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Market Conditions in Key Biscayne : Real Estate Advice

  • All54
  • Local Info1
  • Home Buying15
  • Home Selling1
  • Market Conditions5

Activity 8
Mon Apr 28, 2014
Irina Karan answered:
Hello Maria,

There are over 20 condominiums in Key Biscayne - primarily on the East where it meets Atlantic Ocean.

Currently, there are 71 homes offered for sale - from 1.599M to 27M.
The property you inquired about at 7 Harbor Point is a gorgeous 7 bedroom, 10 baths house of over 10,674 sqft. The lot is 22,860 sqft and it has been on the market for 67 days on 04.28.14.

It's hard to actually count homes (we'd need to go into Miami Dade tax records and actually count them - but the info their won't mention if the water view is canal or wide bay, f.e), but I can give you the names of the streets that offer waterfront views. S. Mashta Dr. faces Biscayne Bay Acquatic Preserve. N. Mashta Dr. faces same and also a harbor like inlet. Harbor Point, Bay Lane and Harbor Dr. face Biscayne Bay. Cape Florida Dr., Knoll Dr., Island Dr., Mariner Dr., W. Matheson Dr., and some W. Mashta Dr. homes face a canal. Homes are on the West side of the Island and the best views being those of Biscayne Bay. Surrounded by Bill Baggs Cape Florida State Park on one side, and Crandon Park on the other side, Atlantic and Biscayne Bay on East and West - Key Biscayne is one of the most desired areas in Miami.

The best way to travel to Key Biscayne without living your home is to go on Google Earth.
You can literally move from one street to another while in the program. The next best thing is to come and see this beautiful area for yourself, in person.

Hope this was helpful,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
... more
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Mon Jun 3, 2013
Karina Fernandini answered:
Hello Myriam: are you looking to rent yearly ? or seasonal ? with furniture or not ? starting when ? I will be more than happy t be able to help you find what you are looking for. You can email me at karinafernandini@bellsoutj.net. ... more
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Wed Oct 17, 2012
Naomi Preston answered:
With a 20% increase...do you think there may also be a cap for that increase? Market conditions make for quick sales. Inventory is low, demand is up, which also drives up selling prices. It really is up to you whether or not you want to sell. Logically, arrows point to a good time for sellers to sell.

Best,

Naomi Preston
www.waterfrontinmiami.com
786-760-3892
... more
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Tue Feb 9, 2010
Adrian Diaz Sieckel answered:
Hi John,

The MSN article like many such articles are great reading but in many cases do not really always reflect the reality on the ground.

The answer is..... It depends. What I have noticed (as a broker who is involved in transactions at all price points throughout South Florida) is that certain price points and areas are showing some buoyancy or stability while other areas and price points still show the tell tale signs of not having found a bottom.

Within the 33149 market you have seen a less steep drop in value compared to its closest neighbor 33129 and 33130 and 33131 better known as Brickell and Downtown Miami. Those areas have become something of a ground zero with small pockets of opportunity on older buildings and banks finally taking the initiative or ownership in some cases and forcing prices down on new projects to pump life back into them. There are some interesting deals in Key Biscayne right now so the question really becomes what are you looking for? Lots are at historical lows but naturally higher than most other areas of Miami. There are some other deals on the condo side to be had but they require some legwork.

With that said, It is interesting to note that you will have another ARM (Adjustable rate mortgage) reset taking place soon and there still exists a tremendous glut of properties in the foreclosure pipeline within the court system here in Miami.

The automated foreclosure system hasn't really produced major results to resolve the bottleneck either since the lowest price a bank will accept is still higher than what most cash investors will pay at auction. So, there is a wait and see attitude there.

More to the point. If Key Biscayne is your main choice the real question becomes knowing what you want and having a strategy to capitalize on it.

Having lived on the island for many years I can attest to the value of the community. It's a wonderful place. But, it suffers from the fallout of overbuilding in areas off the island and so prices here have gone down and may still have some room to move. I believe though that these distressed properties will not dominate the Island but rather be those great opportunities we all look for.

Hope that helped! If you have some other specific questions feel free to contact me.
Best regards,
Adrian
www.emh3.com
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0 votes 3 answers Share Flag
Mon Jun 1, 2009
MS-I answered:
You are right my friend. These are the prices.

1,040,000 on 2/10/2003
$891,429 on 2/10/2003
$1,050,000 on 6/20/2008


What will be the price in six months from now?

Hello any expert comments?? ... more
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Tue Apr 21, 2009
John answered:
1.2mm is where the last 3 bed 3 bath in the Ocean Towers sold. Ran into the new owner the other day.
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Sat Mar 8, 2008
Mott Marvin Kornicki answered:
Not everybody is on the same page when it comes to asking prices. While the properties taht are priced realistically have a greater chance of being viewed and sold, the others; over-priced and those that are inferior may sit on the market forever. It is all about motivation, ego, greed and misinformation. ... more
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