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Keystone Point Real Estate Market Report - September 2018

Ines Hegedus-Garcia
ines@miamism.com

How is the Keystone Point Real Estate Market Doing?

There are currently 57 Keystone Point homes for sale: (compared to 48 in August)

  • 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): 2
  • Closed sales in September: 3 (compared to 2 in August)
  • Median Sales Price in September: $887,500

The Keystone Point homes that sold in September were the following:

  • 2080 Alamanda Dr - dry lot home with 4 bedrooms / 3 bathrooms and 2,527 SF of living space on 9,375 SF lot. This home was originally listed for $820,000 in April of 2017, had several price reductions and closed at $677,500 ($268/SF)
  • 2015 Keystone Blvd - canal front home with 4 bedrooms / 3 bathrooms, 2,408 SF of living space on 10,125 SF lot with 75' of water frontage. This home was originally listed for $1.5 Million in November of 2016, had several price reductions and sold for $887,500 ($369/SF) **cash transaction
  • 2125 Ixora Dr - canal front home with 6 bedrooms / 5.5 bathrooms, 4,286 SF of living space on 8,550 SF lot with 75' of water frontage.  This home was originally listed for $2.8 Million, had several price reductions and sold for $2.1 Million ($490/SF)

Keystone Point Price per Square Foot

The average sold price per square foot in Keystone Point in September for homes on the water was $430 compared to previous months:

  • 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

Inventory is starting to rise and sales staying about the same which push conditions to favor buyers.  This means it is not the time to overprice your home if you are thinking of selling.  There's a misconception that pricing higher so you have more room to negotiate is a good strategy, but it's totally the opposite.  Study the market, compare condition of sold homes and come up with a reasonable price.  Reasonable priced homes at market pricing are selling for more and faster.

The Market Action Index, which we provide in our weekly "real-time" market reports, dropped one point to 22 which shows a buyer's advantage. 

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

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 13025 Arch Creek Ter.  This 1959 home has great bones and has updates, with 4 bedrooms / 3 bathrooms and 3,747 SF of living space, a 9,375 SF lot and 75' of water frontage.  We recommend this house because of pricing - at the adjusted square foot of 2.997 via tax records, this home is priced at $417/SF - this gives you room to negotiate and fix up aesthetics to any buyer's liking.  FYI - tax roll shows actual area of 3,747 SF, so you also have a big garage to play with.

It's offered at $1,249,000 ($417/SF)   **click HERE for more information.

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


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