Posted: Jan 16, 2018
What can you buy for $2M in Old Town Key West

I met a kindly gentleman from NYC a few days ago at a favorite boutique in Old Town.  We spoke about the Old Town market in 2017 and likely trends for 2018.  He spoke about an optimum living arrangement of having a home in Old Town and an apartment in Manhattan. (I'm more of a DC guy). His price target for his Old Town home was around $2M. Very congenial. Admittedly, $2M is a bit above my sales range so I decided to take a good look and see what's in the $2M area that might be of interest.  Let's see what's available.


From January 1, 2015 to December 31, 2017, forty-one single family homes sold for $2M or more in the Old Town area; six in 2015, twenty in 2016 and fifteen in 2017.  Two of the homes sold were for more than $5M and two more for over $4M.  The Old Town area is defined as; Old Town - North, Old Town - South, Casa Marina, Bahama Village, Truman Anex and the Meadows. See a map here.


A search of this same Old Town area reveals that there are fifteen single family homes for sale priced between $1.9M and $2.3M.  You can see them all at the end.  I have chosen four properties to review more carefully. You won't go wrong with any one of them.

1015 Elgin Lane


Classic 3 bedroom, 2.5 bathroom cottage in the Old Town - North neighborhood.  Originally built in 1893 this home has been completely renovated. Gorgeous original hardwood floors throughout plus Dade County Pine walls. 2160 sq.ft. of living space. Outdoor dining area, heated pool with Trex decking, and additional seating area expands your living space to the out-of-doors. This property features off street parking for 3 cars with access from both Eaton Street and Elgin Lane.


Taxes are $7858. AE Flood zone so some flood insurance required (if under a mortgage). You can see a virtual tour of the property here.


1015 Elgin Lane is listed for sale at $1,930,000.

1013 Southard Street


Beautiful two-story Revival architecture home in the Old Town - North neighborhood. First and second floor porches span the width of the home. Inside the 1701 sq. ft. home are high ceilings, polished wood floors, Dade County pine, beautiful moldings and spacious rooms. The first floor has a master suite with full bathroom. Two guest bedrooms upstairs share a full bathroom. The bright kitchen/living area opens through french doors to the covered loggia and a new 11' x 19' heated pool.


Taxes are $11,985. AE Flood zone. Off street parking.


1013 Southard Street is listed for sale at $1,947,500.

1309 Villa Mill Alley


Large, handsome, island style oasis on a quiet lane in the Casa Marina neighborhood. Built in 1938. Concrete construction. Five bedrooms and four bathrooms include master suites both upstairs and down. 3529 sq.ft. of living space. Large airy rooms with tall ceilings, covered balconies and expansive outdoor living area. Pine floors, plantation shutters and fireplace create a warm and homey ambiance.


The 6659 sq. ft. lot is enclosed by a privacy fence. Lush, illuminated gardens surround a heated pool and Jacuzzi. Taxes are $11,302.  X-Flood zone means flood insurance is not required though I do recommend carrying even a nominal policy. Off-street parking for 3 vehicles.


1309 Villa Mill Alley is listed for sale at $2,249,000.

414 William Street


Conch Mansion located in the Old Town - North neighborhood. Major permitted enhancements in 2014 - 2015 include metal roofing, kitchen, bathrooms, heated pool, decking and fencing. 2050 sq. ft. of living space. The first level contains a sunny parlor, master bedroom en suite and a large, professional kitchen that includes a butler’s station.  Adjacent to the kitchen is a dining area with pallidum windows.  French doors lead to an outdoor dining deck and heated cocktail pool.


The second level consists of two over sized bedrooms with a shared full bathroom and an informal living room that is flanked by library ladders which lead to two separate sleeping lofts. See a virtual tour of 414 William Street here.


Taxes are $11,968. X-Flood zone.


414 William Street is listed for sale at $2,295,000.


Sale Price and Sale Price per SqFt.


The graphic above shows Sale Price (left side scale) and Sale Price per Sq.Ft. (right side scale) for the fifteen homes in the $2M target price range.  Each one is a winner.  Some of the variables include the general neighborhood, existing and expected Flood Zone rating, layout to your personal taste and whether or not the property can be enhanced or expanded beyond its present state.


To determine the existing Flood Zone designation of any Key West property, use this FEMA map.  Type the address in the top right corner. New flood maps are expected in late 2018. 


Location of $2M homes For Sale.


Most tax record information about the Built Date for homes in the Old Town area of Key West are incorrect.  Faults arise from both human error and records destroyed or lost due to fire or flood.

The best source to determine when a property "came to life" in Key West is the Sanborn insurance maps, many of which can date to the late 1800's.  Find the origin of your Key West home in the Sanborn map here.


If you have any questions or comments, please contact me here.


Good luck!


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