The 2018 Key Biscayne Luxury Condo Report

The 2018 Market Analysis for Key Biscayne Luxury Condos for Sale

The 2018 Key Biscayne Luxury Condo Report

Key Biscayne currently has 24 months of inventory. In quantity terms as of August 1st 2018 we have 30 condo properties listed for sale above $3m. 50% of the luxury market (15 of these) are priced between $3m and $5m. Only 2 units of the 30 are priced over $10m. Since Jan 1st 2018 to present we have seen 13 sales of which 7 have come from one luxury building – Oceana, which was built 2017 and is truly dominating the sales of luxury units on the island. The other sales come in the buildings of Ocean Club and Grand Bay.

Key Biscayne has a rather limited range of options in the luxury condo market. In the last 14 years only one new luxury condo was built, which is Oceana Key Biscayne, which as mentioned above dominates the luxury sales market for 2018, yet this is still selling on average at $1,600 per sqft which is well below other ‘beach front’ luxury condo available in Miami.

After the 2015 peak we saw a steep decline in the average $ per sqft Key Biscayne prices of luxury condos selling over $3m. This also occurred in the highest $ per sqft buildings which were considered ‘ultra luxury’. Key Biscayne condos have been asking a very high $ per sqft price in buildings that were essentially old compared to other condos in Miami selling at a similar $ per sqft. As a result the buyers were just not seeing the value added benefit of being on the Key and pulled back. These condos don’t have extreme large balconies, high ceilings or any other features, which are highly valued by buyers these days and readily available in other neighborhoods. Only Oceana has been able to pull in the higher end buyers willing to pay in excess of $1500 per sqft. For buildings like Ocean Club and Grand Bay we are now seeing deals comfortably under $1000 per sqft which for ‘Beachfront’ living very enticing compared to Miami Beach, notably South of Fifth where the same product would be 50% more expensive

The 2018 Key Biscayne Luxury Condo Report
The 2018 Key Biscayne Luxury Condo Report
The 2018 Key Biscayne Luxury Condo Report
The 2018 Key Biscayne Luxury Condo Report

Advice for Buyers of Key Biscayne Condos

With such highly motivated sellers asking around $1000 per sqft for direct ocean facing, very large beach front condo units (such as Unit 502 at Grand Bay) This is the time to pick up a deal, as the market is soft but with limited inventory and space its just a matter of time before it bounces back. f you are looking at the island to invest, I suggest you give me a call to discuss areas that are currently seeing higher rental values and appreciations.

Advice for Sellers of Key Biscayne Condos

If your an owner in Oceana Key Biscayne, obviously please call me! We continually get requests for quality units. If your a seller of a unit in an older building like Ocean Club or Grand Bay and you need to get your unit moved in the next 6 months then get aggressive, very aggressive. If you are looking to sell, price your unit right and look for a realtor who knows how to reach the right bracket of buyers from around the globe to sell your unit. Marketing is everything and knowing how to present your unit to buyers with the potential for renovations or improvements could be the key to getting it sold – this could come in the form of staging with modern furniture or providing designer rendering with ‘build out budgets’ to secure confidence in the buyer and close the deal. Call me for further details

Contact David Siddons to know more about the Key Biscayne Luxury Condo Market or for an unfiltered opinion about which Key Biscayne condos are good and which ones are less successful (Which for legal reasons I cannot do in this report). Whether you want to sell or to buy a luxury condo in Key Biscayne, we can help you with insights and an excellent (digital) marketing strategy.

David Siddons | +1.305.508.0899 | David@siddonsgroup.com

David Siddons is a top producing Miami realtor with nearly $100M in yearly sales. He is known as a market analyst and he is the author of many of Miami’s most groundbreaking real estate reports.

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