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29 Cactus Drive, Big Coppitt

Every once in a while a property comes along and I think damn, what a great opportunity to add some value.  That’s exactly what happened when I went to look at 29 Cactus Drive for a client last week.  Listed by another agent, the property is located on Big Coppitt, about 10 miles north of Key West.

Big Coppitt has long been a haven for families and Keys residents that want the convenience of a short commute to Key West but more bang for their buck when it comes to real estate. 

This particular home is located on Cactus Drive, just before you reach the gem streets on Big Coppitt.  It has a huge yard (but full disclosure has been recently subdivided).  The subject property sits on about 4200 square feet and on the canal.   The home itself sits up a bit, which will be helpful when it comes to flood insurance for the prospective buyer.

The house was built in 1979 by the original owner and is three bedrooms, 2 bathrooms; it screams 1980.  The brown cabinets, mirrored walls, and faded pink carpets had my mind going a mile a minute.  I liked the layout of the home with the master bedroom and bath on one side and the guest rooms and bath on the other allowing for added privacy.

Take out a wall, replace the floors and fans, upgrade the kitchen and voila!  You’ve got a great home on the water.    If you’re interested in a fixer upper on the water this is the one for you.  Contact me for additional information and/ or to schedule a private showing.

 

Link to listing and photos:  https://www.flexmls.com/share/1ZsT9/29CactusDrBigCoppittFL33040

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1015 Elgin: Beauty in the Heart of Key West

At first glance you might think the photos above show two separate homes which have been renovated in first class style. Well, the style statement is correct, and yes, they were renovated, but today the two houses that once backed against up to each other are now one single family residence. 1015 Elgin Lane, Key West, Florida is listed by Preferred Properties Key West, that’s where I work but this is not my listing. I got to see the house for the first time yesterday during a brokers open house. I have written previous blogs homes on Elgin Lane which is only two blocks long and runs parallel to Eaton Street. It starts at White Street and ends at Grinnell Street. The Old Town Bakery is located at corner of Grinnell Street and is a landmark all returning visitors to Key West should recognize. The lane itself is fairly narrow and not well traveled by anyone except the folks who live on the lane.

I searched the Historic Sanborn Fire Maps and learned that 1014 Eaton Street (now a major component of the Elgin house) was on the 1889 Map and that the rear of the lot (the Elgin site) had no building on it nor was there a building there on the final Map dated 1912.  The black and white photo from 1965 shows 1015 Elgin as it existed at that time, but perplexed me at first sight because the gable roof of 2018 is facing the opposite 90 degrees opposite.  As the defective detective MONK would say – this is what happened:

The two houses at 1014 Eaton and 1015 Elgin Lane were joined together by the owner to create one larger home. The houses were taken apart and totally rebuilt from foundation up. I suspect the original Elgin house was rotated on its side and the kitchen addition added. New piers, joists, and all building elements were replaced or updated as necessary. New windows, plumbing and electricity, HVAC, insulation, and drywall were added. The original floors were kept, however, and they are in remarkably good shape.

Even though the Eaton Street facade still has a street numeral and separate bricked off street parking space, there is just one legal address at 1015 Elgin Lane. When I first arrived at the house I did a quick walk through the first floor and opened the front door. It was a few minutes after noon and we are in spring break. Eaton Street was busy with traffic. I shut the door and heard nothing. I opened it again and heard the traffic. I paused in the hallway behind the front door. I heard nothing. I went into the adjacent master bedroom and listened at the window. I heard nothing. I mention this for good reason – even I assumed I would hear traffic. I was wrong. By the way the louvered shutters on the historic photo may have been operational to allow air into the old house. While the shutters still exist in 2018, the wall behind the shutters is solid.

The master bedroom is fairly large and has a large en-suite bath. There is a guest bath located adjacent. The living room and dining room, entry foyer, and kitchen are located in the Elgin Lane portion of the home.

During the renovation the common living spaces were opened into an amazing open living environment. Dining room has a high pitched cathedral ceiling with French doors which open out to the pool and garden The interior living space is great but it expands immensely when the doors are opened to the great outdoors.

The pool and garden are very well thought out and purposed. French doors open out to the deck which is on the same plain as the interior floors. The transition from inside to outdoors goes unnoticed except that once outside you know you’re in a magical  tropical setting. The length of the pool surprised me but should not have because the lot size is very large: an irregular rectangle that measures approximately 51.58′ X 80′. The new Trex decks line the pool on either side and lead to a step-down area where the grill is located amid adjacent tropical foliage. There is a semi-formal dining area on the Elgin Lane side of the pool. The entire east side of the home is bricked and has off street parking on both Elgin Lane and Eaton Street.

There are two good sized bedrooms on the second floor which share a bath. The owners used the knee wall space to create additional storage.  In searching my shoebox for photos I found a picture of a former owner of the house, V. Oscar Arenberg (1863-1954) who was a ship carpenter employed by William Curry and Sons shipbuilders. The listing broker told me the owners have lots of photos which show the entire renovation of this home. You can see from the above photos the pride of ownership and the attention to detail that went into this very special home.

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New Listing: 1015 Elgin

Historic renovation meets Old Town Charm in this 3 bedroom, 2.5 bath home located on a quiet lane in Key West. Originally built in 1893 this home has been completely renovated. When you enter the home tall ceilings and an open living and dining area will greet you. The gourmet kitchen features top of the line stainless steel appliances, gas range, and granite countertops. There is a full pantry and laundry room. On the main level you will find the first floor master with an en-suite bathroom. Upstairs you will find an additional master bedroom as well as the guest bedroom, both bright and airy with ample storage. You will find original hardwood floors throughout and Dade County Pine walls. French doors from the living room open to reveal secluded backyard with lush low maintenance landscaping. There is an outdoor dining area, heated pool with Trex decking, and additional seating area. This property features off street parking for 3 cars with access from both Eaton Street and Elgin Lane.

This home is conveniently located in Old Town Key West, just 3 blocks from the historic Seaport and 6 blocks from Duval Street.

View a 360 view of this home here!

 

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Ten Truman Annex Treasures

Truman Annex is an exclusive neighborhood in Old Town Key West.  The former Truman Naval Station that was once a destroyer and submarine base is now a gated community of homes and condominiums and the Harry S. Truman Little White House. It is also where you will find Ft. Zachary Taylor State Park and the Truman Waterfront.

Below are 10 Truman Annex properties that are currently on the market, many of which have transient rental licenses!  This means that the property has the potential to generate a 10-12% return on the gross purchase price.

https://www.flexmls.com/share/198jU/Selected

Many of these homes are in existing vacation rental programs and already generating significant rental income.  Call, text, or email me (305-394-4073 or krystalthomasre@gmail.com) for additional information about these homes as well as additional investment options that are available.

I am a full time Realtor with Preferred Properties and ready to assist you in purchasing your Florida Keys home!

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5 Reasons You Should Buy A Duplex in Key West

If you’ve been struggling with how to break into the realm of real estate ownership consider this:  purchase a duplex.  A duplex is defined as a house divided into two apartments, with a separate entrance for each.  It is also what I consider one of the best investments that a homebuyer can make.

 

  1. YOU CAN LIVE IN ONE UNIT AND RENT THE OTHER!

 

  1. Duplexes qualify for FHA financing, which means that you could purchase the property for as little as 3.5%% down. For a list of my preferred lenders, click here.  (if you are in Key West you could also qualify for 0% down financing, contact me for additional information about the financing programs that are available locally.)

 

  1. You can use the rental income from the unit that you rent out to help you qualify for the mortgage to purchase the property

 

  1. Hellllllo Tax Write Offs – It’s no secret that owning a property provides many tax incentives that you don’t find as a renter. If you buy a duplex and rent out the other side you can write off all the costs that take place including costs to market and rent the property as well as repairs and shared expenses.

 

  1. Welcome to the World of Landlording – Real estate is one of the most lucrative investments you can make.  If you’ve ever thought about investing in real estate this is a great way to start.  Start small with your one unit and then grow your portfolio.  You’ll have a vested interest in the quality of property and tenant that you choose because you will be neighbors.

 

Let’s take a look at 1610 Dennis Street.  A duplex located in Mid Town Key West and currently listed for $385,000 (one of the best deals on the market I think!)

FHA 0% 3.50% 5% 10% 20%
Mortgage $2490 $2415 $2405 $2222 $1856
Taxes*  $324 $324 $324 $324   $324
Insurances** $425 $425 $425 $425 $425
Sample Total Monthly Payment $3239 $3164 $3154 $2971 $2605

 

Now.  Divide that Sample Payment by 2.  #boomshakalaka, you could OWN a home in Key West for as little as $1300!

Let’s make it happen.

* Taxes are based on your purchase price and are a little bit less than 1% of your purchase price.

** We estimated that the insurances for this home will be about  $5100 for hazard, windstorm, and flood insurances.

 

 

 

 

 

 

 

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5 Homes Under $529K Stock Island & Lower Keys

A couple of days ago I posted a blog post that featured 5 homes that were under $529K (the Monroe County FHA limit) and for sale in Key West, Florida.

FHA is offering their 203(h) program to buyers that lost their home or space they rented due to Hurricane Irma.  Borrowers utilizing the 203(h) program are eligible for 100 percent financing and closing costs (up to 6%) can be paid by the seller.

Below is a link to 5 homes in Stock Island and Big Coppitt  that are for sale for $529K or less.

http://www.flexmls.com/share/162NY/Selected

Let’s take a closer look at one of my personal favorites in this list:  50 Riviera Drive, Big Coppitt.  This home is listed by Key West Property Sisters for $450,000 and is move in ready.  It features granite counter tops, 10 ft ceilings and and en-suite master with a walk in closet.  Taxes are less than $3500 per year for ALL THREE (windstorm, flood, & hazard)

If you’re wondering how this translates to a monthly mortgage payment let me break it down for you:

 

0% 3.50% 5% 10% 20%
Mortgage  $2,504  $2,416  $2,405  $2,235  $1,797
Taxes  $350  $350  $350  $350  $350
Insurances  $291  $291  $291  $291  $291
Sample Total Monthly Payment  $3,145  $3,057  $3,046  $2,876  $2,438

 

This is “On the Rim & Out the Door” pricing so all of your taxes and insurances will be rolled right into your mortgage payment and your mortgage company will take care of making the yearly payment on your behalf.

Call, text, or email me (305-394-4073 or krystalthomasre@gmail.com) for additional information about these home as well as additional options that are available.  I am a full time buyers agent with Preferred Properties and ready to assist you in purchasing your Florida Keys home!