718 Olivia Street - Short Sale - Old Town - Key West

718 Olivia Street - Old Town - Key West - Short Sale - September 2010

718 Olivia Street as it appeared in the 1960s

The asking price on the large Old Town home located at 718 Olivia Street just got a lot more attractive. This property was previously offered at $1,149,000 then reduced to $849,000. Now the property is listed with a new company as a short sale at $679,500.

This is how the previous broker described 718 Olivia Street:

"Beautiful historic home on a huge lot in great Old Town Key West neighborhood. Nearly 10,000 square foot lot with huge potential for mini Old Town Estate. Handsome conch house with high ceilings, large rooms with bright, open spaces. Great front yard with potential for off-street parking. Home has been in the same family for several generations. A Must See for the buyer who values a great Old Town location and an estate size lot with potential for large pool, tropical gardens and large entertainment areas."

I found the above black and white photo taken of this property in the 1960s by the Monroe County Tax Appraiser. The Monroe County Appraiser notes that this house was built in the 1920s on one website and in 1938 on another. It's old either date. But the character of this old house still shines through. A huge Royal Poinciana tree dominates the front yard today. The front porch today still has the same wrought iron posts as shown in the 1960s vintage photo as well as the jalousie windows and the concrete block front fence. I would advise a buyer to check with HARC (Historic Architectural Review Commission) to verify that the 1960s additions could be removed and replaced by historically correct architectural elements. I think this house would make for a stunning renovation project.

Gated entrance to back yard

CLICK HERE to checkout the mls listing data sheet and current mls photos of this home. You will note that the listing states this house has 1538 sq ft of living space. The property site is much larger than it looks in the photos. The front parcel where the house is located occupies only about 2600 sq ft of the entire 9401 sq ft lot. The remaining lot is located at west rear of the front parcel. That is the space where one would likely put in a pool and/0r guest quarters. An adjacent property to the east presently could provide vehicle access to the site but some easement or other arrangement would likely be required.

CLICK MAP to help locate 718 Olivia Street. If you click the STREET VIEW you will see a mix of old cigar maker cottages, gentrified cottages, and the house next door CLICK HERE which is one of the prettiest homes on the Island of Key West. Duval Street is a four to five minute walk to the west on Olivia Street. Seven Fish Restaurant in only one block away. A small neighborhood convenience store is one block to the east. Olivia Street is a one way street that goes east. I don't recall having ever seen a Conch Train or Trolley car on this portion of Olivia. A lot of the neighbors have lived in the nearby houses for decades. This area really is a Key West neighborhood.

If you are looking for a renovation project in the Old Town Key West area this may be the house you have been searching for. The house certainly has street appeal and the yard space is just huge. Creating a viable plan for the property as a whole is the key to making a project like this work. We have lots of great local architects such as Matthew Stratton, Tom Pope, or Bert Bender that could help a buyer develop a winning concept for this one of a kind property.

Please call me, Gary Thomas, 305-766-2642, to schedule a view of this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. This is a short sale buying opportunity.

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