Key Biscayne Real Estate Market Update
May 25, 2017Real estate in Key Biscayne includes both single-family homes and condominiums. Many of the properties are a part of the luxury market and priced at more than $1 million. Here’s how the market breaks down for Key Biscayne currently.
Single-Family Homes
There are currently 28 waterfront homes for sale in Key Biscayne with price range from $4.625 million to $40 million. None of the waterfront homes for sale in Key Biscayne have sold yet in 2017, but two are pending.
Currently, 85 non-waterfront single-family homes are available with four pending sales and five sold so far in 2017. The price range for non-waterfront homes ranges from $1.499 million to $6.25 million.
A total of 113 homes are currently listed with 6 pending sales and five sold so far for 2017.
Condominiums
A total of 299 condo units are listed for sale in Key Biscayne with 224 waterfront and 75 non-waterfront options. Year-to-date, 42 units have sold and 32 sales are pending. Out of those sales, 30 are waterfront units and 12 are non-waterfront. Another 20 waterfront sales are pending with 12 more non-waterfront pending.
The price range for current waterfront condominiums starts at $275K and goes up to $19.89 million. Non-waterfront condo units in Key Biscayne range from $325K to $2.89 million.
Related:Â Miami Real Estate Q1 2017 Market Report
A breakdown of the condos for sale, by building is found below:
- Casa del Mar – 8 units for sale with 1 sold and 3 pending sales
- Commodore Club – 36 units for sale with 2 sold and 1 pending sale
- Grand Bay – 17 units for sale with 1 unit sold
- Island House – 6 units for sale
- Key Colony – 54 unites for sale with 12 sold and 9 pending sales
- Mar Azul – 4 units for sale
- Oceana – 20 units for sale with 1 pending sale
- Ocean Club – 67 units for sale with 2 sold and 2 pending sales
- Ocean Lane Plaza – 8 units for sale
- Ocean Village – 4 units for sale with 1 sold and 2 pending sales
- The Ritz Carlton – 11 units for sale with 1 sold and 1 pending
- The Sands – 5 units for sale with 2 sold and 1 pending
- The Towers of Key Biscayne – 22 units for sale with 8 sold and 4 pending
Current market trends in Key Biscayne show a 7% decrease in the median home sales over the past year with an average price per square foot falling from $732 to $596.
