Total Pageviews

Saturday, January 12, 2013

29 Loggerhead Ln Sugarloaf FL Florida Keys Real Estate

29 Loggerhead Ln Sugarloaf FL Florida Keys Real Estate



Longing for an open airy water front home that embodies thoughtful design and a collaboration between nature and space? Remember when you were a kid and you were gone all day and came home when it started to get dark? You'll find kids riding bikes, playing and exploring. You may catch a glimpse of a Key Deer or Marsh Rabbit which are on the endangered species list. Sugarloaf Elementary is a short bike ride from home. Shopping list: bees wax sun tan lotion, fishing pole, water fins, mask, an architecht and a builder. Build your brand new energy efficent peaceful ecohome. Sustainability is a state of mind and a way of life. GREEN living has a cleansing and detoxifying effect on the mind, body and soul. Best priced canal lot in the lower Keys.

 
 
 
 
 
 
 
 


 
 


 
 
 









 
 































 

Sunday, August 5, 2012

Duval Square Condominium 1075 Duval St Key West FL # 32

Duval Square Condominium 1075 Duval St Key West FL #32





1075 Duval St in Old Town is on the market for $444,900.  It's not my listing but it is listed by the office where I work, Sellstate Island Properties.  Duval Square condominium a mixed use condo with retail space ground level and residential units, some with transient licenses, on the 2nd floor.  There is covered parking for 1 car in the parking garage.  It's in an X flood zone which means that it has never flooded and flood insurance is not required.

This unit is original, built in 1987, with wear and tear.  It's going to need improvements.  There are no appliances.  The kitchen and baths are dated.  It's unfurnished.  #32 is 1,490 square feet.  This unit has a transient rental license so it can be rented short term like a 1 room guest house.

Here are pictures and info when it was a vacation rental.  It's bank owned.  #32 last sold on October 19, 2005 for $832,500.  It's currently assessed at $478,290.  The 2011 taxes were $4,825.  

I have a 2/2 that is supposed to close on August 10th for $410,000.  It's all original like this unit.  It's 1,240 square feet so it's 250 square feet smaller.  The sold price per square foot for unit 7 that is selling for $410,000 is $330.65 per square foot.  If unit 32 sold at the same price it would be $492,668.60.

# 32 is a 3/2.  It's the only free standing unit.  All of the other units are above the shops across the courtyard where the pool is.

It would probably not be your 1st choice for a primary residence, but it's a very busy vacation rental.

I talked to one of the reservationists at the vacation rental company (across the court yard) that managed this unit for years.  He said that it rents for $318 to $575.  

I am using income estimates based upon a web site with slightly different figures.  The site says the unit rents for $318 (low season / summer), $378 (shoulder season), to $428 per night (high season).  The reservationists $575 nightly rate is probably limited to special events and holidays in high season.  

The reservationist said the company has been averaging appx 85% occupancy during the summer.  

Here is list of rentals at Duval Square.  Duval Square was built in 1987.  It's between Duval Street and Simonton Street on the corner of 


I was in the hotel business for many years and this is how we typically divided the seasons / rates:

October, November and December are shoulder season and very in demand, but the occupancy is lower.  October is pretty slow, but everyone has a 7 night minimum and the last week of October is always sold out.  Special events such as Fantasy Fest would be $575 per night rate)

Jan, February, March April are high season (highest rates and typically sold out 100% in Feb & March.  The 1st 2 weeks of Jan need a lower rate to rent the, with the last 2 weeks are typically 95% to 100% sold out at the hotels with a slightly lower rate.  February and March will be 100% sold out at the hotels with the highest rate which is not typically Special Event rates, but the highest normal rate.

May is a shoulder month and has higher rates, but lower occupancy and high season.  At the hotels the rate could be a little lower to increase occupancy or the rate can stay higher with a little lower occupancy.  The weather is heavenly!  

June, July, August and September are low season.  Hotels are typically running 70% in the summer.



This is an example of a rental fee schedule
for a 2 bedroom 2.5 bath unit at Duval Square

1/26/2011 to 1/5/2012 $410 per night and $2,870 weekly
1/6/2012 to 1/13/12 $310 per night and $2,030 weekly
1/4/2012 to 1/22/2012 $310 per night and $2,030 weekly
1/23/2012 to 4/14/2012 $310 per night and $2,030 weekly
4/15/2012 to 5/31/2012 $300 per night and $2,030 weekly
6/1/2012 to 10/20/2012 $250 per night and $1,680 weekly



This is an example of a rental fee schedule 
for a 2 bedroom 2.5 bath unit at Duval Square

From $315 per night, $1900 per week (winter)
From $270 per night, $1,600 per week (shoulder)
From $240 per night, $1,400 per week (summer)
Refundable $150 key deposit
Cleaning fee $145



This is an example of a rental fee schedule 
for a 2 bedroom 2.5 bath unit at Duval Square

*based upon a 7 night stay.  Shorter stay will have a surcharge
5/30/2012 to 7/2/2012 $190 per night, 3 night minimum
7/3/2012 to 7/7/2012 $260 per night, 4 night minimum
7/8/2012 to 8/29/2012 $190 per night, 3 night minimum
8/30/2012 to 9/3/2012 $260 per night, 4 night minimum
9/4/2012 to 10/`8/2012 $190 per night, 3 night minimum
10/19/2012 10/20/2012 $300 per night, 7 night minimum
10/31/2012 to 12/21/2012 $220 per night, 3 night minimum
12/22/2012 to 1/21/2013 $220 per night, 7 night minimum
10/31/2012 to 12/21/2012 $220 per night, 3 night minimum
12/22/2012 to 1/2/2013 $300 per night, 7 night minimum
1/3/2013 to 4/30/2013 $260 per night, 7 night minimum



This is an example of a rental fee schedule 
for a 3 bedroom 2 bath unit at Duval Square



12/17/2011 to 12/25/2011 $450per night, $3,150 weekly
12/26/2011 to 1/5/2011 $490 per night, $3,430 weekly
1/6/2012 to 1/13/2012 $410 per night, $2,730 weekly
1/14/2012 to 4/14/2012 $410 per night, $3,430 weekly
1/14/2012 to 1/22/2012 $590 per night, $4,900 weekly
1/23/2012 to 4/14/2012 $360 per night, $2,380 weekly
4/15/2012 to 5/31/2012 $470 per night, $3,150 weekly
6/1/2012 to 10/20/2012 $310 per night, $2,030 weekly



This is an example of a rental fee schedule 
for a 4 bedroom 4.5 bath unit at Duval Square

11/1/2011 to 12/16/2011 $470 per night, $3,150 weekly
12/17/2011 to 12/25/2011 $620 per night, $4,340 weekly
12/26/2011 to 1/5/2012 $720 per night, $5,400 weekly
1/6/2012 to 1/13/2012 $590 per night, $990 for weekly
1/14/2012 to 1/22/2012 $590 per night, $4,900 weekly
1/23/2012 to 4/14/2012 $590 per night, $3,990 weekly
4/15/2012 to 5/31/2012 $470 per night, $3,150 weekly
6/1/2012 to 10/20/2012 $410 per night, $2,730 weekly



Estimated income total for # 32 = $114,060

low season, 4 months at 70% occupancy at $318 per night = $26,712
shoulder season, 4 months at 85% occupancy at $378 per night = $38,556
high season, 4 months at 95% occupancy at $428 per night = $48,792

Less 20% management fee for vacation rental company $20,892.60

I need to check on the cleaning expense.  I'll figure $145 per check out so we can look at a figure now.  We can adjust that later when we get the info.  I used $145 X 52 weeks X 90% = $6,786.  One of the sites lists a cleaning fee of $145 per night and the guest pays the $145. 

Less taxes $4,835.  This unit is assessed at $478,290.  Taxes are a little over 1% of the assessed value.  

Less 10% for reserves for repairs $10,446.30

Less condo dues which includes exterior building maintenance.  This unit is 1,490 square feet.  I'll estimate $7,150 annually and $596 per month until we get the actual figure.  The 1,250 square foot units are approximately $500 per year or $6,000.  

For investment property we will need additional insurance.  I will check with insurance company that I use.  For a primary residence it's typically appx $700.  We can figure $1,400 for this and adjust it after we get real figures.


This is a 3 bedroom 2 bath at Duval Square (not # 32) that is rented by the owner on FlipKey.  This unit rents for $310 to $490 per night. 

If this unit sold  for 50% of the 2005 value of $832,500 the purchase price would be $416,250.  

Total Estimated Pre-Paid Expenses $3,600.72

Total Closing Costs and Pre-Paid Expenses $7,866.72

Down Payment $83,250.00

Estimated Total Cash Required $91,116.72

Estimated Monthly Cash Required

Monthly Payment (P & I) $1,638.16

Monthly Property Taxes $402.08

Monthly Insurance $116.67 (estimated interior / renters coverage)

Monthly HOA Dues $596.00 (estimated) 

Total Estimated Monthly Payment $2,752.91


Total estimated income = $114,060

Less the mortgage payment $2,752.91 X 12 = $33,034.92

Less vacation rental company = $20,892.60

Less taxes = $4,835

Less 10% reserves for repairs $10,446.30

Less estimated condo fees = $7,150

Less estimated additional insurance $1,400


Total estimated potential net income = $36,301.18.  This figure leaves out Special Event and holiday income.  

Wednesday, July 4, 2012

923 Eaton St Key West FL

923 Eaton St Key West FL





923 Eaton St is on the market for $375,000.  The home is currently listed, not by me, at 1,320 sf.  In 2007 the square feet was listed as 1,157.  In 2000 the square feet was listed as 1,226.  There are 2 bedrooms upstairs in the converted attic and 1 bedroom upstairs and one bath downstairs.  The roof is 2,540 square feet.  The tax records say that the home was built in 1933.  There is a metal gable roof.




Dade County Pine wood is prized in the FL Keys.  923 Eaton St has a living room full of the bare wood.  The floors were listed as Brazilian Purple Heart on an old listing.  There are 6 inch baseboards and crown molding in the living room.  There are 6 over 6 windows.  The laundry room is extra large.  The dining room over looks the back yard.




This home has been listed for sale a number of times.  It was sold in 2000 for $279,000 and 2007 for $368,000.  It is a bank owned property and you must have a pre qualification letter from the lender to write an offer.  




There is a large bricked back yard with Schefflera plants and Areca Palms.  Schefflera and Areca palms are house plants in most parts of the country.  In the Keys they are usually as large as trees.  There are a few Cuban Royal Palms and coconut palms.




To the right there is a 3 unit property.  And a vacant commercial space 2 units to the right.  There is a bakery diagonally across the street and Colez Peace (fantastic!) bakery and sandwich shop just up the street.


Link to the Monroe County Property Appraiser  http://www.mcpafl.org/PropSearch.aspx