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Monday, February 9, 2009

610 Olivia Street - Old Town - Key West





This is how the listing Realtor describes the property located at 610 Olivia Street: "This renovated home is located just one block from world famous Duval Street in Historic Old Town Key West.Walk to clubs, restaurants, shopping and museums. Property is currently configured as a duplex with each unit offering one bedroom, one bath, central air conditioning, washer and dryer, dishwasher, range, refrigerator and one unit furnished. Off street parking and a large fenced yard with room for a pool are just a few of the amenities offered on this cozy cottage."

Two years ago (at my former real estate office) we had the properties next door to the east on the market where I hosted several open houses. Both houses sold to the same purchaser. The house at 612 Olivia and 616 Olivia sold to one buyer for the the combined price $4,850,000. The properties directly across the street from 610 Olivia are part of the Paradise Inn. I refer to the view across the street as being similar to Wisteria Lane on Desperate Housewives because the view is just perfect. That activity did not stop one buyer from spending a lot of money for a truly great residence.

610 Olivia is located just one block east of Duval Street. There are several notable restaurants nearby including Seven Fish and Pisces. And tons more. South Beach is about a five minute walk to the south.

I think this house at this location could work well for a buyer looking to purchase a second home in Key West that could be rented occasionally as a monthly vacation rental. There is room at the rear to add a good sized pool and add some needed landscaping. There is a large side yard that already provides ample off street parking.

The cute house at 610 Olivia Street is 875 sq ft and sits on a 3385 sq.ft. lot (91' x 37'). The new asking price is only $499,000 or $570 per sq. ft. As presently configured, the property has two bedrooms and two baths. CLICK HERE for more detailed information on this cute house and many more photos.

If you are looking to purchase a second home in Key West, please consider using me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to help you find the home of your dreams. I think you could do worse than have a neighbor that spent almost $5 million located right next door. Maybe that neighbor thinks the location is as charming as I do. And hopefully that you will too.

12 comments:

Anonymous said...

The Captain says:

While one neighbor may have spent almost $5 million "right next door," the OTHER neighbor "right next door" is the back lot of Key West Chemical and Paper Supply. YUUUCK!

Sorry, Gary. Tough sell on this one.

Captain out.....

Gary Thomas said...

Captain, Key West Chemical is behind this house and Gilda's Flowers is the neighbor to the west. Key West Chemical sells toilet paper, cleaning supplies, and swimming pool "stuff" to guest houses, hotels, restaurants, and all sorts of businesses and homeowners in Key West. Key West Chemical is a very responsible company and neighbor in my opinion.

The $5 million neighbor shares Key West Chemical as a neighbor too. If a buyer at 610 Olivia were to put in some nice landscaping the neighbor on any of the three sides would disappear just like it happens all over Old Town where there are nice houses next to some not-so-nice. We all know where they are.

I have turned up my nose at a lot of properties. Then I went inside and saw how nice some are. This place happens to have a lot of upside in my opinion. It won't work for everybody. I know that.

But for the buyer who wants a cute house that is in move-in condition and has good off street parking and also has room for a good sized pool and is also located in a great neighborhood near everything, 610 Olivia Street is worth a look-see. Nothing ventured, nothing gained.

Gary

flipper said...

I love this blog.

Anonymous said...

This is a good blog. One day I'll whiz down and purchase something. Once the economy stabilizes, perhaps.

Gary Thomas said...

Flipper, what a kind thing to write. Thank you. There are others that do not share your opinion, however.

I have some Realtors very upset with me.

I am out of town for a couple of days and will have a new blog on Sunday, I hope.

Gary

Anonymous said...

Forget the realtors' whining. You provide good info for those of us who are not able to be there! Our family windowshops with every new post you put up, and we learn more and more about KW! This will help us when we finally sell our house (hopefully before school starts in August) and we remove ourselves to the Keys!

flipper said...

So other realtors are upset because???? Not sure I can imagine why. Although you don't continually chant the "market has finally hit bottom" mantra like most other realtors, you still present a very positive, optomistic perspective regarding the Key West market and I don't think I have ever noticed anything negative about other realtors on your blog. I guess it must just be a case of some feeling they must lash out at someone for the problems they are now experiencing. I will resist the temptation to get into detail about what I really think about these whiners.

I enjoy this blog because of the open, frank discussion that occurs between yourself and others, including the Captain. Very interesting and refreshing indeed. And to those realtors who can't handle it, quit wasting your time reading this blog and focus on become a bit proactive yourself. Waiting for the phone to ring just ain't going to put bread on the table any more.

Anonymous said...

The Captain says:

Well, were do I begin?

First, I'm happy to see the flurry of commentary. That's what makes a good blog. (Even tho it is not my blog, it is Gary's, and he should be commended for maintaining it.) But Gary. come on, get a laptop. We can't wait until Sunday.


Second, the realtors who are upset need to rendevouz with reality. In the computer age consumers rule. Realtors who wish that prospective buyers remain in the dark by not sharing opinions with others "in the know" (or, by not doing their own due diligence) are not worthy.

Besides, they're envious because many (but not all) of the properties you, Gary, have posted about have sold in this down market.

Third, back to the Olivia property. I'm sorry Gary, your bearings are off. Olivia runs east/west. Key West Chemical is west of the property on the corner of Olivia and Simonton, facing west. 610 Olivia is the first residential property from that corner heading east. The "almost $5 million property" is on the OTHER side (i.e., east) of 610 and therefore does not, as you say, "share" Key West Chemical as a neighbor. They may be a responsible company, but I wouldn't want their trucks parked in front of my house.

Although your bearings are off, your defense of this property was well put. No property is perfect and all, especially in an eclectic place like Key West, have a downside. As for 610 Olivia, I'm not buying but someone will.

Finally, thank you Flipper for the kind words. Let's keep this blog rockin'.

Captain out.......

Gary Thomas said...

Captain, I re-read what I wrote. I am pretty sure I got it right.

Gilda's Flowers is onthe corner of Simontone and Olivia followed easterly by 610, 612, 616 and so on. I wrote about 610. I referred to two houses that sold for nearly $5 million as the neighbor to the "east".

The Key Wet Chicial property is a large parcel and it goes way far back from it's front on Simonton to near the rear of 612 Olivia. You can definitely see some of the KWC property from both the ground level and second floor balcony (two years ago you could).

You do not see trucks looking out your front door. What you do see are absolutely charming small Key West cottages that are just "perfect".

Gary

Anonymous said...

The Captain says:

Copy and paste this link in your browser for a view of 610 Olivia:
http://maps.google.com/maps?q=610+olivia+33040&ie=UTF8&ll=24.553096,-81.798148&spn=0.013408,0.027895&z=16&iwloc=addr&layer=c&cbll=24.553029,-81.798254&panoid=B_LFPhQmft4IkMbODNHOyQ&cbp=12,115.66821296333588,,0,6.45963646362097

Captain out......

Gary Thomas said...

Captain, Yuo are right and I am right. There is storage next to the house. I forgot that. I only remembered the flower shop, but I did note the need to do landscaping to hide the views. 610 1nd apar of 612 Olivia share a common rear with KW Chemical.

Click this http://maps.google.com/maps?hl=en&tab=wl

and paste in your browser and then move the arrow for a 360 degree view. I agree with The Captain that the location of 610 isn't the best, but not many people in Key West can be lucky enough to be located on a block with so many other really positive features. If that ugly lot next door did not exist and there was a nice Conch Cottage sitting in its place, the house at 610 would not be priced where it is today. That is why I still think 610 Olivia is worth looking at.

Gary

Anonymous said...

You guys are getting anal...

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Gary Thomas in a Nutshell

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.