The 90-Day Key Biscayne Real Estate Report Q3 2021

Our First 90-Day Key Biscayne Real Estate Report Q3 2021

Key Biscayne Homes and Condos

Welcome to the first 90-Day market report for Key Biscayne. As the Miami market moves at an incredible speed, we decided to start creating quarterly reports that are useful for both sellers and buyers. These reports will provide you with a complete overview of the market in less than 10 minutes covering the most important market data (months of inventory, number of active listings, sales and pending deals, key sales in the area and average sales prices per SF) in combination with our signature social narrative.

This report compares the last 90 days (essentially quarter 3 of 2021 to the same periods of time in 2019 and 2020)

The David Siddons Group represented the seller in a record breaking Key Biscayne condo deal

The David Siddons Group sold 251 Crandon Blvd Unit#938 for $1.9M, $100K above its asking price. The unit traded for $1,129 per SF, the highest sales price per SF ever recorded at Key Colony. The previous record in the building was set in 2014 and was a sales price of $900 per SF.

The 90-Day Key Biscayne Luxury Real Estate Report for the Single Family Home Market

The Prices per SF

Sales Data and Months of Inventory

The 90-Day Key Biscayne Luxury Real Estate Report Q3 2021

The Key Biscayne Single-Family Home market continues shattering records with tripling annual sales volumes and shocking all-time inventory lows. But, what is selling in Key Biscayne? Bestsellers are new(er) homes in premium locations! In fact, more $15M+ homes have sold in the last six months than in the prior ten years

  • 9 Harbor Point, a 2005, 11,000 square feet home on a large lot, sold for a record $18M or slightly over $1,600 per SF. The home is accessed through a private road and provides unobstructed Miami Skyline views in an open bay location. By the way, this home was designed by Cesar Molina’s CMA Design studio, also featured in the top Coral Gables sales this quarter.
  • 610 South Mashta Dr, a 6,500 SF home, completely redone in 2019 on a standard lot, sold in August for $14.6M or $2,250 per SF, to the owner and founder of a leading Latin American cosmetics conglomerate. A beautiful modern classic style home with Gaggenau appliances, smart home technology and a beautiful private deck.
  • 641 S Mashta Dr, a brand new 3-level 5,000 SF home plus 2,200 SF rooftop, on an oversized lot, sold for $6.48M in mid June, almost $1,300 per SF. This sets a new record for dry lot homes on the Key. Of course this is a modern home with all the high-end amenities buyers expect at this price point: automation, 11ft ceilings, elevator, 40-ft atrium, etc.

Another important aspect to mention are the increased prices for entry-level homes, which are mostly Key Biscayne’s famous Mackle homes. Entry-level homes are now in the $2.5M range with the lowest-priced home listed at $2.899M (a renovated Mackle home), as of end of Q3. This represents the start of of a new era in which homes that are not located on large lots are trading for numbers that are above $1,000 per SF. Truly unusual numbers few would have envisioned six months ago!

One of the Most Significant Key Biscayne Home Sales

The 90-Day Key Biscayne Luxury Real Estate Report Q3 2021

The 90-Day Key Biscayne Luxury Real Estate Report for the Condo Market

The Prices per SF

Sales Data and Months of Inventory

The 90-Day Key Biscayne Luxury Real Estate Report Q3 2021

Talking about a record territory!! While the Key Biscayne’s condo boom kicked in 6 months later than the single-family boom, it’s been equally noticeable. A year ago (and for four years prior to that), there were 300+ Key Biscayne condos for sale in any given month. As of the end of Q3 we had just 132 listings. Monthly Condo sales volume has tripled from an average of just below 20 units per month in 2020 to approx. 60 since April.

Several record-breaking deals were seen in this third quarter of 2021. A great example of a record breaking deal is the sale of Oceana #902S, a 3,300 SF oceanfront condo, which broke the $2,000 per SF mark in June closing for $7.25M. This special unit was redone with the utmost care and high-end materials by designer Ramon Alonso, creating a truly special unit. In July, unit 1003S, another beautiful unit sold close to $2,000 per SF.

While the number of sales below the $1M mark has increased by slightly more than 50%, the star segment of Key Biscayne condos is the $1m-$3M segment where volume more than doubled compared to last year and tripled compared to 2019. With the key highlight being 6 sales above $1,000 per SF in the Towers of Key Biscayne, Key Colony and Island House.

In June, DSG’s Oceansound #938 sale in Key Colony set an all-time record for traditional Key Biscayne waterfront buildings by selling at $1,128 per SF. Since then, Towers of Key Biscayne B708 and B408, two Island house condos and another Key Colony unit have all sold above $1,000 per SF and as high as $1,363 per SF. Other top sales include Grand Bay Tower #1204, an incredibly renovated 3,680 SF residence with bay, ocean and city views, which sold in July for $4.6M ($1,250 per SF) and Ocean Tower #407, which sold in August for $4.25M ($1,187 per SF). This was a 3,600 SF remodeled unit.

One of the Most Significant Key Biscayne Condo Sales

The 90-Day Key Biscayne Luxury Real Estate Report Q3 2021

Who is Buying in Key Biscayne?

In this 90-day period we have seen buyers from South America (Colombia & Peru) playing a key role in the ultra-luxury real estate market of Key Biscayne. Domestic buyers are still looking at Key Biscayne, but this group focuses mainly on ready-to-move-in and modern homes.

Why is Key Biscayne’s Inventory so Low?

In September 2021, only 21 condo units traded as low inventory led to a dramatic decrease in sales. For the single-family home market we saw an inventory of merely 29 homes in September.  The demand for homes in Key Biscayne continues to be high as families are looking for the Resort-like lifestyle (driving golf carts around the island, kids going to school on their bikes, going to the beach, taking your boat out from your dock or from the marina, play tennis in one of the 40 tennis courts available). With 60 sales per month, Key Biscayne saw record highs in 2021 as previous years recorded an average of just 20 sales per month. A continuous demand and a limited amount of sellers has made this an extreme sellers market.

How much longer will this market be sustainable?

In September, the number of sales has slowed down for condos and homes, which is is normal for this time of the year. Data however shows a very high number of pending sales and properties under contract while demand is still high. We are still seeing ‘multiple-offer’ situations and sellers sticking to their prices. What is more, we are getting into our peak season; the fall and winter months. So, with the peak season coming, limited inventory, and record low interest rates, 2021 will continue to be a very tight market. If you want to know more about how sustainable this market is we invite you to read the below article, which dives further into this topic and discusses what could potentially change supply or demand in this market.

For more information about the Key Biscayne real estate market or this 90-Day Key Biscayne Real Estate Report Q3 2021 please contact the David Siddons Group

Adriana Montbrun | +1 (786) 277-3480 | Adriana@siddonsgroup.com
David Siddons | (305) 508.0899 | David@siddonsgroup.com

David Siddons is a top producing realtor ($400M in yearly sales) and Director of Luxury Sales with Douglas Elliman. He is the author of some of Miami’s most influential real estate reports, blogs and forecasts.

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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