About Key West's Truman Annex

President's Walk in Truman Annex Key West FL

231 Southard Street on President's Walk is in Truman Annex in Key West FL and is currently on the market with an asking price of $650,000. This home has a transient license so it can be rented like a hotel room. Other homes in Key West FL without the benefit of a transient license must be rented for a minimum of 28 days.

231 Southard Street is 9 houses from the corner of the 500 and 600 block of Thomas Street and the 200 block of Southard Street at the entrance to Truman Annex.

Visual Tour 231 Southard Street on President's Walk in Truman Annex, Key West FL

Truman Annex was once military property that was auctioned in 1987. There are historic buildings that were military officer housing and there are new condominiums, town homes and single family homes. The majority of the residential units were built after 1990.

A defining characteristic in Truman Annex is the uniformity of the community. You will see more work vehicles (cleaning companies, yard maintenance and construction companies) than privately owned vehicles.

Search for real estate in Truman Annex and Key West on my web site http://www.ShowcasePortfolioProperties.com.

In Truman Annex you will see beautiful homes and tourists with maps and and joggers with and without baby carriages. There is a lot of drive through traffic on Southard Street as Conch Tour trolleys and trains and City Tour trolleys cut through showing off this beautiful neighborhood.

Truman Annex is a trophy neighborhood. It is populated by mostly transient rentals and part time owners. The streets are clean and in good repair. The grounds are perfectly manicured. This is a wonderful neighborhood to ride your bike through.

Truman Annex a residential subdivision. There are no businesses in this subdivision.

Truman Annex is close to Ft. Zachary Taylor beach which is a state park. If you take Southard Street to the Atlantic Ocean you'll see Coast Guard ships on your right and the Key West Harbor directly in front of you. The entrance to the Navy Base is on your far left. The Key West Police Department's Police Athletic League is between the Navy Base and Ft. Zachary Taylor. The Eco Discovery Center is to the left of center.

231 Southard St is a 2 bedroom, 2.5 bath, 960 square foot condo on a lot that is 15.53 X 61 square feet (960 sf). 231 Southard St is offered with an off street parking place. It was built in 1993. 231 Southard Last sold June 6, 2008 for $760,000. Asking price $650,000.

This unit comes with a Transient Rental license and can be rented for a maximum of 25 weeks each year. There is a pool.

Typical asking rental rates for a town home in Truman Annex range from between $1,200 and $2,000 per week for a 2 bedroom home. Asking rental rates for 3 bedroom town homes in Truman Annex go as high $2,500 to $3,000.

Rental rates depend upon the number of people a home sleeps, the number of bedrooms, the square footage, the date of the rental, the condition of the home and the finishes.

Truman Annex 231 Southard

Hotels in Key West FL typically have 3 rate tiers as well as special event rates. Hotels have high, shoulder and low season rates. Most guest houses and transient rental homes have 2 rate tiers: high and low season rates. One can expect to pay a premium of 10% for special events. One can expect to enjoy a 10% to 20% discount for summer rates.

231 Southard St comes furnished. The sofa is just 6 months old. The pine wood floors are new this year. This town home is crisp, clean, comfortable and appears to be in good repair. The windows are impact hurricane windows.

The HOA fees are $950 per quarter. The original developer has a 1st right of refusal.

Just like almost every other Realtor I watch the Key West mls throughout each day. I look for new listings and properties that have a price reduction because they create possible sales opportunities. But I also watch for properties that have gone under contract 0f that get sold because they can show us what is happening currently and give us insight into where the market may be headed.

In the first couple of months of this year I wrote about new listings in the Shipyard, President's Walk, and Porter Court communities in Truman Annex. Those communities have been the most popular areas for second home buyers in the Key West for nearly twenty years. A couple of years back there was a surplus of units at Shipyard. Now there are just three units for sale in Shipyard. (The average listing price is $664 per sq ft. Compare that to most other properties in Old Town. Shipyard is higher.) President's Walk has two units available and Porter Court has two.

There were 8 condo sales in Shipyard since January 1, 2011. The average "sold" price per square foot was $554 for a unit with an average square footage of 681 sf. (One unit was 580 sf and the largest was a two bedroom and two bath at 780 sf.)

During that same time period there were 23 condo and townhome sales in the Old Town, Meadows and Casa Marina areas for units that sold below $475,000 (the highest sales price in Shipyard. The average price per square foot in these units was $343. There is a clear disparity in sales price per sq ft between several of the least expensive units and Shipyard, but that disparity has nothing to do with quality of the unit or location. A one bedroom unit at Campbell Courtyard (has a beautiful pool and an incredible Old Town location) sold for just $228,000 or $359 per sq ft. Another newly constructed 3 bedroom townhome at 713 Emma Street sold for $399,000 or $354 per sq ft. The Emma Street property has a beautiful courtyard with pool and incredible water feature. The units have Viking kitchens and each unit has an off street parking spot. A bank owned 2 bedroom unit at 1108Duval Street that included a transient license and off street parking sold for $433,000 or $333 per sq ft (1399 sf unit).

Shakespeare coined the phrase "The worm has turned" to connote a reversal of fortune. Shipyard was the darling for years and years because the units met the spatial and amenities "must haves" that so many second home buyers require. The units are big enough to handle most families or couples that travel together. They have been affordable in comparison to many other properties in nearby Old Town. And they offered a convenient and secure location that second home buyers often feel is necessary. (I think most of Key West is safe unless you are in a bar with a lot of boozers. Drunks create most of the problems in our town whether they are in the bars on Duval or on the streets driving cars our walking home late at night fighting with a soon to be 'ex'. ) In the mid 2000s the prices increased on Shipard units while the economy took a dip. During the past year, however, the Key West real estate market has recovered and so has the desirability of Shipyard.

CLICK HERE to search the Key West mls. If you are looking for a getaway place in Key West and want to buy before the prices soar, please contact me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Remember the other "worm" phrase, the early bird catches the worm. Don't wait until it is too late.

The listing Realtor minces no words in the description of this sharp Porter Court townhome:

"Perfect end unit in exclusive Porter Court - a gated community of only 19 within Truman Annex in Old Town Key West. This beautifully decorated turnkey property can be rented transiently and has the best rental income in the complex. 2 bedrooms, 2 and one half baths with Plantation Shutters throughout and is ideally located with a private entrance off of Fleming Street. Large side and front decked yards and a second floor porch overlooking the pool and courtyard add to the feel of this tropical resort property. The perfect second home and investment with a great rental history. Paradise found!"

408 Porter Court is really cute two story townhome. While some buyers buy places in hope that the rental income will help defray costs of ownership, this unit really delivers and has a great rental history. It was the top producing property in Truman Annex in 2010 and it has substantial pre-bookings for 2011 and 2012. A buyer who wants heads-in-beds to help make the mortgage payments on a second property like this can appreciate the value of having vacationers that return year after year. It is like having money in the bank.

This 1140 sq ft unit was built in 1992 but it does not look like it. The kitchen is very current as are the baths. All rooms are nicely furnished. French doors open from the living room onto one of two rear decks. I did not see any deferred maintenance. What I did see was a nice inviting back entry (right onto Fleming Street). That means you can or your guests can by-pass going through the main entry and make a quick exit directly to your favorite Old Town hangout. Fleming Street as well as all other gates are locked at night but owners and guests have keyed access.This Transient Licensed unit is offered at $749,000. CLICK HERE to see the Key West mls datasheet on this unit.

Truman Annex has seven different communities that include condos, townhomes, and single family homes with different features and various price points. The location has become a perennial favorite for returning visitors. It is close to everything but it is also very quiet.

If you are looking for a place in Paradise that you can occasionally rent to help with the mortgage payment, you might want to take a look at this Porter Court unit. Please call me, Gary Thomas, 305.766.2642 to arrange a private showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

There are seven distinct communities at Truman Annex, and the community with the Million Dollar View is Harbour Place. If you are reading my blog, you are probably a baby boomer. Maybe you weathered the financial storms and are looking for that special place, perhaps a condo like Unit No. 302 at Harbour Place at Truman Annex in Key West.

When you step onto your private balcony and overlook the boardwalk and then view the private yachts and giant ships and Sunset Key and the smaller keys beyond, you will know you came out just fine. Harbour Place is Key West's most prestigious building, the former U.S. Naval Headquarters at Truman Annex. Your friends will be green with envy.

Preferred Properties (that's where I work, but this is not my listing) just listed this third floor 2 bed, 2 1/2 bath unit with 1260 sq ft of living space at the asking price of $845,000. The listing Realtor describes the unit as:

"Bright desired Harbour Place unit in the Heart of Old Town Key West, with 10ft ceilings, two large bedrooms, two and 1/2 bathrooms and a beautiful open living/dining area. Great private community pool overlooking the Gulf. Deeded Covered Parking. Excellent income unit."

CLICK HERE to checkout the Key West mls database and to view listing photos of this unit.

You can view radiant sunsets and the famous Key West waterfront from your personal balcony. This beautiful unit has been tastefully furnished so you can move right in and enjoy everything this property has to offer. ( The listing does not include the furnishings but says they are 'negotiable'. I can't imagine a seller not including them myself.)

Harbour Place is a secure building located directly on the Key West waterfront. There is a large pool, beautifully maintained grounds, and designated covered parking and storage. One of the joys of buying the best is that you get things others don't have. The big sunny pool and the covered parking are great amenities. Nice cars last longer when they are protected from our hot sun. Oh, and the building has an elevator so getting up to the top floor is as easy as pushing a button. Living on one level and not having to cope with interior stairs can be a plus for the Boomers and their seniors. One more thing: this unit has a Transient Rental License should you choose to rent the unit.

A retired Navy officer once told me that the United States Navy always, always takes the very best waterfront property for itself. Recall what I said in the first paragraph that this building was "the former U.S. Naval Headquarters". There are some really nice condos for sale in Key West right now, and a lot of them are priced at incredibly low prices. Unit No. 302 is priced to sell. The Harbour Place views and the location are un-paralleled in Key West. People from all over the world come to Key West and make the pilgrimage to watch sunset at Mallory Square which is a stone's throw to the right of Harbour Place. Most of those pilgrims just fall in love with the sunsets and the easy living in our little town. The new owner of Unit No. 302 will get to see those incredible sunsets every day. Forever.


Don't miss the boat and pass up the opportunity to get this great unit before somebody beats you. To see this unit or any other property in Key West, please call me, Gary Thomas, 305-766-2642 or contact me by email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Since today is President's Day I thought it is appropriate that I mention the only three currently active listings in the President's Walk Townhomes located at the Truman Annex in Key West.

Readers may recall that I wrote about a new listing at 233 Southard Street just couple of weeks ago. It is offered at $599,000 or $624 per sq ft. CLICK HERE to read what I wrote then. (I understand there are three active offers on this unit and it may soon be under contract.)

Last week I showed the other two units at 560 Porter Lane (now offered at the just reduced price of $549,000 or $572 per sq ft) and 566 Porter Lane (offered at $639 or at $666 per sq ft).

The three units are pretty much like most of the other units in this small townhome community in size, age, and general configuration. 560 Porter Lane is offered furnished and the other two are willing to 'negotiate' the furnishings. Each one is cute and charming in its own way-just like people. But none are cookie cutters versions of another. Each has a transient rental license which makes it an ideal purchase for a buyer who wants to occasionally rent the unit when the owner is not in Key West enjoying life.

Truman Annex is a very popular location for both renters and owners. It is close to Duval Street but it is not a part of the madness that sometimes occurs there. It is a lush green sanctuary with beautiful buildings (townhomes, condominiums, and single family homes) most of which have been built after 1990 with a few historically significant 'grand conch homes' included in the mix. Mallory Square and the boardwalk are an easy walk through the north gates; the Ernest Hemingway House is five blocks to the south on Whitehead Street (just one block east) and the Southernmost Point is only a couple of blocks further; Ft. Zachary Taylor State Park and Beach are located at the west entrance to Truman Annex on Southard Street. But inside the Truman Annex there are just lush streets and lanes and lovely homes, but there is no commercial activity.

The real estate market in Key West is rapidly contracting. By that I mean the seemingly huge inventory of unsold homes from two years ago has shrunk dramatically. The number of new short sales and bank owned properties has dwindled to a smattering. Whatever you read or watch on TV about Florida home sales still being a buyer's market may be true for 'Florida' (and still is for Monroe County), but it is no longer the case for almost of Key West. CLICK HERE to do your own SEARCH of the active Key West mls database.

If you want to buy a place in Key West please consider working with me, Gary Thomas. I am a buyer's agent. Contact me at 305-766-2642 or by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Don't miss out on the opportunity to buy now before prices start to increase and mortgage rates go up.