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!!