Thursday, July 11, 2013

1800 Atlantic: A Comparison


If you’ve looked into real estate in Key West, chances are you’ve heard of 1800 Atlantic. This large condo complex is named after its address on Atlantic Blvd., located right on the beach. Units have some of the best true “ocean views” in all of Key West, as well as an amazing private beach (right next to Smathers Beach), Jacuzzi, two saunas, three tennis courts, shared lending library, recreation room and a heated Olympic-size pool. Yes, I said Olympic-size pool. In Key West! The location allows easy access to Key West activities but with all the amenities, who needs to leave! (Kidding.)
Olympic-sized heated swimming pool right on the Atlantic Ocean
Views of the ocean and private beachfront
The complex has 168 units in four stories over parking on a beautifully landscaped property. Currently, five units are for sale (active), ranging in price from $435,000 for a 2nd floor 2BR/2BA street-view with an original kitchen to $1,395,000 for a 3rd floor 3BR/2BA ocean-view that has been completely remodeled. For comparison sake, let’s just look at the four lowest-priced condos for sale today. (Taking out the million-dollar listing.)
1800 Atlantic building from from the ocean side

View
Only one unit has a pool/courtyard view (C230). Two of the others have street views (C227 and C131) and one has a view of the nature preserve (A208). Courtyard view means you’re looking at the pool and the ocean from your spacious 34’ balcony, not the cars going by on Bertha Street. Point: C230
Use this map to see where each unit is located within the 1800 Atlantic complex

Balcony view from Unit C230
Living Space
Three of the units are listed at 1,375 square feet and one is listed at 1,311 (C227). All four units have 2 bedrooms and 2 baths. All the units at 1800 Atlantic have similar layout and size, so this isn’t really a factor in comparison. All four units have large balconies. Point: tie

Price
The units are priced at $435K, $469K, $525K and $595K. That puts the price/sq. ft. ranging from $331.81 to $438.47. Arguably a decent value for any home in Key West today. Point: C227

Interior
Only one of the units has been remodeled, and that is the most expensive of the four (C131). The other three units feature original kitchens, but d├ęcor and upgrades vary from unit to unit. All of them appear to be “turn key” and in good condition. Point: C131
Remodeled kitchen in Unit C131
Original kitchen in Unit C230

Transient License
None of these four units have transient rental licenses allowing nightly or weekly rentals, but a non-transient rental license (30 days or more) can be purchased from the City of Key West for $19.95/year. Point: tie

My Opinion
Interior of Unit C230. Nice view!
So, how do you distinguish which unit offers the most for the money? In my professional opinion, the best buy in the place is NOT the cheapest, but the next lowest-priced unit, C230, at $469,000 for a 2nd floor pool/courtyard view. The cheapest unit (C227) has a street view. The remodeled unit (C131) has a street view AND it’s located on the first floor (even closer to loud and dirty traffic). The final unit (A208) didn’t win any of my categories. It’s higher priced and it has a view of the nature preserve. Not that I don’t like nature as much as the next guy, but I didn’t move to Key West to look at trees. It’s all about the ocean, baby!

I’d love to hear your opinion. Compare for yourself. What unit would you choose?

If you’re looking for a home in Key West, 1800 Atlantic has a lot to offer. Please give me a call to schedule a showing of Unit C230 or any of the other units currently for sale. You can reach me at 305-304-1708 or email nexxthome@yahoo.com. Or search other listings in Key West or the Florida Keys at http://keywestlistings.com.

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