Key Biscayne Beachfront Condos and Its Great Value in 2022

Key Biscayne Condos for Sale Offer Great Value

After a record breaking 2021 across all Miami real estate markets, there are questions as to whether the boom will continue and whether or not it makes sense to invest in Miami real estate and specifically in condos. Yes, condo prices have gone up considerably. On average, condo prices increased by 16% in 2021 and several Miami buildings and condos even appreciated by 20% /30% or higher. On the other hand, and as we’ve explained before, there are several reasons that provide potential upside for Miami Real Estate to make it an investment worth considering in 2022.

Acknowledging the sustainability of Miami as a global high net worth destination, the question is where to invest. In that regard numerous articles point to high net-worth individuals looking for both space and water. In fact, it seems clear buyers are willing to concede on everything, but water. This is why examining the different Miami beachfront condo neighborhoods is important and may shed light on how to best invest in Miami real estate in 2022+.

Where is the Miami real estate market heading in 2022? Read our 2022 Miami Real Estate Forecast
Key Biscayne Beachfront Condos Offer One of the Best Value Beachfront Condos In 2022

Why Do People Like Key Biscayne?

Key Biscayne is a small island (just over one square mile) with roughly 1,200 homes and 5,500 condos. The island is enclosed by a state park and a Miami-Dade county park where it is normal to see fashion photography sessions, music videos and movies being recorded in gorgeous settings. These parks provide access to several miles of beaches and waterfront ocean views. Bill Baggs state park is also home to the Cape Florida lighthouse, dating back to 1825.

Key Biscayne is home to CEO’s, investors, conglomerate owners and many families who appreciate the privacy, convenience and sense of community the island provides in an affluent and laid-back lifestyle. Most key residents use shorts year-round and walk or bike across the island with many others using golf carts as their means of transportation.

Where is Key Biscayne located?

Key Biscayne is an island off the coast of Miami, connected via the panoramic Rickenbacker causeway to Brickell Avenue in South Brickell, by turning on SE 26th Rd. The usage of the terms “Key” and “Biscayne” typically lends itself to confusion with people not familiar with the island assuming it’s located in the Florida Keys or in any other remote location.

Key Biscayne is actually only a 10 minute drive from Brickell and causeway traffic is much, much lighter than driving to Miami Beach, Bal Harbour or Surfside. Not to mention places like Sunny Isles that require at least an hour traffic or Fisher Island that requires a ferry trip to get home. Plus, the Rickenbacker causeway is one of the most beautiful roads anyone can hope for, with ocean views all the way home.

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What do locals say about Key Biscayne?

Community is the key word for Key Biscayne and a big differentiator to other Miami Beachfront neighborhoods. The island is a relatively small community and people not familiar with it may have a difficult time understanding the dynamic. For us locals, it is paradise; a place to enjoy a laid-back lifestyle, a safe home surrounded by a cosmopolitan, affluent community with exciting and varied life stories. Call Adriana Montbrun for the finer details of living on Key Biscayne!

Captains of Industry, Fortune 500 CEO’s, business owners, famous performers (eg. Cher, Juanes, Carlos Vives), TV stars (eg. Andy Garcia), Sport stars (eg. Lionel Messi) and even presidents (i.e. Nixon) call or have called Key Biscayne home. A place surrounded by two large parks (i.e. State and county), some of the best ranked beaches in America, a gorgeous golf course, many restaurants, a 5 star Ritz Carlton property, top schools, etc.

Are there restaurants and other conveniences in Key Biscayne?

Key Biscayne has a wide range of restaurants, from casual ones to more formal ones and most of them have a history of owners that bring the original flavors of their country to the island. They include three sushi places, four Italian restaurants, more than five pizza locations, one Indian, two Peruvian seafood restaurants, two Thai/asian, four Argentinian, one Uruguayan and several casual ones to have burgers, tacos, smoothies, etc.

And of course, Starbucks and Piononos, known across Miami-Dade for its famous cakes, made fresh daily on premise.  Plus the restaurants from the Ritz Carlton and several high-end food stores and bakery’s in addition to Winn Dixie and CVS.

Key Biscayne condo investment upside in 2022

Key Biscayne Beachfront Condos offer some of lowest Miami beachfront prices per SF in Q4 2021

In spite of an average appreciation of 16% in 2021, Key Biscayne condos have one of the lowest prices per SF among Miami’s beachfront properties as of Q4 2021. Only Sunny Isles beach sold for substantially lower average prices but this is a neighborhood much further out from Brickell and downtown Miami.

Given investors continued desire to own waterfront property in Miami, these are positive numbers for buyers looking to buy a beachfront Miami home in 2022.

Key Biscayne Beachfront Condos Offer One of the Best Value Beachfront Condos In 2022
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Key Biscayne Beachfront Condos are the Fastest Selling Miami Condos with Beach access

Key Biscayne condos for sale do not last long in the market. In fact, at 71 days, Key Biscayne condos were the fastest selling beachfront condos in Miami during Q4 2021. They were also the third fastest selling neighborhood in the entire Miami-Dade county, regardless of views.

The combination of fast selling times, low inventory and lower average selling prices per SF seems to suggest there is still upside for Key Biscayne condos during 2022.

Key Biscayne Beachfront Condos Offer One of the Best Value Beachfront Condos In 2022

No more land available

While many Miami neighborhoods still have lots available or properties that can be torn down to make way for new construction, Key Biscayne has no land left. This makes supply fixed at a time where traditional northeast owners and international buyer demand continue to increase.

What type of condos are available in Key Biscayne

There are about 5,500 Key Biscayne condos in the entire island. Most of these condos are located on a beachfront lot with access to the water, even though only a small portion of condos have direct water views. There is also a small set of small buildings without direct and private access to the beach. These condos however can reach the beach through public access trails. After a record breaking Key Biscayne real estate 2021, these are the three types of waterfront buildings to consider if you are buying Key Biscayne condos.

New construction and large condos

Built in 2014, Oceana is in a league of its own providing a modern exterior of glass and steel, high ceilings, high-end finishes all at prices above $2,000 per sf; offering 2 bedroom condos all the way to 11,000sf penthouse.

Grand Bay and Ocean Club  is where buyers will find some of the largest condos in Key Biscayne offering a product built in the late 90’s, early 2000’s. Most units, except for the Ocean club villas, are 2,500 SF and larger.

Waterfront condos that Sold Above $1,000 per SF

Something interesting has happened in 2021. While traditionally only Oceana and a few condos in Ocean Club and Grand Bay sold above $1,000 per square foot, this year several building sold in that range. In fact, 13 condos sold above $1,000 per square foot in 2021.

This clearly shows buyers willingness to pay premium prices for waterfront views and/or upgraded units regardless of whether the building is old (40-50 years) or newer (20+years).

Key Biscayne Beachfront Condos Offer One of the Best Value Beachfront Condos In 2022

Waterfront Buildings

There are several Buildings that sold in the $500-$600+ per SF in 2021. These are waterfront buildings such as Key Colony, Towers of Key Biscayne, Commodore club, Key Colony, Sands, Island House and Mar Azul. Of course the lower end of these prices correspond to condos without water views, likely lower floors and limited to no renovation. A special mention goes to Casa del Mar where all units face the ocean in flow through plans and command over $800/sf in 2021.

For more information about the Key Biscayne Real Estate Market please contact the David Siddons Group.

Adriana Montbrun | 786.277.3480 | Adriana@siddonsgroup.com [Author of this blog and Key Biscayne Resident]
David Siddons | 305.508.0899 | David@siddonsgroup.com

David Siddons is a top producing realtor with Douglas Elliman real estate. David is known as a market analyst and he is the author of several of Miami’s most influential real estate reports and forecasts.
Adriana is the group’s Key Biscayne territory manager who lives and works on the island. Adriana knows the Key Biscayne real estate market like nobody else. She has published several reports on the market and is often invited by Condo property managers to give presentations on the market.

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023. 

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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