Apparently, it's all the rage to name the house or apartment you live in so it is easier to refer to than "Nick, Seth, Corey, Katie, Betsy, and Mary's house." This seems to be a phenomena mostly associated with theater majors: The Icehouse, The Hotboxx (which, rumor has it, is being renamed The Speakerboxxx, and the apartment beneath it, The Love Below), and of course, The Bitch Barn.
The girls who lived in our place last year had been visited by a UPS driver and past tenant who told them that when he had lived there, they called the house The Olive Pit, apropos since it is on Olive Street. Nick and I love the history of the name, so we've decided to restore its use.