I'd say the properties under 400K are stabilizing in values - driven by the income limitations of prospective buyers. Luxury market is doing amazingly well. Pre-construction is especially popular,
which is not helping older resale properties, especially those with large assessments.
Rents are stabilizing as well.
Hope this was helpful,
Beachfront Realty, Inc.
I think it is amazing that you could not get a front door key on a 6k rental... I used to work in that office managing close to 110 units before going out on my own. I also lived in Key Biscayne and loved it.
I am Broker/Owner of a real estate firm and can't disparage some of the responses because in essence people (I am referring to realtors) sometimes forget the difference between earning a living and doing the right thing by their clients. Hence, my desire to go out on my own.
That being said, I find myself straddling the fence a bit between the comments of Jmotrulia and Hagen in that as much as it is true there will always be a market for million dollar plus properties and Key Biscayne in particular is a unique place... It does not detract from the simple fact that not much is going on right now... One positive note about the island is that despite being next to ground zero of the condo boom it has fared "relatively" well compared to some other areas. It isn't to say the Key has in some way escaped the fallout. More importantly, I do agree that there will continue to be adjustment in price.
But, I have started to see some small deals pop-up on rental condos and noticed some good downward movement on interior lots on island as well.