Vacation
homes - Pictures
from around the Island of Key Biscayne
What a ride the past 3 years has been
but how crazy is it now? Not. Finally some level of reality
has sunk in and money is making
its way back into the Key Biscayne real
estate market. About time and totally predictable. To purchase
now (April 2009) would
be a really good idea. To sell now?
Well that depends alot on where you are sitting, perhaps short-term rentals
with your
investment property on Key Biscayne would
be a clever idea, but make certain that you sign on with a company with
a
proven track record in the Key Biscayne
vacation rental side of the business. It makes financial sense only
if the property is
well represented and keeping you on the
plus side of the ledger while keeping your property in A1 condition.
Key Biscayne's real estate has undergone
some level of adjustment over the past 50 years to say the least.
As a homeowner here on Key Biscayne and a resident for now over 40 years,
it is a privilege to witness the world of Key Biscayne real estate, and
observe trends 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. While
the most recent adjustment in the Key Biscayne real estate market has taken
place in
conjunction with what is being reported
as a worldwide recession, real estate investors have multiple safeguards
in effect here on the
island of Key Biscayne that can be said
of only the most stable and prominent real estate markets in the world.
The most obvious is
that the world, especially the world as
understood by the USA is not building any more islands. Especially
a few miles offshore
from the City of Miami. Just south
of 'south beach' in Miami lies the jewel of the florida keys...Key Biscayne.
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Properties that were first sold for
$11,000 in 1950 sold in 2000 for $1.5million in the same condition in which
they were first bought.
Absolutely amazing.
Now in the post boom bust boom era, this
same property would be on the market closer to $1million and would reflect
the reality
that is happening everywhere else in the
country so while there is a bit of a buffer in paradise, we are not totally
removed from
the overbuilding and real estate / mortgage
fraud that happened in the City of Miami, Key Biscayne real estate is still
a haven.
Not only a haven, but for us that have
seen the indicators prior to another boom, there are indicators on Key
Biscayne
that have yet to be capitalized on.
One is the Sonesta Beach Hotel property which shut down the hotel operation
in anticipation
of approval for a zoning change that never
happened for a mixed use property. One day something will be rebuilt
there and
when that happens, the same thing that
happened to Key Biscayne real estate when the Ocean Club of Key Biscayne
was built, and that is that it nearly
doubled in value in a couple of years. Right now is a good time to
buy.
Everything written prior to this seems
like the 'good ole days', back when properties were far more 'affordable'.
Real Estate on Key Biscayne has
a 60 year record of going one direction. Up. It goes
up faster sometimes, but it goes up.
That was the rule until 2008 when Key
Biscayne real estate actually did something beside stabilize. It
went down.
It remains in that corrected position
as of this day in mid April, 2009 and is brilliantly poised for purchase.
 
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Those investors who sustained the
least amount of damage were those who were diligent in their research,
and those who
offset their investments by putting those
properties into the hands of Key Biscayne specialists who put them into
the
transcient rental marketplace which allows
the owner to realize optimal income from the property while at the same
time being able to enjoy their property
at anytime which they would care to use it for themselves. The leader
by
any measure of Key Biscayne real estate
brokerages that specializes in Key Biscayne real estate is Key
Life Realty.
Key Life Realty is a company that will
not take on properties that are not located on Key Biscayne and restricts
its
activity to property on the island.
This positions Key Life Realty,
as a 'boutique agency' who is expert in one market
Key Biscayne.
Houses and Condominiums on Key Biscayne
have become more 'reasonably' priced when compared with the runaway fantasy
values that were being thrown around a few years ago and investors who
are buying and selling are fully aware of this.
Recently a house was put on the market
for just under $1 million .
This house was snapped up like a mullet
in the Shark pond at Seaquarium.
With annual worldwide television exposure
with the Sony Ericsson Tennis
Tournament,
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,
it is just 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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