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1230 5th Street - Bank Owned - Key West
If you are looking for a "Fixer Upper" may I suggest that you consider the new listing at 1230 5th Street in the midtown section of Key West. I showed the property last week one day after it was listed. My buyer was looking for a place he could fluff and make all nice. The challenges this property presented were more than my buyer anticipated.
The listing Realtor describes the 5th Street property this way:
"Spacious 4 Bedroom 3 Bathroom 2 story home on a large corner lot. Huge pool w Guest cottage in back with a one bedroom one bath living area. Bank owned."
The pool area as it appeared in 2005
This property sold in 2005 for $715,000. Nude Greek statues adorned the e pool area at that time. Two years later in March 2007 it was listed for $997,000 as a "A very large single family two story home located two blocks from the Gulf." When I showed it last week the property was divided into at least three living units with separate entrances, kitchens, and bath facilities. The pool was covered by a contraption to prevent accidental drowning and the Greek statutes were gone. It had all the earmarks of a bank owned property. Today the offering price is $331,500 or $129 per sq ft.
The pool today
The house has 2573 sq ft of living space based on the info on the Monroe County Property Appraiser's website. That site does not include the guest cottage so the actual size may be a bit larger. The house is located on a 50' x 100' lot at the corner of Fogarty Avenue at 5th Street. That's a feeder street for this part of town. Click GOOGLE MAP for an aerial view.
Main level bedroom opens out to pool
Entrance to main floor north bedroom
I entered the downstairs unit and first walked into an odd little foyer and then into the kitchen. This level had several different floor surfaces and floor levels. It was as if someone kept adding or altering spaces to provide more living space and used whatever cheap building materials were available. CLICK HERE to take a slide show photo tour of the property.
There is a steep and narrow interior stairway to the second floor. It looks like there was some water damage in one of the rooms as the wood floors there are quite warped. Again, there are multiple floor levels and multiple small rooms.
Second floor kitchen
I think a smart buyer would go inside this large property and demolish the interior walls and establish floor levels for the main floor and second floor and then build new interiors to the needs of the new owner. It would be silly to try to re-use the small and dysfunctional spaces. This property has a lot going for it, but not based on its current configuration. It will take a knowledgeable builder to fix this place. No amateurs should apply. But it is fixable and it could be once again a nice large home with a sunny pool and guest cottage.
If you would like to see 1230 5th Street please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.
