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.
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.
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.
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.
