About Key West's Old Town

*Disparate Function: adjective Etymology: Middle English desparat, from Latin disparatus, past participle of disparare to separate, from dis- + parare to prepare — more at pare Date: 15th century 1 : containing or made up of fundamentally different and often incongruous elements 2 : markedly distinct in quality or character synonyms see different" from the Merriam Webster Online Dictionary.

I thought it would be interesting to compare similarly priced properties that are located in good locations in the Old Town, Casa Marina and Meadows areas of Key West. The point of the comparison is to show the disparity of similarly priced homes in desirable locations. My criteria:

Property Type Residential Include Property Subtype Single Family County Monroe County Statuses Active, Active-Short Sale Price 1,600,000 to 1,800,000 Area Area 1-2

CLICK HERE to view the ten houses that fit that criteria. I wrote about the smallest of the houses at 511 Frances last week. It is priced at $1,649,000 or $970 per sq ft. The largest of the properties is located at 1307 Truman Avenue. It is a short sale and it is priced at $1,799,000 or $395 per sq ft. (Both properties are listings of my office.) 1307 Truman Avenue is also the least expensive house on a per sq ft basis. The most expensive property on a per sq ft basis is located at 608 Angela Street. It is priced at $1041 per sq ft. (I previously wrote about both houses in detail. 608 Angela is cute, has a great location, was the former home of actor Richard Burton's father, yada, yada, yada. The house at 1307 Truman Avenue is the grande dame of Truman. It is a house from another age and is so damned big that it is almost impractical as a single family residence. I happen to think it is an incredible buy. (I wish I had a buyer for it.)

All houses, even in the same areas and that are similarly priced, are not equal. The average price per square foot on the ten houses is $708. Using that as a benchmark, do your own price point comparison between the various houses. You can see for yourself the disparity between the asking price, size, location, and amenities offered in each of the ten properties.

I need to mention once again the best bargain in Key West: 906 Johnson Street. CLICK HERE to see why I think this house is such a great value. It is offered as a short sale at $1,769,000 or $476 per sq ft -- that is $272 less than the average price of the ten homes shown above on a per square foot basis. 906 Johnson Street was listed earlier this year before it became a short sale at $3,495,000. Somebody is going to get the bargain of this new century on this house.

If you are looking to purchase a primary residence or a second home in Key West 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. Our office is the exclusive lower Florida Keys affiliate of Christie's Great Estates.

1223 Royal Street is a small Key West compound, an investment property, if you will. It is offered for sale at the asking price of $524,900 or $393 per sq ft. This is how the listing Realtor describes this property:

"Behind the privacy of the wood fence sits a very private very Key Westy compound. 1/1 in the front with a stone path leading to 2/1 plus loft in the rear. Lovingly cared for with etched glass, cathedral ceilings, wood floors, built in shelving and French doors opening to a yard with room for a pool.This legal duplex has two electric,garbage and sewer accounts? Central air through out."

You may not recognize the neighborhood or the area by the address. El Siboney Cuban Restaurant is located down Catherine Street two blocks to the east. And Duval Street is four blocks to the west. St. Mary's of the Sea Catholic Church is two blocks to the north. The Atlantic Ocean and South Beach are a five minute walk to the south.

CLICK HERE to read more details on this property and to view photos of the interior and grounds. The lot is 4278 sq ft (46' x 93').

If you are familiar with the street numbering system in Key West you will know that most odd numbered houses are on the east side of the street. 1223 Royal Street is located on the west side in this block. Key West planning officials do this just to keep everybody on their toes. (There are two Thompson Lanes which are located about a mile apart. Planning did that to drive taxi drivers crazy.)

There were three sales in this same block earlier this year. CLICK HERE to see what sold and the prices paid. 1223 Royal has been used as a vacation rental so I am not sure it really compares to any of the properties that recently sold. I have not been inside of this property so I can't add much to what the listing Realtor has provided. If you are looking for an investment property you may want to see 1223 Royal Street.

What a great month October has been for Key West Real Estate and for Rudy Molinet and Harry Hoehn's customers at Marquis Properties Realty!

We started the month by putting 631 Southard Street under contract. The property had only been listed for 66 days in the dead of summer and we received an all cash offer close to the asking price of $1,895,000. We actually had two different buyers ready to make offers during the same week on this property! Well priced, quality listings usually sell, even in these times. That has been the rule in real estate- location, location, location---and proper pricing. (Aggressive marketing by hard working Key West Realtors helps too!)

The following week we received an offer on 1108 Fleming Street. This house is pictured above. It is a gorgeous Key West historic home on one of the best streets in Old Town. It has off street parking, a lovely pool, three bedrooms including a guest cottage that can be accessed from a seperate lane behind the property.

Then last week we were swamped! Two offers on two different listings, both under contract. This weekend one of our clients made an offer on a Key West guest house. Next week we have three buyers in town looking at several properties ranging from $300,000 to $6 million. WOW, Harry and I are exhausted and exhilarated.

Why is this happening? Well I think that buyers are realizing that there are some great deals out there for Key West Real Estate. Inventory is shrinking and the listings that our company takes are all priced to what the current market is telling us they are worth. When Harry and I evaluate a listing, we run a market analysis to see what has sold, for how much and how they compare to the listing we are looking at. This process is time consuming but essential in assisting our customers list their homes properly.

We also aggressively market on the Internet, print and radio. This has worked great for getting the word out.

If you are looking for that Key West Property For Sale, please call Rudy Molinet at 305-240-1090. He will make sure that the properties you are looking at are priced properly and will help you find a great location and price. If you have a house to sell, call Rudy and he will make sure to evaluate your home properly and to give you an honest evaluation of market value. You should expect this from your Key West Realtor.

Check out my listings at www.rudymolinet.com You can also Search The Key West MLS

Happy Hunting!

Just listed by Preferred Properties (but not by yours truly), 511 Frances Street in Old Town Key West. The front porch is open and inviting. There is a chair on one side and a big swing on the opposite side. The porch provides a great view of the front yard with the white picket fence and the pretty houses that have been updated over the years.

CLICK HERE for an aerial view of 511 Frances Street. You will note it is located on the eastern edge of Old Town Key West. The 500 and 600 blocks of Frances have some of the most expensive and most photographed homes in Key West. The location is still within an easy walking distance to all of the attractions of Old Town but it is far removed from the zaniness. Maybe that it is why this location attracts buyers with money. You will note that 511 Frances Street abuts Carey Lane (one of the prettier little lanes in Old Town). The aerial view also shows the size of the lot which is pretty big for Old Town: 5,062 sq ft or 53' frontage X 97' depth.

This is how the listing Realtor describes 511 Frances Street:

"Built in 1983 is a true replica of a Key West old town home with the luxuries of today located on one of the very best blocks in Old Town. There are three large bedrooms separate from one another with unique style bathrooms, his and hers offices off the living room, and an a separate artist studio off the pool. There is a wonderful serene outdoor covered dining space for those large dinner parties surrounded by lush landscaping and gentle lighting. The interior is Dade County pine with vaulted ceilings and molding throughout. Located two blocks from the Seaport."

511 Frances Street is offered at $1,649,000 or $729 per sq ft. The house house has 2263 sq ft of interior living space. But it is the pool and rear deck where the real Key West style of living occurs. CLICK HERE for more detailed info and photos of this property.

If you would like to see 511 Frances Street, or any other house in Old Town, please call me,Gary Thomas, at 305.766.2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. We are the lower Florida Keys exclusive affiliated of Christie's Great Estates.

Just Listed (but not by me) 907 Elizabeth Street in Old Town Key West. You know the neighborhood. Seven Fish Restaurant is on the corner at Olivia Street (CLICK HERE). It's an easy to walk to St. Mary's Sar of the Sea Catholic Church CLICK HERE up on the opposite corner on Truman Avenue. Duval Street is two blocks west. The new Old Town Gym is a three block walk east of Elizabeth. The Coffee Mill is a couple of blocks beyond that. The point is the location is really convenient for the second home owner who wants proximity to everything. And here is the best part: this house is listed at $625,000 or $406 per sq ft. CLICK HERE for an aerial perspective of 907 Elizabeth Street. I even noted the location of Seven Fish to help the viewer.

This is how the listing Realtor describes 907 Elizabeth Street:

"Just an easy stroll to Duval Street, this is a lovely Conch House built in 1928 with two bedrooms and two baths, living and dining rooms with high ceilings and a nice eat in kitchen with Viking gas range and new refrigerator. Laundry room, 2 zone central air, a covered rear sitting porch that leads to a bricked patio and loggia with many mature palms and flower beds, and room for a pool."

The 1540 sq ft house sits on a very large lot (3275 sq ft or 25' x 131'). The house has the obligatory white picket fence. But the front has an electric gate that opens onto bricked off street parking CLICK HERE.

CLICK HERE for more detailed information on this listing and to view more photos of the inside and outside.

CLICK HERE for a look-back at what this house looked like in 1965. CLICK HERE to see it from a different angle.

If you are looking for a second home in Key West and would like to see 907 Elizabeth Street (or any other house) please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc.