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Strong Dollar Hurts Key Biscayne Real Estate Market

November 11th, 2016 Written By

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Key Biscayne's real estate market relies heavily on international buyers and investors. The strong dollar during 2016 has significantly impacted the number of sales as well as property values this year. Take a look at the charts below for single-family homes and condos. You can see that there will be far fewer sales in both segments of the market as well as lower overall prices. Key Biscayne Single-Family Home Data: Key Biscayne Condo Data: If you are interested in working with Realtors who...Continue Reading!

Real Estate On Key Biscayne Hits The Brakes

April 21st, 2016 Written By

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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...Continue Reading!

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

January 7th, 2016 Written By

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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...Continue Reading!

Homes Sell Closer To Asking Price On Key Biscayne

December 2nd, 2015 Written By

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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...Continue Reading!

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

October 16th, 2015 Written By

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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...Continue Reading!

2015 First Quarter Update | Highest Sale Price

March 31st, 2015 Written By

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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. Below is a...Continue Reading!

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

March 17th, 2015 Written By

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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...Continue Reading!

Key Biscayne Real Estate | 2014 Year In Review

January 23rd, 2015 Written By

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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...Continue Reading!

Values On Key Biscayne Continue To Rise For Single Family Homes

October 29th, 2014 Written By

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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...Continue Reading!

Oceana Market Update | Key Biscayne

October 24th, 2014 Written By

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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...Continue Reading!

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