11 Nassau Lane, Key West - Open House

Come sit a spell with me at my open house.   

11 Nassau Lane in Old Town Key West. I will be there between 12:00 to 2:00 PM. 

The 2 bedroom 2 bath cottage home was built circa 1860 and has all the charm one can hope for in an historic home.

The master bedroom with ensuite is located on the second floor. It's about as charming as a little love nest you will find in Key West. French doors open out to the rear covered porch. It's the perfect perch to reflect upon how lucky you are to live in Key West.

The garden wraps around the north side of the house all the way to the rear. There is room for a pool but you may choose to keep it as simple as it is today. 

Nassau Lane is located just off Fleming Street between Grinnell and Frances Streets. You'll know 11 Nassau Lane as soon as you get near. It is as charming as I promise. I promise. Offered at $849,000.

Key West Real Estate Sales Report 2018

It is that time of year to look back to take a look at Key West real estate sales for 2018.  As in years past I only look at real estate sales in Key West and this year I did not venture off the island even as far as Stock Island or the golf course. I did, however, include the couple of sales on Sunset Key.

We started the 2018 real estate sales year not knowing how the buying public would respond to the prospect of buying a home in Key West after all the damage Hurricane IRMA inflicted on the Lower Keys. TV broadcasts from CNN and NBC painted a bleak picture of the hurricane damaged Keys. Follow-up broadcast by NBC mistakenly implied that Key West was equally impacted as other areas. In fact only one house in Old Town was lost as a result of Irma. I think owner opted to build a new house rather than repair the damaged one.

I do know we had significant tree damage. We lost a lot of canopy trees. The Key West skyline looked barren for a month or so after Irma. But then the trees started to regenerate their leaves. The Royal Poincianas which bloom in May and June had a second bloom in late October or November. The Mahoganies sprouted odd looking clusters of leaves. In January 2019 all the trees look normal once again.

Tourists came back to Key West for Fantasy Fest and later Christmas in 2017. I spoke to many people who were both surprised Key West had been spared any significant home damage. There remained a lingering belief that Key West had been hit by Irma even though that wasn't really the case. More tourists came and spread the word Key West was okay. By Christmas 2018 the Key West tourist rush was bigger than ever.  Because so many Lower Keys locals lost their homes in Irma, many bought up the inventory of lower and mid-range priced homes. Some of those sales closed in late 2017 and continued into 2018. Those sales nudged housing prices up.

There were a total of 302 single family home sales in Key West in 2018 at an average sold price of $1,009,739 or $635 per sq ft. I thought it would be interesting to compare 2013 real estate sales to 2018. We had 257 single family home sales in 2013 with an average sales price of $709,605 at $411 per sq ft.

The least expensive home sold in 2018 was located at 313 Catherine Street in Bahama Village section of Old Town. It was a 365 sq ft one bedroom which the listing agent described as an "artist's retreat". It sold for $299,000 at $819 per sq ft. See photo below.

The most expensive home that sold was located at 908 Fleming Street. It sold for $5,000,000. The house and other buildings totaled 2,560 square feet and sat on an 18,383 square foot lot. See photo below which shows the Polynesian style open dining area and outdoor kitchen located in a separate structure away from the main house.

The 908 Fleming property had separate guest cottages located at 515-517 Margaret Street  which sold to a separate buyer for $1,340,000 or $827 per sq ft.  See photo below. 

My experience has been that most of the sales in Old Town are not for primary residences but instead as second or third homes. There were 113 single family homes sold in Old Town in 2018 for an average price of  $1,248,225 or $798 per sq ft. Compare that to 2013 where there were 114 single family sales in 2013 with an average sales price of $798,684 or per foot price of $513.

The second most popular area for second home buyers is the Casa Marina Area which is that section of town located south of United Street between White Street to the east and ending at the Reach Resort on Vernon Street (location of Louie's Backyard and Dog Beach). The Atlantic Ocean is the southern boundary of the Casa Marina Area. Most homes in this area sit on large lots of 5,000 sq ft or larger and are newer in construction and often larger in size than homes in Old Town.

There were 24 single family home sales in the Casa Marina in 2018. The average home sale was priced at $1,310,646 or $678 per sq ft. By comparison there were 9 single family home sales in 2013 with an average sold price of $1,450,111 or $650 per sq ft.  The east expensive sale in 2018 was a bank foreclosed property at 1314 Whalton Street which sold for $420,000. That building was taken down where footings for a home have been poured. 1000 Johnson Street was the most expensive home that sold at $3,000,000 which equates to $755 per sq ft for this 3971 sq ft home on an 11,450 sq ft lot. See photos below of Whalton and Johnson properties in that order.

I moved to the Casa Marina Area in 1995 and have lived in the same home since. I have watched most of the houses being renovated and saw a few come down and new ones built. The property values continue to rise. The air is still fresh and the skies sunny throughout most of the year. It is a good place to live. 

If you are thinking about buying a home in Key West and do not have a Realtor, please consider contacting me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

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1409 Truman Ave, Key West - Another Price Reduction !!! Do the Math!

Go to your calculator on your iphone or go back to high school and use a piece of paper, a No. 2 pencil, and your brain to figure out the new price per square foot on the bank owned Eyebrow House discussed below. You'll be jumping up and down too.

Buyers looking for a great value in Key West should take a serious look at 1409 Truman Avenue. This 1932 square foot two story Eyebrow House sits on a 3213 square foot lot and overlooks Bayview Park across the street. Property records suggest it was originally built circa 1889. It was substantially renovated in 2005 but it could use a new coat of paint and replacement of kitchen appliances and counter-tops.  I did not see any large dollar items that need attention. MY old shoebox contained the black and white photo below showing the house in 1965 when an exterior stairway led to the second floor which I assume was used as apartments then. That stairway no longer exists and the entire second floor is now the master bedroom and en-suite bath.This is a nice space. The ceilings are tall. A big man will feel comfortable in this Old Town house.

I am a big fan of Eyebrow Houses. This is different from any other I have been inside. The central front door opens into a formal entry hall that leads to the back of the home where the living area is located. There are two bedrooms with private baths on either side at the front of the house. The stairway ascends to the second floor master suite.

As this is an historic Key West home, it is not surprising that the walls and floors are of Dade County Pine throughout the house. Both first floor bedrooms are fairly good sized and each has a private bath. There is a guest bath located at the end of the entry hall.

The open concept living area at the back of the home includes a niche for dining, kitchen, and living are with multiple French doors that open out to the covered rear deck and swim spa. We just start our official fall season. All those leaves will be off the tree within two weeks and brand new green leaves will appear immediately thereafter. We do not have a dormant season. Notice the blue tarp-covered swim spa. I did not remove the tarp to take a look but a new buyer can do that during a home inspection. The spa may have been added instead of a swimming pool because much of the rear yard is covered with tree roots. Our Tree Commission has rules directing the types of trees which may and may not be removed to add a pool.  Since spas are not pools, some owners elect to add spas which do not require city approval.

The staircase lands on a well lit landing where daytime light floods the area. Double doors open into the master bedroom with high pitched ceiling that runs the length of the house. The spaces are divide to provide a large bedroom area, a dressing or sitting area, and large bathroom with dual vanity sinks, soaking bathtub, shower, and private toilet. You can see window unit air conditioners in several windows. The house does have central A/C.  It may be that the A/C stopped working properly and the exiting owner or tenant preferred to use cheap Home Depot units than to pay for a costly repair of the whole house system. A home inspection will tell the prospective buyer the cost to fix the system if it is in need of repair. The good thing is the house does have central air.

1409 Truman Avenue is a lovely old Key West home. It sits high across the street from the tennis courts at Bayview Park - the city's largest park. Various events are held at the park throughout the year. A "Farmers Market" is held in the park each Wednesday. Farmers from all over town bring in their corn and tomatoes. I wrote this to see if anybody actually reads what I write. They do bring in food. I have no idea where it is grown. It's all quite civilized.

CLICK HERE to view the Key West MLS datasheet on 1409 Truman Avenue Key West now offered at the reduced price of $699,900 or just $326 per square foot.  Then please call me, Gary Thomas, 305-766-2642, to set up a private showing. The house does not need repaint nor the counter-tops replaced. It would just look better and feel fresher. Take a look and judge for yourself. This is somebodies dream home. I am a full time Realtor at Preferred Properties Key West.

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620 Thomas Street No. 281, Key West, Florida - Affordable Luxury

Many frequent travelers to Key West will recognize the address of 620 Thomas Street as being the location of the Shipyard Condominiums in Truman Annex. I'll venture that most wouldn't associate the word "luxury" with units that they stayed in however.  While 620 Thomas Street #281 does have a valuable Special Truman Annex Transient License which permits owners to rent units for 25 weeks each year, this home has only been used as a second home by this owner. Take a look at the photos and you may agree with my decision to call this unit affordable luxury.

This two bedroom, two bath unit is about 100 sq ft larger than most of the other units and offers owners more practical use. Having a second bathroom is a plus no matter whether a condo is used as a full time home, a vacation retreat, or as a getaway with income potential.

This unit has been beautifully updated with new wood floors, sound-proofing, smart kitchen cabinets and high-end appliances, and two luxurious bathrooms. I ask serious buyers to compare this kitchen and these bathrooms to what you will probably see in many of the other units offered for sale - original kitchens. There's nothing wrong in buying a workhorse kitchen and bath. But is that were you want to make your dinner or take a bath?

Unit #281 is located about 250 paces from the Shipyard swimming pool. Depending on your point of view, that's a long way away or just about perfect.  Units that abut the pool have immediate access.  Units a short walk away do not hear the noise.

Returning visitors love stay in Shipyard condos love the location because of its proximity to Duval Street and all that Key West has to offer. The new Truman Annex Waterfront Park is getting better and better as trees and foliage takes off. Ft. Zachary Taylor State Park and Beach are within easy walking distance for those who prefer salt water and sandy feet to sharing a pool. It all works out no matter what your preference.

CLICK HERE to view the Key West MLS datasheet and more photos of 620 Thomas Street #281 which if offered for sale at $725,000 or $929 per sq ft. A recent sale of a similar unit two/one at 680 sq ft sold for  $625,000 or $919 per sq ft. Please call me, Gary Thomas, 305-766-2642, to schedule a showing of this unit. I am a buyers agent and a full time Realtor at Preferred Properties Key West.