Saturday, November 10, 2007

Luxury Condo Towers Over Lazy Lane in Key West

Traveling down Lazy Lane yesterday, one couldn't help but notice the large construction development in progress. Known as Harbor House, this 32-unit luxury condominium is under construction and will likely change the character of the Key West Bight.

The developers website offers "special pre-construction pricing starting at $1,866,750". With units "ranging in size from 1,900 to more than 2,300 square feet", that translates to nearly $1000 per square foot.

This development caused quite a bit of anxiety among Old Town residents, who thought the initial plans for over 100 condo units was too dense (and tall) for the area. After a long battle, the 32-unit version became the final plan. And now, the construction is under way.

While riding down Lazy Lane, adjacent to the Schooner Wharf Bar ("The Last Little Piece of Old Key West") and home to little shacks housing cottage industries, one can't help but notice the two-and-a-half-story building practically touching the funky Lane.

Notice the photo attached to this blog post (click the photo to see a larger version).

Aren't there set-back requirements that restrict building so close to the property line - especially for a building that is nearly 35 feet tall?

Or does Harbor House own Lazy Lane?

Or was this a part of the development agreement?

Will there be any landscaping between Lazy Lane and this building?
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Anonymous said...

I have heard that 70% of Harbor House has been sold pre construction. Don't even think that Lazy Lane or Schooner Wharf Bar will be able to hang on once these homes are built. Schooners is on a 10 year lease with the City and I believe, according to Evalina, that they are in year 4 by now (or year 5 I am not sure). Anyway, kiss them both goodbye once the new owners move in and realize that the harbor could be theirs too, if the price is right.

Anonymous said...

I love the Schooner Wharf Bar but I can't stand the infringement of these ugly new condos bringing with them transient rental vacationers or worse yet, the new rich yuppies who want to change the island to suit their own agenda. But the writing is on the wall for both Lazy Lane shops and the bar and probably BO's and, of course, Waterfront Market. As long as there is waterfront and a buck to be made Key West will sell to the highest bidder no matter what it costs us residents in the long run.
We just had an election and we, the citizens of Key West, lost big time. Either candidate for Mayor was a bubba and a joke. Meet the new boss - same as the old boss. Developers couldn't lose either way.

Anonymous said...

If history is repeating itself, 90% of those pre-construction sales were to speculators and not to end-users. That same history predicts that, when the time comes, end-users will be scarce and speculators will be hurt.

Everything returns to the mean. The writing may be on the wall for the Harbor House, not for the last little bit of old Key West. If Schooner Wharf and B.O.'s can hang on, they could be the "last man standing."

I live in hope despite previous experience.

Cayo Dave said...

HI Salley!
Always a pleasure to see your comment.
I've noticed that Harbor House doesn't have any listings in the MLS anymore. I seem to recall that there were 23 units in the MLS...maybe 4 months ago...but as of the other day there were none.
I wonder what is going on.
Any clues?

Anonymous said...

with real estate rapidly losing value, what is going on with all these new million + condos coming online?

aren't they just increasing the supply of what already isn't selling?

Anonymous said...

They aren't listed in the MLS because the MLS committee decided that it is against the rules to list a property for sale that has not actually sold - hence no flips. You will see the same is true for Steamplant units and any other projects that are being sold by developers and have not closed.
You know, you could have asked Sally since she is supposed to be a realtor. Oops - my bad - she isn't really one anymore since she left paradise for her prison cell in Costa Rica. Remember that letter you wrote to the Citizen Sally? You said you were living behind bars in crime ridden Central America. So much for being an ex-pat eh? And yes, I have access to the MLS but I AM NOT a realtor (thank God!). Unlike that crew, I have more than two brain cells!

Anonymous said...

High end homes ALWAYS sell in Key West and just because you don't see it in the MLS doesn't mean it hasn't sold. Not every home goes through the MLS - so many transactions happen without public knowledge so don't fret - Harbor House is well on it's way to becoming sold out and money is to be made by a select few. That is Key West - like it or not - and it ain't gonna change. Get use to it. This is how business is done under the Bubba System.

Anonymous said...

Sally O'Boyles latest spam email to all the KWAR members. Hey Sally - who asked for YOUR opinion? You weren't there - you are getting heresay and gossip reports. Just what makes YOU think YOU know what is best for the BOARD? Are you an officer? A Board member? Or just a whinny realtor far from home with too much time on her hands?

Here it is:

Even in Costa Rica, I heard about the unfortunate incident between three of our members at the awards' banquet. I also heard that the KWAR leadership believes it needs to involve our organization and the State Attorney's office in the matter.

I disagree. This is a private matter between these individuals, all of whom are of age and any one of whom is free to complain to the authorities if they see fit.

It is definitely NOT a matter for the Key West Association of Realtors to police, despite the fact it took place at a KWAR function. I would be very surprised to learn that our rules and bylaws require us to take sides or to notify the authorities in matters that occur between our members.

It will not further the goals of our Association in any way, while KWAR's involvement in legal wrangling between the authorities and our members has the potential to do our organization great harm.

The KWAR needs to stick to KWAR business.

Sally O'Boyle
Licensed Real Estate Broker
KWAR Member since 1995

Anonymous said...

Sounds like something Hal would write....

Cayo Dave said...

They aren't listed in the MLS because the MLS committee decided that it is against the rules to list a property for sale that has not actually sold - hence no flips.

Has there been another rule change at the "MLS committee" since the Harbor House condos are back in the MLS?