The most expensive Key Biscayne condo to close in the past 6 months was at The Ocean Club.  Ocean Tower 1 Unit 901 closed on 12.15.2009 for $5,575,000.00, or $1,032 per square foot.  This 5,400 square foot, 4 bedroom, 5 bathrooms and 1 half located directly on the ocean.

There are currently 5 properties for sale at The Ocean Club that contain OVER 5,000 square feet.  The ASKING prices  for these units range from $5,500,000 to $6,290,000 with a range of 5,011 – 5,403 square feet.   The least amount of time these properties have been on the market is 225 days.  I look forward to seeing what these properties eventually sell for.  If we base it on the 1,032 per square foot price of Ocean Tower 1 901, that takes us well below these asking prices.

If we take a look at the statistics on the 84 properties that have closed on Key Biscayne going back 6 months, we find the AVERAGE selling price per square foot to be $457.00.  If we take a look at the condos sold ONLY in the 5 Ocean Club Towers going back 6 months, the averge selling price per square foot is $726.00, with a high of 1032 sq.ft and a low of 531 sq. ft.  Please click here to view these Ocean Club properties.

Key Biscayne has had 7 closed condominium sales in February with and AVERAGE selling price of $486.00 per square foot. The units that closed are:

The Ocean Club/Ocean Tower 1 # 1008 – This 3 bedroom/4.5 bathroom, 3011 sqft. condo sold for $1,962,500.00 after spending 316 days on the market. ($651.61 per square foot)

The Ocean Club/Club Tower 3 # 603 – This 3 bedroom/4 bathroom, 2500 sqft. condo sold for $1,550,000.00 after spending 85 days on the market. ($620.00 per square foot)

Key Colony/Tidemark #1224 – This 2 bedroom/3 bathroom, 1851 sqft. condo sold for $820,000.00 after spending 57 days on the market. ($443.00 per square foot)

Key Colony/Tidemark # 533 – This 2 bedroom/2 bathroom, 1541 square foot condo sold for $760,000.00 after spending 31 days on the market. ($493.18 per square foot)

Casa Del Mar # TH18 – This 2 bedroom/2 bathroom, 1042 square foot condo sold for $540,000.00 after spending 882 days on the market. ($518.23 per square foot)

170 Ocean Lane Dr. # 812 – This 2 bedroom/2 bathroom, 1435 square foot condo sold for $465,000.00 after spending 170 days on the market. ($324.04 per square foot)

The Palms – 77 Crandon Blvd. # PH3 – This 2 bedroom/ 2 bathroom, 1190 sqft. condo sold for $417,000.00 after spending 63 days on the market. ($350.00 per square foot)

There are currently 366 condominium units for sale on Key Biscayne.  In addition, there are 10 Ocean Club Cabanas for sale.  To clear up any confusion, in order  to purchase a cabana you must first own a residence at The Ocean Club.  Of these 366 active properties, 22 are SHORT SALES and 2 are REOs (bank owned).  Below you will find the Market Statistics for all active CONDOS on Key Biscayne.

Key Biscayne PENDING Sales are as follows:

Thus far into 2010,  there have been 10 closed condominium sales.  Here are the statistics on those properties…

For more detailed information, please contact me directly at 786.269.9683, or email jill@jillolcott.com.

Thank you and have a WONDERFUL Day!

Jill

There were 44 recorded closed sales of single family homes on Key Biscayne in 2009.

The AVERAGE SELLING price in this category was $1,819,135, roughly $540.00 per square foot, spending approx. 220 days of the market.

The most expensive sale was a vacant lot, located directly on Biscayne Bay.  This 23,814 sq. ft. lot is located at 500 South Mashta Dr.  It was listed at $7,990,000. After spending 322 days on the market closed, it on 5/5/09 for $6,600,000.  The last recorded sale for this property was on 9/7/05 for $7,000,000.  It sold for $100,000 LESS than the previous sale in ‘05…

The least expensive home sold in ‘09 is located at 650 Allendale Rd.  It closed on 9/22/09 for $780,000, after spending 835 days on the market.  The last recorded sale on this property closed on 4/1/05 for $1,195,000.  Sad, but true, that’s a whopping $415,000 LESS than the ‘05 closing price.

Even highly desirable Key Biscayne is not immune to the housing crisis.

The GOOD NEWS is that there were ONLY 3 foreclosures of single family homes on Key Biscayne in ‘09:

301 Gulf Rd. – listed at $997,000, this 2 bedroom, 2 bathroom 1,749 sq. ft. home closed on 3/6/09 for $1,125,000.  It is unclear what the last closed sale price was on this property, but in 1971 it sold for $45,000!!!!

620 N. Mashta Dr. – 10,000 sq. ft. lot sold for $1,310,000

420 Palmwood Lane – This 5 bedroom, 5 bathroom, 1 half bath, 3542 sq. ft. home sold for $1,750,000.   Now that’s a good deal!!

If you are looking to buy a condo or home in Miami, you may want to consider Miami’s Tropical Island Paradise, Key Biscayne.

Key Biscayne is located just 5 miles off the coast of Miami.  Where I-95 and US1 meet is the Rickenbacker Causeway, which will transport you to this unique island.  On your way, along with breathtaking views of the Atlantic Ocean and Biscayene Bay, you will pass the Miami Seaquarium, Key Biscayne Golf Course, the site of Sony Ericksson Tennis Tournament, and Crandon Park Beach.   In just 10 short minutes from downtown, you will be captivated by beautiful and idyllic Key Biscayne.  Just 20 minutes from Miami International Airport, South Beach, the Design District and Coral Gables, this unique island offers unparalleled island living.

Key Biscayne is roughly 5 miles long and 1.5 – 2 miles wide at various points.  With over 10,000 residents, Key Biscayne has 1296 residential units and over 5,000 condomimium units.

There are currently 364 condos for sale on Key Biscayne with prices ranging from $150,000 to $6,780,000.  There are 130 single family homes for sale with prices ranging from $985,000 to over $24,000,000.  Please contact Jill Olcott at 786.269.9683 for more information.