Key West Properties

A Key West Home for the Holidays and later as well...

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Thu, 17 Dec 2009 08:57:03 -0600

The Christmas House Wish List usually consists of the following:

1. Priced at $500,000 or less.
2. Good Old Town Location.
3. At least two bedrooms and two baths.
4. Pool or room for a pool.
5. Off street parking.
6. In good condition or that only needs a little work.
7. Key West charming.
8. Transient license or ability to rent occasionally.

There are a ton of potential buyers waiting to find a place with all of those qualities. You would be surprised at how many buyers either have the cash to complete such a purchase or the ability to finance a purchase. The problem is not finding ready, willing, and able buyers, dear reader. The problem is finding properties that meet all the criteria.

CLICK HERE to view a list of the currently active houses priced between $366,000 to $566,000 that have at least two bedrooms and two baths in the Old Town area. Take your time and click the individual properties to see what they offer and if you are unfamiliar with the street address, click the MAP so you can see where the houses are located because that would directly effect how successfully the house might be used as a vacation rental.

The property at 610 Olivia Street just came back on the market. I wrote about it here before and I have shown it several times. This is not my listing nor my company's listing. But I think this is a property that meets all of the criteria I listed above.

The house is presently "divided" in two. The right side of the house is used by the owner. It is bright and clean and set as a one bedroom get-away Key West cottage. The left side, which the listing Realtor refers to as a "mother-in-law-suite" is the flip of the other side except the kitchen and flooring don't show as nicely. My recollection is that the house has a newer addition at the rear, new piers, a new v-crimp roof, and a bricked patio. There is off street parking. The house is located about 100 feet east of Simonton Street.

The house (or compound) directly east of 610 Olivia Street is going to be one of the most expensive places in Key West. Most of the houses across the street are part of the Paradise Inn compound. (See photo below.) Those houses look like the idealized version of a Key West street (ala Wisteria Lane on Desperate Housewives). Seven Fish Restaurant is located down at the end of the block at the corner of Elizabeth and Olivia Streets. Olivia Street is a one-way street that is mostly used by locals. It is a two minute walk to Duval or up to Truman and Simonton where you can find CVS Pharmacy or Pisces Restaurant (you'll drop some major money there). I think 610 Olivia Street has an ideal location as a monthly vacation rental property.

These are two of the houses directly across the street from 610 Olivia Street which I liken to
Wisteria Lane because everything is just about perfect from the outside looking in.

The fly in the ointment for 610 Olivia Street is the neighbor next door to the west and rear. The same family owns the adjacent both properties. The business sells cleaning and paper supplies to hotels, restaurants, pool service contractors, and the public. The business operates Monday through Saturday until about 5:00 PM. Then it is closed until the next Monday. There is also a big transmission tower located on those grounds of the adjacent property. The property is always well maintained but the looks spoil the view for some.

The compound at 612-616 Olivia Street shares the same neighbor to the rear. (Those properties were purchased 1n 2007 for $4.8 million.) Some nice tall landscaping minimalized the imperfect neigbhor to the rear. But the neighbors did not defere the new owner from spending even more money to take advantage of a terrific property at a terrific Old Town location.

610 Olivia Street is the yellow house immediately to the right of the extensive renovation.

This is all one property which is being made into a mega-million single family home and guesthouse.

I think it would be relatively easy to re-configure 610 Olivia Street back into a true single family home. I would create a new main entrance toward the rear where I would relocate the liviing room and kitchen. The existing front doors and front porch would remain and would become porches off the bedrooms where one could watch the world walk by. The existing interior wall that divides the units would become an internal wallto separate equally sized bedroom suites. There is plenty of room for a good sized pool at the rear. The off street parking already exists. I would add some palms and tropical plants to jazz up the facade and to obscure the view of the neighbor to the rear and west.

CLICK HERE to read more info and view photos of 610 Olivia Street that is now priced at $550,000 or $500 per sq ft.

If you are among the many potential buyers who dream of owning a nice place in Key West for under $500,000, please call me, Gary Thomas, 305-766-2642. Let's schedule a visit to checkout 610 Olivia Street and some of the other houses in the same price range. Make no mistake about it, however, there are a lot of potential buyers that all want the same type of property. As the supply of available properties gets sold off, look for prices to start to rise. Better yet, let's write an offer on 610 Olivia Street so that next year you will have Home for the Holidays in Key West.

CLICK HERE to do your own search of the Key West Association of Realtors mls website.

The Bank Grinch Who Stole Christmas

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Sat, 12 Dec 2009 10:44:00 -0600

"Every Who down in Whoville liked Christmas a lot, but the Grinch, who lived just north of Whoville - did not. The Grinch hated Christmas - the whole Christmas season. Now, please don't ask why; no one quite knows the reason. It could be, perhaps, that his shoes were too tight. Or it could be that his head wasn't screwed on just right. But I think that the most likely reason of all may have been that his heart was two sizes too small." From How the Grinch Stole Christmas

In February I began working with a young Key West couple and their young son, who I'll call "O". Back then "O" had just started to take the timid steps of a one year old. Mom and Dad and "O" live on a little boat in Key West and they are hoping to find a modest house that they can afford. I warned the parents not to teach "O" how to climb stairs. But his mom said he had already figured out how to climb the ladder on the boat and work his way onto the deck. She added he had been taking swimming lessons. But getting him onto land was their main concern. Green grass and land, not green eggs and ham.

My buyers have the pre-approval letters from local and national lenders. They have had their attorney review the initial contracts we submitted. When my buyers decided to make an offer on a short sale property, they went back to the attorney just to make sure the forms were correct.

We got several "Seller accepted another offer" phone calls or emails. When a particularly well located, charming, and affordably priced condo recently got listed, my buyers immediately submitted an offer. There were apparently multiple-offers so the bank owner require each potential buyer to submit the best and final offer. We never got any response from the listing agent, but I did see that the mls listing status was changed to "contingent", meaning a contract had been entered into between seller and buyer.

My buyers lost a couple of other properties where the seller requested a "best and final" offer. These were for bank owned properties and I figured my young customers had a good shot at each of the properties. But none of their offers got accepted. Except until last week. Finally, my customers' offer on a nice little Key West condo got accepted. We had arranged for a local lender to fund the purchase and felt reasonably assured the deal would be closed before December 31st. The seller's agent called me a week ago and said my customers got the property.

The seller's agent sent me a detailed email acknowledging the seller (a really Big Bank in Texas) had accepted the offer and stated the buyer must sign an additional standardized contract of sale form drafted by the bank as seller.

I told my customers early on that banks are always the last to sign any contract. Banks do not want to re-negotiate a deal once the deal has been struck or approved. So the bank waits till all details are agreed upon and signed by the buyer before the bank signs.

The listing agent changed the status in Key West Association of Realtors database that same day. He sent me the required bank contract forms for my buyers' signatures. Since the bank contract forms were something "new", my buyers took the contract to their attorney for review. The attorney found a couple of issues that caused some concern for my buyers, but they signed the forms without change. I sent the bank's addendum to the seller's agent last Friday at about 4:15 PM. Later that night I got a phone call followed up by an email from seller's agent advising that there was another "new" form that the bank seller also required. I printed it out and forwarded it to my buyer. They signed it and I returned it to Seller's agent very early Sunday morning.

Late Monday afternoon I got a phone call from seller's agent who told me the Seller (the really Big Bank in Texas) had decided to accept a lower priced all cash offer instead of my buyers' offer which it previously accepted. The seller's agent apologized and said the bank asset manager said since the bank had not signed my buyers's contract it was free to accept another offer.

The funny thing is the Seller's agent felt we had a deal because the agent urged me to get the final bank contract forms signed and returned within 48 hours of the bank's acceptance. We did that. So we had (1) a phone call advising my buyers' offer was accepted, 2) an email confirming that my buyers' offer was accepted, and (3) the Seller's agent changed the status in the mls. But the guy at the Big Bank in Texas, just north of Whoville and way far away from Key West, did not see it that way.

Just who is this Texas Grinch and how can he spoil little "O's" Christmas by taking away his house? Well, Dr. Seuss probably got it right when he wrote "Now, please don't ask why; no one quite knows the reason. It could be, perhaps, that his shoes were too tight. Or it could be that his head wasn't screwed on just right. But I think that the most likely reason of all may have been that his heart was two sizes too small."

I guess the bank asset manger at the Big Bank in Texas doesn't subscribe to the Horton the Elephant's School of Ethics

"I meant what I said, and I said what I meant.
An elephant's faithful, one hundred percent."

Little "O" is not going to get his new house for Christmas this year!

But we will eventually succeed.
Yes we will indeed! (98 and 3/4 percent guaranteed)!

808 Shavers Lane - Old Town - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Fri, 11 Dec 2009 13:23:25 -0600

808 Shavers Lane is another one of those "just listed" posts I having been writing of late. The potential sellers are getting geared for selling season and that starts in earnest the day after Christmas. This is how the listing Realtor describes this home that was built (not renovated) in 1999:
"Shavers Lane is about as central to the Duval corridor as a property can be. The lane runs one block and separates the Bourbon Street Complexes and Hemingway's Home/Key West Lighthouse. The property is a newer home for Oldtown and features the classic three bay Conch revival look. Originally a three bedroom home, the owner has removed a wall between guest rooms for a second master suite and will replace the wall for a Buyer if necessary. There are two off street parking spaces with a brick drive, an elevated deck and pool are in the back for smooth flow from the home, and the home has covered porches up and down both in the front and the back. The home was upgraded from the sister homes on each side with tall ceilings."

CLICK HERE to read the details on this house. As of writing this there are not any interior photos so I borrowed a couple of older photos that show the house when it was previously listed. Those photos may or may not depict the house as it looks today. PHOTO #1 shows the living room and kitchen and PHOTO #2 shows the pool. 808 Shavers lane is offered at $749,000 or $535 per sq ft for a 1400 sq ft two story home in Old Town with a pool and bricked off-street parking.

Shavers Lane is one of those locations you forget about. Not in a bad way, but in a good way. There is absolutely no reason for any Conch Train to try to go down the lane because it couldn't make the turn and the train is about as long as the lane. Besides nothing of importance ever happened there. Tourists won't be riding down the lane beeping their damned horns because the lane doesn't go anywhere they want to go. Just below is a photo of the house across the street. This lane has got some very attractive houses.

It is an easy one minute walk to Bourbon Street Pub or the 801 Bar. (Have you ever wondered why so many drag queens are seven feet tall?) Blue Heaven is a 60 second walk and Santiago's Bodega is a 90 second walk. South Beach can be reached in about five minutes and Ft Zachary Taylor Beach is a ten minute walk or five minute bike ride. The location is close to a lot of places residents and tourists love about Key West. You will hear some noise from the Bourbon Street Complex on occasion. If you are gay that noise could be viewed as revelry to get on down to the pub. To others, it could be a distraction.

I think this property will appeal to someone who wants to be near the action on Duval Street and who likes the nightlife Old Town has to offer. If you are that buyer, please call me, Gary Thomas, 305-766-2642, to arrange a showing. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Harbour Place Condominium - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Tue, 08 Dec 2009 11:05:57 -0600

If you are reading my blog, you are probably a baby boomer. Maybe you weathered the financial storms and are looking for that special place, perhaps a condo like Unit No. 313 at Harbour Place at Truman Annex in Key West. When you step onto your private balcony and overlook the boardwalk and then view the private yachts and giant ships and Sunset Key and the smaller keys beyond, you will know you came out just fine. Harbour Place is Key West's most prestigious building, the former U.S. Naval Headquarters at Truman Annex. Your friends will be green with envy.

The listing Realtor describes this property thus:

"Spectacular Truman Annex waterfront penthouse with amazing open water views and transient rental license. You'll fall in love with this open and spacious 2BD, 2.5BA brilliant condo with panoramic water views. Beautiful end unit features extra windows & glass doors throughout, spacious bedrooms, gourmet kitchen with new appliances, copper backsplash & granite counters, tile floors, new a/c, TWO parking spaces in the covered garage, 24 hour security & waterfront pool complex. Relax on your huge entertaining balcony & enjoy beautiful Key West sunsets. Walk to all Old Town attractions on famous Duval Street."

Unit No. 313 is priced at $1,750,000 or $1,080 per sq ft for this 1620 sq ft luxury residence. CLICK HERE to read more about the unit and to view photos. A retired Navy officer once told me that the United States Navy always, always takes the very best waterfront property for itself. There are some really nice condos for sale in Key West right now and a lot of them are priced at incredibly low prices. Unit No. 313 may seem that it is priced incredibly high. The views and the location are un-paralled in Key West. People from all over the world come to Key West and just about everyone makes the pilgrimage to see sunset at Mallory Square which is a stone's throw to the right of Harbour Place. Most of those pilgrims just fall in love with the sunsets and the easy living in Key West. The new owner of Unit No. 313 will get to see those incredible sunsets every day. And the rest of the living is easy.

If you are looking for a place in Key West, please consider contacting me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties in Key West Florida. Let me help you find your place in Paradise.

Price Fights

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Sun, 06 Dec 2009 10:43:00 -0600

Probably the best Christmas movie ever made was "A Christmas Story" based on a book by Jean Sheperd. I grew up during the Fabulous Fifties and really relate to many of the sub-plots. One of the best sub plots was when Richie finally had enough of getting beat up by Scot Furkus and his midget friend. Richie became immortalized when he took on the red headed fur brained bad boy and whipped his ass. I'll bet there isn't a guy who saw that move that did not cheer for Richie as he made the bigger boy cry for mercy.

Buying real estate isn't quite that rough. Sometimes it may seem like it is.

530 Grinnell Street is priced at just $475,000. CLICK HERE to see this cute cottage on one of the best blocks in Old Town.

719 Whitmarsh Lane CLICK HERE is priced at $599,000. It is located on a quiet little lane two blocks off Duval. It has a valuable Transient License and stays rented. Showings are difficult because owner will not allow guests to be disturbed. This could be a money maker for someone who wants income.

826 Eaton Street CLICK HERE is offered at $599,000. It has two bedrooms plus a loft and a pool. But there is no off street parking. This property is a short sale.

1011 Front Street #9 CLICK HERE is an already BANK APPROVED SHORT SALE at the pre-approved price of $600,000. This three story townhome at The Foundry in Truman Annex has a valuable Transient Rental License with advance bookings that will transfer to the buyer. This place has parking, a pool, and a great location.

407 Catherine Street sits one half block off upper Duval Street near the world famous La Te Da. It is a three block walk to South Beach and the Sourthernmost Point. CLICK HERE for more info on this two bedroom house with private pool priced at $595,000.

617 Frances Street CLICK HERE will likely be under contract within a couple of days. It is offered at $549,000. It is a new listing and it is being shown several times each day. The house had Dade County Pine walls,ceilings and floors and it sits on one of the best blocks in Key West. A couple of the most expensive houses in Key West are only a couple of doors away. This is one of those houses buyers ask me to help them find. It might be the worst house on the best block. I'm not saying it is bad. It needs updated. It will be worth a fortune when a pool is added and the house is renovated.

720 Passover Lane CLICK HERE doesn't need anything done. What a beauty this two bedroom cottage is. This cottage is priced at $595,000.

CLICK HERE to search the real Key West Association of Realtor s MLS website. I picked what I consider to be the best of the houses in the $450,000 to $600,000 price range. We are approaching the pre-Christmas buying lull when potential buyers are fight the crowds at the malls up north. I think this is a great time for would-be buyers to create their own Christmas Story by tackling the sellers in a price fight. Who knows you might be like Richie and kick the big guy's behind.

If you are looking to purchase a place in Key West please call me, Gary Thomas, 305-766-2642 or contact me by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West Florida. I like it when the little guy wins!

530 Grinnell Street - Key West Cottage with the Character Thing

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Sat, 05 Dec 2009 06:29:08 -0600

530 Grinnell Street is located just to the right of the decorated white picket fence.

The Perfect Couple for the Quintessential Key West Cottage reading the Key West Citizen

Just listed, but not by me, is 530 Grinnell Street - another Quintessential Key West Cottage. But this place is priced within the budget goal of many would-be second home buyers. The asking price: $475,000 or $600 per sq ft. The listing Realtor describes this property this way:

"A delightful cottage on one of Key West's prettiest streets in the very heart of Old Town. This cottage is a triple saw-tooth roofed, board-&-batten frame, with vaulted ceilings in all the rooms, from the living room through the dining room to the kitchen. The spacious bathroom has a laundry closet. Accent wall in the living room of Dade County pine and a stained glass window in the dining room. There's a mango tree in the back yard and the front porch invites one to have a relaxing sit to watch the world go by."

The cottage meets most of the needs of prospective purchasers that are looking for a nice house in a good Old Town location at an affordable price. It has that character thing going on for sure! CLICK HERE to see 530 Grinnell Street as it appeared in the 1960s. It looks the same today. It has two bedrooms and one bathroom. The cottage is 792 sq ft of living space and sits on a 1500 sq ft lot. There is a wood deck in the rear but there is not room for a pool. CLICK HERE to see more of the mls listing information and to view photos of the inside and exterior.

530 Grinnell Street is located between Fleming Street at the north and Southard Street at the south. Five Brothers CLICK HERE is located at the corner of Southard and Grinnell. Azur Restaurant CLICK HERE is located at the corner of Fleming and Grinnell. The Historic Key West Seaport is a five minute walk from the house. Cafe Sole, Michael's Restaurant, and Mangia Mangia are a block away. Duval Street is a five minute walk to the west.

I have not been inside 530 Grinnell Street but I was inside the house next door a few years ago during an Old Island house tour many years ago. I was just awed by that house. It is pretty much the same construction, size, and vintage as 530 Grinnell Street. The owner is designer Michael Pelkey. Every square foot inside and outside was a delight to see. CLICK HERE to see the front porch of his cottage which is also the cover photo on the book Key West A Tropical Lifestyle by Leslie Linsley with photographs by Terry Pommet. I think a lot of buyers have difficulty in visualizing how to create and live in small spaces. Perhaps buying the book or better yet engaging a talent like the incredible Mr. Pelkey would serve one well. (CLICK HERE to read more about Michael Pelkey.)

I think 530 Grinnell Street is priced to sell. It is in that magic price range that so many buyers feel is within their budget. I have an idea to overcome the lack of space to build a pool: make friends with a neighbor. Please call me, Gary Thomas, 305-76-2642 to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

November 2009 Real Estate Sales in Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Thu, 03 Dec 2009 16:46:21 -0600

The Internet has made it possible for ordinary people any place in the world to get all kinds of real time information on real estate listings in Key West. The Key West Association of Realtors has made public access to mls listings available to all for free with no strings attached and no requirement that you provide your email or personal information to any Realtor.

I mention the free access because so many people that come to look for homes have their three ring binders filled with listing sheets and property appraiser records and tax records (also available to the public). Buyers sometimes seem to know more about the listings than the listing Realtors because they have memorized (or at least documented) the details of each property they see. (Some of these buyers must have been honor society students in high school.) I digress.

I think some real estate search engines may extract raw data from the Key West Association of Realtors website or the websites of either the Monroe County Clerk or the Monroe County Appraiser and interpolate that data into something that could be misleading or false. All of a sudden nonsensical "data" can get transformed into real estate gospel. One buyer (with notebook in hand) recently showed me a list of "comparable sales" to a property he wast interested in purchasing. These comp sales were generated by Trulia. I looked at the Trulia generated printout: the sales were not comparable. My buyer wanted to purchase an inexpensive single family home in Old Town. I looked through the list of comparable sales. I was familiar with most by address. As I recall most of the "comps" were not comparable at all. But one in particular stood out. I knew it quite well because I sold it. It was an vacant lot in Casa Marina that sold for $500,000 cash this past summer. Trulia got it wrong: it incorrectly classified the property as single family residential which it was not. Trulia erred in the location. It was only by a mile off.

There were 20 single family homes in Key West in November 2009. Eight of those sales were bank owned homes and three were short sales. There were two notable houses that sold in November. The house at 723 Washington Street in Casa Marina area sold for $1.6 million or $650 per sq ft. The house at 631 Southard Street sold for $1,895,000 or $708 per sq ft. I wrote about that house right after it was listed. The buyer that got that bought 631 Southard Street got a hell of a good deal. In my opinion that house will appreciate significantly in value once the market finishes its correction.

By comparison there were 11 single family homes sales in November 2007. In November 2008 there were 7 single family home sales and 4 of those bank owned properties and 2 were short sales.

November 2009 saw 16 condo and town home sales. Six of the units were bank owned properties and only one was shown as a short sale. Most of the units that did sell are lower priced primary residences and most are located on the eastern end of the island. One Shipyard unit sold for $449,000. A first floor unit at Harbour Place sold in November 2009 for $1,175,000. Shipyard and Harbour Place are both located in Truman Annex.

There were 8 condos and town homes that sold in November 2008. Four of those were bank owned and one was shown as a short sale. The records show there were 8 condos and town homes that sold in November 2007. Four of those were "pre-solds" at Beachside. One condo at a totally different location became a subsequent short sale in 2009. A condo in an Old Town location sold for $926,900 in November 2008 and is back on the market and offered at $749,000. But that unit is not listed as a short sale. Do the math on that one. I did not make a typo.

The number of sales in November 2009 is clearly ahead of the past two years. The area of highest demand is still Old Town and the supply of single family homes in Old Town priced under one million is really small. The same can be said for Casa Marina. There is a large inventory of single family homes priced at $1.8 million or higher. I think there are a lot of houses priced in the $1.15 to $1.3 million range that are ripe for picking by a buyer with cash that can close quickly. The deal of the decade (906 Johnson Street) is under contract. That buyer is the luckiest and smartest buyer in Key West.

If you are looking to purchase your dream home in Key West, please consider working with me, Gary Thomas, 305-766-2642 or contact me by email at kw1101v@aol.com. Use the Internet to help search for your new place in Paradise. But use a good realtor to help you make a good buying decision.

8 Nassau Lane - Old Town - Key West - No Need to Look Further

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Wed, 02 Dec 2009 09:18:26 -0600

A few years ago I had floor duty and some walk-in customers came in and wanted to look at small homes in Old Town. I showed them several houses on the computer and said there was a new listing on Nassau Lane. I called the listing agent and we drove over to see it. Nassau Lane is located just off Fleming Street between Grinnell and and Frances Streets. It is a one block long lane that dead ends perhaps 150 feet from Fleming. I parked on Fleming and we walked down the lane. As we approached the house the lady said "Gary, I love it. I want to buy it!" I said you haven't even seen the inside. She re-iterated she wanted to buy it. We had a signed contract (both sides) in about two hours time. We became friends and see each other occasionally for dinner. Last year I was walking another couple down that same lane when the couple that bought the house came outside. She came up and gave me a big hug and told my buyers that they love their house and Nassau Lane. I made a remark about only looking at one house and she said the house and the lane are what she had dreamed of. There was no reason to look further. Just listed, but again not by me, 8 Nassau Lane. This beautiful 2083 sq ft home was just built in 2006. This is new construction and not a remodel. The listing Realtor describes 8 Nassau Lane this way:

"Hidden away on a quiet lane in Old Town is this recently built home in the style of Key West Conch architecture. The front porch features the classic 3 bays and opens into a wide gallery entry with an open custom designed staircase with cable railing. At the rear of the home is an expansive great room with a beamed 22 foot ceiling, maple floors, custom cabinetry and a well designed kitchen. This spectacular room opens to the landscaped yard with pool and spa. The master suite is on the main level while two guest suites occupy the second. Both levels are clean, crisp and light-filled. This contemporary take on a classic has been designed for low maintenance, carefree living with GE Smart Sense wiring and wind resistant doors and windows."

There is nothing for me to say except the price: $1,995,000 or $958 per sq ft. CLICK HERE to see more detailed info on this home and view some great photos of the interior and pool. And CLICK HERE to see an aerial perspective of 8 Nassau Lane.

If you are looking for a superior Key West home in a great and quiet location, please consider looking at 8 Nassau Lane with me, Gary Thomas. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West. We are the exclusive Lower Florida Keys affiliate of Christie's Great Estates. Contact me at 305-766-2642 or by email at kw1101v@aol.com. Once you see this home, you may not need to look any further.

1030 Fleming Street - Bank Owned - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Tue, 01 Dec 2009 15:36:02 -0600

This may be the house you have been waiting for. Just listed, but not by me, 1030 Fleming Street t was built circa 1906. It looks a bit rough on the outside. I had a chance to see the inside a couple of years ago and was surprised at how good the inside appeared at that time. The above photos were taken at that time. It seemed to me that a prior owner may have done some extensive renovations without benefit of a building permit.

This property is now Bank Owned. It is offered at the asking price of $600,000 or $238 per sq ft. The Monroe County Appraiser shows this house as having 2517 sq ft of living space that sits on a lot with 56.5' frontage on Fleming Street that is 75' deep (on Frances Street).

The listing Realtor describes 1030 Fleming Street this way:

"Diamond in the Rough......ready for your personal touch. Historic home that has endless possibilities. Inground private pool, some renovations completed on the second floor. Nice corner lot with wraparound porch 1st and 2nd floors. Easy to show-all offers must be accompanied with proof of funds if cash or pre-qualification letter for financing."

CLICK HERE to see the listing information and view a few photos of the inside.

1030 Fleming Street is located at the corners of Fleming and Frances Streets. One of the most beautiful major houses in Key West sits directly across at 1029 Fleming Street CLICK HERE. (That beauty wasn't always as pretty, however. It has been lovingly restored and sits as a n inspiration as to what 1030 Fleming Street might become.) Both Fleming and Frances Streets have any number of beautiful older homes. Some of the nearby homes are large and some are small. But the area is vibrant and highly desirable. This is one of the best fixer houses in a great location currently available. I think this house will sell quickly.

If you are looking for a bank owned fixer upper, this may be the one you have been looking for. Please call me, Gary Thomas, 305-766-2642 to see the inside. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Pretty as a Picture - 720 Passover Lane - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Mon, 30 Nov 2009 13:37:34 -0600

If you are looking for the pretty as a picture Key West Cottage that sits on a secluded lane in Old Town, you need to see the new listing at 720 Passover Lane. The listing Realtor describes the property this way:

"Tucked away at the end of a quiet, walking Old Town Lane sits this beautifully renovated historic home. Manhattan meets Key West in the level of decor and finishes chosen for this historic jewel. Wonderful vaulted ceiling in the living room with open floor plan and chef's kitchen. Bright and airy dining/family room with glass doors all around to view the gorgeous tropical garden. Lovely master suite with loft and ensuite bathroom, bamboo wood floors and decorator touches. Granite floors add elegance, stained glass accents and Rick Worth painted doors add Key West Charm. The Ultimate Historic Oasis for the discerning buyer."

CLICK HERE to read more details and view some great photos of this property. The house is listed at $595,000 or $644 per sq ft. The house is 924 sq ft and sits on a 1798 sq ft lot. CLICK HERE to view an aerial perspective of the lot and the location.

This property sits at the far end of Passover Lane. This is a walking lane so you will never see a Conch Train or Trolley Car in front of the house. In fact you will hardly see anybody at that location as only three other houses are located on that lane.

With that being said, the property is located in just about the center of Old Town. The Historic Key West Seaport is a five minute walk to the north (down Margaret Street). Duval Street is a five minute walk to the west going down either Windsor Lane or Southard Street. St Mary's of the Sea Catholic Church is a five minute walk to the south (Truman at Windsor Lane). The Coffee Mill, Old Town Gym and Island Gym are located within a five to seven minute walk. And the best damned fried chicken in Key West is located at Dion's which is located inside the Citgo Gas Station at the corner of Truman and White. Scoff if you want, it is the best in Key West. And it's only a six minute walk back to the house or a two minute bike ride to the beach where you eat your chix and watch the chicks.

That's the thing about living in Old Town. You can walk to just about everywhere you really need to go. Season is almost here and that means the local theatre companies will start their new productions. The Red Barn and Waterfront Theaters are each a five to seven minute walk from Passover Lane. Tropic Cinema is located just off Duval on Eaton Street. There is always something interesting playing there.

If you would like to see 720 Passover Lane or any other house in Key West, please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

Open House - Sunday - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Sat, 28 Nov 2009 08:44:08 -0600

Preferred Properties Coastal Realty, Inc. is hosting an Open House at five locations in Key West. If you are looking for your place in Paradise, checkout any one or all of the locations below. These homes will be Open Sunday from 1:00 to 3:00 PM. Come by and see us at:

712 Southard Street CLICK HERE This two bedroom, two bath home with a beautiful pool is offered at $795,000.

416 Elizabeth Street CLICK HERE This grand home was built circa 1873 and it is unlike any other Old Town home. The interiors are rich and warm but unpretentious. The grounds are expansive. The main house, two guest cottages, verandas, pool, and grounds will surely make you wish you could afford the $3.2 million price. I'll be hosting this house.

1502 Petronia Street was constructed in 2007. CLICK HERE It is a bank owned property that is a real show stopper. This two bedroom, three bath unit has travertine marble and hardwood floors throughout. All rooms feature high ceilings, crown moldings, and top of the line finishes. It has its own private pool and covered parking. This 1717 sq ft residence us offered at $975,000.

1407 Patricia Street CLICK HERE is a starter home and is priced at $499,000. It is located about one block form the Atlantic Ocean and near the White Street Pier and Higgs Beach. Buy now and renovate later by perhaps adding a second floor where you could have ocean views.

32 Hilton Haven Road #2 CLICK HERE is a two bedroom, two bath condo with spectacular open water views priced at only $499,000.

Preferred Properties Coastal Realty, Inc. is the exclusive Lower Florida Keys affiliate of Christie's Great Estates. Remember to come by 416 Elizabeth Street and guess how old my photo is. See you Sunday.

1502 Petronia Street - Key West - Open Today - 12 to 2 PM

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Fri, 27 Nov 2009 09:15:05 -0600

Looking for something to do this afternoon that does not involve booze or sex?

Visit me at an Open House today from 12:00 to 2:00 PM at 1502 Petronia Street.

Newly built in 2007 with top of the line materials and craftsmanship, this home features soaring 14' ceilings in the living area. The kitchen features stainless steel appliances, beautiful granite and solid wood cabinets, plus there is a wet bar in the living room. The main level has travertine marble floors. The bedrooms have en suite baths and are distinguished by impressive architectural details including crown molding, high ceilings, porches and solid wood doors. A private gated drive leads to the carport and a separate entry to the private pool. Completely fenced and beautifully landscaped, this home is located in the quiet Meadows neighborhood. 1502 Petronia Street is priced at $975,000.

Please drop by and see me, Gary Thomas, Realtor at Preferred Properties Coastal Realty, Inc. or call me at 305-766-2642 or by e-mail at kw1101v@aol.com.

Happy Thanksgiving

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Thu, 26 Nov 2009 04:52:00 -0600

Happy Thanksgiving from Key West

Gary Thomas, Realtor Preferred Properties Coastal Realty, Inc., 520 Southard Street Key West, Florida 305-766-2642

Nickeled & Dimed to Death in Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Wed, 25 Nov 2009 07:23:38 -0600

I got an email a few days ago from a reader. He apparently bought a couple of places in Key West that have been used a vacation rentals. He kept the existing property management company in place because of the excellent rental history. He said the property management company had been over-charging him. He asked me if I could recommend a reputable property management company. Our office does property management, but I am not involved in it. I don't make any money or receive any token compensation for referrals. So I have no financial stake one way or another if someone uses our office or another. But I did refer the reader to Dan Skahen in our office. Dan is the property manager at Preferred Properties.

Late yesterday I had an opportunity to see one of the "bills" my reader had received. My reader pays a 20% property management fee. It included such expenses as $5 to move trash can to street. I went by the house. The trash can is located about 5 feet from the sidewalk. Another $25 was charged to turn on the propane tank that heats the swimming pool. That heater is on the other side of driveway, maybe 25 feet from where the trash can is located. Perhaps they charge by the foot. The reader was charged a fee of $20 to check-in and check-out the same "guest"- that's $40 in total. He got charged $36 to replace paper products (toilet paper and paper towels). And he was charged another $86 to replace a hair dryer. There's more but that's all I can remember.

When I show property to potential buyers I tell them that most property management companies charge about the same rate to manage property, but that they need to be certain what is included in the term "property management". I know that just about all property managers pass along cleaning fees, supplies, pool maintenance, repairs,credit card fees, and travel agent commissions. Some charge more for paying bills related to the property while others pay the bills as part of the management fee.

I am tempted to rat out the rat that nickeled and dimed my reader. But I won't do it. I don't have a dog in this fight. I'll tell you this, if you buy a property from me and you plan to rent it, I will tell you not to use that particular company.

I see this same crap happen down here all the time. There are plenty of contractors, electricians, plumbers, and handymen that are perfectly willing to take your money and take more and more of it. After Hurricane Wilma I made my noontime trek to Burger King on Roosevelt. The food was easy, hot, good to eat, and cheap. This local fat assed contractor was in line ahead of me bragging about all of the work he was doing in New Town. He was telling someone else how much he was charging the poor fools whose houses got flooded. He was laughing. That fat ass ended up loosing several houses in the market downturn. So there!

Several years ago I went to the Key West Post Office and asked to speak to a supervisor about my mail service. A guy came out to the customer service counter. I told him where I lived and stated I keep getting other peoples' mail. I told him I got someones income tax refund (which I walked to the correct address), but said I was getting the wrong mail quite frequently. He said "Well, this is Key West" as if that is an excuse not to do your job. But he added he would look into it. A few months later I went back and asked to speak to the Postmaster. A woman came out this time. I repeated my complaint and added the comment about excusing poor job performance on living in Key West. I still get other peoples' mail, just not as frequently as before.

For some reason individuals and businesses (and maybe government to some extent) tend to use Key West as a reason or a justification for doing a crappy job or for over-charging. We pay more for our gas than you would pay in Ft Lauderdale or Miami. The excuse is we are located far away. Yeah, well you can buy gas cheaper up US 1 about 10 miles. It's just an excuse to gouge people.

That property manager I mentioned will probably loose my reader's business. He should. It looks to me like his greed will cost him $20,000 in lost income for next year. Multiply that by five years. That $5 to move the trash could cost the property manger $100,000 over five years. Moron!

1800 Atlantic Condominiums - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Tue, 24 Nov 2009 13:06:27 -0600

It's time to update the properties available for purchase at 1800 Atlantic Condominiums. I divided the units between those with valuable Transient Rental Licenses and those without. Units that have a Transient Rental License can be rented daily every day of the year to a different renter each day-just like a hotel room. Units without such a license may be rented on a monthly basis but may only be rented once each month.

There are a total of 13 units currently available for purchase at 1800 Atlantic Condominiums in Key West. The aerial photo above together with the photos of the pool and gardens ought to entice you to consider this oceanfront resort type property as a potential second home purchase. In addition to that fabulous Olympic sized pool and spa are the beach, three private tennis courts, garage parking, on sight property management, and 24 hour security. 1800 Atlantic is close to the Key West International Airport, Smathers Beach, and three shopping centers. It is quick jog down to Duval Street and all the craziness. The proximity to Duval Street (or maybe lack thereof) is one reason returning vacationers opt to stay at 1800 Atlantic year after year. It is close to everything, but it is a destination unto itself.

Smathers Beach (below photo) is located about 60 seconds west of 1800 Atlantic Condominiums. At Smathers Beach you and your friends can play volleyball, participate in all kinds of water sports, or just work on that killer tan. But remember 1800 Atlantic has its own private beach-but the action is down at Smathers Beach.

There are four other important factors to note. Each factor may influence pricing and value. (1) Location. Look at the aerial photo again. Note that the road to and from the airport (Bertha Street a/k/a South Roosevelt Blvd.) runs adjacent to Building "C". Most units that front Bertha Street are priced a little less expensively than other locations. Units that have the best views are usually priced higher. Units on the top floor have vaulted ceilings so they may seem larger. (2) Condition. Some units are "virgin" and look the same today as when they were built over 20 years ago. Others have been remodeled. Some have been tastefully redone. And some less so. Some units may be cheaper than others but may need a little tlc. (3) Transient License. The existence of a Transient License does not in itself mean you will make money right away. Some units have dormant licenses that the owners maintain to preserve the license, but the units have not been rented. Buying a unit with a successful rental history however might make more sense than buying a unit without such a history. Most transient licensed units are offered "furnished". Many are "turn key". Read the mls listing info. (4) Size. Most units are 1357 sq feet in size. Some units are larger. Make sure when you compare the units that you are comparing like kind units. Think of it this way: if you were looking at purchasing a twenty year old Mercedes would you want the cheapest car or would you consider the paint (body) job, the odometer, the engine, and the tires to help determine the better value?

CLICK HERE to look at the units with Transient Rental Licenses. There are seven such units and they are collectively priced at $455 per sq ft. Again, compare location, condition, and size. Unit A 403 is a penthouse unit located directly on the Atlantic Ocean. It is larger than the other units; it has a dead-on view of the water; it is being sold subject to probate court approval. Look carefully at the photos of Unit A 403.

CLICK HERE to look at the six units without transient licenses. You would expect the average price per sq ft to be lower (at least I would), since Transient Licensed units have traditionally been priced about $50,000 higher than units without such a license. At any rate, these units are price on average at $462 per sq ft. Check them out as well. Not everyone wants someone else's head in their bed to help make a mortgage payment.

If you are looking for a second home in Key West and think a condominium might work for you, please call me, Gary Thomas, 305-766-2642 to arrange a showing at 1800 Atlantic. Or send me an email at kw1101v@aol.com.

1410 Duncan - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Mon, 23 Nov 2009 11:58:26 -0600

This is another one of those just listed but not by me posts. 1410 Duncan Street is located just across the street form the Tennessee Williams House located at 1431 Duncan Street. Tennessee Williams said this of Key West:

"This is the most fantastic place that I have been yet in America. It is even more colorful than Frisco, New Orleans or Santa Fe. There are comparatively few tourists and the town is the real stuff. It still belongs to the natives who are known as ‘conks.’ Sponge and deep sea fishing are the main occupations and the houses are mostly clapboard shanties which have weathered gray nets drying on the front porches and great flaming bushes of poinsettia in the yards. This is beginning to sound like very bad travel literature—but I do wish you were here. I am occupying the old servant’s quarters in back of this 90-year old house. It has been converted into an attractive living space with a shower. The rent is $7 a week. I shan’t do anything the next few weeks but swim and lie on the beach until I feel human again. Then I shall learn how to fish. A good fisherman can thumb his nose at all commercial enterprise in the world."

Can you imagine Key West on $7 per week or relatively few tourists? Egads! Back to the future.

1410 Duncan Street is located three blocks east of White and a couple of blocks to the south of Bay View Park (on Truman Avenue). Duncan Street is a five or six minute walk to the Atlantic Ocean. It's quicker on a bike or scooter, of course. Old Town is a ten minute bike ride, but you can walk to the restaurants and bars on upper Duval in about five to seven minutes. The listing Realtor describes the location as "the highly desirable Arts District of Old Town Key West". I describe the location as quiet. After you have heard enough tourists and locals walking home at 3:00 AM telling each other how much they love each other or despise each other, you appreciate quiet neighborhoods. Believe me.

The house has two bedrooms, two baths, off street parking, a beautiful pool, a white picket fence and lots of charm. The listing Realtor describes this 1492 sq ft house thus:

"Gorgeous Historic Home in the highly desirable Arts District of Old Town Key West. Fully renovated and restored to its original splendor. Hardwood floors, high ceilings, Dade County Pine walls. Wonderful eat-in kitchen with stainless steel appliances and gas cooking. Large and private master bedroom suite with amazing second floor outdoor sky shower overlooking a tree top view of Key West. Inviting pool, lush tropical yard, covered off street parking and a quiet, central location make this home the Quintessential Key West Historic Treasure."

The asking price is just $749,000 or $501 per sq ft. CLICK HERE to see more details on this listing and to view some great photos. I showed this house twice the last time it was on the market. It sold immediately then. Houses that are priced right and that have the features like this house seem to go under contract quickly.

If you are looking for a home like 1410 Duncan Street please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc in Key West, Florida.

605 Free School Lane - Old Town - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Sun, 22 Nov 2009 05:12:30 -0600

Just re-listed, but not by me, 605 Free School Lane in Old Town Key West. The asking price is $1,375,000. Read on, Dear Reader. This place makes money. This is how the listing Realtor describes this property:

"Just completed renovation from top to bottom: This beautiful transient licensed home situated at the end of a quiet dead end lane in the heart of the historic district is currently being used as a vacation rental. The spacious floor plan includes a main level bedroom and bath, large galley style kitchen and great room with French doors that open to a large covered porch. Upstairs are two enormous master suites with French doors to a partially canopied balcony overlooking the landscaped yard and pool. Features include high ceilings, wood and tile floors and heated pool. The property is being sold beautifully furnished."

The house has got a lot of really great things going for it. First, it is hidden away on a quiet little lane behind the Hotel Marquesa and next door to Nancy's Secret Garden. Those two neighbors mean that the property values will never go down because the adjacent owner will always maintain their property. Second, the house was built in 1984 and has recently been renovated. It is used a legal vacation rental and it has the requisite Transient Rental License. Third, the house is almost always rented. That means that it is almost always producing income to help pay ownership expenses when the property owner is not using the property. This is the exact proto-type of house most second home buyers envision when they think of buying a second home in Key West--a place with a pool and a good location.

When you enter the gate from Free School Lane you first see a lush yard with free form heated pool and then you see the beautiful 2 story home with an inviting large covered front porch. The first level features a great room, large galley style kitchen, bar area, full bath, bedroom and tile floors. There are French doors on either side of the great room that allows pool and tropical garden views. Upstairs are two enormous bedrooms with private baths, vaulted ceilings and wood floors. All rooms throughout the home have French doors opening to the outdoors. You won't believe the views from the second floor. They will make your friends green with envy.

The house is in the heart of Old Town, but it is located on a quiet lane. It produces income to defer the cost of ownership, and it is always rented. It really produces income. It is totally furnished, and it even has a list people with advance reservations waiting to spend their vacation in paradise in what could be your second home. Interested, then CLICK HERE to view more info and see interior and exterior photos of the property. Please call me, Gary Thomas, 305-766-2642, or contact me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. Since the house is always rented, advance notice is required on all showings.

1025 Thompson Lane - Old Town - Key West - Circa 1891

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Sat, 21 Nov 2009 10:08:57 -0600

The first day I arrived in Key West some 25 years ago was amazed by all of the neat old houses in Old Town. I only ventured to Casa Marina for a party that first trip. And other than driving past New Town, I don't think I really ventured out there until a trip in 1987. New Town did not amaze me.

Back in 1984 many of the houses that look so damned wonderful today looked like a lot of the still "undone" or "non-restored" houses that still exist all over Old Town. There are not just as many of them today. And I have seen enough of the houses that were "renovated" or "remodeled" back in the 1970's and 1980's to safely say they may need a bit of updating now. I'm not calling for the introduction of granite or more stainless steel and certainly not calling for vessel sinks or other fads. Perhaps there were some things added over the years that might make a property look or even function better. Back in 1984 it was the simplicity of design and the sturdy construction that endeared me to the houses of Old Town. Nothing has changed.

The house at 1025 Thompson Lane is a good example of an old house built circa 1891 that has been updated over the years. You walk inside and you either love it or you don't. The rooms are colorful and cozy. I find the place absolutely charming. There is a fake fire in the livingroom that reminds you why you chose to move to Key West. The house is very livable. None of the rooms are really large, but they work. The upstairs is presently divided into a sitting room, a bedroom, and a bath.

There is presently a small second floor deck and spiral staircase (CLICK HERE) that are not historic to the house. I think it should be removed. That would allow the homeowner to utilize the ground area better. I think there is room for pool and still comply with the set back requirements. Any serious buyer will need to verify the ability to add a pool and should not relay what I say.

1025 Thompson Lane has 1341 sq ft of living area and sits on a 1600 sq ft lot. The house has two bedrooms, two baths, a lovely living room and an open kitchen. It is offered for sale at $525,000 or $391 per sq ft. CLICK HERE for more information and to view photos of the interior and exterior.

Thompson Lane is a lot like many of the other slow lanes in Key West: quiet. It runs one block long from Frances Street on the east to Grinnell Street on the west. Finnegan's Wake is located on Grinnell Street and just a few feet past the exit from Thompson Lane. The City of Key West parking structure is located across the street from Finnegan's Wake. And the Historic Key West Seaport is a minute walk further to the north. The house and its location are very quiet but the property is located within easy walking distance to so many things that make Old Town Key West so vibrant and fun.

1025 Thompson Lane is a listing of Preferred Properties Coastal Realty Inc. Please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com to set up a showing.

Pied-à-Terre Anyone? - Old Town - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Fri, 20 Nov 2009 10:15:14 -0600

The listing Realtor describes the new offering at 800 Fleming Street #A-1 (The William Fleming House) this way:

"The perfect home for someone who wants carefree condominium living but desires the charm of a historic Old Town Key West home. The William Fleming House was constructed in the mid 1800's and is located in a premium location - the corner of William and Fleming Streets. Just completed renovation includes a new kitchen and two new baths. The kitchen includes granite and butcher block countertops, stainless steel appliances and new cabinetry. Baths are beautifully outfitted with polished chrome fixtures, tile shower enclosures and stone floors. There are only 9 units - each with assigned offstreet parking and a very large tropically landscaped common area with free form pool, sun deck and covered bar."

CLICK HERE to see the listing details and photos of the interior of this two story in town condominium located in the heart of Old Town Key West. This 1281 sq ft unit occupies two floors of the building and has views of the pool and gardens. The units in the building are constructed of Dade County Pine walls, floors and ceiling and have that "old Key West feel" that some many buyers want. The ceilings are very high and the doors and windows open to decks overlooking the pool below and the pristine homes on William Street. This unit is offered at $995,000 or $777 per sq ft. The condo is located on one of the best blocks in Old Town and is a convenient walk to everything. The property is 3 blocks to Duval Street and 3 blocks to the Historic Key West Seaport.

If you are looking for a pied-à-terre or just a plain old condo, please contact me, Gary Thomas, 305-766-2642 or email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

1107 Olivia Street - Transient Licensed Home - Old Town

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Thu, 19 Nov 2009 07:01:14 -0600

The "Seller" of 1107 Olivia Street just reduced the asking price from $1,250,000 to $1,150,000 for the thoroughly renovated house with a valuable Transient Rental License. The house has two bedroom, two baths, new everything, a pool, but no off-street parking. The furniture is not included at the asking price. The price per square foot for this 1125 square foot is $1,022 per sq ft. This property has been on the market since May 21st. CLICK HERE to see the mls listing info and photos.

The listing Realtor describes 1107 Olivia Street this way "Transient Licensed Charm in Old Town! Completely renovated from top to bottom. Excellent location! In Vacation Rental program so may be rented. Furniture negotiable. Owner is Lic. RE Broker." I went to the property management website to see what the house rental fee is and what kind of rental history it has. Many local property management companies have excellent websites that make looking at fees and history a breeze. The company that manages this property requires an email request. I declined.

I recently sold a two bedroom two bath unit with a beautiful pool, off-street parking, a transient license and a "great" rental history for $549,000 or for $515 per sq ft. There have been several other recent sales of single family houses in Old Town that have transient licenses that have sold at similar prices. On November 9th a Realtor friend listed a two bedroom two bath house with Transient License in a great Old Town location for $575,000. It went under contract on November 16th. That's a steal even at full price.

I think 1107 Olivia Street has really good street appeal and I like the neighborhood. The location requires a couple of minutes extra walking time to reach Duval or the Historic Seaport, but only a couple of minutes. The location is quiet and the neighboring houses and area is very nice.

You are probably scratching your head and asking why did Gary write about something that he thinks is over-priced. The answer dear Reader is that you never know how motivated a seller is to sell until he is presented an offer. The better the offer, the better the chance a deal can be reached. I don't know anything in particular about this property other than what I have written. But I have a feeling that a deal can be reach for a price grounded in reality. I think it is worth taking a look at this property even though the asking price is very high on a per square foot bases.

If you would like to see 1107 Olivia Street, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. Let me help you find your place in Paradise.

512 Margaret Street - Old Town - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Mon, 16 Nov 2009 06:48:32 -0600

Attention Bargain Hunters: Just Listed (but not by me) 512 Margaret Street priced at only $739,000 or $505 per sq ft. That's a lot of money, but this is a lot of house for the money. It was built in 1889 and has 1462 sq ft of living space. It sits on a tight lot (1560 sq ft or 24' X 65') on one of the better blocks in Old Town Key West. CLICK HERE to read the detailed info on this house and view photos of the interior and pool.

The absolutely beautiful house next door at 510 Margaret Street is listed for sale at $1,590,000 $815 per sq ft CLICK HERE to view. That house is bigger and has a separate guest cottage, but I offer it to support my statement about the location. And if you know the location you know that super chic Scheppens Lane is located at the rear of both houses. Another absolutely charming house I wrote about before that is located at 416 Margaret Street CLICK HERE recently increased had a price increase and it is now offered at $1,240,000.

This is how the listing Realtor describes 512 Margaret Street:

"Beautifully renovated and restored Historic Home in one of the most desirable Old Town Key West neighborhoods. Attention to detail and beauty are the hallmarks of this historic treasure. Dade County pine walls, gorgeous wood floors, large master bedroom with vaulted ceilings, en-suite bath and room for a king size bed. Two large bedrooms plus a bonus home office area, chef's kitchen, and elegant crown molding. Wonderful outdoor spaces including two covered porches plus a sexy open porch off the master suite for morning coffee or sunbathing. Heated pool with comfortable deck area. Walk to Key West Seaport, restaurants and nightlife. An Old Town Historic Treasure For The Most Discerning Buyer"

View Larger Map">GOOGLE MAPS a good aerial perspective of the area. Michael's Restaurant is up at the corner at Southard Street and Mangia Mangia is located across the street. Azur Restaurant is located one block away at the corner of Fleming Street and Grinnell. The Historic Key West Seaport is two blocks north of that and Duval Street is a five minute walk.

So many second home buyers want the same thing: two or three bedrooms, two baths, Dade County Pine, pool, the Key West Conch house or cottage "look", good location, and off street parking. This house has all except the off street parking. The house at 510 Margaret Street does not have off street parking either. But the one at 416 Margaret does. But 416 argaret costs $501,000 more. I created a list of other three bedroom two bath houses in Old Town that are priced at $739,000 or less. CLICK HERE to do your own price comparison. Or CLICK HERE to search the Key West MLS.

I think 512 Margaret Street may be a bargain for the right buyer. It is priced considerably below many similarly sized homes in the Old Town area. If you are looking for a home like 512 Margaret Street, please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. We are an affiliate of Christie's Great Estates.

Price Reduction - 915 Angela Street - Old Town - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Sat, 14 Nov 2009 05:15:03 -0600

One of my favorite Key West houses just got a lot more affordable. The asking price on 915 Angela Street is now $998,000 or $739 per sq ft. This house was originally listed for sale at $1,299,000. The price has been reduced a couple of times. But now the price is at a point where the market ought to react.

You will either love 915 Angela Street or you will hate it. Oh, you'll love the house. There's nothing not to like about the house. It's the neighbors.

This is how the listing Realtor describes 915 Angela Street:

"Pristine Old Town cottage with a little bit of everything including 3bd/2ba + delightful outdoor bath, 2 off street parking spaces, heated pool with waterfall & private spa. An outstanding use of space brings the outdoors in with the family room nestled between spacious covered decks & lush landscape. Enjoy the historical character with exposed Dade County pine walls and ceilings, renovated kitchen with new stainless appliances, remodeled baths, cathedral ceilings and lots of glass doors, windows and skylights. Beautifully styled and impeccably cared for both inside and out with optional designer furniture package negotiable for a truly turnkey Key West residence."

Let me tell you about the neighbors. The house next door to the west sits at the corner of Margaret and Angela Streets. CLICK HERE to view this incredible Key West property. The neighbors to the rear are a couple of very large homes accessed off Canfield Lane. The neighbor to the east is a nice house at the corner of William and Angela. Angela Street is a one way street that runs from Margaret eastward to White Street. It is just one lane wide. Across Angela Street is the Key West Cemetery. CLICK HERE to see the view from 915 Angela looking directly south. If you are concerned about flooding remember that the cemetery is near the highest point on the island. The big skies and bright sunshine from across the street will never be built upon nor will the neighbors to the west or east. What you see is what will be for eternity. Knowing the future in real estate is not necessarily a bad thing.

The cemetery bothers the hell out of a lot of potential buyers.Some people refuse to even look at houses anywhere near the cemetery. I guess I understand. But not really.

This is why I really like 915 Angela Street. First, the place is really nicely laid out for Key West second home living. It is large enough for a couple that has a small family or friends that may drop in for an occasional visit. There are three bedrooms and two baths. The living room opens on the east to a beautiful pool. The living room also opens to the left onto a secluded deck with a hot tub. The master bedroom and bath also open onto that same deck. There is an incredibly sexy outdoor shower tucked away to the side. A second bedroom is located at the right front of the the house. The kitchen and dining area complete the main floor. There is a decent sized third bedroom or office on the second floor. There is enough separation between the rooms to provide the kind of privacy you don't see in many Key West houses. There are two separate off street parking spaces each of which is bricked. The house is just as cute as it can be. This 1350 sq ft home is offered at $998,000. The view from the front porch or the master bedroom looking south across the cemetery changes with each passing cloud. The view is the exact opposite of what you would expect. CLICK HERE to see more detailed information on this listing and view lots of interior and exterior photos.

This house is an easy walk to Duval Street or the Historic Key West Seaport. Both are about 5 minutes away. There is no commercial activity anyplace within sight. The Conch Trains and Trolley Cars can't go down Angela Street because it is too narrow. What a rotten shame! Boo Hoo! Locals don't use it as thoroughfare because there are speed bumps. Tourists tend to walk fast or run because, well, it is the cemetery after all.

The view from the master bedroom is just beautiful. This place is super quiet. I can't think of anything a new owner would need to do. If you are looking for a quiet little place and don't mind the neighborhood, please contact me, Gary Thomas, 305-766-2642 or by e-mail me at kw1101v@aol.com.

Affordable* Key West Houses

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Sat, 14 Nov 2009 04:17:59 -0600

*How would you like to buy a cigar makers cottage made of real Dade County Pine for $2000 or less? Well, you can. Sort of. Ronny Bailey is a fourth generation conch that spent 30 years of his life restoring many of the old houses in Key West. A couple of years ago he started fooling around with some Dade County Pine and created his first new old house replica. His wife came home and expressed in amazement "I didn't know you could do that!" Ronny replied "Neither did I." And so began his new career as artist-carpenter where he creates miniature near replicas of real houses in Key West using salvaged lumber. Ronny stresses that he only uses old salvaged wood to construct the houses. He doesn't paint the pieces. Instead he relies on the ravages of our sun and the weather to create the natural patina that make each piece look so genuine. Ronny's inner artist comes out when he adds a bit of whimsy such as a rooster to his work.

CLICK HERE to visit Ronny's website. Take a couple of minutes to go through the original miniature facades and the more affordable prints. Ronny does commissioned pieces as well.

The photos above are of a piece Ronny just completed. We think. He said he's not sure it's done yet. But pretty sure. I wish I were a better photographer so that you could see the detail in his work. The real building depicted in the art is located at the corner of Frances Street and Olivia. Checkout the little birds sitting on the neon sign above the front door or the cat laying on the second floor window ledge. The buildings Ronny creates are historically correct but the whimsy he adds is purely original. I'm no art critic but Ronny's work sure looks like it will become some very collectible folk art in the not too distant future.

Ronny Bailey will be exhibiting his works in Naples December 12 and 13 and at the Old Island Days Art Festival February 27 and 28. He invites interested buyers to view all of his pieces at any time. Go to his website to make contact.

If you are looking to purchase a slightly larger Key West house CLICK HERE to search the Key West Association of Realtors real mls database. If you see something that interests you, please contact me, Gary Thomas, 305-766-2642 or contact me be email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. We sell real houses in Paradise.

730 Southard Street - Old Town Landmark - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Fri, 13 Nov 2009 09:55:20 -0600

I have written about the landmark home at 730 Southard Street on several occasions and I have actually received both phone calls and emails from potential buyers that were genuinely interested in the property. But none of the contacts has yet resulted into a written offer from my buyers. It is time for someone that has "that vision thing" (a catch phrase used by President George H.W. Bush when he responded to suggestions he refocus objectives away from short term campaign objectives to look to the longer term). My suggestions: bring vision and lots of money.

730 Southard Street is one of the iconic homes of Key West. It has been in the same family since the day it was built. The most recent resident passed away a couple of years ago. She lived in that house for nearly ninety years. Many of her possessions are still located in place throughout the house. The house almost shows like a museum of a life in another distant time. The outside of the house is looking ragged and forlorn. I met there with a noted local architect to size up the house for some buyers. Rather than say what he said I will give you my impression of what needs to be done.

The house has wonderful wraparound porches on the first and second floors and there are rear porches on both levels as well. Those porches provide potentially dramatic openings from the historic French doors that open onto the porches. That includes the rear second floor porch just off the master bedroom. The porches all need replaced. Some of the shutters need replaced.

Any renovation of the house would entail all new electric, plumbing, and air conditioning. The house is large and looks like it is actually three buildings brought together to make one large structure. The third floor attic is gigantic and would provide excellent space for location of HVAC.

The Attic The existing bathrooms are very old and very dated. I think there is more than enough room for a creative architect to carve out some very useful bathrooms that meet our modern needs and still preserve the dignity the present structure.

The present kitchen is located just off the grand dining room. The dining room is likewise located next to the front parlor. The living room, on the other and, is a giant room located just to the west of the front door. That room has French doors that overlook the rear grounds. The dining room, parlor, and living room each have French doors that open onto the wraparound porches on front and the rear as well. The layout is a bit formal for today but the space is entirely useful. The kitchen is very large and needs yanked into the 21st Century. The kitchen even has a fireplace. Can you imagine what kind of a wonderful kitchen you could create. The Parlor

The second floor has enough space for two great bedrooms and baths to compliment the huge master bedroom with en suite bath. The space for the master suite is just grand. That doesn't mean the space needs to be treated like something in a Trump hotel. Rather I envision very treating the very simple structure in an understated manner. The classic design elements are already there. It is just coming up with a good and useful design for today.

All of the interior has Dade County Pine walls, ceilings, and wood floors. The building to me seemed very structurally sound with the exception of some of the foundation which needs repair and all of the plumbing and electric which needs replaced. HVAC would be all new as it is non existent.

There is no pool. But there is room for a great pool and garden as well. The fence is dilapidated as is the widows walk on the top. But you should see the view from up there. You can see the Gulf of Mexico and all of the small homes for blocks and blocks. You could have a great sunrise view from the kitchen of dining room each morning. And in the evening you could sit on the upper front porch and watch the world walk by on the way to view the sunset at Mallory Square.

730 Southard Street is a big house with 2838 sq ft of space under roof. It sits on a 6853 sq ft lot (at the corner of William and Southard Streets) right in the smack dab middle of Old Town. CLICK HERE to read the listing Realtor's description of the property and to see some very good interior and exterior photos. This property is offered at $1,490,000 or $525 per sq ft. It's going to take probably a million to renovate the place. Maybe more and maybe a little less. But in the end someone is going to own one of the great beauties of Key West. Chances are pretty good that the house will be re-named for the new owner. The person with that vision thing.

If you would like to see 730 Southard Street please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Our office is the exclusive lower Florida Keys affiliate of Christie's Great Estates.

627 Caroline Street - Historic Seaport Area - Key West

Gary Thomas (Preferred Properties Coastal Realty, Inc.) — Wed, 11 Nov 2009 09:50:51 -0600

Just listed (but not by me) 627 Caroline Street just one block from the Historic Key West Seaport. View Larger Map shows you where it is located. Or CLICK HERE. I know you will recognize the house next door. Almost every traveler to Key West takes a picture of this house. CLICK HERE to see the same house next door (629 Caroline Street) as it looked around 1965 when it probably had its last paint job.

The listing Realtor describes the house this way:

"Historic Conch Classical Revival home ready for your special touches. Two story, 2300 sq. ft., 3 bedrooms, 2 bathrooms, 2 blocks from Duval Street and near the Historic Seaport and all attractions. Large yard with room for a pool."

The house sits on a fairly good sized lot - 4541 sq ft. You will note from the photos that there is brick paved off street parking. You will also note the "addition" or enclosure of the downstairs front porch. That would never be allowed today and it ought to go. This particular block of Caroline Street has some really beautiful old homes that have been meticulously restored. A couple of stragglers are left, like this house, but the block is one of the prettiest in Key West. The Monroe County Tax Appraiser says this house was built circa 1889. Put on your imagination glasses and compare the way 627 Caroline Street looks today CLICK HERE with a nearly identical house across the street that has been restored CLICK HERE, you will get a sense of what you could do with this classic Key West home.

The house is nearly original. A kitchen was added where the back porch was located. A bathroom was created on the second floor. And there is that front porch enclosure. But those additions are relatively new-say 50 years ago or older. The house has Dade County Pine walls, ceilings and floors, old windows and doors, old plumbing, old electric, and a year's worth of work and expense to restore this old house. The dining room has a bay window and the entire downstairs has quite a bit or interior light. The difference in buying a fixer like this versus buying a house that has already been restored that may cost more might elude some.

I warn buyers to expect time delays and unexpected costs in trying to do a renovation. I tell them that they need a good architect and a good contractor to get the job done right. I even tell them that they could probably buy a place that has been restored more cheaply than if they were to do a project themselves. But when a buyer does a project he or she or they get to recreate the house.

As nice as it is to have a garage I would probably eliminate the garage, ditch the addition on the front and add a white picket fence and electric gate at the driveway. I would doll up the facade with a fresh coat of paint and install new shutters where needed. By eliminating the porch addition and garage, I would add light to the downstairs. The living space would be reduced a bit, but the available space would be improved immensely.

627 Caroline Street is offered at $950,000 or $426 per sq ft. CLICK HERE to see more photos of the exterior of the property and view more details. Please call me, Gary Thomas, 305-766-2642 if you would like to see the inside. I a m a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.