Key Biscayne Real Estate: Renting, Buying, Selling & the Basics21 Aug Giulietta Ulloa
There is certainly a lot to attract both investors and hopeful homebuyers to one of Miami’s most exclusive areas. Key Biscayne is home to some of the wealthiest families in Florida and is a promising location for investors as well with lots of real estate opportunities to explore.
Key Biscayne: A Brief Overview
The island town is sandwiched between two parks. It is situated on a 12-mile long island off of Brickell and Coconut Grove with stunning ocean views and waterfront living. It is home to some of the most affluent families who are most endeared to the serene atmosphere and the exclusivity of this area which is as perfect as it can be for raising a family. The island town has quite a lot to offer most important among which are its impressive safety and security level as it has an around-the-clock police patrol, as well as the availability of some of the best public schools in the country offering sound academics and extra-curricular education.
That is not all though, Key Biscayne promises a high-end quality of life as well as a bustling social scene for those who love to party. It’s situated close to the Financial District in Brickell, Coconut Grove, as well as Miami Beach. You’ve got lots of beautiful attractions that include beaches, parks, golf courses, as well as a host of other attractions that are exclusive to this location.
The area is popular among boaters thanks to its sheer proximity to the waters. This is aided by the fact that there are no fixed bridges in Key Biscayne, unlike some other areas. Almost all of the mansions that make up the bustling real estate market of Key Biscayne have easy access to the open waters for endless fun on the ocean. You can imagine the real estate opportunities in this market promises a lot for both buyers and sellers.
Key Biscayne Neighborhood Preview
The island town is located south of Miami Beach and north of Coconut Grove. The 12-mile long island with its golden sand beaches and the serene, quiet neighborhoods is home to a population of about 12,000 residents. The streets are lined with palm trees and the town is the perfect getaway or escape destination if you ever find yourself tired of the hustle and bustle of the Miami city center.
Notable attractions include the scenic Rickenbacker Causeway leading into Crandon Park Boulevard. The island is home to a marina, several public beaches, a golf course, as well as the Crandon Park Tennis Center where the Sony Open Tournament is held every spring.
The community is laid back and offers a lot as far as outdoor activities are concerned. Weekends are usually like vacations and you can easily find other people with whom you can enjoy different outdoor sports such as boating, fishing, swimming, tennis, paddle-boarding, and much more.
The neighborhood is equipped with several resort-like amenities in the midst of comfortable single-family homes and private residences. You’ll usually find resort-like hotels as well as condos dominant in the suburban south along with single-family homes housing residents of the community known for its friendliness, coastal spirit, natural beauty, uniqueness, and healthy lifestyle.
For families, there are a lot of social amenities that would be fitting and suitable for family outings and picnics. There are also many highly-rated public schools ranking among the very best nationwide. The Key Biscayne real estate market today offers a selective amount of homes and the market is characterized by steadiness and low turnover for homeowners.
Key Biscayne Real Estate Market Overview
The exclusivity of this island town is one of the major reasons most investors are being attracted to the Key Biscayne real estate market. The market is characterized by a high demand that cannot be satisfied by the current limited supply.
There are only a limited and selective amount of Key Biscayne apartments for sale when compared to most other parts of Miami where flipping is done on the hourly. This means the real estate market of Key Biscayne is steady and is characterized by a low turnover of homeowners. This usually limited availability coupled with the low turnover rate and the high demand made the average real estate price in Key Biscayne increase annually. When you add that with the unavailability of land as well as the limitations on the construction of new properties on the island, this then causes the supply curve to only shift in a minute way to ensure there is no overabundance.
Recently though, the market seems to have changed and tilted towards abundant supply to favor the buyers. There is a current price correction and adjustment trend in the otherwise steady Key Biscayne real estate. Read on to find more about this and some of our helpful tips for homeowners who are contemplating whether to sell their Key Biscayne real estate or hold onto it until the market adjusts itself towards the sellers once again.
Key Biscayne Real Estate Stats
Market trends help investors including buyers and sellers to understand the movement of the market. The Key Biscayne real estate market has witnessed a 1% year-over-year rise in median sales price along with a -20% the price of median rent per month.
Median Sales Price
Key Biscayne houses for sale have a median sales price found to be somewhere around $820,000 from a May 24 to August 23rd study based on the sales of 25 homes in the Key Biscayne area. 
Median Rent for Key Biscayne Apartment for Rent
The median rent paid per month for homes in the Key Biscayne area is about $6000. This figure was obtained from a study of the Key Biscayne real estate market for the average rent paid for homes in the area between July 24 and the 24th of August.
Price Per Square Ft
$605 is the average cost per square ft in the Key Biscayne area. This happens to be a -4% decrease compared to the cost the previous year. 
Schools in Key Biscayne
The neighborhood has some standard and credible public schools such as the Air Base Elementary School, the Key Biscayne K-8 Center, and Southside Elementary School among other reputable public schools ranked among the best in the country to provide education for younger members of the family.
Key Biscayne Condos
The Key Biscayne Condos market is one that is greatly sought-after. This is because of the high-end quality of these condos despite the fact that most of them were constructed more than ten years ago. For residents and prospective residents who are on the lookout for condos to buy in Key Biscayne, there are quite a handful of options most popular among which are:
Towers of Key Biscayne: This 14-story condo named Towers of Key Biscayne is located in a serene and secluded part of Key Biscayne. The Towers are two in number and are constructed on a large expanse of land with stunning waterfronts.
The Key Colony is another of the most sought-after Key Biscayne condos and the property is comprised of 4 oceanfront condo buildings constructed on a large 40-acre expanse of land.
Ocean Club is a 55-acre waterfront condo with a total of 11 condo buildings. These are named Club Towers 1, 2, and 3, Lake Villas 1, 2, and 3, Resort Villa 1, and 2, as well as Lake Tower.
The 200-unit Casa del Mar waterfront condo is another one of the most-sought-after condos in Key Biscayne.
With the exception of the newly-constructed lavish and luxurious Oceana Key Biscayne as well as Key Biscayne Home which are the only 2 new projects embarked upon in the past decade, all of these other condos have been constructed in decades past but are still kept and maintained at the highest standards to appeal to single families as well as investors looking to invest in the Key Biscayne real estate market.
Key Biscayne Condos: Benefits for Single Families
For single families seeking residence and living quarters in Key Biscayne, there are different opportunities available to choose from including options such as Key Biscayne condos as well as single-family homes in the area available for rent or purchase. So, what are those benefits you stand to gain from buying a condo in Key Biscayne over what you’d gain from a typical single family home?
Exceptionally abundant amenities
Condos offer generally more than you’d usually get from the average single-family home. These would often include pools, gyms, expansive and lush landscape, oceanfront views, jogging paths, tennis courts, and parking among a host of other recreational and beneficial social amenities to make every day seem like a holiday.
These Key Biscayne condos are often manned 24/7 and you’d hardly have to worry about your security. This is great for most people living alone and for anyone whose security is always a priority or source of worry.
Comfort and a very easy lifestyle are some of the hallmarks of living in a condo, be it in Key Biscayne or anywhere else. Since your monthly dues would usually cover maintenance costs, you’d hardly have to lift a finger or stress yourself as the building will be well taken care of and maintained by specialist contractors to retain the luxury and peace of mind that comes with condo living.
Key Biscayne condos are more affordable
Another reason you may want to go for a Key Biscayne condo over a single-family home in the island town is the affordability advantage of condos over single-family homes. A condo is a great choice if you want to be a homeowner.
Location and lifestyle advantage
Location is one important factor that most homeowners prioritize when searching for their perfect family home. Key Biscayne condos are located in some of the best areas around town with stunning views of the ocean for a fantastic and magnificent waterfront living.
Just like it should, Key Biscayne offers a lot in residential and social advantage and it’s no doubt a popular place among wealthy families looking for a beautiful, peaceful, quiet but lively atmosphere to raise families. Whether you’d want condos to offer you the best of social amenities your money can get, down to single-family homes depending on what you want, you can always have your wish fulfilled in this little beautiful island town.
Nothing compares to the contributions and guidance of a realtor with adequate knowledge and experience of the dynamics of the Key Biscayne real estate, if you or anyone would want a Key Biscayne condo or single family homes for purchase, you can easily consult our team to help you get the best value from the market.