Real Estate pricing in Key Biscayne is leaning towards buyers’ favor. Creating a false appearance to buyers believing they can wait for bargain homes. Instead, they might end up losing their opportunity to acquire their dream home.
Key Biscayne has been the slowest market in Miami to correct its prices. Today, certain ranges have been corrected so be careful on waiting on bargains that might not be realistic.
The Average Median Sale on today’s Key Biscayne Market
The median sales price for Condos’ went form $1.2K in 2015 to $900K in October 2019, a +/- 20% reduction as a whole. On the other hand, some single homes have had a reduction of 52% during the same period.
As a homeowner, you might get alarmed and think this is only happening in Key Biscayne or to your street or your building or to your home but no this market situation is been happening in all other markets around the US and especially in Miami from Aventura, Sunny Isle, Pinecrest, Coral Gables, and Brickell.
The only difference is that these other markets are larger the price correction started a while ago and a lot of market segments have corrected their prices, sales slowly have been reactivating and are now experimenting with a healthier market and greater opportunities.
For example, if you quickly analyze the Brickell market you can see how buildings as the Santa Maria, The Palace, the Carbonel have fairly kept their price when you compare them with the new construction as the SLS Lux that was delivered just 18 months ago and is experimenting a 35% reduction price.
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How is Pricing Right important
Buyers should know that pricing a house is related to many factors besides the economy, policies and political instability in Latam, the street, waterfront, elevation, pool, land, condo characteristics etc. etc all play a role.
In order to determine the actual price range, CMA or listing price we need to add a further or deeper analysis on the market behavior going through the data of closings, days on the market, pending sales, properties expiring ect. on each segmentation of the market. With today’s digital technology and data, and some AI tools it is very easy to understand the market behavior and arrive at the right pricing to better assist your client.
Some segment ranges have been correcting its pricing in Key Biscayne Real Estate Sales.
Real Estate Pricing and Sales in Key Biscayne
Nineteen Single homes have closed on the last 180 days, oscillating from around $1000 Sqft on the very high-end luxury property to low $400 sqft on Mackles’ non-elevated or remodeled.
On the other hand, 89 Condos have sold during the same period. On the Condo market, there is a lot of opportunities. Several Condos have been correcting the price some good examples are the Tower of Keybiscayne sold 8 units selling anywhere from $350-$600 Sqft. The Commodores sold 10 units from $400-$775 Sqft. Key Colony sold 6 units from $460-$670 Sqft. and Mar Azul sold 4 units from $345 – $400 Sqft.
Real Estate pricing in Key Biscayne is getting to very attractive levels, if you have always wanted a property in Key Biscayne, this is the time to reach out and do your research. Do not wait because your dream property could sell while you keep waiting for a bargain.
Especially when interest rates are getting lower, real estate prices will eventually level-up. Buyers will get cheaper loans and/or homeowners will reconsider selling and will get refinanced.
*All information here is been researched on the MLS