1118 Olivia Street - Old Town - Key West Cottage

This is how the listing Realtor describes the Key West cottage located at 1118 Olivia Street: "Bank Owned. REO. Bank Foreclosure. Easy to see! One of a 7 unit condo compound on Olivia Street in Old Town Key West. It is a stand alone structure with vaulted ceilings, tiled floors, stained glass, and a covered rear deck. Brick walkways, large heated pool, landscaping, and a great entertainment area pool side add to the charm of this compound . It is located within biking distance to the beach and the downtown area. Located less than one block off White St where you will find restaurants, gym, galleries, food stores, many local shops and the famous, monthly Walk on White. Parking! Qualified Buyers may be eligible for Seller financing at below market rates, FHA, and other incentives available where applicable. Fast response from Bank."

The cottage is located in the Lionsgate Condominium Compound. The compound is a group of five houses that share a common pool, a small common area, and off-street parking. With the exception of two buildings that are "duplexes", the other properties were single family homes that were incorporated into the compound.

This house has 851 sq ft of living space under roof and has two bedrooms and one bath. However, one of the bedrooms is on the second level and would be more appropriately called a bonus room rather than a bedroom. French doors lead from the living area onto a private covered read deck and orchid garden. There is an enclosure for the washer and dryer. The house also has hurricane shutters. CLICK HERE for more information and photos of this house and the common area and pool. CLICK HERE for a rear view of 1118 Olivia and the house next door to the east. CLICK HERE to see the front view of the other homes that make up the Lionsgate compound.

The property is five minute walk due west to Duval Street and maybe five minutes to the Historic Seaport. Nearby neighborhood hangouts include the Coffee Mill studio, Key West Island Gym, Faustos Food Palace, Dion's Gas Station and purveyor of great fried chicken (no kidding!), Dog 30 (pet store for pampered pups), a fresh fish place, a bike shop, some Realtors, and lots of small restaurants and Cuban coffee joints. It is a real Key West neighborhood.

1118 Olivia Street has what many second home owners dream of owning: a charming Key West cottage in a good location and a pool. The asking price on this charmer is only $359,000 or $422 per sq ft. This property will not last long, not at that price.

Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to arrange a showing or to provide more information.

1118 Olivia Street - Old Town - Key West

Just Listed: 1118 Olivia Street - Old Town - Key West

Just listed, but not by me, 1118 Olivia Street is a Key West cottage located in the Lionsgate Condominium Compound. The compound is a group of five houses that share a pool, a small common area, and off-street parking. With the exception of two buildings that are "duplexes", the other properties were single family homes that were incorporated into the compound. The property sits at one of the highest points on the Island of Key West.

This house has 851 sq ft of living space under roof and has two bedrooms and one bath. The cottage has Dade County Pine throughout much of the house. French doors lead from the living area onto a private covered rear deck and garden. There is an enclosure for the washer and dryer at the rear. The pool is just steps away off the private rear deck. CLICK HERE to view the Key West mls datasheet on this property.

Kitchen is at the rear and has sunny view of the private decked area

Pool and Common Area

The property is five minute walk due west to Duval Street and maybe five minutes to the Historic Seaport. Nearby neighborhood hangouts include the Coffee Mill studio, Key West Island Gym, Fausto's Food Palace, Dion's Gas Station and purveyor of great fried chicken (no kidding!), Dog 30 (pet store for pampered pups), an Italian eatery, a bike shop, some Realtors, at least four yoga studios, and lots of small restaurants and Cuban coffee joints. It is a real Key West neighborhood.




1118 Olivia Street has what many second home owners dream of owning: a charming Key West cottage in a good location,a pool, and parking. The asking price on this charmer is only $365,000 or $429 per sq ft. Condo fees are $369.15 monthly and include building maintenance, common area and pool maintenance, building insurance, trash removal. This property will not last long. Not at that price.


Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to arrange a showing or to provide more information. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Don't let Friday the 13th scare you out of making a really good investment in your future.

1120 Olivia Street, Key West - Price Reduced

I wrote about 1120 Olivia Street when it was first listed. It has not sold and the price was just reduced. I really thought it would sell fairly quickly because it is such a nice stand alone house in a small land based condominium community with a shared pool. 

The listing Realtor describes the home this way:

Rare, standalone home in secluded, residential Lionsgate compound on Olivia. This 2-bed, 2.5 bath Conch cottage is perfect choice for Key West lifestyle. 1120 Olivia has been lovingly maintained. Two covered porches perfect for people watching from front porch swing or relaxing out back on expansive back porch filled with charm. Home's location within gated compound provides privacy and flanks shared courtyard with bricked paths, large swimming pool, outdoor kitchen, lush landscaping. Main floor king master and en-suite bath boast cathedral ceilings, access to private porch. Open floor plan in main living-dining area offers exceptional space that opens to back porch. Light-filled galley kitchen. Second floor bedroom with en suite bath is a quiet retreat. X-flood plain and dedicated off-street parking, shared courtyard with bricked paths, large swimming pool, outdoor kitchen and lush landscaping. Main floor king master and en-suite bath boast cathedral ceilings, access to private porches. Open floor plan in living-dining and galley kitchen area offers exceptional space that opens onto back porch. Second floor bedroom with en-suite bath is a quiet guest retreat. X Flood plain and dedicated off- street parking complete this sweet home. Lion's Gate is a coveted Old Town compound, a must see!

I searched thru my old shoe box and found the black and white photo taken of 1120 Olivia Street in 1965 - long before the renovation and the expansion at the rear was added. The black and white photo does show the carport which has been replaced by brick pavers and which is the exclusive use of 1120 Olivia Street. I then checked the Historic Sanborn Fire Maps. This house was located on this spot on the 1889 map when it was then identified as 517 Olivia Street. The street numbering was changed to 1120 Olivia Street when the 1892 map was published.

 In 1998 the row of for four houses fronting onto Olivia Street were turned into a small condominium community of just seven units. 1118 Olivia and 1120 Olivia are the only stand alone houses in this community.  The $1027 monthly association fee covers trash, pest control, building insurances, maintenance of each building exterior,  plus common area and pool maintenance. Unit owners maintain the insides of their respective homes. Exteriors cannot be altered without association (and HARC) approval.  The result for a home buyer is that 1120 Olivia Street is pretty much a lock and leave where the owner go back up north for the summer (or wherever and whenever) and know that the property will be maintained and cared for. Let's look at the house.

When Key West was rediscovered and buyers started to buy up the old homes, contractors and architects had to figure out how make the many small houses more functional to the way we live today. This house is one example of how a small house was made bigger and more functional.
An two story addition was added to the rear. The main floor would then become the prime living area with views of the pool. The original front door became the door door from the master bedroom onto the private veranda. The old got some gingerbread and privacy that previously did not exist.

The original front rooms got remade into the master bedroom and master bath. The wood ceiling was removed. The bedroom then had a vaulted ceiling which gave the room an expansive feel - so much so that the current owner employed a canopy bed to scale down the impact of the soaring space. The master bath is en-suite.

The Old Town area is replete with small homes on small lots. This home is one of many that were either a part of the old Pohalski Cigar Factory assemblage or just happened to be located within a few feet of being a part of it. Jerome (Gerome) Lane runs paralell to current day White Street to the east and Pohalski Lane to the west. Jerome Lane had several small cigar maker cottages located on the east side of the lane which no longer exist. My belief is that most of these lots were added onto the White Street houses but a couple became a part of the Lionsgate Condominium's courtyard which includes a pool and outdoor bar-b-que area. A couple of other cottages may have been razed to provide parking off Pohalski Lane to other owners.

The rear veranda, though open to the courtyard view, is mostly private. Landscaping inhibits others from looking into the private space. And since there are only five units total, the number of comings and goings by the space will be limited. Notice there are three doors across the back of the house. The door to the right opens into the kitchen. The French doors and single door open from the living area out to the veranda thereby expanding the inside to the outside.

The new rear addition provides an open concept living space where living flows smoothly between traditionally compartmentalized living room, dining area, and kitchen. The second floor is accessed via the wooden spiral staircase.

You may not be familiar with this part of Old Town, but I bet you know it better than you think. The famous Coffee Mill Dance Studio is located up Pohalski Lane. Sandy's Cafe is a block and half to the south on White Street. The Old Town gym is located two blocks west on Truman. Fausto's grocery is two blocks south on White.  Duval Street is a seven to ten minute walk on Olivia Street or Truman Avenue. You and your guests will be close to all the essentials but far enough away not to be a part of the commotion.

CLICK HERE to view the Key West mls datasheet and listing photos of this really pretty Key West property which is now offered for sale at $939,000. Then please call me, Gary Thomas, 305-766-2642, to schedule a private showing of this really cute two bedroom  two and one-half bath home. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your home in Paradise.

1119 Olivia Street Old Town Key West -- Steal This House

The little house at 1119 Olivia Street in Old Town Key West has just been reduced to $585,000 from its original price of $1,275,000 in March 2007. Half Price! Too bad it wasn't worth the original asking price, however. The property is owned and listed by a Realtor--not me. Thank God. But he must disclose that to the public. Please don't take these comments on my part as being negative. But you need to know the facts when you invest your money in property. Especially now!

This is an excellent opportunity to own your own Conch home located in Old Town. The home at 1119 Olivia Street was completely renovated in 2005. The property is Located in the X flood zone and sustained no damage in any of the hurricanes. A true high and dry property. Some of the features include: 2 licensed residential units, 2 off-street bricked parking spots, 2 separate electric meters, 2 water meters and sewer accounts, granite counters in kitchens, and central A/C, and room for a pool. The property consists of a 1 bed/1 bath apt above rented at $1,200, and a 2 bed/1 bath below rented at $1,700 Per month. Owners will have flexibility of occupying entire home as a 3bed/2bath or renting out a portion as a lock out unit. Building was termite tented in July, 2006. As I mentioned the house is now priced at $585,000 or $496 per sq ft. That price makes it very competitive in the market since it is well located in Old Town, has off street parking, and is legally licensed as two living units. The present owner purchased the house in April 2005 and paid $785,000. He then did the renovation which had to cost a minimum of $100 per sq ft rounded to $150,000. So I would increase the capital investment in the property to be in excess of $$935,000. Some smart shopper is going to buy this house on its Half Price Sale quite soon. Mark my words.

I have shown 1119 Olivia Street several times. The downstairs bedrooms are on the small side. But they work--especially for a rental. If a buyer wanted to reconfigure the downstairs or upgrade the flooring from ceramic tile to wood, or even do a chi-chi redo, I think it would be money well spent, but it certainly is not necessary. The seller renovated or rebuilt everything except the roof, and it looks like it is in good shape. (A home owner's inspection will tell for sure.) Finally, I am not a friend of the seller/agent. I just think this property at this location and at this price makes good sense.

A couple of months back I wrote an item about the house directly across the street at 1118 Olivia which is priced at $485,000 or $700 per sq ft for a 2 bed 1 bath home that is in a compound. I think both properties have their individual attributes. The two units at 1119 Olivia is a potential Short Sale. Any sale of 1119 property will necessarily require the approval of the current lender. The listing agent/owner told me he has discussed the short sale scenario with his lender and that the lender is prepared to act accordingly.

CLICK HERE for more info, additional photos, and a map to help you locate 1119 Olivia Street.

And CLICK HERE to checkout a partial list of the 39 duplexes for sale in Key West. I eliminated properties that are not located in the Old Town area or that are not comparable in asking price.

CLICK HERE to perform your own personal search of all Key West mls listings. Then give me (Gary Thomas) a call to schedule a personal showing. My number is 1-305-766-2642 or you can send me an e-mail at kw1101v@aol.com.

Half Price Sale on a Single Family House in Old Town

The little house at 1119 Olivia Street in Old Town Key West has just been reduced to $635,000 from its original price of $1,275,000 in March 2007. Half Price! Too bad it wasn't worth the original asking price, however. The property is owned and listed by a Realtor--not me. Thank God. But he must disclose that to the public. Please don't take these comments on my part as being negative. But you need to know the facts when you invest your money in property. Especially now!

This is an excellent opportunity to own your own Conch home located in Old Town. The home at 1119 Olivia Street was completely renovated in 2005. The property is Located in the X flood zone and sustained no damage in any of the hurricanes. A true high and dry property. Some of the features include: 2 licensed residential units, 2 off-street bricked parking spots, separate electric meters, granite counters in kitchens, and central A/C, and room for a pool. The property consists of a 1 bed/1 bath apt above rented at $1,200, and a 2 bed/1 bath below rented at $1,700 Per month. Owners will have flexibility of occupying entire home as a 3bed/2bath or renting out a portion as a lock out unit. Building was termite tented in July, 2006. As I mentioned the house is now priced at $649,000 or $550 per sq ft. That price makes it very competitive in the market since it is well located in Old Town, has off street parking, and is legally licensed as two living units. The present owner purchased the house in April 2005 and paid $785,000. He then did the renovation which had to cost a minimum of $100 per sq ft rounded to $150,000. So I would increase the capital investment in the property to be in excess of $$935,000. Some smart shopper is going to buy this house on its Half Price Sale quite soon. Mark my words.

A couple of weeks back I wrote an item about the house directly across the street at 1118 Olivia which is priced at $485,000 or $700 per sq ft for a 2 bed 1 bath home that is in a compound. I think both properties have their individual attributes. The two units at 1119 Olivia is a potential Short Sale. I think that any sale of 1119 property will necessarily require the approval of the current lender.

CLICK HERE for more info, additional photos, and a map to help you locate 1119 Olivia Street.

CLICK HERE to perform your own personal search of all Key West mls listings. Then give me (Gary Thomas) a call to schedule a personal showing. My number is 1-305-766-2642 or you can send me an e-mail at kw1101v@aol.com.

January Real Estate Sales in Key West

I've been telling you that sales are picking up in Key West and advising you not to wait too long before you buy. Snoozers are Losers!

In January there were ten single family home sales in Key West (including a couple of properties that could be used as legal duplexes). Going either way is common in Key West, I guess. I have written about several of the homes that sold and I gotta tell you, I told you they were bargains to be had. Included were 701 Elizabeth, originally $1,579,000 and sold for $695,000 (Not a Short Sale nor a distress sale); 3 Pinder Lane, originally listed for $1,390,000 and sold for $900,000; 716 Olivia Street (originally listed for $2,895,000 and sold for $1,025,126 in one day). The buyers on the above referenced properties made excellent buys in my opinion. A major Key West house sold that was listed for $6,495,000 and sold for $5,700,000.

There were eight condo and townhome sales during January. Four of those were identified as either bank owned properties or short sales. Among the winners of that group are a unit at 1075 Duval with a real transient license. It sold for an incredible $439,774. A third floor bank owned unit at Sunset Marina with a terrific water view sold for $399,000. And a two story townhome at Windward Park sold for just $400,000.

Even, perhaps, more interesting is the number of contingent and pending single family and duplex properties in Key West. Fifty-three properties are now under contract. Of that number, 26 are shown as short sales and 11 were identified as bank owned properties. In case you think that all short sales are crappy little houses that could not be sold CLICK HERE. The incredible house at 811 Southard is a short sale and somebody snagged this big one. I wrote about 1212 Olivia CLICK HERE. It is a bank owned house on a really nice block. I showed that house twice within a couple of hours of when it was listed. (Just as in the case of the sold bank owned home at 716 Olivia CLICK HERE (scroll down to October 27th) mentioned above under single family sales, this unit reportedly went for a little more than the asking price just so that the buyer could seal the deal.)

Finally, thirty one condos and town homes are shown as contingent or pending sales. Of that number, 15 are short sales and 6 are bank owned properties. The most notable in my opinion is the gift at 1118 Olivia Street that was listed at only $359,000. CLICK HERE to see what I wrote about that property that went under contract just 4 days after being listed.

You need to be aware that there is some confusion about how to classify houses and condos that have signed short sale contracts. Not all properties that have signed short sale contracts are listed as such. I believe the number of actual contingent and pending sales is much, much higher. But that is just my opinion.

Buyers who are not in Key West have a bit of a disadvantage to those people who happen to be here when new properties get listed or when prices are reduced. But that should not stop you from using your computer to do some research and using your noggin to figure out if a particular property could work for you. You probably know what you want and what you can afford. I encourage potential buyers to search the real Key West Association of Realtors mls database CLICK HERE to see what kind of property they can buy for the money they want to spend. Always look at properties priced higher than you can afford and search properties with less space or amenities than you require. CASH is KING and you may be able to negotiate a real sweet deal, just like some of the lucky buyers mentioned above.

Let me, Gary Thomas, help you buy your place in Paradise. Please either call me at 305-766-2642 or 3-mail me at kw1101v@aol.com. Tell me what you want and how much you want to pay. You might own a place in Key West where you can snooze on the beach.