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homes - Pictures
from around the Island of Key Biscayne
As a homeowner here on Key Biscayne
and a resident for now over 40 years, I have been privileged to witness
the world of Key Biscayne real estate,
and observe the trend that started in the late 1940's (when the
first homes were available from blueprints)
and has continued to this day and on into the future.
Here on this site, we link to some of
the postcards and advertisements from that era (click
here).
Year after year, sale after sale, there
is talk that the market has 'topped off' and that the time to
get in has long passed. Not true.
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As just an example from my little
corner of the universe, when the house next door to me came up on the market
in the late 70's for $125,000, I thought
it would be a great investment. Those older and 'wiser' thought it
was
a rip-off. " Too much money." " The market
has peaked." The land value alone on that property today is
over $600,000. (This page was built in
2003) Land value. I noted that this page was built in late 2003 because
today
in
November of 2004, the property is now
worth over $1,000,000. It must be the paint job.
****MAY 2006 UPDATE***
The property just came back on the market
in the past couple of months for over $1,600,000.
Wow.
Here is a link
to the latest property to come up for investment on Key Biscayne.
Just as an editorial aside.... I remember
the day that this page was first going up and I was thinking about how
ridiculously high $600,000 sounded for
1/4 of an acre of land on Key Biscayne and today, just over 16 months
later, I think of what a deal someone
would have gotten by purchasing then. That is allways the way it
seems
out here on Key Biscayne. It allways
seems overpriced and yet property values rose on average somewhere
between 20 - 25% in the 2004 year (as
of late November). Absolutely amazing.
Now as I read this and update it in May
of 2006, everything written prior to this seems like the 'good ole days',
back when properties were far more 'affordable'.
Hah. Real Estate on Key Biscayne has a 60 year record of going
just one direction. Up. It
goes up faster sometimes, but it goes up.
 
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The house behind me was on the market
in the late 80's for $225,000. Same story. It recently sold
for $685,000.
The house on the other side of me was
offered to me for $500,000 just two years ago.
At that time, I did not have the money
available to make such an investment, but knew it was a DEAL.
Three months later the same home sold
for almost $600,000 (at a STEAL price).
It has got to be worth near $800,000 today.
(Whoops, once again, in 2004, that would
be a deal) The house is now in the $1,200,000 range.
The market has not peaked. Never
has and it is nowhere in sight.
The market has peaked. It allways
has and it allways will.
All of those statements above are a true
and accurate reflection of Key Biscayne Real Estate.
Houses and real property on Key Biscayne
appreciate in value on almost a daily basis.
In this month of November of 2004,
a "tear down" house came on the market
for $700,000 in the morning and was sold before the days end.
The house was snapped up like a mullet
in the Shark pond at Seaquarium.
Key Biscayne is becoming more world renowned
with such recognition as an A+
Standard and Poors rating,
and independent published reviews that
ranks Key
Biscayne in the top 5 out of 61,000 American communities.
The Key Biscayne Real Estate Marketplace
is reflecting the reality of supply and demand concerning Islands.
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There have been times where the market
has 'stabilized' and values remained seemingly static for a short period
of time, and this normally coincides with
a 'near miss' hurricane, where there is a sudden and abnormal amount
of properties available almost at the
same time, or an international tragedy, when property on Key Biscayne is
not cheap, but worth it. Out here, if you don't like the price, just
wait.
It will cost more tomorrow.
That is, if the past 50 years have taught us anything.
webmaster@key-biscayne.com
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