723 Olivia Street - Old Town - Key West

The more than century old house at 723 Olivia Street in Key West is vacant and ready to be renovated. The 1912 sq ft house sits on a large corner lot at the intersection Olivia Street at Petronia Lane. Petronia Lane is identified at Passover Lane where it originates on Windsor Lane one block to the north and east. Passover Lane becomes Petronia Lane at Bill Bullock Park where it turns at a right angle and dead ends 250 feet later when it meets Olivia Street. The lot measures 46.25' X 78'. The west half of the lot sits vacant. A small portion of the rear lot is also vacant. Together, the vacant spaces give this old house immense potential for future development.

 The listing Realtor describes the property this way:

"In a place with such little space sits a large, classic conch house with a large side yard full of tropical fruit trees, parking, a storage shed and plenty of room for a pool. This classic home features a very desirable 2 story architecture with a second floor front porch. The corner lot allows access to the rear as well as the front. Parking (a rarity on the island)is plentiful on the 3608 sq. ft. lot!"

If you have been searching to find a potential new home or maybe a "flipper", you already know there are few houses for sale in Old Town at any price and even fewer with enough land and size to create a decent sized house with a pool and parking. The house at 723 Olivia Street has (1) a good location, (2) a lot large enough to provide a pool and parking, and (3) room for limited expansion.

I fished around in the old shoebox and found the black and white photo of 723 Olivia that was taken about fifty years ago. Notice the concrete block base of the front porch. That base is not original to the house because they did not make concrete blocks like that in the late 1880s.  I am confident in saying that a new owner would be permitted to replace the non-original CBS porch with wood.

This house is very typical of many old houses that need renovation. It has multiple small, single purpose rooms. Key West has several very talented architects that tackle projects like this all the time. They understand how to rearrange rooms and to create spaces for the way we live today.  Key West also has several highly qualified general contractors that redo houses like this all the time. They know how to repair failing foundations, straighten tilting walls, install replacement windows, and restore decades old Dade County Pine walls.  Various subcontractors will replace all utilities including water, sewer, and electric supply. There is room to bury a propane tank so that the new owner can have the gas range many chefs prefer. The roof will get replaced and clips added to secure the roof to the house. New HVAC will be introduced to the house. There is room in the attic and under the house for duct work or piping to move cold air throughout both floors.

 The old windows will likely be replaced - perhaps adding wood impact windows. Impact windows are more expensive than regular casement windows but protect against windstorm damage up to 155 mph. Impact windows also provide superior noise reduction. Adding impact windows will provide significant windstorm insurance mitigation credits in the near term.
 which means lower insurance rates year over year. In the long term having impact windows will make re-sale easier because it will reduce the long term insurance costs for future owners making this home more attractive than a house with traditional casement windows and ugly corrugated steel shutters.

Door opens out to the second floor front porch overlooking Olivia Street

The photo third from the top shows a single story addition to the back of the house. I think a new owner might add a second level above that space which likely would become a part of a new master suite or maybe become a rooftop deck to over look the new pool to the west. Also notice the small cottage at the very back of the lot. This cottage might become a poolside cabana or bar. The vacant space behind the house is large enough to provide a parking spot. A new owner would need to decide whether to create parking in front or on the side. The good thing is there is room for parking at either location. CLICK HERE to view more photos I took. Sorry, they are not the best quality.  But they give you a rough idea of the current condition of the house. The future is in the hands of whoever buys it and tackles the renovation.

CLICK HERE to view the Key West mls datasheet and listing photos. After you have done your computer or ipad home study, please call me, Gary Thomas, 305-766-2642 to schedule a showing of this property. I am a buyers agent and a full time Realtor at Preferred Properties Key West. If you buy this home this year, you could be living in your newly renovated home next Christmas.