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Keystone Point Real Estate Market Report - November 2018

Ines Hegedus-Garcia
ines@miamism.com

How is the Keystone Point Real Estate Market Doing?

There are currently 59 Keystone Point homes for sale: (compared to 58 in October)

  • Highest priced listing: $5,450,000 for the home located at 12600 Biscayne Bay Dr
  • Lowest priced listing: $469,040 for the 3/2, non-waterfront home at 12630 Ixora Rd
  • Pending Sales (properties under contract): 4
  • Closed sales in November: 5 (compared to 2 in October)
  • Median Sales Price in November: $1,235,000

The 5 Keystone Point homes that sold in November were the following:

  • 13025 Arch Creek Ter - 4 bedrooms / 3 bathrooms, 3,747 SF of living space on 9,375 SF lot with 75' of water frontage. House was originally listed in November of 2017 for $1,599,000, had several price reductions and sold for $1,120,000 ($299/SF)
  • 12985 Coronado Ter - 3 bedrooms / 3.5 bathrooms, 2,097 SF of living space on 12,315 SF lot with 150' of water frontage. House was originally listed in December of 2017 for $1,490,000, had some price reductions and closed for $1,218,000 ($581/SF)
  • 2375 Arch Creek Dr - 3 bedrooms / 2 bathrooms, 2,541 SF of living space on 9,375 SF lot with 70' of water frontage.  Listed in March of 2017 for $1,470,000 and sold for $1,235,000 ($561/SF)
  • 12680 N Bayshore Dr - New Construction with 5 bedrooms / 6 bathrooms, 4,097 SF of living space on 9375 SF lot with 75' of water frontage. Listed for $2,690,000 in February and sold for $2,739,953 ($669/SF) **cash transaction
  • 2381 Bayview Ln - New Construction with 5 bedrooms / 5 bathrooms, 4,693 SF of living space on 8,925 SF lot with 75' of water frontage. Listed for $3,490,000 in April and sold for $2,980,000 ($743/SF) 

Keystone Point Price per Square Foot

The average sold price per square foot in Keystone Point in November for homes on the water was $571 compared to previous months:

  • October's average $360
  • September's average $430
  • August's average $739
  • July's average $384
  • June's average $418
  • May's average $387
  • April's average $462 **one sale
  • March's average $480
  • February's average $447
  • January's average $565
  • 2017's average of $421

Keystone has been in a buyer's market with a steady Market Action Index at 21. Since prices and inventory levels have remained relatively unchanged, it's important to watch this number closely as a leading indicator for price changes.

So what does this mean in plan English? Houses are sitting on the market longer and buyers have a slight advantage.  Sellers that are overpricing their homes ending up making less money in the long run.  As a seller you need to do your homework and hire an agent that will give you truthful information, not just what you "want to hear". 

Homes that are priced correctly are moving quickly, especially if in good condition or if the house has some architectural charm.

If you are a buyer, don't assume that you can get bargains, it means you don't have to stress over coming up with additional cash at closing and can have more favorable contract terms to help you during the transaction.

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. Or you can simply call me, I do answer my phone (305) 206-9366.

Keystone Point House of The Month

This month, The Miamism Sales Team recommends the waterfront home at 2315 Biscayne Bay Dr.  This 1958 home has 4 bedrooms and 3 bathrooms, 3,425 SF of living space and sits on a 9,375 SF lot with 75' of water frontage. It has no fixed bridges to the bay and typical mid-century open, bright spaces, perfect for entertaining.

It was originally offered for $1,499,00 and has been reduced to $1,349,999 ($394/SF)   **click HERE for more information or see below.

Contact us to schedule a private showing appointment for this or any other home on the market for sale.


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