1018 Olivia Street - Old Town - Key West

The listing Realtor describes 1018 Olivia Street this way:

"Historic Conch House remodeled to create a tropical paradise in the midst of Old Town Key West. The epitome of indoor/outdoor island living. French doors open to the 500 sf lanai, the living and dining areas surrounding the pool and spa. Two master suites with full baths, a large loft, and off street parking make this home a truly private oasis. All furnishings convey."

1018 Olivia Street in Key West first appeared on the 1899 Sanborn Fire Map. The black and white photo above was taken in 1965 and shows the small home long before the renovations transformed the property to the way it looks today. The original house is typical of the homes of the earlier era. It was a small cigar maker style home of modest but sturdy construction. The interior rooms were constructed of Dade County Pine. The house was expanded a bit during renovations when two eually sized additions were appended to the house on either side and the attic space was opened to provide a loft bedroom space. Today the Monroe County Property Appraiser shows this house as having 834 sq ft of living space capable of being air conditioned. (This does not include any of the covered outdoor living space.) The metal roof reflected heat from the sun and provided a clean surface to collect rain run-off that was often used as drinking water until potable drinking water was brought into to Key West. The lot was and still is a bit larger than many in this part of town - 47' X 72' or 3348 sq ft. Olivia Street is one of the longest continuing streets in Key West. It runs eastward a little over one mile from Fort Street at the Truman Waterfront and ends Eisenhower Drive.

During renovation the original wood ceilings were removed to create a vaulted ceiling. This allowed the prior owner to create a loft sleeping area. The front room has sectional seating which may also be used for occasional sleeping. The back section of the original house became the core of the new home. New additions of 8' X11' were added to both sides which created new bedrooms and baths. A large covered lanai was added to the rear.

The house is located on Olivia Street at Watson Lane which runs just one block from Truman where it appropriately dead-ends at the Key West cemetery. Two of the most understated properties in Key West are neighbors on Watson Lane. The house across the lane is an abandoned brothel. It's Key West. The location is quiet, quaint, and quirky!

1018 Olivia Street is offered at $1,195,000. CLICK HERE to view the Key West mls datasheet and listing photos. It is outfitted to rent as a monthly vacation rental and is offered fully furnished. Please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this really pretty Key West home. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

628 Frances Street, Key West - Price Reduction

The asking price on 628 Frances Street was originally offered at $899,000. The new asking price is just $769,000. This Old Town home is a really sweet miniature eyebrow cottage complete with a white picket fence and garden. Some of the prettiest, and a couple of the most expensive, homes in town are located on this block which is within easy walking distance to the Historic Key West Seaport, Duval Street, and Sunset Celebration.

Before starting today's blog I checked the Historic Sanborn Fire Maps and learned that this home first appeared on the the 1899 map. (This entire block was omitted from the 1889 map which does not infer the houses were not built then.) I learned the house was previously numbered 626 Frances Street but appeared as 628 Frances St. on the map which suggests to me the house was around much earlier than 1899. I then got out my shoe box and found a photo of this property taken fifty years ago. If you compare it with the color photo above you will note several structural changes including replacement of the windows and door, addition of shutters,  replacement of porch columns and addition of railing, and the replacement of the picket fence with a minor increase in height. What has not changed is the salt box shape of this small house turned on its side. The eyebrow house though not unique to Key West is rare - especially in this smaller size. There are approximately 75 of these special houses on our island. At first glance you will note the individual metal roof shingles as they rise to the gable. Then you will may notice the sawtooth addition at the rear. If you stand at the front gate you will see the house has five bays - two windows down and three windows hidden below the steep sloping roof line which creates the extended porch. These upper windows were designed to permit the windows to be open to provide ventilation even during a rain storm.

The listing Realtor describes the property this way:

"Location, Location, Location!!! Time to think seriously about this property. Wonderfully maintained cottage in an absolutely superb location in Old Town. Move in ready with some nice upgrades; granite counters in kitchen, Pergo flooring on first floor, recently installed central A/C and washer and dryer. Some Dade county pine and great front porch. A well kept side yard and fencing all around. Move in now or renovate to your taste. Motivated Sellers."

I had the opportunity to see the property late Friday afternoon - in the rain. I only had my Nikon pocket camera so the picture quality is not as good as I would like, but the photos I took are representative of what this home has to offer. When I stepped inside the front door the very first thing I noticed was the staircase in the left corner. The dark wood contrasted to the new blond Pergo floors. Then I noticed the compact size of the living room. I have been in many small homes before so I knew this place would not be large. The walls have wallpaper which tends to visually shrink the size of the room to the mind's eye. I am not being critical - just making an observation.

According to the listing Realtor this house has 1017 sq ft of living space which includes two bedrooms and one and one-half baths. The main floor bedroom is located just off the front entrance. A set of petite French doors provide entry to this space. You should notice that there is no closet in this bedroom. An armoire provides a place to hang one's clothes.

The second bedroom is located on the second floor. This room measures 24' X 18' from eave to eave - but not interior living space. The ceiling drops down to knee walls which provide a vertical space for placement of furniture. It appears to me that the wall unit air conditioner visible in the photo below is located in a space which most likely was a scuttle when this home was first built. A scuttle is an opening in the roof which allows hot air to rise through the house to the outdoors.

This is not the first time I have seen a toilet and sink in a place like this. A home designer friend of mine totally changed a similar space and installed a real bathroom with a shower.

In his description of this property the listing Realtor said the house is move-in ready but opined a new owner might want to renovate. I am not being critical of this home which I think is really cute. I think it could be better. I think the Pergo floors ought to go away as should the wall paper. The enclosed porch on the side ought to be more fully integrated into the kitchen.The kitchen could be upgraded and reconfigured to provide more storage and utility. This might be accomplished by removing the half wall that separates the kitchen from the dining area. I would create a small island with a new quartz counter-top with a dining extension. The opening between living area and rear sawtooth addition might be expanded with the installation of a steel beam. Finally, I would create a real second floor bath or remove the existing toilet and create a regular closet.

This house could work as a full time residence for a single person or couple who are minimalists. There just is not a lot storage space in this house so whoever lives here full time will need to be well organized. CLICK HERE to view more photos.

If renovated correctly, I think this place could look absolutely magical. I think it could also work as a monthly vacation rental. I think a lot of people love small spaces like this. While this place is cute as is, it could become something better. There is a large side yard that might provide enough space to add a swimming pool. Our Historic Architectural Review Commission and the City Planning Department would have to approve the addition of a pool to the lot. 

CLICK HERE to view the Key West mls datasheet on 628 Frances Street which is now offered for sale at $769,000. Please call me, Gary Thomas, 305-766-2642 to schedule a private showing of this lovely eyebrow cottage. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

2015 That Was the Year that Was in Key West Real Estate

My Key West Properties Blog turned ten years old on December 30th.  I have written over 3000 blog posts about Key West real estate during those ten years. My how time flies.  I remember the first person who called me off the blog. He bought a house sight unseen and paid cash for it.  It's a sweet little house with a pool and off street parking located in the Casa Marina Area. It is a doozy of a house. Another fellow called me from London to discuss a house he read about in my blog. We had a couple of lengthy discussions. I did some additional leg work for him. He made a cash offer to buy a major house on Fleming Street. His offer was accepted. He and his wife flew over a few days later from London for the inspection. We closed a few days after that. Not all deals are cash and few go as smoothly as those two. Readers tell me they like my photos and my comments about properties. They like the old time photos and stories about Key West as well as some of the personal stories I write from time to time. This blog has worked out well for both me and my readers.

I started this blog a year after Hurricane Wilma did so much damage to Key West.  Our lovely little island got hit by three other hurricanes in 2005. But it was Wilma, the forth hurricane that year, that done us wrong.  Today potential buyers are still concerned about future flooding because of the damage Wilma did.

The years 2006, 2007, and 2008 were the start of the downward spiral of the national economy.  Buyers still wanted to buy houses Key West, but they became more and more cautious with what they purchased and how much they were willing to pay. Lenders became more cautious to whom they loaned new money.  After 2008 new rules and new scrutiny made the closing of new mortgages a challenge for buyers, Realtors, attorneys and closing agents.

As the real estate market started to contract in Key West, many buyers who purchased primary and second homes here decided to walk away from their investment. Many tried to short sale their homes while others gave them up to foreclosure. For a while it seemed as though our market was super saturated with houses for sale.  I remember writing about what I saw as buying opportunities and reading comments from readers who only saw saw doom and gloom..

Then on April 20, 2010 the BP Oil Spill happened. Cable news networks came to Key West to warn of oil slicks hitting the Florida Keys. Fact Check:  the oil spill never hit any of the Keys. Those stories did a great disservice to all Florida Keys businesses. Some tourists cancelled vacations and later used the shattered economy to bully hotels into discounting rooms. Some real estate sales were cancelled.

In the following two years the national economy started to recover and so did our local economy.  The old inventory of homes started to get sold off. Short sales continued but there fewer properties listed.  Bank owned properties continued to hit the market, not because of new defaults, but because existing foreclosure lawsuits were finally getting reduced to judgements and then converted to bank owned properties for sale. Many buyers sought bank foreclosure properties thinking they represented value because many were priced lower than other properties on the market. The inventory of available homes shrank more and more.

By 2013 the supply of houses for sale diminished to such an extent that prices started to rise.  As 2013 came to a close, it became quite evident buyers who had ants in their pants and were anxious to buy before prices continued to rise.  The days of too many houses for sale, low prices, and very low mortgage rates had passed. Between 2014 and 2015 asking prices in the Old Town and Casa Marina Areas started to approach the pre-Wilma range. Some buyers and some real estate agents privately worry that the current price points are not sustainable. I disagree and think prices are going to go much higher. I will discuss this in another blog.

I did a quick search of single family home sales in the Key West area for 2015.  There were a total of 416 single family homes sold. I then excluded all sales east of Shark Key (a total of 34 sales) as I feel those houses are not located in areas my buyers would consider for a new full time residence or as a second home.    

There were 334 single family homes in Key West during 2015 that sold between $200,000 to $5,000,000. I am going to share my thoughts on a few that I think were the top values or good indicators for houses of a similar type or location.

2321 Fogarty Avenue is a 2350 sq ft home that sits on a 5500 sq ft lot. It was bank owned and needed a lot of work. It sold for $324,249 or $137.98 per sq ft. That's a lot of house for a very low price per square foot.

724 Windsor Lane was a one bedroom bank owned single family home with off street parking that sold for $416,000. The house was featured as an example of the ideal Old Town cottage in Coastal Living Magazine a few years earlier.

720 Simonton Street (Rear) is located at the end of a private drive just one block east of Duval Street. This one bedroom 660 sq ft house had off street parking, a private enclosed front and back yard with a sunny deck that might be large enough to add a pool. It sold for $490,000.

1211 Duncan Street was a bank owned property with a lot of potential. The house had a separate rear cottage. Total square feet was 1216. I thought this place had so much potential. The place needs a remodel but you can't beat the price and location. It sold for $515,000.

1711 Atlantic Avenue appeared in my blog several times. It was initially priced pretty high at $680,000. It eventually sold at $540,000. The 1950's vintage home 1800 sq ft home was originally built on a 8050 sq ft lot that was elevated and situated across the street from mangroves that are now a city owned protected sanctuary. I saw this lot as being worth a lot of money to a new owner who might tear down the existing property to create a new house with an ocean view.

530 Grinnell Street is an absolutely perfect Key West cottage with all the bells and whistles most buyer could ask for except for pool and parking. The place was just perfect in every way. The lack of space for a pool and the non-existence of off street parking killed this house for many buyers. Some very smart buyer got a heck of a deal and got this wonderful home for just $750,000.

712 Love Lane is one of my favorite homes in Old Town. It was the poster child for Key West chic. It sold for $885,000.

818 Carsten Lane is another example of an ideal Key West cottage located on a little lane in Old Town. This lovely home 870 sq ft two bedroom, two bath home sold for $900,000 or $1,034 per sq ft. I had a several buyers who fell all over themselves loving this place. They just couldn't accept they would have to pay over $1,000 per sq ft. It was their loss.

1022 Fleming Street is a two story legal duplex located on one of the best blocks in Old Town. It is situated among some of the prettiest and most expensive houses in the area. It sold for $1,000,000.

527 Margaret Street is basically a brand new house built on an historic site. HARC required the builder to retain a couple of the front member walls but the house really is brand new otherwise. I wrote about the finished house in my blog. I was amazed at how much house the builder and the new owners' decorator created. This place is a show stopper. It sold for $1,125,000.

511 Frances Street is an example of owning a really good home in a really great location. This house was a bit dated, but it had three bedrooms, three baths, a large sunny pool, and off street parking. And it had a lot of physical street appeal. It sold at asking price: $1,350,000.

1127 Von Phister Street is located on one of the best blocks in the Casa Marina Area. This 1428 sq ft home has one heck of a street presence. There's a pool, second floor rear sun deck, outdoor kitchen, and lots of interior charm. It sold at $1,375,000 or $963 per sq ft.

6 Pinder Lane is located in the heart of Old Town but tucked away and hidden from public view. The enchanting home and romantic secret garden once belonged to author Nancy Friday. It sold for $1,500,000 or $1,073 per sq ft. I understand the new owner is about to begin a total renovation of the home and redevelopment of the gardens.

1311 Truman Avenue. This estate type property with historic main house plus separate three bedroom and three bath guest cottage, pool, and covered off street parking sold for $1,900,000.

809 Eaton Street is a grand Bahamian style historic home with recently built guest cottage, off street parking for two cars, and lots of street appeal. It became a bank owned property which immediately sold for $2,000,000. 

620 Eaton Street is located just two blocks from 809 Eaton (above). It is another historic old Key West mansion, except this home was a traditional fair market sale. It sold at $4,495,000.

46 of the 334 single family homes sales in Key West in 2015 sold at $1,000,000 or more. All of those sales were in the Old Town, Casa Marina, or Meadows ares of Key West. The median sale price was $1,612,357 at an average of $683 per sq ft.

If you are looking to buy a primary residence or a second home in Key West and are not working with a Realtor at this time, I ask you to consider working with me, Gary Thomas. I am a buyers agent and a full time Realtor at Preferred Properties in Key West. I urge buyers to not be locked into a certain mindset when considering the purchase of a house. Houses that need renovated can be costly but they don't necessarily have to be bank-breakers. Houses that are perfect may not be perfect for every new owner. Locations can be difficult, but no location is perfect. Idiot neighbors are not restricted to any one part of the island. Houses on busy streets and those located by the cemetery or some other scary site may offer tremendous buying opportunities,