Key Biscayne Real Estate Summary, First Half 2018
“The low is high and the high is low”
Condo Market:
The most expensive unit sold this year was the penthouse at Oceana, a 7 bedroom, 5 bathroom, 8252 square foot luxurious monster with its own private pool and stunning ocean views. The price tag was a cool $15 million, or $1817/sqft. Other units that sold in the building were averaging between $1400-$1700 per sqft with considerably less total square footage and much smaller absolute prices.
There have been 14 closed sales in Key Colony so far this year. Prices ranged from $350-$650 per square foot, with the majority of transactions averaging around $500/ft.
Single Family market:
There are currently 116 single family homes listed for sale on Key Biscayne. Of those, 50 are asking less than $3 million and 15 are asking more than $10 million.
So far this year there have been 32 closed single family sales. Interestingly only 4 of those sales were over $3 million. The highest recorded sale was 960 harbor drive, which sold for $22 million. Second in line was 260 Cape Florida Dr. at $12 million. There were 0 (Zero) sales under $1 million.
These numbers are consistent with what we’ve been seeing on Key Biscayne in the recent past. The low end of the Key Biscayne market (which there really is none) is still strong and seems to have a substantial underlying bid, partly due to the great, low cost schools and safety on the island. The high end of the market however, is extremely slow and arguably depressed compared to other ultra lux waterfront locations in the general Miami area.
About the Author:
Sam Kafin is the managing member of the K-FIN Group at Sotheby's International Realty. The K-FIN Group specializes in real estate transactions for alternative asset professionals. He is a member of the CFA Society for financial analysts, and was both a derivatives market maker and general partner for two Private Equity ventures. He is also a respected and recognized asset volatility analyst.
If you’d like to chat about South Florida real estate or any of the topics discussed in this article please feel free to contact me. I live on the Miami Beach and would love to chat. Hope to talk to you soon!
Sam Kafin
(T) 954-821-5441 email: sam@kfingroup.com