About Key West's Old Town

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.

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.

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.

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.

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.