610 Olivia Street - Old Town - Key West

Just re-listed, but not by me, 610 Olivia Street in Old Town Key West. This property has been on the market on and off for a couple of years and it was recently offered at a higher asking price. The property was re-listed today at $475,000 or $380 per sq ft. The listing agent describes the property this way:

"Charming single family home located just one block from Historic Old Town Key West. Wander to museums, shopping, restaurants, clubs and, of course, to the Atlantic ocean. Amenities include off street parking a large yard, central AC throughout and a spacious one bedroom mother-in-law suite to handle all those friends and family who will want to visit."

The two houses at 612 and 616 Olivia Street were purchased by one buyer a couple of years ago for $4,850,000. That purchaser then did a mini-renovation to create an incredibly beautiful Key West mini-estate. The properties directly across the street from 610 Olivia are part of the Paradise Inn. I refer to the view across the street as being similar to Wisteria Lane on Desperate Housewives because the view is just perfect. Key West Chemical Company owns the buildings behind and west of 610 Olivia Street (Guilda's Flowers). Some may view the location negatively and others may view it positively.

I think this house at this location could work well for a buyer looking to purchase a second home in Key West that could be rented occasionally as a monthly vacation rental. There is room at the rear to add a good sized pool and add some needed landscaping. There is a large side yard that already provides ample off street parking.

The cute house at 610 Olivia Street is 875 sq ft and sits on a 3385 sq.ft. lot (91' x 37'). As presently configured, the property has two bedrooms and two baths with one bedroom and one bath on each side of this house which has two front doors. The listing agent refers to the additional living area as "mother-in-law suite".CLICK HERE to view the Key West mls datasheet and listing info.

Notable nearby restaurants include Seven Fish, Pisces, 915 (Duval), and Martin's. St. Mary's Catholic Church is a two block walk away. You can reach most of Old Town on foot within ten minutes from this location. Until you build your pool you can use the public beach at South Beach or walk over to Ft. Zach.

Ft. Zachary Taylor State Beach

If you are looking to purchase a second home in Key West, please contact me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to help you find the home of your dreams. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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A Key West Home for the Holidays and later as well...

The Christmas House Wish List usually consists of the following:

1. Priced at $500,000 or less.
2. Good Old Town Location.
3. At least two bedrooms and two baths.
4. Pool or room for a pool.
5. Off street parking.
6. In good condition or that only needs a little work.
7. Key West charming.
8. Transient license or ability to rent occasionally.

There are a ton of potential buyers waiting to find a place with all of those qualities. You would be surprised at how many buyers either have the cash to complete such a purchase or the ability to finance a purchase. The problem is not finding ready, willing, and able buyers, dear reader. The problem is finding properties that meet all the criteria.

CLICK HERE to view a list of the currently active houses priced between $366,000 to $566,000 that have at least two bedrooms and two baths in the Old Town area. Take your time and click the individual properties to see what they offer and if you are unfamiliar with the street address, click the MAP so you can see where the houses are located because that would directly effect how successfully the house might be used as a vacation rental.

The property at 610 Olivia Street just came back on the market. I wrote about it here before and I have shown it several times. This is not my listing nor my company's listing. But I think this is a property that meets all of the criteria I listed above.

The house is presently "divided" in two. The right side of the house is used by the owner. It is bright and clean and set as a one bedroom get-away Key West cottage. The left side, which the listing Realtor refers to as a "mother-in-law-suite" is the flip of the other side except the kitchen and flooring don't show as nicely. My recollection is that the house has a newer addition at the rear, new piers, a new v-crimp roof, and a bricked patio. There is off street parking. The house is located about 100 feet east of Simonton Street.

The house (or compound) directly east of 610 Olivia Street is going to be one of the most expensive places in Key West. Most of the houses across the street are part of the Paradise Inn compound. (See photo below.) Those houses look like the idealized version of a Key West street (ala Wisteria Lane on Desperate Housewives). Seven Fish Restaurant is located down at the end of the block at the corner of Elizabeth and Olivia Streets. Olivia Street is a one-way street that is mostly used by locals. It is a two minute walk to Duval or up to Truman and Simonton where you can find CVS Pharmacy or Pisces Restaurant (you'll drop some major money there). I think 610 Olivia Street has an ideal location as a monthly vacation rental property.

These are two of the houses directly across the street from 610 Olivia Street which I liken to
Wisteria Lane because everything is just about perfect from the outside looking in.

The fly in the ointment for 610 Olivia Street is the neighbor next door to the west and rear. The same family owns the adjacent both properties. The business sells cleaning and paper supplies to hotels, restaurants, pool service contractors, and the public. The business operates Monday through Saturday until about 5:00 PM. Then it is closed until the next Monday. There is also a big transmission tower located on those grounds of the adjacent property. The property is always well maintained but the looks spoil the view for some.

The compound at 612-616 Olivia Street shares the same neighbor to the rear. (Those properties were purchased 1n 2007 for $4.8 million.) Some nice tall landscaping minimalized the imperfect neigbhor to the rear. But the neighbors did not defere the new owner from spending even more money to take advantage of a terrific property at a terrific Old Town location.

610 Olivia Street is the yellow house immediately to the right of the extensive renovation.

This is all one property which is being made into a mega-million single family home and guesthouse.

I think it would be relatively easy to re-configure 610 Olivia Street back into a true single family home. I would create a new main entrance toward the rear where I would relocate the liviing room and kitchen. The existing front doors and front porch would remain and would become porches off the bedrooms where one could watch the world walk by. The existing interior wall that divides the units would become an internal wallto separate equally sized bedroom suites. There is plenty of room for a good sized pool at the rear. The off street parking already exists. I would add some palms and tropical plants to jazz up the facade and to obscure the view of the neighbor to the rear and west.

CLICK HERE to read more info and view photos of 610 Olivia Street that is now priced at $550,000 or $500 per sq ft.

If you are among the many potential buyers who dream of owning a nice place in Key West for under $500,000, please call me, Gary Thomas, 305-766-2642. Let's schedule a visit to checkout 610 Olivia Street and some of the other houses in the same price range. Make no mistake about it, however, there are a lot of potential buyers that all want the same type of property. As the supply of available properties gets sold off, look for prices to start to rise. Better yet, let's write an offer on 610 Olivia Street so that next year you will have Home for the Holidays in Key West.

CLICK HERE to do your own search of the Key West Association of Realtors mls website.

610 Olivia Street - Old Town - Key West

This is how the listing Realtor describes the property located at 610 Olivia Street: "This renovated home is located just one block from world famous Duval Street in Historic Old Town Key West.Walk to clubs, restaurants, shopping and museums. Property is currently configured as a duplex with each unit offering one bedroom, one bath, central air conditioning, washer and dryer, dishwasher, range, refrigerator and one unit furnished. Off street parking and a large fenced yard with room for a pool are just a few of the amenities offered on this cozy cottage."

Two years ago (at my former real estate office) we had the properties next door to the east on the market where I hosted several open houses. Both houses sold to the same purchaser. The house at 612 Olivia and 616 Olivia sold to one buyer for the the combined price $4,850,000. The properties directly across the street from 610 Olivia are part of the Paradise Inn. I refer to the view across the street as being similar to Wisteria Lane on Desperate Housewives because the view is just perfect. That activity did not stop one buyer from spending a lot of money for a truly great residence.

610 Olivia is located just one block east of Duval Street. There are several notable restaurants nearby including Seven Fish and Pisces. And tons more. South Beach is about a five minute walk to the south.

I think this house at this location could work well for a buyer looking to purchase a second home in Key West that could be rented occasionally as a monthly vacation rental. There is room at the rear to add a good sized pool and add some needed landscaping. There is a large side yard that already provides ample off street parking.

The cute house at 610 Olivia Street is 875 sq ft and sits on a 3385 sq.ft. lot (91' x 37'). The new asking price is only $499,000 or $570 per sq. ft. As presently configured, the property has two bedrooms and two baths. CLICK HERE for more detailed information on this cute house and many more photos.

If you are looking to purchase a second home in Key West, please consider using me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to help you find the home of your dreams. I think you could do worse than have a neighbor that spent almost $5 million located right next door. Maybe that neighbor thinks the location is as charming as I do. And hopefully that you will too.