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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.

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Written by Riley Smith | Discussion: Leave A Comment

Townhouse Unit At Key Colony Sells For Full List Price Of $3,400,000

July 11th, 2014 Written By Riley Smith


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

Ocean Sound, Key Colony

Key Colony on Key Biscayne is a unique oceanfront complex offering a luxury lifestyle with fantastic amenities. The community is made up of 4 different condo buildings, twelve tennis courts, state of the art fitness center, multiple pools, jogging path, beach access and covered assigned parking.  Because of the great location and ultimate beachfront experience, condos at Key Colony are in high demand and tend to get snapped up quickly when they come on the market.

Ocean Sound, Key Colony

Recently, a townhouse unit at the Ocean Sound building in Key Colony sold in less than 30 days for full asking price.  This multi-level unit offered unobstructed beach views and beach access with its own cabana, rooftop terrace, elevator and two master bedrooms.  It is very rare to find a property like this located directly on the beach and for that reason, it is the highest sale price on record at Key Colony!  Living area was 3,780 square feet with 4 bedrooms, 4.5 bathrooms.  The list price and sale price was $3,400,000, listed by Coldwell Banker.

Other sales at Key Colony this year include:

  • 141 Crandon Boulevard #240 | 3 Bedrooms, 2 Bathrooms | Sale Price: $580,000
  • 151 Crandon Boulevard #136 | 2 Bedrooms, 2 Bathrooms | Sale Price: $715,000
  • 151 Crandon Boulevard #524 | 2 Bedrooms, 2 Bathrooms | Sale Price: $795,000
  • 201 Crandon Boulevard #333 | 2 Bedrooms, 2 Bathrooms | Sale Price: $900,000
  • 201 Crandon Boulevard #336 | 1 Bedroom, 1 Bathroom | Sale Price: $515,000
  • 201 Crandon Boulevard #1030 | 2 Bedrooms, 2 Bathrooms | Sale Price: $910,500
  • 251 Crandon Boulevard #136 | 2 Bedrooms, 2 Bathrooms | Sale Price: $905,500
  • 251 Crandon Boulevard #902 | 2 Bedrooms, 2 Bathrooms | Sale Price: $820,000
  • 251 Carndon Boulevard #1022 | 2 Bedrooms, 2 Bathrooms | Sale Price: $910,000

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.

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Written by Riley Smith | Discussion: Leave A Comment

Significant Sale | 240 Harbor Drive Sells For $9,170,000

June 17th, 2014 Written By Riley Smith


Categorized under Key Biscayne Homes, Realtors In Key Biscayne

Waterfront Home on Key Biscayne

The spectacular waterfront home located at 240 Harbor Drive on Key Biscayne closed recently for a sale price of $9,170,000.  This home had been on and off the market for the past 3 years.  It started at a list price of $8,800,000 back in 2011, then it was taken off the market, only to come back on the MLS at a list price of $10,270,000 a year later.  At the time it went under contract it was listed for $10,470,000.  Listing agent was Brigitte Nachtijall of Great Properties International.

Details of the home included 5,701 square feet of living area on a 20,000 square foot lot with 4 bedrooms, 5 bathrooms.

Why Is This Sale Important? 

This sale places in the top 3 highest sale prices we have seen on Key Biscayne so far in 2014.  The other two were located on Mashta Island – they sold for $10,000,000 and $9,800,000.  It is also the second highest “sale price per square foot” figure on Key Biscayne this year coming in at $1,608.00/sq. ft. (the highest was 520 South Mashta Drive which closed for $2,396.00/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.

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Written by Riley Smith | Discussion: Leave A Comment

Facts About The Key Biscayne Condo Market

May 21st, 2014 Written By Riley Smith


Categorized under Key Biscayne Condos, Key Biscayne Real Estate

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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Written by Riley Smith | Discussion: Leave A Comment

The Building Boom On Key Biscayne

May 6th, 2014 Written By Riley Smith


Categorized under Key Biscayne Real Estate

building a sand castle on key biscayne

If you follow the Key Biscayne real estate market, then you know that prices have increased dramatically over the past year.  Part of this increase in value is due to all of the new construction that is going on.  Investors all over the Key are purchasing single-family ranch style homes for land value, demolishing them and building large contemporary homes.  These new homes are pushing up the average sale price.

Last week Martha Brannigan from the Miami Herald wrote an article about the building boom on Key Biscayne titled “New Mansions Loom Over Tiny Key Biscayne“.  This article is part of the Herald’s “Boom, Bust & Back” series.

Below are some of the figures from her article:

  • Nearly half of the island’s lots have newer structures/homes.
  • 60 homes are currently under construction on Key Biscayne (11 set for demolition).
  • Median Household Income On Key Biscayne: $120,020 (compared to $40,464 in the rest of Miami-Dade)
  • Foreclosure Rate On Key Biscayne: 1.1% (compared to 4.8% in the rest of Miami-Dade)
  • Residents with a mortgage on Key Biscayne: 51% (compared to 69% in the rest of Miami-Dade)
  • Prices on Key Biscayne are just 6% below their peak of 2008.

Because Key Biscayne land sells at such a premium, the return on investment is huge for these big developers.  Take a look at a few properties which were purchased for land value and are now back on the market as new construction homes:

  • 798 Curtiswood Drive | In 2012 sold for $1,150,000 | Currently listed for $4,570,000
  • 385 Heather Lane | In 2012 sold for $1,450,000 | Currently listed for $3,800,000
  • 631 Warren Lane | In 2012 sold for $1,200,000 | Currently listed for $3,400,000

With 60 new homes slated for Key Biscayne in the coming years, it doesn’t seem that the building boom is backing down anytime soon.

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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Written by Riley Smith | Discussion: Leave A Comment

Two Modern Homes Hit The Market On Key Biscayne

April 17th, 2014 Written By Riley Smith


Categorized under Key Biscayne Real Estate

Key Biscayne Home

Modern homes are in high demand on Key Biscayne.  Buyers are drawn to the open living spaces, high ceilings and walls of glass that a contemporary style home offers.  This type of home really embraces island living and brings the outdoors in.  Modern homes typically receive a lot of interest when they hit the market because there are so few available.  If you are interested in this type of home, you will want to check out two that just hit the market.

First, 798 Curtiswood Drive is a stunning two story contemporary which is situated on an oversized corner lot.  It is currently under construction but expected to be completed within the year.  It offers top of the line finishes, high ceilings, marble floors, Italian cabinetry, state of the art kitchen and floor to ceiling glass.  Details include 5 bedrooms, 6 full baths, 1 half bath with 4,475 square feet of living space.  It is being offered for $4,570,000 by Great Properties International.

Harbor Drive

The second modern home which just came on the market is 785 Harbor Drive  This home is a 3 story contemporary which offers 6 bedrooms, 7 baths and an ultra modern kitchen and baths with 1,650 square feet of living space on a 7,635 square foot lot.  It is being offered for $3,995,000 by E Realty International.

The most recent modern home on Key Biscayne to sell was 120 Knollwood Drive.  This was a waterfront home that offered 6,641 square feet of living space on a 16,827 square foot lot.  The home had been completely updated 5 years ago.  The sale price was $5,100,000 and was listed by Fortune International Realty. If you are interested in buying or selling a home on Key Biscayne, please don’t hesitate to contact us directly at 305-342-1623, or you can fill out a contact form here.

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Written by Riley Smith | Discussion: Leave A Comment

Mashta Island On Key Biscayne | 3 Homes Already Sold In 2014

April 3rd, 2014 Written By Riley Smith


Categorized under Key Biscayne Homes, Key Biscayne Real Estate

Mashta Island new

Mashta Island is one of the most prestigious locations on Key Biscayne.  Homes on Mashta Island have some of the best views that you can find anywhere in Miami.  The western side of the island offers direct Bayfront views and the eastern side of the island offers views of Key Biscayne’s coveted Hurricane Harbor.

There have already been 3 homes sold in 2014 representing a total volume of $23,150,000.  Homes on Mashta Island sell for a premium.  This year, homes traded for an average “sale price/square foot” of $1,436.00 whereas the rest of Key Biscayne is selling at an average of $886.00/square foot.

Below are details of the home sales on Mashta Island so far this year:

  1. 715 North Masshta Drive | List Price: 10,950,000 | Sale Price: 10,000,000 | 6 Bedrooms, 6 Bathrooms | 6,965 Square Feet Of Living Area | Listed by Fortune
  2. 720 South Mashta Drive | List Price: $10,275,000 | Sale Price: $9,800,000 | 6 Bedrooms, 5 Bathrooms | 6,328 Square Feet Of Living Area | Listed by Shelton and Stewart
  3. 611 South Mashta Drive | List Price: $3,550,000 | Sale Price: $3,350,000 | 6 Bedrooms, 5 Bathrooms, 5,182 Square Feet Of Living Area | Listed by Great Properties International

Click here to view homes that are currently for sale on Mashta Island.

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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Written by Riley Smith | Discussion: Leave A Comment

New Boutique Condo Building Coming To Key Biscayne

March 13th, 2014 Written By Dominique Duque


Categorized under Key Biscayne Condos, Key Biscayne Real Estate

101 key biscayne 1

101 Key Biscayne is a new construction condo project located at 101 Sunrise Drive.  With  11 total units and 5 stories, this boutique building will offer the utmost in privacy.  Sizes range from 1,848 to 1,949 square feet with 2 or 3 bedrooms.  Some of the special features include 11′ impact windows and doors, 10.6′ ceilings, large exterior terraces, two assigned parking spaces per unit plus plug-ins for hybrid and electric golf carts (essential on Key Biscayne!).

Amenities at 101 Key Biscayne include a spectacular rooftop terrace with summer kitchen, lap pool, yoga center, service locker with showers, and secured beach access.

Prices range from $1,740,000 to $2,290,000.  Completion is slated for December of 2014.

If you are interested in learning more about this project, please contact me so that we can arrange a private presentation.

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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Written by Dominique Duque | Discussion: Leave A Comment

Ocean Tower II | Unit 1202 Sells For $996.00/Sq. Ft.

March 5th, 2014 Written By Dominique Duque


Categorized under Key Biscayne Condos, Key Biscayne Real Estate

Ocean Tower II, Key Biscayne

When Unit 1202 came on the market at Ocean Tower II in The Ocean Club, it garnered a significant amount of interest.  This building is in high demand because it is located close to the beach and has incredible views.

Unit 1202 offered 2,510 square feet of living space with 3 bedrooms, 3 baths.  It was listed for $2,450,000 and sold above asking price for $2,500,000.  The “sale price/sq. ft.” was $996.00 which is the highest figure the building has seen in over 7 years!  Listing agent was Carlos Coto of One Sothebys.

Ocean Tower II, Key Biscayne

The Ocean Club is an extremely desirable place to live on Key Biscayne.  Comprised of 52 acres and 1,000 feet of ocean front property, residents enjoy a true tropical lifestyle.  Some of the amenities of the Ocean Club include beach and pool cabanas, tennis club with 8 clay tennis courts, a total of 9 swimming pools, two entrances for ease of access, a youth center, half basketball court and a toddler play area.  In addition, the private beach club offers members a bar/lounge area, business center, dining room, outdoor dining terrace, spa, beauty shop and fitness center.

If you are interested in condos for sale at The Ocean Club, click here for photos and information.

If you are curious about the value of your Key Biscayne home in today’s changing market or would like to set up a buyer consultation, please feel free to contact me at 305-766-7666 or provide your information on our contact page and we will get back to you shortly.

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Written by Dominique Duque | Discussion: Leave A Comment

Key Biscayne Real Estate Market Update

February 28th, 2014 Written By Dominique Duque


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

The Commodore Club, Key Biscayne

As the first two months of 2014 come to an end, I am excited to report that the number of home sales on Key Biscayne are up significantly from the same time period during 2013.  That is not the only good news, values have also increased dramatically for single family homes.  In the condo market, we have seen the number of sales decline but values rise.

Single Family Homes On Key Biscayne

So far during 2014 Key Biscayne has had 15 single family homes sold coming in at an average of $816.00/sq. ft. (2013 had just 8 homes sold at an average of $668/sq. ft. during the same time period).

Condos and Townhouses On Key Biscayne

There have been 24 condos and townhouses sold in 2014.  They have closed at an average of $571.00 per square foot.  During the same time period of 2013, there were 34 condos sold which closed at an average of $500.00/sq. ft.

All in all I would say that this is very positive news for Key Biscayne, and I feel the market will only get stronger in the coming months.  All eyes are on Miami real estate right now, and Key Biscayne is home to some of the best properties in the city.

If you are curious about the value of your Key Biscayne home in today’s changing market or would like to set up a buyer consultation, please feel free to contact me at 305-766-7666 or provide your information on our contact page and we will get back to you shortly.

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Written by Dominique Duque | Discussion: Leave A Comment

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