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Key West, FL Real Estate News

By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Look at the pics to the right. The pics are of a house at 1717 South Street in Key West. Isn't it romantic? The house is located in mid town. I don't write about that area much because it isn't where second home buyers typically want to buy. But when you can buy 1900 sq ft house with 4 bedrooms and 3 baths on a huge double lot (8531 sq ft) for the asking price of $1,100,000 (just reduced from $1,179,000) the house seems like attractive buy at $579 per sq ft. Here is how the listing Realtor describes this property: "A beautiful lush tropically landscaped oasis lies behind the gate of this walled private retreat. Follow the steps from the entry around to the front of the house where you are greeted with a striking koi pond with water feature. This warm and inviting home has 3 bedrooms, 2...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I've told you before about the joy of living in the Casa Marina Area. The streets are wide, the yards are big, there trees are tall, the houses are usually much larger than those in Old Town, and most important the beach is only a couple of blocks away. Some Realtors fudge and call the area from Truman to the Atlantic and First Street west to Duval the Casa Marina area, but I say it is South to the ocean and White west to Vernon. And don't think the location makes any difference, because it does. Just as Old Town sells more quickly than other areas, Casa Marina sells more quickly than any area other than Old Town. And it offers amenities Old Town does not. The property at 1125 Washington Street is located in the middle of the block. It presently is configured as rental apartments. I da...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Remember wanting to get a "Do Over" as a kid? It had nothing to do with renovating a house. And it had absolutely nothing to do with the "do" or "sweep" some half-bald guy uses to disguise his very high forehead. But it had everything to do with achieving a better result because you knew you could do it better if you could just do it again. It was like instant replay, but with a different and this time winning outcome. I've been selling real estate in Key West for 11 years and I've heard so many people tell me they wish they had bought a little house in Key West before the market took off and everything got so expensive that they got priced out of the market. If you are one of those people who wished you had bought but didn't, this is the chance for a "do over". Most of the Key West re...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I showed the truly unique home at 723 Catherine Street last week, and I was amazed by the property. There is not another home like it in Key West. It is truly one of a kind. From a bottling plant to a contemporary gem, this former cola bottling plant was converted in 1995 into a spacious, open, modern home and is a recipient of the prestigious Ceramic Star for Architectural Preservation Excellence. Lush gardens surround a beautiful pool with a waterfall, an outdoor shower and a large poolside loggia that is great for dining and entertaining. High privacy walls insure peace and quiet. There are three large bedrooms and two and a half baths equipped with elegant modern fixtures. Inside the ceilings soar in the first floor living areas. The gourmet kitchen opens over a breakfast bar to th...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Season's Beatings! may be a little extreme for a title, but it may help entice you to read about how the Key West real estate market fared so far this Season. Season is 2/3 over. Two months down and one to go. Then the buyers go back up north to live in the smoke and smog until next year. Sure we will continue to have lots of people who come to Key West after Easter (March 23 this year). But those visitors are usually cheap Floridians and or economical European tourists who come to enjoy the great Key West weather at discounted prices. The people who come after Season are usually not looking to buy but instead are looking for vacation deals. That means there are just 23 days left to determine how big a beating our real estate market endured. Below you will find the Key West single fami...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Are you tired of everything being just perfect? Everything "Up to the minute"? Want to go back to a quieter, gentler time when time did not matter? When perfect was not de rigeur? When you open the white picket fence and cross the threshold at 831 Johnson Lane in Old Town, Key West you pass gently into such a place and time. It is magical. The house at 831 Johnson Lane is actually a combination of three separate buildings plus a couple of out buildings. All of the living areas open onto the rear pool and gardens. And by "gardens" I mean gardens plural. There is a 33' lap pool framed by palms and orchids and myriad of other plants and trees. The buildings provide shelter from the elements, but it is the elements that make this house so inviting because the outside is a part of the insid...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Are you one of those adventurous sorts that feels the need to leave your mark for posterity? Do you want to be the next Norm Abrams and redo a historic Key West home? Well this little home at 5 Hunts Lane may be your dream project. Here's the skinny. The house is located on Hunts Lane which is on the north side of Southard Street midway between Grinnell and Margaret Streets. Five Brothers is located at the corner of Grinnell and Mangia Mangia is located at the corner of Margaret. So you can walk to get your morning jolt of Cuban Con Leche and your evening fill of pasta and never walk more than 200 feet. But you are only a couple blocks from Duval to the west or the Historic Key West Seaport to the north. The house has been in the same family since it was built around 100 years ago. The...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
1411 Pine Street is a 2532 sq ft home recently built (2000) in the highly desirable The Meadows Area of Key West. The home 4 bedrooms and 4 baths, gracious interiors, high ceilings, beautiful warm interior finishes that include Brazilian cherry floors, a traditional staircase with walnut newel and rail, cherry cabinets, and granite counters throughout. At the rear there is a covered veranda that overlooks the secluded garden with heated pool. There is off-street parking for 2 cars. The home was designed by noted Key West architect Tom Pope who also did the Marquesa Hotel and other notable commercial and residential properties. One word describes this home: sophisticated. CLICK HERE for more photos and detailed information on this property. It is offered at the price of $2,950,000 or $1...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Way back in 2003 or 2004 I worked with one of the Key West real estate stars. She had a listing on White Street one half block south of Truman. The house had been totally redone. Three bedrooms, 3 1/2 baths, stainless steel appliances, granite, higher end kitchen cabinets, new3/4 inch solid maple wood floors, pool, and off-street parking. It was listed at $595,000. I hosted Open Houses there for weeks and weeks. I got business off the open houses, but no one would buy it. The feed back I got was that the house was great, but prospective buyers did not want to own a house in Bahama Village. I explained that the same house three bocks to the east would cost $300,000 more. And that is where people were buying homes, not in Bahama Village. Finally, the owner furnished the house and reduced...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
The little house at 1119 Olivia Street in Old Town Key West has just been reduced to $585,000 from its original price of $1,275,000 in March 2007. Half Price! Too bad it wasn't worth the original asking price, however. The property is owned and listed by a Realtor--not me. Thank God. But he must disclose that to the public. Please don't take these comments on my part as being negative. But you need to know the facts when you invest your money in property. Especially now! This is an excellent opportunity to own your own Conch home located in Old Town. The home at 1119 Olivia Street was completely renovated in 2005. The property is Located in the X flood zone and sustained no damage in any of the hurricanes. A true high and dry property. Some of the features include: 2 licensed residenti...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Flights to Miami and Ft. Lauderdale are cheap this time of year. Even some flights to Key West are relatively inexpensive. So hop on a plane and fly on down to Key West to buy yourself an REO. REOs are real estate owned by banks and mortgage companies acquired through foreclosure. In case you missed the news the past year or so, we got problems in the banking and mortgage fields due to variety of causes. As a result lenders across the country (and internationally as well) own a lot of residential properties in all price ranges and in all localities across the country. Key West is no exception. I created a list of REO ASSETS (properties for sale) that are available from just one company in Key West. CLICK HERE to checkout the list of homes and condos from Key West up to Big Pine Key. Mo...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I have talked with several would-be buyers who think that the economic downturn has not hit bottom. They think prices will continue to fall and that they will be able to buy a second home in Key West at some future date for a lower price than is currently available. They may be right. But they could just as easily be wrong. In an area where you have lots of similarly located, sized, aged, and comparable constructed homes I can understand how market events could cause prices on individual properties to fluctuate. And in locations that are dependent on one business or one industry, I can see where a downturn in a business segment (such as a plant closing) could dramatically effect prices across the board--not just in housing but in all segments of the local economy. But Key West is diffe...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I wrote about 409 William Street a few months back. I was hoping that some buyer with a few extra bucks would contact me and say "Let's buy that house!" But that did not happen. For the last umpteen years it was the Gideon Lowe Guesthouse and later Whispers Guesthouse. The current owner bought the property in June 2005 for $2,000,000 and started an extensive renovation of the property. Everything is new and first rate. The owner/developer did not cut costs or corners. The house is 2850 sq ft and sits on a 4422 sq ft lot on one of the best blocks in Old Town. This 2 story historic landmark was originally built by the youngest son of one of the island's earliest Bahamian settlers (c.1845) and expanded c.1866. The latest renovaton was completed in 2007. The newest incarnation has 4 bedroo...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I've written many times about Life in the Slow Lanes of Key West. There is a new listing of a recipient of a Historic Preservation Star at 1 Lowes Lane in Old Town, Key West. This house is 1388 sq ft and sits on a 1305 sq ft lot on Lowes Lane. Lowes is a dead end lane that is accessed midway between Fleming and Southard Streets off of Grinnell. The end of the lane is the entrance to a carriage house of a home that sold two years ago for $5.5 million. The Chief of Staff of the President has a home across the lane. Get it. Good neighborhood. The home has 2 bedrooms and 2 baths and lots of charm. It has a very comfortable lived in look. CLICK HERE for more photos and information on this home. It is priced at $749,000 or $540 per sq ft. That is a pretty fair asking price for a nice home in...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Remember the Lennon/McCartney song All You Need Is Love? Well, this poor house at 603 Angela Street needs some luvin' real bad. Unlike many of the houses in Old Town that need to be fixed up, this house is practically new. It was built in 1997, so it not yet even a teenager. But it has not been maintained very well. That is not to say it has been abused or damaged. I think it needs a thorough cleaning, a fresh coat of paint inside and outside, decks by the pool power washed (or better replaced), shutters replaced, and perhaps resurface the pool. The house should be tented for termites as well. Nothing I mentioned is really expensive or difficult to do, but doing all would immediately add value to the property. The present owners have some issues that require the house be sold. So I thi...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I don't own a boat so I have no idea what I am writing about except that I have heard this phrase used many times: "the happiest day of a boat owner's life is the day they buy the boat and the day they sell it." I guess anything you love can end up being expensive if you do it right or do it up "big". Two days ago I wrote about the new Steamplant Condos that overlook the Conch Harbor Marina on the Historic Key West Seaport. That area as a whole is referred to as the Key West Bight. Click the black and white photo to the right and it enlarge to provide a better view of all the marinas in that immediate area. The dazzling moonlight photo is taken from the Galleon Marina looking toward the Steamplant. That photo is a couple of years old and shows the Steamplant's steel skeleton. If you ow...
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By Tom Plant
(WINEormous.com)
I believe this shot says it all. Here are the newlyweds immediately following what may have been a three minute ceremony on the helipad at Southernmost House in Key West. My friend Mary, her son Gabriel and I stopped for dinner at the Conch Republic. Raw oysters, conch chowder and key lime pie.... yum! From there we walked the length of Duval Street, from the Atlantic Ocean to the Gulf of Mexico to Tom & Kelly's wedding.The setting could not have been more idyllic. The weather was perfect. 250 friends of the bride and groom celebrated for about three hours. Our time at Southernmost House ended with a Junkanoo parade down Duval Street to the Bottle Cap bar for more dancing. This is one wedding whose memories I will forever treasure. Tom & Kelly, I wish you lifetime of bliss. Tom Plant, M...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Just before sunset there was a soiree at the new Steamplant Condominiums located at the foot of the Key West Seaport. Realtors only. But the public is invited for a look see on Sunday. Go take a peek and see what you think. Come back and leave your comments here. The Steamplant is touted as an art deco building, but it was built in 1951 so I'm not sure if it would really qualify as art deco. It was the place where the Key West City Electric Company (now Keys Energy) made electricity. After Key West started getting its electricity from the mainland, the building was no longer necessary. The powers that be declared the building iconic and historically significant and demanded that it be renovated and not torn down. Ed Swift took us on the tour yesterday and I asked how much of the old bu...
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If you take a close look, you'll see the pelican at the top. A lucky catch! I'm in Key West for my best friend Tom Sawyer's wedding. Yes, that is his real name. Meet him once and you will love him. Kelly Capone does. She's marrying him this evening at Key West's renowned Southernmost House.If you haven't had the pleasure of a visit to Key West, I implore you to do so. A tiny area with 24,000 residents has such an incredible wealth of things to see and do. It is, by the way, America's only frost-free city! Tom Plant, Murrieta Real Estate Expert – GRI, e-PRO – Coldwell Banker Residential Brokerage – 951.907.9701 It would be my honor to show you the incredible Temecula Valley, a place I’m very proud to call home.  Subscribe in a reader
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
There are a few things that just about every first time tourist or seasoned traveler does in Key West: take pictures of the wild chickens, eat conch and or key lime pie, ride the conch train, and checkout the real estate listings outside local real estate offices. Some folks return season after season and remark about how high the prices have risen. They say things like "I wish I would have bought that a house back when the prices were cheaper." These days they say things like "I don't think we've seen the end of it yet"--meaning the prices will continue to decline until some indefinite time in the future. I prepared a short list of single family homes in Old Town priced under $650,000 CLICK HERE. There are a couple of very nice properties in the list. And there are a couple of dogs as...
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