Donna - to come up with a median price for a 2/2 in Key Biscayne is not easy. To give you an idea, there are currently 196 2/2's for sale starting at $315,000 (240 Galen Drive Condo) to $1,849,000 at The Key Colony I.
The prices obviously depend on location, view, updates,condition of unit and building, and seller motivation.
Hope that helps!... more
Interest rates still remain at historic lows. No one can predict the future. No one knows for sure what prices will do within the next year. I read the public reports and outlooks from the CEO's of the largest builders in America, and find their statements from year to year riddled with predictions that did not materialize. These are bright minds with lots of experience.....and they can't, nor can we realistically expect them to hit the nail on the head. No one can tell you what prices will be next year. Over the history of 40 years, interest rates are still considered very attractive. Even if prices fall, interest rates may increase, and your out of pocket costs could be more. So......is it the right time for you to buy? If you anticipate living in a location, or maintaining the residence for more than a few years, then I recommend you consider buying. A home is more than simply an investment. It is also where your memories will be made and your lifestyle shaped. Certainly you want to make practical financial decisions, but balance this with the fact that where you live shapes your life. If you anticipate the need to sell in a short time, then you might want to consider renting. If you are looking for the long term, I recommend that you consider buying. Buy well and finance smart!... more