Typical residents would include professionals, executives and second home residents. It's generally an area that someone would “choose” to sell but not necessarily “have” to sell. The market activity is a reflection of this type of homeowner.
In three years the average price for sale has fluctuated very little in comparison with activity on the adjacent mainland. While there has been a drop of approximately 19% in the asking price on the island, the mainland area has had dramatic changes up to well over 45% in some market areas. A corresponding low number of sales has occurred which is a natural by-product when sellers do not adjust their prices to the market. Contrary to popular belief, it is always the buyers who set the prices in the real estate market.
In addition, the days on the market has increased dramatically. This often occurs when a seller makes a decision that they will “wait out the market” in the hopes that over time, the market will respond and move in the direction of their price instead of moving their price closer to the buyer demand in the market. In an upscale community where the sale of a home is optional, it is generally just a choice on the part of the seller(s) and the corresponding market response is a much longer sale cycle.
For a patient buyer, the rewards of living on Key Biscayne may well be worth the process of coming to terms with a reluctant seller. The island is home to a very culturally diverse population who love to come home to the relaxed, family atmosphere of this community. All ages mingle to enjoy the ocean, bay, beaches, sports activities as well as the multitude of events that occur throughout the year.Key Biscayne is unique to South Florida and unique to the eastern seaboard of the U.S. It is a small intimate community right off a major metropolitan city with endless possibilities. The decision to buy and sell rests between the seller and buyer and an excellent real estate agent. The negotiations will be interesting, lengthy but ultimately worthwhile.
prepared for the time frame from 1/06 - 1/09