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2016 Fogarty Avenue · Key West, FL
Your perfect island retreat awaits in one of Key West's most promising neighborhoods
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Classic Key West Charm with Modern Potential
Tucked into a vibrant "on-the-rise" Midtown pocket, this classic Key West cottage perfectly blends vintage island character with contemporary everyday ease. The moment you step inside, warm wood floors anchor a light-filled, comfortable 2-bedroom, 1-bathroom layout that feels both intimate and inviting.
What truly sets this property apart is the exceptional outdoor space. Out back, a sunny deck opens to a generous full 5,000 square foot lot (50' x 100')—remarkably spacious by Key West standards and large enough to accommodate your dream pool. Additional handy storage provides the perfect spot for bikes, beach gear, paddleboards, and tools.
The location delivers authentic island lifestyle with incredible convenience. You're close to pristine beaches, essential shopping, and the legendary restaurants and nightlife of Old Town, yet tucked away in a quieter residential neighborhood experiencing strong appreciation. It's the ideal base for easy island living with exceptional room to grow and customize to your vision.
2 Bedrooms
Comfortable sleeping spaces
1 Bathroom
Well-appointed full bath
5,000 SF Lot
Room for pool expansion
Pool-Ready Lot
At 5,000 square feet, this generous lot provides ample space to design and install your dream tropical pool oasis—a rare find in Key West's competitive market.
Outdoor Living
The spacious back deck creates perfect flow between indoor and outdoor living, ideal for morning coffee, sunset cocktails, or hosting island-style gatherings year-round.
Authentic Character
Beautiful wood floors throughout add warmth and timeless Key West charm, creating an inviting foundation that complements any décor style from coastal casual to tropical elegance.
Smart Storage
Dedicated outdoor storage keeps beach gear, bicycles, fishing equipment, and tools organized and accessible—essential convenience for active island living.
Prime Midtown
Enjoy the perfect balance: a peaceful residential setting in an appreciating neighborhood, yet just minutes from beaches, shopping centers, dining, and Old Town's vibrant energy.
Rising Value
This emerging Midtown pocket is attracting attention for its strong appreciation potential, making it a smart investment opportunity for both primary residence and rental income.
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Corky Irick
Licensed Real Estate Professional
Phone: 305-923-1744
Preferred Properties Key West
PreferredPropertiesKeyWest.com
Key West Real Estate Market Snapshot
Understanding current market dynamics helps position this Midtown opportunity. Here's what October 2025 data reveals about Key West's competitive real estate landscape and what it means for savvy buyers.
$1.4M
Median Listing Price
City-wide median for August 2025, with sale-to-list ratio at approximately 95.7%, indicating active negotiation opportunities
$1.18M
ZIP 33040 Median Sale
September 2025 closed sales median in the immediate area, providing realistic pricing context for buyers
173
Average Days on Market
Properties in ZIP 33040 are taking approximately 173 days to sell, giving buyers time to conduct thorough due diligence
$1.03M
Average Home Value
City-wide Zillow Home Value Index, with typical time to pending around 126 days across Key West
City-Wide Trends
Key West continues to command premium pricing, with the median listing price hovering around $1.4 million as of August 2025. The sale-to-list ratio of approximately 95.7% suggests that while the market remains strong, there's meaningful room for negotiation—particularly important for buyers considering properties that offer expansion potential.
The typical time to pending status of around 126 days indicates a measured market where buyers can take their time evaluating opportunities. This pacing benefits those looking to make informed decisions about properties with development potential, like homes on oversized lots.
Neighborhood Context
Within ZIP 33040, which encompasses much of Key West including desirable Midtown locations, the median sale price sits at approximately $1.18 million as of September 2025. Properties in this area are averaging 173 days on market, reflecting the deliberate approach both buyers and sellers are taking.
Across Monroe County, the broader median sale price of around $970,000 with approximately 163 days on market provides useful context. Key West properties command a premium, but the longer market times create opportunities for strategic buyers to negotiate, especially on homes offering unique features like substantial lot sizes.

What This Means for 2016 Fogarty Avenue
City prices list higher overall, while closed-sale medians and longer days on market suggest buyers maintain solid negotiation leverage. This dynamic is particularly advantageous when positioning an updated 2-bedroom, 1-bathroom home on a full 5,000 SF lot with pool potential. The combination of desirable features, expansion capability, and location in an appreciating Midtown neighborhood creates compelling value relative to market comparables. Smart buyers recognize that properties offering both immediate livability and future development options represent exceptional opportunities in today's measured market environment.
Who's Buying in Key West Today
Understanding the buyer profile helps position this Midtown cottage perfectly. Key West attracts a diverse mix of local professionals, second-home seekers, and out-of-state buyers drawn to the island's unique lifestyle and strong investment fundamentals.
Demographics & Income
The median age in Key West is approximately 46.5 years, with a median household income around $78,500 according to 2023 American Community Survey data. This reflects a mature, established buyer pool with purchasing power and lifestyle priorities centered on quality of life, outdoor recreation, and community connection.
Homeownership Patterns
Approximately 47% of occupied housing units in the city are owner-occupied, signaling a robust presence of both second-home owners and rental investors alongside year-round residents. This split creates a dynamic market where properties must appeal across multiple buyer categories, from primary residences to vacation homes and investment opportunities.
Geographic Interest
Among out-of-area home searchers looking at Key West properties from June through August 2025, the top feeder metropolitan areas include New York, Washington DC, and San Francisco. These high-cost markets are driving buyers who appreciate Key West's relative value, lifestyle amenities, tax advantages, and year-round tropical climate.
Perfect Buyer Matches for 2016 Fogarty Avenue
Island Professionals & Locals
Year-round residents seeking Midtown convenience with authentic Key West character. These buyers value the neighborhood's rising trajectory, proximity to beaches and Old Town, and especially the rare opportunity to add a pool on a generous 5,000 SF lot. The wood floors and easy 2-bedroom layout provide comfortable living today, with clear expansion potential for tomorrow.
Second-Home Buyers
Out-of-state buyers, particularly from major metros like New York, DC, and San Francisco, seeking an easy-care island retreat. The turnkey 2/1 cottage requires minimal maintenance while offering the exciting option to customize outdoor living spaces. The full lot provides privacy and pool possibilities without the complexity of a larger estate property.
Strategic Investors
Forward-thinking investors targeting long-term appreciation in Key West's strengthening Midtown corridor. The property's current condition allows immediate rental income, while the oversized lot and pool potential create clear value-add opportunities. As the neighborhood continues its upward trajectory, enhanced outdoor amenities can significantly boost rental yields and resale value.
Midtown 2/1 on a full 5,000 SF lot with deck, storage, and room for a pool. Wood floors, easy layout, rising neighborhood near beaches & Old Town. Perfect for locals, second-home buyers, or investors seeking appreciation potential.
Corky Irick · 305-923-1744
Preferred Properties Key West