Silliness aside, there is a good reason for bargain hunters to checkout the goods on 1505 Laird Street in Key West where the price has been reduced from the original $525,000 to just $425,000. The reduction was announced late Monday.
1505 Laird Street, Key West is a 784 sq ft home that is located on a large 5412 sq ft lot just east of the Casa Marina Area of Key West. The listing Realtor describes this home this way:
"Cute mid-century cbs house on a big beautiful lot in a great neighborhood. The small home is ready to be renovated and/or extensively enlarged. This perfectly habitable small house is being offered for less money than some vacant lots in the area."
This is a very simple house. The house is pretty much in original condition except for the kitchen which was humbly updated a few years ago. There are two bedrooms that share the one bath. The house is CBS (concrete block structure) built on slab. The floors are terrazzo throughout the house. The roof is composite shingles. The house has shutter holders in place. There are wall unit air conditioners.
I will bet that a small house like this could be purchased for $200,000 or a bit less in other parts of the USA. But not in Key West where the cost of houses are pretty high. In fact the listing Realtor's statement that "house is being offered for less money than some vacant lots in the area." is correct.
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House next door to the east |
The 5412 sq ft lot measures 61.5' X 88'. There are four very tall coconut palms located at the front of the lot and there are two older trees in the backyard. I did not make note of their type. There is nothing significant about this house. I think the value in this property is probably in the land whether for current tear down and rebuild or to buy and hold for future redevelopment. If the existing house were cleaned and painted, it could probably be rented long term for $2500 to $2800 per month. I think land values are going to continue to increase, especially for houses like this which are located in good areas close to the beaches and which is much less expensive than the Casa Marina Area a couple of blocks to the west. CLICK HERE to see more photos I took of this property.
1505 Laird Street is offered at $425,000. CLICK HERE to view the Key West mls datasheet. Then please call me, Gary Thomas, 305-766-2642 to schedule a showing of this property. In fact you don't need to see it in person to appreciate its value. I am a buyers agent and a full time Realtor at Preferred Properties Key West.
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