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Real Estate On Key Biscayne Hits The Brakes

April 21st, 2016 Written By Riley Smith


Categorized under Key Biscayne Homes, Key Biscayne Market Conditions

Changes ahead for Key Biscayne Real Estate

I am known for “telling it like it is” in the real estate business, and when the market isn’t performing well I have no problem saying it. Thanks to the strong dollar and fewer international buyers this year, real estate on Key Biscayne has hit the brakes. Sales in both the single-family home market and the condo market have dropped by more than 50% in 2016 compared to the same time last year. There is good news however! We haven’t seen a drop in values….YET. But I do believe that we will see many price reductions in the coming months as sellers become frustrated with the market. Below is a breakdown of the numbers.

Single-Family Homes

Between 1/1/2015 – 4/20/2015: 28 Closed Sales

Between 1/1/2016 – 4/20/2016: 10 Closed Sales

Condos/Townhouses

Between 1/1/2015 – 4/20/2015: 86 Closed Sales

Between 1/1/2016 – 4/20/2016: 47 Closed Sales

If you are interested in working with Realtors who track the market and specialize on Key Biscayne, please contact us. We can be reached anytime at 305-342-1623 or by filling out our contact page here.

Written by Riley Smith | Discussion: Leave A Comment

Mashta House On Key Biscayne Sells For Record $47,000,000

January 7th, 2016 Written By Riley Smith


Categorized under Key Biscayne Real Estate

South Mashta Drive

The iconic Mashta House on Key Biscayne has just closed for a record $47,000,000. This is the highest sale price on record for Key Biscayne, and was the second highest on record for Miami Dade County. The property was steeped in history, as it was the home of Miami pioneer W.J. Matheson in the early 1900’s.  Matheson lived in Coconut Grove but would bring his guests to the property to watch the magical sunsets. At that time, Key Biscayne was only accessible by boat.

In 1989, the property was purchased by a Colombian businessman for $1,300,000. He built the current structure on the land which had 6 bedrooms, 8.5 baths.

Mashta House was listed last year for $60,000,000 with One Sothebys agent Jorge Uribe.

It will be interesting to see what the new owners will do the with the property, stay tuned to the blog for updates!

Written by Riley Smith | Discussion: Leave A Comment

Homes Sell Closer To Asking Price On Key Biscayne

December 2nd, 2015 Written By Riley Smith


Categorized under Key Biscayne Real Estate

230 Island Drive, Key Biscayne

The “Sale Price/List Price” ratio is calculated by dividing the average sale price by the average list price. Knowing this number for the particular neighborhood that you want to buy a home in is important because it can give you a good idea of where to start your negotiations. In most areas of Miami, the typical sale/list price ratio is 90%. This means that homes sell for approximately 10% off of their asking price.

On Key Biscayne right now, there is a very high sale/list price ratio of 94%. This means that sellers are less negotiable and buyers will end up paying closer to asking price.  This is due to low inventory levels and high demand for homes on the Key. Knowing this figure will keep you from making too low of an initial offer and possibly losing out on the home that you want to buy.

If you are interested in working with Realtors who track the market and specialize on Key Biscayne, please contact us. We can be reached anytime at 305-342-1623 or by filling out our contact page here.

Written by Riley Smith | Discussion: Leave A Comment

Single Family Home Values Rise By 9% In 2015 On Key Biscayne

October 16th, 2015 Written By Riley Smith


Categorized under Key Biscayne Market Conditions, Key Biscayne Real Estate, Realtors In Key Biscayne

Home for sale on Key Biscayne, FL

Although the number of single family home sales has dropped slightly on Key Biscayne this year, the average “sale price per square foot” has risen by 9% ($876 in 2014 to $957 in 2015).

So far in 2015, there have been 9 waterfront home sales which closed at an average sale price $6,656,000 and there have been 40 non-waterfront home sales which closed at an average sale price $2,614,000.

The highest sale price on Key Biscayne to date is $10,550,000 while the least expensive came in at $1,600,000 (sold for land value, non-waterfront).

If you are looking for a Realtor who specializes in Key Biscayne real estate, please don’t hesitate to contact us. We study and analyze the market so that our clients make informed and confident decisions.  If you are interested in contacting us, please send us a message here. 

Written by Riley Smith | Discussion: Leave A Comment

2015 First Quarter Update | Highest Sale Price

March 31st, 2015 Written By Riley Smith


Categorized under Key Biscayne Market Conditions, Key Biscayne Real Estate, Realtors In Key Biscayne

Key Biscayne waterfront home

There have been 13 single family homes sold on Key Biscayne during the first quarter of 2015. While the average home closed for $3,500,000, the highest sale price came in at $9,100,000 for the waterfront home located at 750 South Mashta Drive.  This one of a kind modern home offered 6,011 square feet of living space on a 11,280 square foot lot with 7 bedrooms, 5.5 bathrooms and a 20 foot dock. The property was listed by Fortune.

Key Biscayne Waterfront Home

Below is a list of all single family homes sold on Key Biscayne during the first quarter of 2015:

  1. 750 South Mashta Drive | 7 Beds/5.5 Baths | Sale Price: $9,100,000
  2. 851 Harbor Drive | 8 Beds/9.5 Baths | Sale Price: $5,350,000
  3. 120 Knollwood Drive | 6 Beds/5 Baths | Sale Price: $5,450,000
  4. 105 Reef Lane Villa 5 | 5 Beds/5.5 Baths | Sale Price: $5,000,000
  5. 445 West Glendridge Road | 6 Beds/6.5 Baths | Sale Price: $3,100,000
  6. 235 Cranwood Drive | 5 Beds/5 Baths | Sale Price: $2,925,000
  7. 9 Turtle Walk | 6 beds/6 Baths | Sale Price: $2,800,000
  8. 260 West Mashta Drive | 5 Beds/4 Baths | Sale Price: $2,350,000
  9. 792 Ridgewood Road | 4 Beds/4 Baths | Sale Price: $2,315,000
  10. 766 Curtiswood Drive | 4 Beds/3 Baths | Sale Price: $2,100,000
  11. 401 Glendridge Road | 5 Beds/4 Baths | Sale Price: $1,995,000
  12. 630 Allendale Road | 4 Beds/3 Baths | Sale Price: $2,090,000
  13. 371 West Heather Drive | 4 Beds/3 Baths | Sale Price: $1,600,000

If you are looking for a Realtor who specializes in Key Biscayne real estate, please don’t hesitate to contact us. We study and analyze the market so that our clients make informed and confident decisions.  If you are interested in contacting us, please send us a message here. 

Written by Riley Smith | Discussion: Leave A Comment

Ritz Carlton Consistently Sells For More Than $1,000/Sq. Ft.

March 17th, 2015 Written By Riley Smith


Categorized under Key Biscayne Condos, Realtors In Key Biscayne

Ritz Carlton Key Biscayne

The Ritz Carlton condos on Key Biscayne are a great opportunity to live full-time or part-time and have access to the five-star amenities of the Ritz Carlton hotel.  The Ritz Carlton Key Biscayne is located on 12 acres of direct beachfront property and offers a 24 hour concierge, manned guard gate, pools, tennis courts, gym and secured covered parking.  It is a 12 story resort style condo with 188 luxury units.

Condos at the Ritz Carlton are selling for upwards of $1,000/square foot; they are some of the highest “Price/Sq. Ft.” figures you will see for condos on the island. Buyers are attracted to these units because they are a great investment opportunity. Part-time residents and snow-birds place their condos in the rental program and earn income on them while they are away. The Ritz Carlton will furnish, manage and maintain the unit while you are gone.

There have been 2 condos sold at the Ritz Carlton Key Biscayne so far in 2015, see data below:

  • 455 Grand Bay Drive, Unit 712 | 1 Bedroom, 1 Bath | 849 sq. ft. | Sale Price: $1,105,500 ($1,302/sq. ft.)
  • 455 Grand Bay Drive, Unit 558 | 1 Bedroom, 1 Bath | 782 sq. ft. | Sale Price: $925,000 ($1,182/sq. ft.)

If you are looking for a Realtor who specializes in Key Biscayne real estate, please don’t hesitate to contact us. We study and analyze the market so that our clients make informed and confident decisions.  If you are interested in contacting us, please send us a message here.

Written by Riley Smith | Discussion: Leave A Comment

Key Biscayne Real Estate | 2014 Year In Review

January 23rd, 2015 Written By Riley Smith


Categorized under Key Biscayne Condos, Key Biscayne Homes, Key Biscayne Market Conditions, Key Biscayne Real Estate, Realtors In Key Biscayne

It was a great year for real estate on Key Biscayne in 2014.  Overall, values increased in both the single family home market as well as the condo market.  There were a total of 299 transactions amounting to $477,160,043 in volume (compared to the previous year with 327 sales and $433,705,000 in volume).  There were 10 waterfront homes sold during 2014.

New to the Key Biscayne real estate market this year were the condo sales at Oceana, Key Biscayne’s newest luxury condo project.  Many of the units closed off of the MLS but there were 3 recorded sales which ranged in price from $2,900,000 to $8,500,000.

Check out our infographic below which highlights a few of the important figures from 2014:

If you are looking for a Realtor who specializes in Key Biscayne real estate, please don’t hesitate to contact us. We study and analyze the market so that our clients make informed and confident decisions.  If you are interested in contacting us, please send us a message here.

Don’t Miss Today’s News From Our Other Miami Real Estate Blogs!

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Values On Key Biscayne Continue To Rise For Single Family Homes

October 29th, 2014 Written By Riley Smith


Categorized under Key Biscayne Homes, Key Biscayne Market Conditions, Key Biscayne Real Estate

Key Biscayne Real Estate Chart

The real estate market on Key Biscayne is on fire this year.  With so much demand for homes, prices have reached an all-time high for the island.  Homes in 2014 are selling at an average sale price per square foot of $885.00.  In 2010 the average sale price per square foot was just $576.00.

We have also had more ultra-luxury home sales in 2014 than ever before.  There have been 23 homes which closed over $3,000,000 in 2014 and there are 6 currently under contract. The final number for 2014 will far exceed any other year on the books.

If you are looking for a Realtor who specializes in Key Biscayne real estate, please don’t hesitate to contact us. We study and analyze the market so that our clients make informed and confident decisions.  If you are interested in contacting us, please send us a message here.

Don’t Miss Today’s News From Our Other Miami Real Estate Blogs!

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Oceana Market Update | Key Biscayne

October 24th, 2014 Written By Riley Smith


Categorized under Key Biscayne Condos, Key Biscayne Real Estate

Oceana, Key Biscayne

The Real Deal has reported that a penthouse at  Oceana on Key Biscayne just closed for $17,000,000.  The buyer was Vail Key of Miami and he purchased Penthouse Unit 1s. They began closings at the 142 unit complex approximately 2 months ago.  Other reported sales have ranged in price from $3,000,000 to $10,000,000.  A single buyer purchased a lower penthouse that offered 5,000 square feet of living area for $10,000,000.

Oceana offers the ultimate in luxury and is the newest project to be completed on Key Biscayne.  It is located at 360 Ocean Drive.  Some of the amenities include a 100′ x 100′ lap pool, kids room, pool and beach restaurant, 500′ of beachfront, state of the art fitness center with ocean views, 24 hour concierge, putting green, tennis court, media room, private unit elevators, oversized balconies and a staff room in every unit.

If you are interested in learning more about residences at Oceana Key Biscayne, please feel free to contact us here.  We know the Key Biscayne Real Estate market and would be happy to help you.  We can be reached anytime at 305-342-1623 or send us a contact message here.

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Iconic Mashta House Hits The Market For $60,000,000

September 11th, 2014 Written By Riley Smith


Categorized under Key Biscayne Real Estate

Mashta House, Key Biscayne

If you have ever driven past Key Biscayne on a boat then you have  no doubt noticed the spectacular piece of property located at 775 South Mashta Drive (aka The Mashta House). This man-made peninsula was built by W.J. Matheson in the early 1900’s and inspired by a house that he had seen while visiting the Nile.  The home was used for guests of Matheson who arrived on Key Biscayne by yacht including the Carnegies, Mellons and Vanderbilts.

Currently listed for $60,000,000 by Jorge Uribe, the property offers 11,600 square feet of land with spectacular 360 degree waterfront views. If this property sells anywhere near its asking price, it will break a record on Key Biscayne as well as Miami-Dade.  The highest sale price on record on Key Biscayne is $13,500,000 for 468 Bay Lane which closed in 2012.  The highest sale price on record in Miami-Dade is 3 Indian Creek Road which closed for $47,000,000, also in 2012. Check out the top 5 highest priced listings on Key Biscayne:

  1. 775 South Mashta Drive | List Price: $60,000,000 | Listed by Jorge Uribe of One Sothebys
  2. 7 Harbor Point | List Price: $23,000,000 | Listed by Barbara Lamar of One Sothebys
  3. 9 Harbor Point | List Price: $21,500,000 | Listed by Dennis Carvajal of One Sothebys
  4. 28 Harbor Point Drive | List Price: $19,750,000 | Listed by Audrey Ross of EWM Realty
  5. 350 Ocean Drive #PH02N  (Oceana)| List Price: $19,000,000 | Listed by Consultatio Realty

If you are looking for a Realtor who specializes in Key Biscayne real estate, please don’t hesitate to contact us. We study and analyze the market so that our clients make informed and confident decisions.  If you are interested in contacting us, please send us a message here.

Don’t Miss Today’s News From Our Other Miami Real Estate Blogs!

 

Written by Riley Smith | Discussion: Leave A Comment

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