Gary Thomas

*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.

There were several real estate closings in October that mark the resilience of the Key West real estate market. There were 18 single family home sales in all of Key West. I found 4 single family short sales and one bank owned sale during that time. There was only one sale in the core area of Old Town. ( It was a small Conch house at 726 Fleming Street. Great location and it had a pool. But I don't think the city knows there is a pool there. It looked more "homemade" than any pool I ever saw. The place has a transient license, but the license had not been used in years. That house sold at $537 per sq ft.) In October 2008 there were 14 single family home sales. That is a 23% increase in sales over last year.

There were 13 condo and townhome sales in October 2009. We had the same number in 2008. Four of the 13 were noted as short sales and three were shown as bank owned. But CLICK HERE to see a shocker. I missed it when it happened because I did not recognize the street address. You see there have not been many sales at 281 Trumbo Road (more commonly referred to as The Steam Plant). This 2884 sq ft unit was sold Doug Mayberry for a whopping $2,835,000 or $980 per sq ft. Congrats!

I was also encouraged by the brisk activity of recent listings that went under contract this past month. 907 Elizabeth Street, 1126 Stump Lane, 709 Windsor Lane (all Old Town locations) went under contract within a couple of days of being listed. Despite what some naysayers may espouse, the Key West real estate market is very active.

It is listing season again. Many sellers traditionally wait until just before the holidays to list houses for sale. The asking prices for Old Town and Casa Marina appear to be rising on a per sq ft basis for nicer homes in the Old Town and Casa Marina areas. I'm not saying that the sales prices are up there, but the asking prices are starting to rise. There aren't many houses under $1 million in Old Town or Casa Marina. But there are a lot of single family homes priced just under $1.8 million and higher in those same areas. It will be interesting to see how the law of supply and demand works out. I know there are some very pricey houses whose owners need to sell. And there are some cash rich buyers looking for a prize property at a bargain price.

There are still plenty of condos and townhomes on the market, but the availability of units in some locations (like the Key West Golf Club) is starting to shrink. Most of the cheaper units are not where second home buyers want to be. Eighteen of the houses or condos that sold in October were priced at or under $500,000 with an average price per of $254 per sq ft. Again, most of those units are in areas that most second home owners would not consider as a second home location (except the golf course or Old Town).

The market is contracting. The market is demanding. The market is not egalitarian.

CLICK HERE to search the real Key West Association of Realtors mls database. If you see a property that you like, please contact me, Gary Thomas, 305-766-2642 or reach me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

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.

1019 Flagler Avenue is now offered for sale at $650,000 or $130 per sq ft. You cannot build a house in Key West that cheap. I'll grant you that it is not the prettiest of houses but that is why God created gay designers and architects. They can turn ugly into sassy with the snap of their fingers.

This is how the listing Realtor describes 1019 Flagler:

"This large 3bd/3ba house is situated on 2 lots totaling 9100 sq. ft. The home has multiple entrances which allows this property a wide variety of uses. Corporate retreat, large family home or a very stately single family residence. Each bedroom has its own bath and the living room and kitchen open onto a very large covered lanai which overlooks the very private pool and back yard. There is off-street covered parking and a detached garage. There is also a commercial rental (Doctor's office)downstairs for additional income."

I'm not so sure I would call it "stately" at present. And a retreat it is not. But the place is really big and solidly built.

The Monroe County Property Appraiser shows this house as having 3256 sq ft of living space (this is in conflict with the mls listing) and sits on a 9160 sq ft lot (90.25' frontage X 101.5' depth). Records show the house was built in 1938. The house was originally built of Indian Block, a man made material used in several of the larger Key West houses. There is a newer addition to the front where it appears the original first and second floor porches were enclosed with concrete blocks and 1960's or 1970's era windows and door were installed. There is also an addition on the east side with a "disco" bedroom and bath. The Florida room on the ground level has iron bars on the sliding glass doors that open on three sides. All of the windows are shuttered. The downstairs front portion of the house is now used as a doctor's office. The second floor space includes a sitting room, bedroom, large bath, nanny suite, and an office. The result is godawful ugly.

This property has a covered off street parking plus a vintage garage. The kidney shaped pool is very attractive but it looks a bit dated. The rear yard needs yanked into the 21st century just like the house. The pool are garden area could be so much more without a huge expenditure of money. CLICK HERE to view the mls listing sheet and photos.

I think the price reduction is a signal that the seller is now ready to sell. The asking price of $650,000 makes this property very competitive. If you are looking for a project house in a good location, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties in Key West, Florida.

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.