant in the rear came home very late on Friday night or early Saturday morning, lit a cigarette, and and may have fallen asleep. She and the young man who lived in the front apartment made it out without injury. He had just moved into the front apartment on Friday. He lost everything he had. The lady lost all of her property but more importantly lost her pooch. In the end that was the biggest loss for all three parties involved.

The owner sold the duplex the next year.  He sort of broke even in the transaction. Even so, there is a huge emotional cost one incurs in going through something this devastating. I am not a firm believer in wind insurance or flood insurance in most cases, but I absolutely believe in fire and liability insurance. Every investor and every homeowner must have fire and liability insurance sufficient to cover a loss of property and or life.  

712 Ashe Street, Key West Florida - All New Home in a Charming Old Town Location

712 Ashe Street in 1965

I have written a couple of blogs about the former house that used to sit at 712 Ashe Street in Key West. The old house was a tragic mess from front to back and side to side. The floors and ceiling were literally falling down. The place was not a safe place to live, but it was occupied until the very end when the sellers moved away. You can't tell it from the photos, but the old house is completely gone. The house could not be salvaged except for some members of the original porch which itself had been bastardized by the addition of siding and windows to create more interior living space.  The new owner kept the porch and built the new house in place retaining the porch element which will be restored as a porch.  The architectural rendering at the top shows the facade after it is completed.

Metal shed at the back of the 93' deep lot was taken down and all the tropical rubbish removed

I was at the property last week and took some photos of the house and pool area as it exists.  Below are several photos which show the exterior as it exists today. The house had "Novelty Siding" which is a tongue and grove with a bevel to add a bit of drama to the clapboard. This siding appears on many of the homes in Old Town. That siding is still available today and will wrap the front and both sides of the master bedroom which is at the front of the new structure.  The new entry door will be located on the right side of the house about 20 ft from the front sidewalk. Hardiboard siding will wrap the remainder of the house. Hardiboard is a concrete based material that looks like traditional wood siding. It resists the sun, heat, humidity, and rain. It is said to be 99% fire resistant and it is termite resistant - what stupid termite would eat concrete?  New wind impact resistant windows and doors will be added throughout the house as well.

The new home will have 1325 square feet of living space. The master bedroom with ensuite bath is located at the front. That room has a vaulted wood ceiling which will add dimension and character to the space. Two guest bedrooms share a Jack-and-Jill bath. There is also a guest bath and laundry area. The balance of the home is located at the rear. That room will have a 14 foot vaulted ceiling which is fairly dramatic in itself, especially for Old Town. More dramatic is the new rear wall which will be all glass. Windows on either side of the living space will allow additional light.

The rear wall opens onto an Ipe deck and pool area which will be lushly landscaped for the new owner as part of the final property. This home is scheduled to be completed for move-in by November. The house is being painted white throughout. If it is purchase now, a new owner could have some choices in the final touches to be added to the property prior to completion.  CLICK HERE to view more photos of this property. Don't let the mess confuse you. This is a Class A project. it will look great when completed. The owner showed me this and I could see the pride in his eyes as he described how he planned this project and how it will function for the new homeowner.

CLICK HERE to view the Key West MLS datasheet on 712 Ashe Street, Key West which is offered at $1,350,000. Then please call me, Gary Thomas, 305-766-2642, to schedule a showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

Key West Summer Doldrums - Is Now a Good Time to Buy a House?

Key West is in the summer doldrums. The weather is really hot. A lot of the locals are away on vacation, including a lot of local real estate agents. The Key West MLS has had only a few entries in the past couple of weeks - a couple of new listings, a couple of sales, a few properties change to under contract, and a few listing expirations or extensions. Most seller will be waiting until late October or November before they put their properties on the market.

A couple of weeks ago I reported the actual sales we experienced in Key West from January 1st to June 30th. I thought it would be interesting to see how may properties we currently have under contract.  I did this is part because potential buyers often quiz me or relate concern about the state of our market because of all the For Sale signs visible throughout Old Town and the Casa Marina. What they often do not see are "riders" attached to the sign letting the public know that particular house or condo is under contract.

I sat down at my computer and did a quick search of the MLS to see how many properties are under contract. My search revealed that there 44 single family homes under contract in Key West.  A 462 sq ft cottage in Bahama Village offered at $389,000 is the lowest priced house in Key West. While the price is low the price per sq ft $841.99 which is pretty high considering the "bedroom" is really a loft accessed by a ladder.

The Key West real estate haters are going to hate this: there are four homes under contract with an asking price of over $1,000 per sq ft.  Three of these homes are located in Old Town and 1026 Von Phister St is located in the Casa Marina Area 

Address                                           Ask Price        Sq Ft                   Price Per Sq Ft

719 Fleming St                                 $2,495,000       2488                     $1003

620 Olivia St                                   $2,275,000       2093                      $1087

1026 Von Phister St                         $3,425,000      2693                      $1170

623 William St                                 $2,175,000      1825                      $1192

There are 12 single family homes located in Old Town under contract where all but 3 are priced over $600 per sq ft.  At least one of the three is definitely a fixer in my book. The other two would benefit from a renovation. When renovated each of these houses would appreciate greatly in value as is the long term pattern for homes located in the Old Town district. My experience has been that houses in Key West tend to appreciate at 10% or greater year over year. Houses in better locations appreciate at higher rates and less well located properties appreciate at the lower end of the trend line. I know the stock market has appreciated at a higher pace over the past couple of years. The thing is some sinister force or could wreak havoc on the stock market at any time and many people could lose their nest eggs. People who buy real estate might see their asset devalued in a crash, but they would still own the asset. And if there is no crash, homeowners and their children, grandchildren, and friends could enjoy the use of the house for years.

There are only two houses under contract in the Casa Marina. 1100 Johnson Street which was built in 1959 went under contract within three days of being listed at $1,500,000. A similar mid-century home located and down a couple of houses was purchased for $1,500,000 a few years ago. It was totally razed and replaced with a new grand contemporary house that is probably worth $3.5 million of greater in our current market. 1026 Von Phister was purchased in April 2015 for $1.8 million. It was thoroughly renovated and is under contract. The asking price on it is $3,150,000. Most but not all of the lots in the Casa Marina Area are 5000 sq ft or larger. Most of the existing homes in the area do not come under the purview of our Historical Architectural Review Commission which gives owners or builders a wider latitude of what they may build and materials they may use to create their dream home. This is important as newer homes often are less expensive to operate and less expensive to insure. These cost savings occur year over year and make the long term price of a Casa Marina home a better value as compared to homes in Old Town where innovation in construction is not always permitted.

1100 Johnson St (potential tear down or renovation project) under contract in 3 days at $1,500,000 asking

1026 Von Phister St under contract - $3,150,000 asking price

The remaining sales are scattered among these Key West neighborhoods:  Bahama Village - 2; Old Town north of Truman - 2. The Meadows Area - 3; Midtown and Newtown - 26; Golf Club -1. The average offer price among all 44 listings is a whopping $1,079,643 with a per sq ft price of $602.   There is a large inventory of unsold houses at the Golf Club. I think prices there may have appreciated beyond present perceived value. I think the houses are actually a very good value as compared to other parts of town. However, most second home buyers continue to want to be near Old Town and do not want to drive that extra five to ten minutes to get to Old Town.

If I actually knew anything about housing located in the other Lower Keys I would write about it because the MLS is very active for this part of real estate market. I can report that market appears to be very brisk as compared to Key West. 

I have been an active Realtor in Key West since 1996.  I have seen the highs and the very lowest of lows of our market. I believe we still have a lot of over-priced inventory for sale.  Buyers who are looking for a deal ought to consider making a quick trip to the Keys to see if there is something available in their price range that might be worth a wrestling match with a seller who has not sold his property. Buyers should take advantage of the doldrums. They might end up getting a good deal in the end.

If you are thinking of buying a place in Key West please consider calling me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West.