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Thursday, August 19, 2010

The Getaway - Key West



Front of 1415 Olivia Street is hidden behind a bunch of plams and a screened porch

If you Google the term getaway you will find numerous images of Steve McQueen and
Ali McGraw movie posters as well as photos of idealized escape destinations across the globe. The tiny house that was just listed, but not by me, appeared in the mls yesterday I thought it odd. But the price is right, just $265,000, so I decided I must see the little cottage at 1415 Olivia Street in the Meadows Area of Old Town Key West. I went by early this morning and snapped these pics to share with you. The place is so small and so closed off that I immediately thought of it as "The Getaway".

The listing agent describes 1415 Olivia Street like this:
"Quintessential Key West bungalow and the least expensive property for sale in the Meadows. This studio style home has large screened in porches on the front and back and sits on a deep lot. Lots of Dade county pine, vaulted ceiling, and room for a pool."

CLICK HERE to see the mls listing data and listing photos. This place is so small that you might miss it if you sneezed whilst walking from the from the front yard to the back yard. See photo immediately below. What I did notice, however, is that although the place is overgrown today, it has been well maintained. It has new gutters and the siding all looks in great condition. Not what you would expect to see when the yard has not been maintained. This is not a bank owned property.

Above photos show west side of the house with front and rear porches

Big rear yard with room for a pool or expansion of house

While the cottage is small, just 247 sq ft under roof (not including the enclosed front or rear porches, however). The yard is big: 30' x 74' or 2200 sq ft. There is certainly room for a pool or to add onto the existing structure. Maybe a bit of both. The front yard is obscured by ugly trees that do provide privacy but charm of this small home. The 1400 block of Olivia Street has a nice mix of cigar maker cottages to large Conch homes such as the one directly across the street from 1415 Olivia Street- see photo immediately below. Many of the houses on this block have white picket fences and that ever present Key Westy feel with lush greenery everywhere.

Big Conch house directly across street from1415 Olivia Street

1415 Olivia Street is just one block north of Bayview Park where you can walk your dog or play tennis or Frisbee or read (or even write) the great American novel. Shopping, small neighborhood eateries, gyms, yoga studios, and art galleries are all within a couple of minutes walk. You can bike over to the Atlantic Ocean and spend the afternoon at the beach. At night you can stroll over to Duval and cab it back home in the wee hours of the morning.

I may be wrong on this property, but I think it will sell quickly. Again this is not bank owned and it is not a short sale. It is a single family house that is offered at $265,000. If you are looking for an inexpensive Key West Getaway, this may be what you have been looking for. Please call me, Gary Thomas, 305.766.2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

6 comments:

Anonymous said...

Interesting take on a 13'x19' box. So do you really think the land is worth that, since it is obvious the house isn't...
(btw, it looks like Baron Von Boetticher got his price straight from the Monroe County Tax Appraisers office)

Gary Thomas said...

It's pretty small.

I have no idea what it is worth. I do have a customer interested in buying some dirt. Not there however. We have been trying to determine what land the current price of land in Old Town is today. There have been very few recent land sales. (I had one at 904-906 South last year.)

The Property Apprsaiser vaules the existing "house" at $41,738 and the ground at $234,300 or $106 per sq ft. I think that price is high for that location. But what I said about ability to expand the house and put in a pool is true and that makes the ground valuable beyond the price per sq ft. I did not see any specimen trees that would foul up a pool or house addition. Access to the rear would be easy. The existing building looks very well cared for. So for time being this little cottage might make economic sense for someone that either wants a small getaway place that does not cost a lot and is not a part of an "iffy" condo association with high monthly fees and crazy condo Nazis.

I sent this to a few of my buyers that want a low priced place in Old Town. I got one response saying it is priced too high. I don't know that I would pay the asking price for this place but I think somebody is going to get a good deal.

The public record looks as though the record owner is deceased and that this is an estate sale. If that is true, cash often persuades heirs to part with property to which they are not attached.

Gary

Anonymous said...

Idea: buy the very cute house next door that just dropped to $539,000 and buy this place, too. The other house doesn't have ANY yard, but it's adorable inside. Install a pool behind this home and you'd end up with a great conch house, outdoor/pool area and guesthouse.

Gary Thomas said...

Anon-You are so right. I took some buyers past this place on Saturday and said best buyer would be a neighbor who wanted a big pool and guesthouse.

This is a great opportunity for someone with a little money.

Gary

Anonymous said...

Of course, the big unknown is just how much investment you'd need to make to turn that place into a comfy guesthouse and pool area. We've heard nightmare stories about getting any kind of work done in Key West (expensive, permit hassles, unreliable contractors, etc.). I think combining the two properties is a fun idea.

Gary Thomas said...

There are some very competent and professional people here as well. If you hire cheap you often get a very cheap or unfinished result.

Gary

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.

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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.