Key Biscayne Recovering From Crash
Miami was reported to have started its recovery with only a handful of properties left from the previous housing bubble currently remain unsold. Recent developments reveal that another area of South Florida is nearing its way to complete recovery.
Key Biscayne, located seven miles from the downtown area, was hard hit when the condo market collapsed. It has been six years since the last housing bubble and Key Biscayne is slowly and quietly emerging from the ashes, showing the same resilience as other real estate markets in South Florida.
The median price for single-family homes in the region is slowly picking up pace. The condo prices are down 16 percent during the least boom in the South Florida real estate market.
This is in comparison to the 47 percent and 31 percent median sales prices that are needed to be overcome by single-family homes and condos in the Miami-Dade County, respectively.
A considerable amount of inventory is seen as the key to the success of Key Biscayne’s housing market. With the increased in demand for homes all across South Florida, Key Biscayne is seen to only have less than six months of available supply, thus pushing up prices.
Many experts consider a healthy market to have six months’ worth of resale inventory. Higher than that and the market is seen as having weak valuations.
Currently, the median asking price for a condo in Key Biscayne is approximately $625 per square foot.
Key Biscayne is one of the many markets in South Florida experiencing an influx of foreign buyers. Due to the diverse community in Key Biscayne, the region is seen as an appealing home for many foreigners.