1118 Olivia Street - Old Town - Key West

Just Listed: 1118 Olivia Street - Old Town - Key West

Just listed, but not by me, 1118 Olivia Street is a Key West cottage located in the Lionsgate Condominium Compound. The compound is a group of five houses that share a pool, a small common area, and off-street parking. With the exception of two buildings that are "duplexes", the other properties were single family homes that were incorporated into the compound. The property sits at one of the highest points on the Island of Key West.

This house has 851 sq ft of living space under roof and has two bedrooms and one bath. The cottage has Dade County Pine throughout much of the house. French doors lead from the living area onto a private covered rear deck and garden. There is an enclosure for the washer and dryer at the rear. The pool is just steps away off the private rear deck. CLICK HERE to view the Key West mls datasheet on this property.

Kitchen is at the rear and has sunny view of the private decked area

Pool and Common Area

The property is five minute walk due west to Duval Street and maybe five minutes to the Historic Seaport. Nearby neighborhood hangouts include the Coffee Mill studio, Key West Island Gym, Fausto's Food Palace, Dion's Gas Station and purveyor of great fried chicken (no kidding!), Dog 30 (pet store for pampered pups), an Italian eatery, a bike shop, some Realtors, at least four yoga studios, and lots of small restaurants and Cuban coffee joints. It is a real Key West neighborhood.




1118 Olivia Street has what many second home owners dream of owning: a charming Key West cottage in a good location,a pool, and parking. The asking price on this charmer is only $365,000 or $429 per sq ft. Condo fees are $369.15 monthly and include building maintenance, common area and pool maintenance, building insurance, trash removal. This property will not last long. Not at that price.


Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to arrange a showing or to provide more information. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Don't let Friday the 13th scare you out of making a really good investment in your future.

March 2009 Key West Real Estate Sales Report

There were a total of 18 single family home sales in Key West between March 1st through March 31st. Six of those sales were short sales and one was bank owned. Old Town had seven of those single family home sales. The average price per square foot in Old Town was $484. In 2008 there were six single family sales in Old Town and the price per square foot then was $583. Not a good trend, if it is a trend.

None of the single family home sales in March 2009 would be considered a major Key West home. I wrote about 804 Elizabeth Street several times. It was originally listed for sale in April 2007 for $1,695,000, and it sold in March 2009 at $950,000 or $490 per square foot. That house had one of the most beautiful pools on the island. The location is a short two block walk to Duval Street. And there were two off street parking spaces. Congratulations to Jeff Dunaway for finding the lucky buyer on this great home.

Last month there were a total of twelve condo and town home sales in Key West. Three of those were identified as short sales. But five were bank owned properties. That means 66% of our condo and town home sales were distressed properties. And there is no accounting for what factors went into the other non-distress sales. Two of the bank owned properties that sold were previously mentioned in my blog as buying opportunities. The first was a third floor condo at Sunset Marina. The condo had previously sold in August 2005 for $885,000. It was sold by the bank for just $370,000. The really cute house (officially it's a condo because it is located in a compound) at 1118 Olivia Street was listed for $359,000 and sold in just a couple of days for $349,000. That was a great buy. (As a side note, a nice little house went in the mls this past Monday. It was bank owned. I called the listing agent to get access to see the property for a buyer. It was already under contract. If you want to buy a bank property, be prepared to act quickly and make a sensible offer.)

There are lots of houses and condos for sale in Key West. Some are dogs. And there are some really beautiful properties available at potentially great prices. I am a firm believer that every property listed for sale today is listed because the seller really wants to sell. CLICK HERE to search the Key West mls database to find the bargain you have been hoping for. If you are looking to purchase a place in Key West, please call me, Gary Thomas, 305.766.2642, or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc., the exclusive Florida Keys affiliate of Christies Great Estates.

January Real Estate Sales in Key West

I've been telling you that sales are picking up in Key West and advising you not to wait too long before you buy. Snoozers are Losers!

In January there were ten single family home sales in Key West (including a couple of properties that could be used as legal duplexes). Going either way is common in Key West, I guess. I have written about several of the homes that sold and I gotta tell you, I told you they were bargains to be had. Included were 701 Elizabeth, originally $1,579,000 and sold for $695,000 (Not a Short Sale nor a distress sale); 3 Pinder Lane, originally listed for $1,390,000 and sold for $900,000; 716 Olivia Street (originally listed for $2,895,000 and sold for $1,025,126 in one day). The buyers on the above referenced properties made excellent buys in my opinion. A major Key West house sold that was listed for $6,495,000 and sold for $5,700,000.

There were eight condo and townhome sales during January. Four of those were identified as either bank owned properties or short sales. Among the winners of that group are a unit at 1075 Duval with a real transient license. It sold for an incredible $439,774. A third floor bank owned unit at Sunset Marina with a terrific water view sold for $399,000. And a two story townhome at Windward Park sold for just $400,000.

Even, perhaps, more interesting is the number of contingent and pending single family and duplex properties in Key West. Fifty-three properties are now under contract. Of that number, 26 are shown as short sales and 11 were identified as bank owned properties. In case you think that all short sales are crappy little houses that could not be sold CLICK HERE. The incredible house at 811 Southard is a short sale and somebody snagged this big one. I wrote about 1212 Olivia CLICK HERE. It is a bank owned house on a really nice block. I showed that house twice within a couple of hours of when it was listed. (Just as in the case of the sold bank owned home at 716 Olivia CLICK HERE (scroll down to October 27th) mentioned above under single family sales, this unit reportedly went for a little more than the asking price just so that the buyer could seal the deal.)

Finally, thirty one condos and town homes are shown as contingent or pending sales. Of that number, 15 are short sales and 6 are bank owned properties. The most notable in my opinion is the gift at 1118 Olivia Street that was listed at only $359,000. CLICK HERE to see what I wrote about that property that went under contract just 4 days after being listed.

You need to be aware that there is some confusion about how to classify houses and condos that have signed short sale contracts. Not all properties that have signed short sale contracts are listed as such. I believe the number of actual contingent and pending sales is much, much higher. But that is just my opinion.

Buyers who are not in Key West have a bit of a disadvantage to those people who happen to be here when new properties get listed or when prices are reduced. But that should not stop you from using your computer to do some research and using your noggin to figure out if a particular property could work for you. You probably know what you want and what you can afford. I encourage potential buyers to search the real Key West Association of Realtors mls database CLICK HERE to see what kind of property they can buy for the money they want to spend. Always look at properties priced higher than you can afford and search properties with less space or amenities than you require. CASH is KING and you may be able to negotiate a real sweet deal, just like some of the lucky buyers mentioned above.

Let me, Gary Thomas, help you buy your place in Paradise. Please either call me at 305-766-2642 or 3-mail me at kw1101v@aol.com. Tell me what you want and how much you want to pay. You might own a place in Key West where you can snooze on the beach.

1118 Olivia Street - Old Town - Key West Cottage

This is how the listing Realtor describes the Key West cottage located at 1118 Olivia Street: "Bank Owned. REO. Bank Foreclosure. Easy to see! One of a 7 unit condo compound on Olivia Street in Old Town Key West. It is a stand alone structure with vaulted ceilings, tiled floors, stained glass, and a covered rear deck. Brick walkways, large heated pool, landscaping, and a great entertainment area pool side add to the charm of this compound . It is located within biking distance to the beach and the downtown area. Located less than one block off White St where you will find restaurants, gym, galleries, food stores, many local shops and the famous, monthly Walk on White. Parking! Qualified Buyers may be eligible for Seller financing at below market rates, FHA, and other incentives available where applicable. Fast response from Bank."

The cottage is located in the Lionsgate Condominium Compound. The compound is a group of five houses that share a common pool, a small common area, and off-street parking. With the exception of two buildings that are "duplexes", the other properties were single family homes that were incorporated into the compound.

This house has 851 sq ft of living space under roof and has two bedrooms and one bath. However, one of the bedrooms is on the second level and would be more appropriately called a bonus room rather than a bedroom. French doors lead from the living area onto a private covered read deck and orchid garden. There is an enclosure for the washer and dryer. The house also has hurricane shutters. CLICK HERE for more information and photos of this house and the common area and pool. CLICK HERE for a rear view of 1118 Olivia and the house next door to the east. CLICK HERE to see the front view of the other homes that make up the Lionsgate compound.

The property is five minute walk due west to Duval Street and maybe five minutes to the Historic Seaport. Nearby neighborhood hangouts include the Coffee Mill studio, Key West Island Gym, Faustos Food Palace, Dion's Gas Station and purveyor of great fried chicken (no kidding!), Dog 30 (pet store for pampered pups), a fresh fish place, a bike shop, some Realtors, and lots of small restaurants and Cuban coffee joints. It is a real Key West neighborhood.

1118 Olivia Street has what many second home owners dream of owning: a charming Key West cottage in a good location and a pool. The asking price on this charmer is only $359,000 or $422 per sq ft. This property will not last long, not at that price.

Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to arrange a showing or to provide more information.

1119 Olivia Street Old Town Key West -- Steal This House

The little house at 1119 Olivia Street in Old Town Key West has just been reduced to $585,000 from its original price of $1,275,000 in March 2007. Half Price! Too bad it wasn't worth the original asking price, however. The property is owned and listed by a Realtor--not me. Thank God. But he must disclose that to the public. Please don't take these comments on my part as being negative. But you need to know the facts when you invest your money in property. Especially now!

This is an excellent opportunity to own your own Conch home located in Old Town. The home at 1119 Olivia Street was completely renovated in 2005. The property is Located in the X flood zone and sustained no damage in any of the hurricanes. A true high and dry property. Some of the features include: 2 licensed residential units, 2 off-street bricked parking spots, 2 separate electric meters, 2 water meters and sewer accounts, granite counters in kitchens, and central A/C, and room for a pool. The property consists of a 1 bed/1 bath apt above rented at $1,200, and a 2 bed/1 bath below rented at $1,700 Per month. Owners will have flexibility of occupying entire home as a 3bed/2bath or renting out a portion as a lock out unit. Building was termite tented in July, 2006. As I mentioned the house is now priced at $585,000 or $496 per sq ft. That price makes it very competitive in the market since it is well located in Old Town, has off street parking, and is legally licensed as two living units. The present owner purchased the house in April 2005 and paid $785,000. He then did the renovation which had to cost a minimum of $100 per sq ft rounded to $150,000. So I would increase the capital investment in the property to be in excess of $$935,000. Some smart shopper is going to buy this house on its Half Price Sale quite soon. Mark my words.

I have shown 1119 Olivia Street several times. The downstairs bedrooms are on the small side. But they work--especially for a rental. If a buyer wanted to reconfigure the downstairs or upgrade the flooring from ceramic tile to wood, or even do a chi-chi redo, I think it would be money well spent, but it certainly is not necessary. The seller renovated or rebuilt everything except the roof, and it looks like it is in good shape. (A home owner's inspection will tell for sure.) Finally, I am not a friend of the seller/agent. I just think this property at this location and at this price makes good sense.

A couple of months back I wrote an item about the house directly across the street at 1118 Olivia which is priced at $485,000 or $700 per sq ft for a 2 bed 1 bath home that is in a compound. I think both properties have their individual attributes. The two units at 1119 Olivia is a potential Short Sale. Any sale of 1119 property will necessarily require the approval of the current lender. The listing agent/owner told me he has discussed the short sale scenario with his lender and that the lender is prepared to act accordingly.

CLICK HERE for more info, additional photos, and a map to help you locate 1119 Olivia Street.

And CLICK HERE to checkout a partial list of the 39 duplexes for sale in Key West. I eliminated properties that are not located in the Old Town area or that are not comparable in asking price.

CLICK HERE to perform your own personal search of all Key West mls listings. Then give me (Gary Thomas) a call to schedule a personal showing. My number is 1-305-766-2642 or you can send me an e-mail at kw1101v@aol.com.

Half Price Sale on a Single Family House in Old Town

The little house at 1119 Olivia Street in Old Town Key West has just been reduced to $635,000 from its original price of $1,275,000 in March 2007. Half Price! Too bad it wasn't worth the original asking price, however. The property is owned and listed by a Realtor--not me. Thank God. But he must disclose that to the public. Please don't take these comments on my part as being negative. But you need to know the facts when you invest your money in property. Especially now!

This is an excellent opportunity to own your own Conch home located in Old Town. The home at 1119 Olivia Street was completely renovated in 2005. The property is Located in the X flood zone and sustained no damage in any of the hurricanes. A true high and dry property. Some of the features include: 2 licensed residential units, 2 off-street bricked parking spots, separate electric meters, granite counters in kitchens, and central A/C, and room for a pool. The property consists of a 1 bed/1 bath apt above rented at $1,200, and a 2 bed/1 bath below rented at $1,700 Per month. Owners will have flexibility of occupying entire home as a 3bed/2bath or renting out a portion as a lock out unit. Building was termite tented in July, 2006. As I mentioned the house is now priced at $649,000 or $550 per sq ft. That price makes it very competitive in the market since it is well located in Old Town, has off street parking, and is legally licensed as two living units. The present owner purchased the house in April 2005 and paid $785,000. He then did the renovation which had to cost a minimum of $100 per sq ft rounded to $150,000. So I would increase the capital investment in the property to be in excess of $$935,000. Some smart shopper is going to buy this house on its Half Price Sale quite soon. Mark my words.

A couple of weeks back I wrote an item about the house directly across the street at 1118 Olivia which is priced at $485,000 or $700 per sq ft for a 2 bed 1 bath home that is in a compound. I think both properties have their individual attributes. The two units at 1119 Olivia is a potential Short Sale. I think that any sale of 1119 property will necessarily require the approval of the current lender.

CLICK HERE for more info, additional photos, and a map to help you locate 1119 Olivia Street.

CLICK HERE to perform your own personal search of all Key West mls listings. Then give me (Gary Thomas) a call to schedule a personal showing. My number is 1-305-766-2642 or you can send me an e-mail at kw1101v@aol.com.

What you can buy for $500,000 or less

Up north, in America, you can buy a pretty fancy home or condo if you have $500,000 to spend.

Since the housing market in Key West has taken its downward turn the prices on some single family homes and condos have become more affordable. So I thought I would share my search of homes and condos in the Old Town, Casa Marina, and Meadows Area with you.

To be concise: there ain't much. CLICK HERE to see the single family homes under $500,000. I have omitted some that are just plain awful or have really bad locations.

CLICK HERE to checkout the condos and townhomes in the same areas referenced above. There are two condos worth mentioning. Unit #298 at Shipyard in the Truman Annex is priced at $500,000 or $735 per sq ft. It is a 2 bedroom, 1 bath second floor unit with 680 sq. ft. and looks typical of the units available there. It can be legally rented on a transient basis. Other units have recently sold between $550,000 and $580,000 so this price is fairly good. CLICK HERE for the full info on this unit.

The townhome at Lionsgate 1118 Olivia CLICK HERE looks very interesting. This is a free standing single family home that is integrated into The Lionsgate Compound of similar homes that share a common pool and community area. CLICK HERE for more photos and info. This unit is priced at $485,000 or $700 per sq ft. (for basically a single family home in a great Old Town location with parking and the the use of a pool).

If you see something you like, give me a call. I'd love to help you find your affordable home in Paradise. Call Gary Thomas, 305.766.2642.