Your Second Chance to Become Hemingway's Neigbor

Ernest Hemingway's House shown as it appeared in the 1930s

Arrow points to 405 Olivia Street

405 Olivia Street - Bank Owned - Key West

You don't get many second chances in life. So when one pops up, consider it and then act if you regret a previous procrastination that cost you something you truly wanted. If you are among the several potential buyers who called me about the house across the street from the Ernest Hemingway House in Key West, you just got a second chance to become Hemingway's neighbor. I am here to report that the Bank Owned house at 405 Olivia Street is back on the market and available for purchase. The asking price is $450,000.

The two story house was built around 1890. The county records show the house has 1380 sq ft of living area, however, I looked at the building map and it appears the house actually has 1740 sq ft of living area. (A proper measurement is recommend!) The lot is almost a rectangle of 89' (length) X 55' (wide) with a small cutout at the left rear. 405 Olivia Street has a big lot with room for a good sized pool, more gardens on the west, north, and east side. In my opinion the existing carport is an eyesore. The space could easily be redone and made attractive and useful.

405 Olivia Street as it appeared in 1965 - notice the porch columns

405 Olivia Street in 2011

This photo demonstrates the width of the side yard which is 89' deep

The lot is 55' wide

Whitehead Street and Olivia Streets (Duval Street is one block to east)

I was very disappointed with the inside space. It has been "updated" but poorly so in my opinion. There are saltillo tile floors down (totally WRONG!) and acoustic tile ceilings (WRONG again). There is just one bath located downstairs at the rear of the kitchen. The three bedrooms upstairs are oddly configured. The saving grace in the house is its size. Key West houses are easily (if not cheaply) renovated. There is lots of room to be creative. And the second story front porch has a view of Papa's former home. CLICK HERE to view more photos that I took.

Stuff like this makes you wonder what possessed the person that "added" this tile

Could you create a better space?

Second story front porch

Hemingway's backyard

If you buy this property your neighbors will include the Ernest Hemingway House (museum) which has thousands of visitors all year long. The entrance to the museum is on Whitehead so most of the visitors won't be passing your doorway. A parking lot is located immediately adjacent to the west and a simple Key West cottage is the neighbor to the east. The Six Towed Cat cafe is located at the rear. The Lighthouse Court guesthouse is located on the far side of Whitehead Street and a small public housing structure is on the opposite corner. See the photo below taken from the nearby Key West Lighthouse. It gives a decent perspective of the area.

Corner of Whitehead & Olivia as viewed from atop KW Lighthouse

Ft Zach Beach

The tourists normally head north to Mallory Square in the late afternoon so they can view sunset. They don't return to the area until mid morning. The area turns into a regular neighborhood to the extent possible during that time. Yes, tourists bring people walking down the sidewalks with cameras and cellphones. And lots of money, too.

Ft. Zach Taylor is just a few blocks walk. So are the restaurants, bars, shops galleries, and other hangouts on Duval Street. I can see why someone paid over a million dollars for this house and this location. Today you can buy it for less than half the recent sales price.

You don't get many second chances in real estate. If you missed this before, don't miss it now. If you are interested in this bank owned property or any other house in Key West, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

405 Olivia Street - Key West - Bank Owned

Just listed (but not by me) a very interesting Bank Owned house located directly across the street from the Ernest Hemingway Home in Old Town Key West. One of the great marvels of the internet is Google Maps. CLICK HERE to view 405 Olivia Street. Use the toggle switch to get a different aerial perspective or click 'street view' to see the area.

The two story bank owned house was built around 1890. The county records show the house has 1380 sq ft of living space. I have not been inside so what I write is just speculation. This place looks like it may be bigger than the records state and that there may have been alterations and or additions that the county is not aware of.

405 Olivia Street as it appeared in 1965 - notice the porch columns

405 Olivia Street in January 2011

This photo demonstrates the width of the side yard which is 89' deep

The lot is 55' wide

The county records show the lot size as 3828 sq ft with a frontage onto Olivia Street of 55 feet. The lot is basically 89' deep but there is a small cutout at the left rear which makes the lot not perfectly rectangular. Otherwise, 405 Olivia Street has a big lot with room for a good sized pool, more gardens on the west, north, and east side. In my opinion the existing carport is an eyesore. The space could easily be redone and made attractive and useful.

CLICK HERE checkout the Key West mls database on this bank owned home. I found some earlier photos of the interior. Please see below. The place has been tenant occupied and looks the worse for wear. Big deal. That's what bank owned bargain hunters look for. They want good deals on places with upside. They expect the worse. I don't know that I would classify this property as "worse" but it is not the best. But the previous owner paid $1.1 million for this same property in January 2006. TODAY this Bank Owned property is listed for $450,000 or $326 per sq ft (again square feet according to county records which sometimes are wrong).

interior

old interior photo

old photo

old photo

I may be accused of being a cheerleader, but I think this is a really good buy for someone that wants a bit of a project house. The big lot and solid looking (at least from the outside) are certainly worth a serious look.

If you buy this property your neighbors will include the Ernest Hemingway House (museum) which has thousands of visitors all year long. The entrance to the museum is on Whitehead so most of the visitors won't be passing your doorway. A parking lot is located immediately adjacent to the west and a simple Key West cottage is the neighbor to the east. The Six Towed Cat cafe is located at the rear. The Lighthouse Court guesthouse is located on the far side of Whitehead Street and a small public housing structure is on the opposite corner. See the photo below taken from the nearby Key West Lighthouse. It gives a decent perspective of the area.

The Hemingway House before the ugly fence was built

Corner of Whitehead & Olivia as viewed from atop KW Lighthouse

Ft Zach Beach

The tourists normally head north to Mallory Square in the late afternoon so they can view sunset. They don't return to the area until mid morning. The area turns into a regular neighborhood to the extent possible during that time. Yes, tourists bring people walking down the sidewalks with cameras and cellphones. And lots of money, too.

Ft. Zach Taylor is just a few blocks walk. So are the restaurants, bars, shops galleries, and other hangouts on Duval Street. I can see why someone paid over a million dollars for this house and this location. Today you can buy it for less than half the recent sales price.

If you are interested in this bank owned property or any other house in Key West, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.