Miami overall market slow was also affecting Key Biscayne. It was experimenting a slow on closings for several months and 18 condos closed in the last 30 days, after a price reduction.
The average price reduction of +/- 10 percent was well accepted by buyers. This very well indicates that the market problem is more based on pricing than on the lack of buyers or demand.
The theory of blaming the South America plummeting economies vs the lack of right pricing becomes a topic of discussion. Frustration from the sellers not seeing faster results on their offer and these 18 closings in a month clearly indicates the pricing is the biggest issue.
There is no marketing magic, with all technology and tools that are available in Miami real estate, a savvy tech can get a property exposed very fast but only the right pricing will make the sell.
Ocean Club was the most benefited with the last reduction closing 4 condos from $2.8MM to $800k
Followed by Casa Del Mar benefiting with closing 3 condos selling from $1.9MM to $1.5MM after price reduction.
Following Oceana was the next condo to benefit with 2 condo closings in the figures of $. 2MM.
Then Condos like the Towers and Mar Azul obtained sales on the $1MM range.
Commodores, The Ocean Village, and Emerald sold for average $500k range. As well as Key Biscayne VI with $300k sale and Indies with $230k sale
In the end, it was a good kick off to start the summer for Condo sales. Keeping informed is key in real estate if you haven’t joined my newsletter this is the right time subscribe on the home page or contact me for your real estate needs.