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Thursday, August 4, 2011

307 Olivia Street - Old Town - Key West

Just listed, but not by me, 307 Olivia Street in the Bahama Village section of Old Town Key West. This is a sweet little house that is located on a quiet little one way street just two blocks from Duval Street. The listing Realtor describes this gem like this:
"Within a block of Hemingway's house, and close to all his Key West Duval Street haunts lies this special conch house. Charming, 2 bedroom, 2 bath, with a sleeping loft. Well kept and peaceful, with a great deck and beautiful trees, in addition to off-street parking. Bike or walk to all the wonderful restaurants, the beach or many attractions Key West has to offer."
The house has 1064 sq ft of living space on divided between two floors. The kitchen and living space are at the rear of this home. Two sets of French doors and several windows make this area quite bright and inviting. The master bedroom and bath are located at the right front and a smaller bedroom or office is at the left front. A second bath is also located on the main level. A stairway leads to the second floor loft that is used as a bedroom space.

The rear deck is nestled under a big canopy of trees. I think there is adequate room for a pool but the tree roots could be problematic in getting permission to build an in-ground pool. There is a bricked off-street parking spot.

Rear deck and a large backyard

CLICK HERE to view the Key West mls datasheet and to view more photos of this property that is offered at just $489,000.

If you would like to see this home or any other property in Key West, please call me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.


Anonymous said...

Nice enough little house at a decent price. Looks just right for someone who wants a nice place to land when visiting Key West.

I hope the recent economic goblins don't turn Key West into a ghost town w/out any of the buyers who've been haunting us (happily) lately. It would be nice to see the market continue to stabilize/improve.

Anonymous said...

The economic woes are just starting as there are so many properties in limbo, bank owned or about to become a short sale.

There is no stability in the market. With the downgrading of the US by S&P our interest rates for everything from mortgages, loans, credit cards, etc. are going to jump.

That will mean less people able to qualify for a mortgage. Hope anyone who buys here has deep pockets as we also have less of a pool for our tax base so expect property taxes to jump and insurance rates have already doubled.

No, wait the market out - it isn't the right time to buy no matter what anyone says. Unless you can find a super sweet deal and plan to stay with it for a very long time.

I am starting to sound like ninety percent of the housing market elite in town - just wait and see.

Gary Thomas said...

Dear Anon, Do me a favor and at least come up with a pseudo name so we can all know to differentiate your posts from other comments.

It's hard to tell from your post as to whether you are talking about real estate in general or Key West in particular. I have written several posts about how the Key West market has recovered as compared to other areas of the country. A couple of weeks ago the Key West Citizen Sunday edition lead item discussed a 17% price increase in Key West house sales over the same time period in 2010.

I monitor the new bank owned properties as they hit the Clerk of Courts website. I monitor new lis pendens to see what is being foreclosed upon. The numbers of both bank owned properties and new foreclosures are down-especially in Key West. Yes, there will be new foreclosures. But I think we are out of the woods.

The people who live in Key West and the people who have a dream of buying here have absolutely no control over what the morons in Washington are doing or will do in the future. One thing we can be sure of is that they Congress will continue of exhibit total incompetence.

What we do in Key West can't affect any of that. What we can do, however, is use the sad state of affairs to enrich ourselves at the expense of the misfortunes of others. And people are doing it every day. I get emails and phone calls from people wanting to buy foreclosures and short sales because that is where those buyers perceive the bargains are to be found.

There is a lot of building and renovation going on again. People are working here. Oh, and there is plenty of money in the tax revenue to sustain our growing economy. The cruise ship port fees and bed tax keep our little city flush. Don't fret about Key West.


Anonymous said...

More spin? I know too many contractors who are not working. The same is true for electricians, plumbers, etc. The Key West market as well as the Lower Keys market is stagnant. I hope you are right but I seriously don't see anything but a long, slow process of recovery for the housing market. Buy to hold on to the place for 5 years or more and DO NOT expect a quick return.

The old rules of real estate buying and selling apply now. No need to ramble Gary - those of us who have bought and sold over the years know a value when we see it and an overpriced property to avoid.

It is a cautious time to buy now, not a great time. Buy because you can afford to do so and not to make up for any loses you have elsewhere in your portfolio.

If you have to ask, you better not jump in now. Get your liquid assets together first then think and think some more.

If in doubt, get out. Rent til you have enough (at least 20-30 percent down) to buy. With a conventional mortgage. Even if you have the cash, don't sink it all into a property here unless you can truly afford to do so. And make sure you do your homework.

The real estate market is iffy and will continue to go up and down for many years. Want a safe bet - invest in silver. A 40 per cent return in the last 10 years. You can not beat that. Even gold has not done as well.

My two cents. I live here. I know. Have lived here all my life, seen ups and downs, see it all. No one who has lived here for say 25 years or less can tell you better than I. I was here through the boom and bust years and trust me, I have seen it all.


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.