Key Biscayne Real Estate Closes 2009 with an Upswing

2009 Key Biscayne Real Estate Review

The Key Biscayne real estate market has been improving consistently throughout 2009 – hopefully positioning the island for a bounce-back in 2010.  Performance for the condominium and housing markets is consistent: sellers are adjusting prices to better meet the expectations of buyers.  Sales activity has picked up and the buzz on the street seems more positive.

Buyers looking for deals should know that there is opportunity today. Condo sale prices are 32% lower than the peak of the market in 2006 ($452/Sq. Ft. in ’09 vs. $663/Sq. Ft. in ‘06) and single family home prices have been discounted by 36% ($534/Sq. Ft. in ‘09 vs. $831/Sq. Ft. in ’06).

Key Biscayne has always weathered the storm better than other areas in Miami and over the long term, properties here have proven to be great investments. Below is a 2009 summary of Key Biscayne real estate sales, pricing and existing inventory; these indicators suggest that we have hit the bottom of the market.

We are very excited about 2010 and want to thank everybody who made 2009 so successful for us! 

Data source: Multiple Listing Services (MLS), January 2010. Only Key Biscayne condominiums and single family homes are included.

Key Biscayne Condominiums – Priced to Sell

Prices have dropped and condos are starting to move.  In 2009, condominium sales activity increased by 10% despite a slow start.  The sales lift corresponded with price drops during the 2^nd quarter.  The Average Sale Price / Sq. Ft. decreased by 15% – this is a total 32% adjustment from the peak of the market in 2006. 

Sold Condominiums:

The charts below show market trends related to sales activity, pricing, timing and a distribution of what type of property has sold.  

Available Condominiums:

Below is the inventory of 357 condominiums for sale, a 4% increase over 3^rd Quarter.  Properties priced according to buyer expectations have been selling, yet there is still a sizable inventory of condos that remains to be absorbed.

Key Biscayne Single Family Homes – Signs of Stability

43 single family homes sold in 2009, which is a 13% increase in sales activity over prior year.  Yet, there are 126 houses for sale and the pace of sales to active listings indicates an absorption rate of about three years for the single family home inventory.

Prices have decreased for the third consecutive year and at $531 / Sq. Ft., is 36% less than the peak of the market in 2006. Owners who adequately price their homes to buyers’ expectations are more likely to sell in a timely manner.  It is taking on average about six months to sell a home, and the majority of homes that sold were priced under $2 Million. Inventory levels have stabilized over the second half of the year, hopefully indicating that the worst is behind us. 

Sold Houses:

The charts below show market trends related to sales activity, pricing, timing and a distribution of what type of property has sold.

• In 2009, the housing market increased sales activity by 13% over prior year (43 sold houses) while prices declined by 22% to an average $534 / Sq. Ft.

 Available Houses:

There are 126 single family homes for sale; the number of listings is about flat compared to 3^rd Quarter.  The inventory of homes under $2 Million has dropped slightly; there are now six houses available for less than $1Million.  A majority of the listed houses have been on the market for close to a year, and likely will still need to adjust prices in order to sell.

The Coto Group is happy to provide data that is customized to your specific needs and interests – just send us a note by clicking here.

 To stay current with the latest Key Biscayne real estate information, receive the Key Biscayne Today blog posts directly to your inbox, please subscribe here.

If you are looking to buy or sell your home, please contact Carlos at 305-803-3059, Claudine at 305-389-6229 or send us a note here.

Ocean Club Cabana, a great gift for your family!

Ideal for family living, enjoy a nap in the shade while the children splash around in the pool.  Invite friends over for an afternoon barbecue or watch the cruise ships sail out during sunset.  The Ocean Club Cabanas offer the perfect island getaway. 

We are your cabana specialists. Having successfully closed on the sale of over 25 cabanas, some more than once, we can readily assist you in getting the best deal. The Ocean Club Cabanas are unique and have continued to command a premium price (even under difficult market conditions) – thus, making your home away from home a great investment as well!

#205 Oceanfront Cabana              For Sale $629,000

#751 Grand Pool Cabana              For Sale $270,000

#756 Grand Pool Cabana              For Sale $245,000

#204 Oceanfront Cabana              For Rent

#501 Beach Cabana                         Pending Sale just one week after listing! $270,000

If you are looking to buy, sell or lease your home or have any questions regarding the real estate market, please contact the Coto Group by clicking here.

Casa del Mar has a new look!

With its distinctive island style, luxurious amenities, and breathtaking views, it is no surprise that Casa del Mar continues to be one of the finest oceanfront complexes on Key Biscayne. The remodeled lobby draws you in with its sleek, elegant Zen feel and the library is modern comfort for a quiet repose.  There are countless ways to fill your days whether swimming laps at the pool, improving your tennis with private lessons or simply, by napping under a beach umbrella.

This is a 3^rd Quarter snapshot of Casa del Mar of real estate sales and availability. Since the beginning of the year, three apartments have sold in Casa del Mar with an average sale price of $1.2M, or $529 per square foot. There are just eight apartments available and the average list price is $1.3M or $588 per square foot.

To view available Casa del Mar Units for sale or rent, click here.

We hope this information is valuable to our friends and clients looking to keep a pulse on their investments or interested in good opportunities within Casa del Mar.

If you are looking to buy or sell your home or have any questions regarding the real estate market, please contact Carlos at 305-803-3059, Claudine at 305-389-6229 or send us a note here.

The Ocean Club – what has sold in 2009, what’s available

After publishing our 3^rd Quarter Review of the Key Biscayne Real Estate market, a few of our clients asked us to give specifics regarding their own building community – what has sold in 2009 and what is available today. 

This is a snapshot of the Ocean Club. Since the beginning of the year, 22 apartments have sold in the Ocean Club with an average sale price of $1.7M, or $607 per square foot. There are 55 Ocean Club apartments available and the average list price is $2.3M or $761 per square foot.

To view available Ocean Club Units for sale or rent, click here.

We hope this information is valuable to our friends and clients looking to keep a pulse on their investments or interested in good opportunities within the Ocean Club.  

We’ll be posting about Casa del Mar in the coming days, so come back soon. In the meantime, to view available Casa del Mar Units for sale or rent, click here.

If you are looking to buy or sell your home or have any questions regarding the real estate market, please contact Carlos at 305-803-3059, Claudine at 305-389-6229 or send us a note here.

3rd Quarter Review: Key Biscayne Condo sales pick up while Houses are still soft

Key Biscayne Real Estate 3rd Quarter Review

Key Biscayne real estate is showing signs of improvement in the condo market, yet sales on single family homes continue to be soft.  Below is a 2009 year to date analysis of Key Biscayne real estate sales, pricing and existing inventory. 

Data source: Multiple Listing Services (MLS), October 2009. Only Key Biscayne condominiums and single family homes are included.

 Key Biscayne Condominiums – Starting with the good news

The summer months tend to be the slowest for Key Biscayne real estate, yet contrary to this trend, condominium sales activity picked up at a healthy rate by 24% in the 3^rd quarter.  For the first time, quarterly sales activity has exceeded prior years: it is 33% greater than 3Q 2008 and 93% greater than 3Q 2007.  This is the first time 2009 quarterly activity has been greater than 2007 or 08 

Price per square foot dropped by 4% since the 1^st quarter, but has stabilized over the last six months.  For the 119 properties sold this year, the average sales-to-list-price ratio of 90% has been fairly constant.

Condos that sold in the 3^rd quarter were on the market for about six months on average.

Below is the inventory of condominium for sale.  While the inventory has decreased somewhat over the last year, we still have a way to go… The pace of sales to active listings indicates an absorption rate of about two years for the current inventory.  However, if the positive indicators of the condo market continue and there is no significant increase in listing inventory, it is possible that we have hit the bottom of the property value curve.  

To view available Key Biscayne Condos for sale, click here.

Key Biscayne Single Family Homes – Still a buyer’s market?

Because the number of single family home sales per quarter is small (nine houses sold in the 3^rd quarter), the data is limited for a proper analysis.  Instead, the charts below reflect Jan. – Sept. 2009 performance versus prior years.  Compared to Jan. – Sept. 2008, house sale activity decreased by 7%, sale price adjusted by – 27% and average days on the market increased by 6%.

Below is the inventory of single family homes for sale.   To view available Key Biscayne Houses for sale, click here.

While 29 single family homes sold this year, there are 131 that are actively on the market. The pace of sales to active listings indicates an absorption rate of about four and a half years for the single family home inventory.  However, inventory levels have at least stabilized over the past 3-4 months.  It has been a Buyer’s Market but may be changing soon.

 In Summary

In the Key Biscayne Condo Market, an increase in sales activity, price stabilization and a decrease in time on the market may be due to 1) more realistic pricing on the Seller side and 2) an increase in consumer confidence on the Buyer side.  It also helps that stock market and economic news reporting have been more positive over the last several months.  The same variables may also favor the Key Biscayne Single Family Home Market – however, the existing inventory continues to be high and it may still take time for it to be absorbed. 

The Coto Group is happy to provide data that is customized to your specific needs and interests – just send us a note by clicking here.

To stay current with the latest Key Biscayne real estate information, receive the Key Biscayne Today blog posts directly to your inbox, please subscribe here.

If you are looking to buy or sell your home, please contact Carlos at 305-803-3059, Claudine at 305-389-6229 or send us a note here.

Sonesta sale is one of South Florida’s priciest deals this year

‘Consultatio S.A., an Argentine development group, has acquired Key Biscayne’s Sonesta Beach Hotel property for $78 million, a deep discount from its 2005 value of $120 million. Consultatio and affiliate Key Biscayne Consultatio plan to demolish the 40-year-old hotel and build a 165-unit ultra-luxury condominium when the high-end housing market rebounds.

SBR-Fortune Associates, a partnership between Fortune International and Boston-based Sonesta International Hotel Corp., sold the 10.6-acre property less than two weeks after signing the contract with Consultatio. The Miami-Dade County property appraiser values the site at $44.5 million, compared with $48.9 million a year ago.’

Click here to view the full story in the Daily Business Review. 

 Publication: Daily Business Review

Article: ‘Sonesta Beach Hotel sold, to be demolished’ by Paola Iuspa-Abbott, September 25, 2009.

A couple of good deals

It is the opinion of many that the real estate market on Key Biscayne has reached bottom.  We are actually watching the inventory shrink.  Key Biscayne continues to be a beautiful and very safe island with a rich community where residents from different backgrounds live & play year-round. We truly believe in the unique environment we are fortunate to enjoy on Key Biscayne. 

The really great deals are very few.  When they are gone, the prices will probably rise again and you may regret not having bought that larger apartment you needed or upgrade to a better view or move to a full service building closer to the beach.

We would like to bring to your attention two great opportunities. 

Ocean Club Tower One, Apartment 1006 is a 3bd., 3ba. 2,606 sq. ft. with magnificent views of the beach and park.  It is on listed for $1,849,000.  At the peak of the market, I sold a similar apartment on the 8th floor for $2,450,000 . 

 330 Harbor Court is a 3bd., 2ba. on a typical Key Biscayne lot, which last sold for $1.35M is now listed for $950K. Located on a great street just one block from the water, this is an ideal family home with a new open kitchen, new bathrooms, high ceilings and an oversized yard with plenty of room for a pool.  We have a house just two doors away and believe this is a great opportunity for a starter home on the Key!  We welcome your offers.

To view other opportunities at the Ocean Club, click here.  To view other Key Biscayne single family homes, click here.  For further information, please contact Carlos at 305-803-3059 or Claudine at 305-389-6229 or send us a note here. 

It’s true, the Key Biscayne condo market is showing some good signs…

 Not only do we feel it in the office and see traffic picking up in the lobbies of many of Key Biscayne Waterfront Condominiums, but now the Coto Group is validating it with statistics:   The Key Biscayne real estate market has improved over the summer, which tends to be the slowest time of the year for this island paradise. 

The following statistics include only Key Biscayne Waterfront Condominiums and are based on data provided by the Multiple Listing Services (MLS), Sept. 2009.

Very soon, we will be posting similar data regarding Key Biscayne Homes.  We hope  this information is valuable to our clients looking to keep a pulse on their investments or interested in good opportunities in Key Biscayne real estate. 

Key Biscayne experienced a positive ‘bump’ during the summer months based on three key performance indicators: an increase of sales activity, a leveling of sale price and a decrease of time on the market 

Key Biscayne Condominium activity increased during the summer months…

Closed sales doubled in June vs. prior months even though the summer tends to be the slowest months of the year; it’s been an atypical year

 Aug. and July closed sales were 40%+ higher than prior year; this is the first time 2009 monthly activity has been greater than 2007 or 08 

…while price per square foot stabilized

$478 is the average sales price per Sq. Ft. on Key Biscayne; which equals an average sales price of $1 million.

There has been an -18% adjustment on prices, year to date vs. 2008 , with some buildings weathering the storm better than others 

 … and the amount of time it took to sell a condo decreased by half 

The average Key Biscayne condo sold within 166 days in Aug – this is a 32% improvement vs. the time it took 6 months ago to sell a condo

The decrease is likely due to the adjustment in pricing

While sales activity has increased, there is still a sizable inventory of Key Biscayne condos

The Coto Group is happy to provide data that is more relevant to your specific needs and interests  – just send us a note by clicking here.

 To stay current with the latest Key Biscayne real estate information, receive the Key Biscayne Today blog posts directly to your inbox, please subscribe here.

 If you are looking to buy or sell your home, please contact Carlos at 305-803-3059, Claudine at 305-389-6229 or send us a note here.

Our Recent Miami Sales

Come back frequently to keep track of the latest wins for our clients! 

The Coto Group is committed to negotiate the best value for your investment, in the least amount of time.  For the best  deal and personalized attention, contact Carlos today at 305-803-3059 or send us a note here.

Welcome to the Key Biscayne Blog!

The Key Biscayne Today blog aims to be the source for all news relating to Key Biscayne real estate. The blog will inform you of the latest local market trends and news relevant to the real estate industry at large.

Frequently, we will highlight Key Biscayne condominiums and single family homes - offering advice on the hottest opportunities on the island and beyond. So, whether you live down the street or are searching from abroad, you will always have a pulse on the Key Biscayne market.

By sharing our expertise, we hope to assist you in making the most informed decision when buying or selling property on Key Biscayne.

We welcome you into our community and look forward to hearing from you as well!