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Key Biscayne Real Estate Market Update

On May 25, 2017

Categories: Ross Report

Real 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: 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.