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It Is A Seller’s Market! | Home Sells $106,000 Above Asking On Key Biscayne

February 21st, 2014 Written By Dominique Duque


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

Key Biscayne Sold Home

If you are a home buyer on Key Biscayne (or anywhere in Miami for that matter), you are very aware that the market is tipped in the seller’s favor.  The combination of low inventory and rising values is causing a frenzy over every new property that hits the market.

The perfect example of this scenario is 211 Greenwood Drive on Key Biscayne.  This home came on the market January 10th of this year at a list price of $1,499,000.  The home received multiple offers and closed well above asking price for $1,605,000. Why did this home generate so much interest?  It was one of the only properties for sale on Key Biscayne listed under $1,500,000.  211 Greenwood offered 2,611 square feet of living space with 5 bedrooms and 3 baths on a 7,500 square foot lot.  Broker was Fortune.

As of today, there are 60 homes listed for sale on Key Biscayne.  The median home is listed for $3,825,000 and offers 5 bedrooms, 5 baths with 3,953 square feet of living space.  The median list price is currently $995.00 per square foot.

If you are curious about the value of your Key Biscayne home in today’s changing market, 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.

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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Key Biscayne Real Estate: 2013 Year In Review

January 29th, 2014 Written By Dominique Duque


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

Key Biscayne Home Sold

It was an interesting year for real estate on Key Biscayne.  Overall, the number of condos and single family home sales were down from the previous year.  This was due to the fact that inventory levels were very low during 2013, fewer properties on the market results in fewer sales.  The good news is that values were up across the board.  Homes on Key Biscayne increased in value from $752.00/sq. ft. in 2012 to $862.00/sq. ft. in 2013.  And condos on Key Biscayne increased in value from $469.00/sq. ft. to $555.00/sq. ft.  We should see a rise in the number of homes and condos for sale in 2014 because property owners will want to take advantage of the increase in values.

Below are a few interesting numbers from the real estate market during 2013:

  • A total of 56 single family homes sold this year on Key Biscayne.
  • Average sale price: $2,550,768
  • Average list price: $2,761,732
  • More than 50% were priced over $2,000,000
  • Lowest Sale Price/Sq. Ft.: 761 Ridgewood Road which sold for $487/sq ft. (The buyer of this spacious 4 bedroom home got a great deal!)
  • Highest Sale Price/Sq. Ft.: 830 Harbor Drive which sold for $1,591/ sq ft.  3 bedroom /3 bathroom on a 14,719 sq ft waterfront property.
  • Highest Activity: The month of June had the most number of closings (11 sales).

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 setting up a buyer or seller consultation, please contact us here.

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Great Opportunity At Grand Bay Towers!

January 4th, 2014 Written By Dominique Duque


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

Grand Bay Towers

A great opportunity has hit the market at Grand Bay Towers.  As you may or may not know, large 2 bedroom condos are hard to come by not only on Key Biscayne but in all of Miami.  Unit 401 at the Grand Bay Towers offers 2,460 square feet of living space with 2 bedrooms + den and 3.5 bathrooms with an expansive terrace and tree-top views.  The unit is listed at $716.00/sq. ft. which is considerably below the price of other non-waterfront 2 bedroom units which have recently sold  in the building (Unit 516 closed for $767.00/sq. ft. and Unit 415 closed for $780.00/sq. ft.).

Grand Bay Towers 2

Details of 445 Grand Bay Drive, Unit 401:

Many of our clients like the Grand Bay Towers because the association allows residents to rent their unit for 6 months out of the year; this is a huge perk for part-time residents.  A comparable unit to the one mentioned above would rent for approximately $9,000/month which would certainly cover your maintenance and taxes while earning a nice profit.

Click here to view all condos for rent and sale at Grand Bay Towers, Key Biscayne

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 setting up a buyer or seller consultation, please contact us here.

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The Real Estate Coconut | Brickell Condo Blog | Coral Gables Real Estate

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Values Are On The Rise At Key Colony!

December 17th, 2013 Written By Dominique Duque


Categorized under Key Biscayne Condos, Key Biscayne Real Estate

Breaking news for residents of Key Colony, the value of your condo has risen during 2013!  The building with the highest increase in value is The Tidemark which experienced a 25% rise in the average selling price/sq. ft. between 2012 and 2013.   Other buildings saw increases of 16% to 24% over the past year which is still a great return on your investment.

It is easy to see why Key Colony is in such high demand right now.  With over 40 acres of beachfront property, this tropical oasis offers great amenities such as a pool in every building as well as an adult only pool and Olympic size pool, tennis courts, jogging path and barbeque areas.

Key Colony 1

Key Colony 2

Key Colony 3

Key Colony 4

Interested in learning more? Click here to scroll through condos for sale at Key Colony.

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 setting up a buyer or seller consultation, please contact us here.

Don’t Miss Today’s News From Our Other Miami Real Estate Blogs!
The Real Estate Coconut | Brickell Condo Blog | Coral Gables Real Estate

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Waterfront Land On Key Biscayne | Market Update

December 12th, 2013 Written By Dominique Duque


Categorized under Key Biscayne Real Estate, New Construction Homes On Key Biscayne, Realtors In Key Biscayne

Land is getting snapped up on Key Biscayne as the market strengthens and investors (and end-users!) see the value in new construction homes.   Today I wanted to give you a market update of some recent waterfront properties that have sold for land value over the past few months on Key Biscayne.  Just as you see in other top Miami neighborhoods, vacant land is rare on Key Biscayne.  Therefore, many of the lots that sell for land value here have pre-existing structures on them which the new owners intend to tear down or extensively renovate.

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881 Harbor Drive | This property was listed for $5,600,000 and offered 14,250 square feet of waterfront land.  It is located at the end of Harbor Drive in the Cape Florida subdivision and sits on a wide part of the canal which allows for an expansive view of the cove.  The property sold for $5,600,000 or $392/sq. ft. of land.  Listed by Blue Realty.

Mashta Drive

571 North Mastha Drive | This property was listed for $7,500,000 and sold for $6,700,000 or $440/sq. ft. of land.  It was located on Key Biscayne’s prestigoius Mashta Island.  It was a 14,200 square foot lot and featured beautiful wide lagoon views.  Listed by EWM Realty.

Mashta Drive Beach

398 Harbor Drive | This 20,399 square foot lot was a rare find.  The lot featured unobstructed open water views and one of the few properties on Key Biscayne with a private beach.  It went pending in less than a month.  The property was listed for $9,600,000 and closed for $8,500,000 or $416/sq. ft. of land.  Listed by Fortune.

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 setting up a buyer or seller consultation, please contact us here.

Don’t Miss Today’s News From Our Other Miami Real Estate Blogs!
The Real Estate Coconut | Brickell Condo Blog | Coral Gables Real Estate

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Featured Key Biscayne Street | Fernwood Road

December 5th, 2013 Written By Dominique Duque


Categorized under Key Biscayne Homes, Key Biscayne Investments, Key Biscayne Real Estate, Key Biscayne Townhouses, Realtors In Key Biscayne

Key Biscayne Map Fernwood

I’m sure you know that real estate is about LOCATION!  Today I would like to highlight Fernwood Road which runs parallel to Crandon Boulevard in the center of Key Biscayne.

Fernwood Road is appealing to many buyers, especially those with kids because it is located just steps from The Village Green (the best & safest park in South Florida – in my opinion), the Key Biscayne Community Center, and several small shopping centers.  Life couldn’t be more comfortable or convenient when you can walk to the local park, restaurants and grocery store.  Another advantage to living on Fernwood is that you tend to get “more house for your money” here compared to other streets on Key Biscayne.

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Below are three properties that are currently available for sale on Fernwood Road:

  • Single Family Home: 272 Fernwood Road | 3 Bedrooms, 3.5 Baths | 2,500 sq. ft. living area | 3,847 sq. ft. lot | Offered at $2,230,000 | Listed by Miami’s Best Realty
  • Townhouse: 464 Fernwood Road #B | 3 Bedrooms, 3 Baths | 1,860 sq. ft. living area | Offered at $1,850,000 | Listed by Fortune
  • Investment Opportunity | Duplex Zoned Lot – Potential To Build 2 Townhouses: 640 Fernwood Road | Home is perfect to live in right now, 2/2 on one side, 1/1 on the other side.  Offered at $2,250,000 by Pat and Pay Bayfront Realty.

We study the numbers and track the Key Biscayne real estate market.  If you are considering buying or selling on Key Biscayne, please don’t hesitate to contact us at 305-766-7666 or send us a message here.

Don’t Miss Today’s News From Our Other Miami Real Estate Blogs!
The Real Estate Coconut | Brickell Condo Blog | Coral Gables Real Estate

 

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3 Closed Sales In The Commodore Club In The Past Month

December 3rd, 2013 Written By Dominique Duque


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

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The real estate market has been busy at The Commodore Club this month.  Not only have 3 units closed in the South Tower but they have also sold in a short amount of time and very close to asking price.   These units sold in less than 40 days which is well under the average for most condos on Key Biscayne which take over 100 days to sell.

For those of you who are not familiar with the Commodore Club, it is one of Key Biscayne’s most traditional, oceanfront gated communities.  It is composed of three buildings: The Commodore Club West, The Commodore Club East, and The Commodore Club South.   The community is located on Ocean Lane Drive, on the north end of the Village of Key Biscayne.

The Commodore Club is so special that many of our clients are only looking to buy within this community on Key Biscayne.  We have sold two units recently to buyers who were not interested in any other condo building except for The Commodore Club.

Information On The 3 Recent Closed Sales At The Commodore Club:

  1. 199 Ocean Lane Drive, #214 | Sale Price: $700,000 | 1,350 Sq. Ft. | 2 BR/2 BA | Listed by EWM
  2. 199 Ocean Lane Drive, #710 | Sale Price: $670,000 | 1,260 Sq. Ft. | 2 BR/2 BA | Listed by Fortune
  3. 199 Ocean Lane Drive, #911 | Sale price: $645,000 | 1,260 Sq. Ft. | 2 BR/2 BA | Listed by AF Realty

We study the numbers and track the Key Biscayne real estate market.  If you are considering buying or selling on Key Biscayne, please don’t hesitate to contact us at 305-766-7666 or send us a message here.

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Key Biscayne Condo Market Update | The Ocean Club And The Grand Bay

November 27th, 2013 Written By Dominique Duque


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

You’ve likely read the news all over South Florida that condo values are on the rise.  I wanted to give my readers a more in-depth analysis of specific condo buildings on Key Biscayne and show how far they have come over the past few years.  You will see in the charts I created below that Key Biscayne condo owners have made significant gains since 2010.

In today’s post I will feature The Ocean Club and The Grand Bay.  In order to give you a more comprehensive market update, I have separated out the different buildings/complexes within The Ocean Club.

The Ocean Club

The Ocean Club Resort And Lake Villas

The Ocean Club Ocean Towers

The Ocean Club Lake Tower and Club Towers

The Grand Bay

The Grand Bay Key Biscayne

 

We study the numbers and track the Key Biscayne real estate market.  If you are considering buying or selling on Key Biscayne, please don’t hesitate to contact us at 305-766-7666 or send us a message here.

Don’t Miss Today’s News From Our Other Miami Real Estate Blogs!
The Real Estate Coconut | Brickell Condo Blog | Coral Gables Real Estate

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Challenges In The Key Biscayne Condo Rental Market

November 27th, 2013 Written By Dominique Duque


Categorized under Key Biscayne Condos

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I have been working with clients for the past few weeks who are looking to rent a 3 bedroom apartment at The Ocean Club or The Grand Bay.  The search has been a bit challenging for a couple of reasons.  First, there are many condo owners who would prefer to rent their units only during the high season and use the condos themselves as a second home during the rest of the year.  Another issue has been owners who have their condos on the market for rent and sale but have recently decided that due to rising prices they would prefer to sell.  I must have come across this at least 6 times!  On the upside, sellers have been waiting for the “right time to sell” and it seems that time has finally come.

We study the numbers and track the Key Biscayne real estate market.  If you are considering buying or selling on Key Biscayne, please don’t hesitate to contact us at 305-766-7666 or send us a message here.

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Coconut Grove Real Estate | Brickell Condos | Coral Gables Real Estate

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The Latest Key Biscayne Real Estate Market Data

November 22nd, 2013 Written By Dominique Duque


Categorized under Key Biscayne Real Estate

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View Dominique Duque’s Market Videos

We study the numbers and track the Key Biscayne real estate market.  If you are considering buying or selling on Key Biscayne, please don’t hesitate to contact us at 305-766-7666 or send us a message here.

Don’t Miss Today’s News From Our Other Real Estate Blogs!
The Real Estate Coconut | Brickell Condo Blog | Coral Gables Real Estate

Written by Dominique Duque | Discussion: Leave A Comment

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