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Keystone Point Real Estate Market Report - March 2017

Ines Hegedus-Garcia
ines@miamism.com

How is the Keystone Point Real Estate Market Doing?

There are currently 46 Keystone Point homes for sale: (compared to 44 in February)

  • Highest priced listing: $5,950,000 for the home at 12600 Biscayne Bay Dr (please see below)
  • Lowest priced listing: $465,000 for the non-waterfront home at 1905 Alamanda Dr 
  • Pending Sales (properties under contract): 5
  • Closed sales in March: 6 (compared to 3 in February)
  • Median Sales Price in March: $1,635,500

The 6 Keystone Point homes that sold in March, were the following: 

  • 2075 S Hibiscus Dr - non-waterfront home with 3 bedrooms / 2 bathrooms, 2,003 SF and 10,300 SF lot.  It was sold in May of 2017 for $530,000, remodeled, flipped and relisted for $699,000 in February of 2018 and sold for $725,000 ($362/SF)
  • 1955 N Hibiscus Dr - waterfront home with 3 bedrooms / 2 bathrooms, 2,321 SF and 9,568 SF lot with 87' of water frontage. Listed for $890,000 in November of 2017 and sold for $808,000 ($416/SF)
  • 13010 Biscayne Island Ter - waterfront home with 5 bedrooms / 4 bathrooms, 3,754 SF and 9,625 SF lot with 77' of water frontage. Listed for $1,690,000 in January of 2017 and sold for $1,525,000 ($466/SF)
  • 2330 Magnolia Dr - previously featured waterfront home with 5 bedrooms / 4.5 bathrooms, 4,075 SF and 9,375 SF lot with 70' of water frontage.  Originally listed for $2,190,000 and selling for $1,746,000 ($501/SF)
  • 2075 Keystone Blvd - waterfront home with 5 bedrooms / 4.5 bathrooms, 5,601 SF on 11,205 SF lot with 100' of water frontage. Originally listed in April of 2015 for $2.3 Million, relisted in August of 2016 for $2.1 Million, then again in October of 2017 for $2.175 Million and finally selling for $1,909,000 ($401/SF)
  • 12485 Keystone Island Dr - bay front estate with 5 bedrooms / 5.5 bathrooms, 7,550 SF on 15,393 SF lot with 102' of open bay views. Originally listed in 2013 for $5.495 Million, then again in June of 2015 for $5.29 Million and lastly in November of 2017 for $4,999,500 and selling for $4,427,500 ($616/SF)

Keystone Point Price per Square Foot

The average sold price per square foot in Keystone Point in February for homes on the water was $480 compared to previous months:

Inventory of homes has begun to increase in Keystone Point and demand remains unchanged.  Buyer's still will have an advantage although we did see more sales than usual last month.  We encourage you to take a look at our REAL-TIME market reports and pay attention to the Market Action Index.  It measures the current rate of sales versus the amount of inventory and that number is stagnant at 25.  The MAI indicates a slight buyer's advantage:

While prices have been at a plateau for a number of weeks, this is a Buyer’s market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the MAI. Prices are unlikely to move significantly higher until there is a persistent upward shift in the MAI.

If you want a no-obligation home value report for your property, please visit MiamismVALUE.com and we’ll be happy to send you a personalized report.

Keystone Point House of The Month

This month, The Miamism Sales Team recommends the 1970's home at 13095 Keystone Ter.  Although the 70's were better known for lack of design or rebellion against slick mid-century modern, we can all agree that there's a particular comfort in ultra-swank.  This home offers comfort with open plan, large spaces and a certain "je n'ais se quoi" that makes this home so inviting.  It has 5 bedrooms / 4 bathrooms, 3,500 SF of living space and sits on a 9,750 SF lot with 85' of water frontage.

Offered at $1,950,000 ($572/SF) **see below for additional photos and information

For additional photos and property information, please see below.  Contact us to schedule a private showing appointment.


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