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 The black and white photo does show the carport which has been replaced by brick pavers and which is the exclusive use of 1120 Olivia Street.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.

VOTE

I have written my little blog about Key West real estate for nearly eleven years.  Occasional I have departed from writing about homes to share stories about growing up in the suburbs of Denver after World War II. I often mention photos in my old shoebox. I have several boxes of photos, really. And I have boxes and boxes of little trinkets of things I held dear at one time of my life including my Communion Cross and Cub Scout Promise Token. Neither is probably worth much. But they mean so much to - especially on this Election Day November 8, 2016 because these two pieces of metal represent the values I learned in my church, my school, and in my home in the 1950s - a time when values were much different than they are today.

Last summer I traveled back to Colorado to attend my 50th high school reunion. Earlier that day I went to my grade school which was sold off by the school district and is now owned by a non-profit which primarily teaches the children of Mexican immigrants.The young woman who runs the school allowed me to wander through the old building. That blog is located here.

I remember November 2, 1952 quite well. It was the Sunday before election day.  I was sitting on our living room floor looking at the comics in the Rocky Mountain News and the Denver Post. My dad came over and threw down the Sunday supplements for each paper. There was a full page photo of Dwight Eisenhower on one and Adlai Stevenson on the other. My dad gave me one of those ubiquitous life lessons fathers give to their sons. He told me to NEVER VOTE FOR A REPUBLICAN BECAUSE ALL THEY CARE ABOUT IS MONEY.  He said the Democrats care for working people.  At that moment I learned I was a member of the working people group.

Two days later after my mother and dad got off work I walked over to the town hall where they voted for Adlai Stevenson. I remember going inside the building where I saw one or two machines similar to the one below. They each had to tell the people who they were and where they lived before they could go inside. They closed the drapes and voted in private. I understood what voting was. Later that night or maybe the next day we learned the Stevenson lost and Eisenhower won. We repeated the process four years later with the same results.

It was in 1960 that I developed the bug for politics.  I admired John F. Kennedy so much. He was so not like Ike. He was young. He spoke in prose that evoked visions of pride in our country and what we could become.

I got to see President Kennedy in Berlin in 1963. Thousands of people were there screaming and yelling praise at Kennedy. I was so proud that he was our President. Later we got to go to East Berlin and I saw what not having the freedoms we enjoy in the United States looked like. Shortly thereafter we ere on our train riding through East German where we had to stop. German guards boarded the train and went through each and every compartment looking at our passports and bags. A schoolmate of mine, Nina McKitrick, had take a couple of photos of the guards. One grabbed her camera and ripped out the film and handed back to her. She was in tears. I think the rest of us were pretty terrified. Things like that do not happen where we came from. At least not where I lived. A little more than three months later John F. Kennedy was assassinated. He had spoke to my generation to be our better angels. And then he became one. Sometime between his being elected and before his death, I decided I wanted to go to law school to become a lawyer. I planned eventually to run for public office. I did become a lawyer but I never ran for office. Now I sell houses in Key West.

In the summer of 1963 I got involved in local community politics. I organized the Jefferson County Teen Democrats. I was terrified about what a Barry Goldwater presidency would do to our country. There were a lot of other teens like me who got together on Saturdays to walk through various neighborhoods handing out election brochures. We went to several campaign events where we got to shake hands with President Lyndon Johnson and Vice President Humphrey. We did not have polling back then like we have now. I did not go to school on election day. Instead I got in my car and drove voters to their precinct polling places. Later I went to the Democratic post election meeting place to gather with other Democrats. The news coming on TV was quite exciting. It looked like we were going to win and win big. A fellow Teen Dem and I drove down to the Hilton Hotel in Denver. Early editions of the Rocky Mountain News and The Denver Post already announced that LBJ had won before midnight.

It wasn't until the next day that we learned the extent of LBJ's victory. The Democrats not only won the US Senate and House, but also took over many governorships, state houses, and local offices across the country. Johnson's coattails were long and wide. Several of the candidates who the Teen Dems worked for were elected. We felt we contributed to their victory.

The lessons I learned as a little boy about God and Country live with me today. I have been horrified at the prospect of Donald Trump becoming President. He is not from the mold of an Eisenhower - he ran away from war not toward it. He is not a skilled politician like Nixon nor a statesman like Regan. Just about everybody has a word to describe him. I don't know what will happen today. I already voted. VOTE.  Fifty years from now how will you look back on what you did today?

1400 White Street, Key West ~ Open House Today

I am hosting another Open House today at 1400 White Street, Key West. Please stop by between 12:00 to 2:00 PM to see this really beautiful three bedroom two bath home located in the Casa Marina Area.

Be the First to Live in this Freshly Renovated, 1353 Square Feet, Two Story, Three Bedroom Casa Marina Area Condo. Grand New Designer Kitchen with Eat-In Dining Area, Custom Shaker Cabinets, Carrra Marble Counters, Stainless Steel Appliances. Two New Baths. Laundry. New Impact Windows and Doors in many areas. Brazilian Cherry Hardwood Floors. Large 22' 14' Private Deck. New A/C added November 2016. Offered Furnished as Shown. Offered at $675,000.

There are only three units in the building and this unit is the largest. Just about everything inside is new. The back deck is totally private and has room for a hot tub if a new owner would want to add one. The monthly condo fees are just $544 and include all insurances. That means you this unit can qualify for a mortgage.  The building is located just a few blocks from Higg's Beach and the Atlantic Ocean.  Fausto's Food Palace on White Street is located a couple of blocks to the north.  There are numerous gyms and yoga studios within easy walking distance. You can walk to the nearby Dairy Queen for a brain freeze or go many of the nearby small eateries. If you work for the City, the new city hall is located one block away. (Your boss will know when you play hookie, however.)

Key West Home Stretch Sales Report

Rita Hayworth and Dick Haymes at the Casa Marina Resort in Key West - 1954

Last week I had a lengthy conversation with a customer who bought and sold a couple of properties from me. We discussed the current state of the real estate market in Key West. I told her I think our market is both under priced and over-heated. I know that sounds inconsistent. I have studied this market since 1984 when I first visited the island of Key West when the Curry Mansion was listed for an astonishing one million dollars. Town folk thought the seller must be insane. I have been a realtor here since 1996. In late December I will be celebrating 11 years in writing this blog about Key West real estate. We had our downturn along with the rest of the United States right after 2008 Recession.  We experienced a second jolt  in 2010 after the media incorrectly reported that the Florida Keys were impacted by the BP Oil Spill. I can affirmatively report the Key West real estate market has otherwise risen year after year and that I have learned not to underestimate it.


Let's look at the sales of houses and condos & town homes for the first ten months of 2015 and 2016. Some readers may have seen a recent sales report generated by the Key West Association of Realtors. That report includes home sales for homes in our sales area which extends beyond Shark Key. My search is limited to areas between Key West and Shark Key.

2015  Total Single Family Homes SOLD  312
Lowest Price: $222,500    Median Price: $791,987   Highest Price: $5,000,000

2016  Total Single Family Homes SOLD 250
Lowest Price: $168,000     Median Price: $699,000   Highest Price: $6,225,000

2015 Total Condos and Town Homes  225
Lowest Price: $160,650     Median Price: $380,000    Highest Price: $2,300,000

2016 Total Condos and Town Homes  210
Lowest Price: $140,000     Median Price: $450,000    Highest Price: $2,100,000

There is an upward shifting price buyers are willing to pay for better homes in our market.  For readers outside of Key West is may seem incredulous but it is true that a starter home or a fixer-upper will likely cost about $500,000. And there are very few houses priced that low.

I did a second search to determine how many single family homes sold in 2015 and 2016 (from January 1 to November 3) with price spreads in the one to two million range, two million to three million, and over three million. The results are amazing.

2015 Single Family Homes SOLD  by Price
$1,000,000 to $2,000,000:  65
$2,000,000 to $3,000,000:    8
$3,000,000 and beyond:        3
Total:                                    76

2016 Single Family Homes SOLD by Price
$1,000,000 to $2,000,000:  47
$2,000,000 to $3,000,000:  13
$3,000,000 and beyond:       9
Total:                                   69

I read these statistics to show we are in a price downturn. I think our market is over-priced and that has caused the decline in the total number of sales. We may also be sharing in the national decline in total home sales reported on September 22, 2016 by the National Association of Realtors®.  Our market is different than most of America because we have a limited land mass and severe governmental restriction of building new housing. A good portion of the Key West market involves the resale of historic old homes. Buyers in all price ranges are impacted by the governmental rules and regulations which in my opinion have a depressing effect on the price buyers are willing to pay for a home.  We are now in the home stretch. Maybe the last two months of sales will exhibit a tremendous surge in home sales and upward price spikes.