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The Key Biscayne Real Estate Report | Homes for sale in Key Biscayne
The 12 mile long private island of Key Biscayne is considered one of the most exclusive areas in Miami and has one of the highest incomes per capita in the United States. This island in the Biscayne Bay offers superb real estate with many homes located on waterways or even the open ocean. The exclusive and often waterfront homes attract the world’s wealthiest families and real estate investors, often looking for a solid place to raise their family. For families the most attractive aspects are the island’s safety (police control), the presence of one of the best public schools in the USA, and the high-end quality of life and social scene. Other advantages are the great beaches, national parks and golf courses as well as the proximity to the Financial District in Brickell, Coconut Grove and even Miami Beach. The Island is also a favorite with boaters because of the proximity to the open water. Unlike other areas there are no fixed bridges in Key Biscayne and almost all waterfront mansions offer an immediate or fast access to the open waters.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/6"][/vc_column][vc_column width="2/3"][vc_single_image image="20631" img_size="600x400"][/vc_column][vc_column width="1/6"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]The Key Biscayne Real Estate Report – Inventory levels in 2015 – 2016
Inventory levels of Key Biscayne real estate show high numbers. It needs to be said that luxury markets generally show a higher level of inventory as the demand is limited. In the last 12 months we saw that the market below $3M started as a seller's / well balanced market which turned into a buyer's market with around 30 months of inventory. The higher market segments all showed a strong buyer's market in the last year. Rule of Thumb- Below 6 months of inventory: More demand than supply, creating a seller’s market
- Between 6 and 9 months of inventory: A neutral market with a balanced relation between supply and demand
- More than 9 months of inventory: More supply than demand, creating a buyer’s market
Key Biscayne Real Estate Report | The Average Sales Prices per Sq.Ft for the different price ranges
Below you can see what homes of different price ranges are selling for per Sq.Ft. Although all Key Biscayne markets saw declining prices the ultra-luxury market in Key Biscayne saw the sharpest decline. Although the ultra-luxury market generally differentiates substantially from month to month due to limited sales or a sporadic sale of a very extravagant property, we can clearly see a trend here, which indicates that the luxury market needs to adjust its prices.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/6"][/vc_column][vc_column width="2/3"][vc_single_image image="20626" img_size="600x400"][/vc_column][vc_column width="1/6"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Key Biscayne Real Estate Report – The Average Sales Prices per Sq.Ft over the last 4 years Looking at the general growth of the market over the last years (made easier for the eye with the help of trend lines*) we see increasing prices in Key Biscayne. The properties priced below $3M show an increase from around $600 per Sq.Ft to around $900 per Sq.Ft. The more luxurious segments of the market show they are increasing but with less than $100 per Sq.Ft taken over the last 4 years. *Especially in the luxury segment of the market prices might differentiate substantially from month to months due to limited sales or a sporadic sale of a property with features that are driving prices up (eg a private beach). Using automatically generated trend lines offers the reader a better idea of where the market is heading.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/6"][/vc_column][vc_column width="2/3"][vc_single_image image="20623" img_size="full"][/vc_column][vc_column width="1/6"][/vc_column][/vc_row][vc_row][vc_column width="1/6"][/vc_column][vc_column width="2/3"][vc_cta h2=""]Interesting Links and Related Key Biscayne Real Estate News
The Key Biscayne Neighborhood Blog The Key Biscayne Real Estate Reports Key Biscayne Neighborhood News Key Biscayne – A Top 10 Selection of properties The Coconut Grove Real Estate Report 2016 The Coral Gables Real Estate Report 2016 The Pinecrest Real Estate Report 2016
[/vc_cta][/vc_column][vc_column width="1/6"][/vc_column][/vc_row]See Full Article Here: The Key Biscayne Real Estate Report and Market Analysis July 2016
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