The Towers of Key Biscayne – Is it time to sell your unit?

The Towers of Key Biscayne – A review of this Key Biscayne Condominium Tower

 

As a listing and buyer’s agent at the Towers of Key Biscayne, I follow this condo closely and I would like to update my clients on the latest market status. As many owners ask me “Is it wise to sell now, or should I hold on to my unit?”, I like to share the below market overview to provide you with a better understanding. This information is useful for sellers but also for potential buyers at the Towers of Key Biscayne.

The average sales prices at the Towers of Key Biscayne in the last years

The Towers of Key Biscayne have seen a significant price increase in the last few years. Tower 1 has seen more price variations than tower 2 and a less steady growth. In 2015, there was a price decrease in tower 1 while tower 2, for the first time in the last 5 years, surpassed tower 1 in average prices.

When we consider the months of inventory, which basically tells us the status of the demand vs. supply of a certain market we see that the inventory moved up from a balanced or even sellers market in quarters 1 and 2 of 2015, to a buyer’s market in the last part of this year. A buyer’s market indicated that there is more supply than demand, which gives a competitive advantage to buyers.

Rules of thumb for the months of inventory

♦ 6 Months or less – A seller’s market
♦ 6- 9 Months – A balanced market
♦ 9 Months or more – A buyer’s market

On average, 2015 showed 8.5 months of inventory, which indicates a balanced market leaning towards a buyer’s market. In this kind of market buyers and sellers both have an equal chance at a fair market price.

The Towers of Key Biscayne – Is it Time to Sell My Unit?
The Towers of Key Biscayne – Is it Time to Sell My Unit?

On average, we see a 4% of difference between the listing price and the sales price at the towers of Key Biscayne. In 2015 only 1 property sold for 1% more than its listing price will 14 out of 21 properties sold for on average 4% less, varying from 1% to 17%.

Below we provided all the sales prices for you for tower 1 and 2.

The Towers of Key Biscayne – Is it Time to Sell My Unit?
The Towers of Key Biscayne – Is it time to sell your unit? DSG

Would you consider selling your unit at the Towers of Key Biscayne or are you thinking of buying at the towers?
Contact me today for a more personalized approach and/or a free comparative market research

David Siddons | 305.508.0899 | david@siddonsgroup.com

WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...

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    Reviews
David Siddons
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Akbota YerseitAkbota Yerseit
13:29 03 Jun 22
Excellent leaders!
Cathryne HaladnerCathryne Haladner
12:12 18 Sep 21
We have only superlatives to describe how wonderful Cris Buzolin was throughout the process of selling our townhouse in Coral Gables. We were away in the UK while the transaction was taking place and Cris handled everything-from clearing out our house, selling contents when she could, arranging the moving and storage and dealing with some very difficult problems which arose. Always patient and very willing to help in every way, Cris is a consummate professional who really cares about her clients and worked extremely hard to get the price we had asked for and make things for us as easy as she could. Nothing was too much for her to handle.Cris and Marianela (who provided additional very helpful assistance to us during the transaction) are part of the team that David Siddons has assembled.When we decided to sell our property, we contacted David and he established the framework for the transaction and ensured that everything proceeded smoothly and in accordance with our wishes. In sum, David Siddons and his team are extremely competent and professional and we are totally satisfied with the service they provided. To repeat, Cris Buzolin in particular, went way beyond what one would expect from a real estate agent. The David Siddons Group has our highest recommendation!
Jose Eduardo FilhoJose Eduardo Filho
17:17 13 Jul 21
I thank the whole team and especially Cris Buzolin who, in a very professional and competent way, helped me to sell my property safely and in the best market condition.
Idan Singh (Idan)Idan Singh (Idan)
19:53 07 Jun 21
Great Service for British Expats looking to move to the States.
Simone GarrettSimone Garrett
17:20 26 Feb 21
Fantastic group of people to work with!! David and Adriana were responsive and professional throughout the entire process. We weren't familiar with South Florida so David took us under his wing and did a fabulous job giving us a tour of select neighborhoods in South Florida and shared a great deal of information about each. We fell in love with the Botaniko community in Weston and closed the deal with Adriana. If you are buying/selling this is the team you want to work with!! Thank you guys for helping us find our dream home.
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