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Facts About The Key Biscayne Condo Market

May 21st, 2014 Written By Riley Smith

Photo of View at Grand Bay

The real estate market on Key Biscayne is changing rapidly everyday.  So far this year we have seen an increase in values but a slowdown in the number of overall sales. Condo prices have risen from $564.00 per square foot in 2013, to $624.00 per square foot in 2014.  Check out some of the recent statistics on the market below!

Most Expensive Condo Sold On Key Biscayne In 2014?

Unit 401 at the Grand Bay Towers closed in April for $4,300,000 which is the highest sale price for a condo sold on Key Biscayne this year.  This was a southeast corner unit with direct ocean views and offered 3 bedrooms, 5 baths with 3,950 square feet of living space.  It also featured many designer upgrades.  Listed by Suero and Suero.

Highest Condo “Sale Price/Square Foot” On Key Biscayne In 2014?

Unit 524/25 at the Ritz Carlton closed for $1,385.00 per square foot which is the highest condo “sale price/square foot” we have seen on Key Biscayne this year.  This ocean front unit offered 1,227 square feet of living space with 2 bedrooms, 2 bathrooms.  Listed by Arch Realty Inc.

How Many Condos Have Sold In 2014 On Key Biscayne?

So far this year there have been 81 condos sold. This number is down slightly from the same time period last year where there were 114 condos sold.  Part of the decrease in sales is likely due to the fact that values have increased dramatically and buyers haven’t had a chance to adjust to the prices.

What Is The Average Price For A Condo On Key Biscayne?

The average condo on Key Biscayne is selling at $1,129,000 whereas the median condo is selling for $850,000.

We know the Key Biscayne real estate market and track the sales so that our clients make informed, knowledgeable decisions.  If you are interested in working with a Realtor who specializes on Key Biscayne, please contact us here.

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