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Thursday, November 19, 2009

1107 Olivia Street - Transient Licensed Home - Old Town

The "Seller" of 1107 Olivia Street just reduced the asking price from $1,250,000 to $1,150,000 for the thoroughly renovated house with a valuable Transient Rental License. The house has two bedroom, two baths, new everything, a pool, but no off-street parking. The furniture is not included at the asking price. The price per square foot for this 1125 square foot is $1,022 per sq ft. This property has been on the market since May 21st. CLICK HERE to see the mls listing info and photos.

The listing Realtor describes 1107 Olivia Street this way "Transient Licensed Charm in Old Town! Completely renovated from top to bottom. Excellent location! In Vacation Rental program so may be rented. Furniture negotiable. Owner is Lic. RE Broker." I went to the property management website to see what the house rental fee is and what kind of rental history it has. Many local property management companies have excellent websites that make looking at fees and history a breeze. The company that manages this property requires an email request. I declined.

I recently sold a two bedroom two bath unit with a beautiful pool, off-street parking, a transient license and a "great" rental history for $549,000 or for $515 per sq ft. There have been several other recent sales of single family houses in Old Town that have transient licenses that have sold at similar prices. On November 9th a Realtor friend listed a two bedroom two bath house with Transient License in a great Old Town location for $575,000. It went under contract on November 16th. That's a steal even at full price.

I think 1107 Olivia Street has really good street appeal and I like the neighborhood. The location requires a couple of minutes extra walking time to reach Duval or the Historic Seaport, but only a couple of minutes. The location is quiet and the neighboring houses and area is very nice.

You are probably scratching your head and asking why did Gary write about something that he thinks is over-priced. The answer dear Reader is that you never know how motivated a seller is to sell until he is presented an offer. The better the offer, the better the chance a deal can be reached. I don't know anything in particular about this property other than what I have written. But I have a feeling that a deal can be reach for a price grounded in reality. I think it is worth taking a look at this property even though the asking price is very high on a per square foot bases.

If you would like to see 1107 Olivia Street, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. Let me help you find your place in Paradise.

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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.