The new listing at 531 Margaret Street ought to sell pretty quickly, I think. It has four of the five most common requirements from most buyers: (1) good location; (2) two bedrooms and two bathrooms; (3) charm; and (4) a pool. The fifth most common requirement is off street parking. Not available here, however. This 841 sq ft tow story home is priced at just $475,000 or $565 per sq ft. I found an old photo of this house (above). Note how part of the front porch got enclosed and how a second floor addition was added to the rear. The county records show this house was built around 1889.
The listing Realtor describes this property like this:
"Great location, walk to everything- Historic Seaport, restaurants, and Duval St. This home has great back yard space, a pool, completely fenced yard, and a large upstairs loft master bedroom with outside deck, walk- in closet, and bath. Downstairs is another bedroom with a private side deck, high ceilings in the living room with clerestory windows, and a kitchen with french doors leading to outdoor covered space, decking, garden and pool area."
There are several very expensive homes located in 500 block of Margaret Street. And there are a couple of others that have been on the market for quite a while. I suspect one or more of these properties will be purchased in the next few months as the existing housing supply for Old Town homes in good locations is dwindling. A major renovation is going on down the block a few houses to the north. I understand that property will be used as the guest house for a major home on Fleming Street. A new home (another guest house to a separate Fleming Street home) is just being completed in the 400 block of Margaret. (You won't believe your eyes when you see how great this new addition to Key West is.)
The house next door at 903 Southard Street went under contract the first day it was listed in January 2010. That short sale property had two bedrooms, one bath, a pool but no parking. It sold last month for $420,000 or $707 per sq ft. That property was highly desirable because of its location and amenities.
I think 531 Margaret Street ought to sell quite quickly at the asking price. I have not been inside so I can't tell you about the age of improvements or flaws with the property. But I can tell you that the house is priced to appeal to a very wide audience of potential buyers: people who want two bedrooms, two baths, a pool, and charm with a great Old Town location. This house offers most of what potential buyers want. They can't buy the parking space, but everything else is included in the asking price. CLICK HERE to checkout the mls datasheet and to review listing photos.
Please call me, Gary Thomas, 305-766-2642, if you would like to see this listing (not mine). I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. If you bought this home now, you would be able to have the use of your dream home this coming season.