Keystone Point Real Estate Market Report for July 2015

Keystone Point Real Estate Market Report

There are currently 29 Keystone Point homes for sale (compared to 31 last month):

• Highest priced listing: $5,290,000 (open bay Mediterranean estate located at 12485 Keystone Island Dr)
• Lowest priced listing: $523,900 for non-waterfront home at 1965 Alamanda Dr
• Pending Sales (properties under contract): 9 (compared to 13 last month)
• Closed sales in July 2015: 6 (compared to 5 in June)

The 6 Keystone Point homes sold in June were the following:

• 2305 Magnolia Dr – 4 bedrooms / 3 bathrooms, 3,140 sq.ft. – canal front on 9,375 sf lot with 75′ of frontage – listed for $1,099,000 in May and selling for $905,000 ($288/SF)
• 12424 N Bayshore Dr – 4 bedrooms / 3 bathrooms, 2,470 sq.ft. – canal front on 9,750 sf lot with 78′ of frontage – listed for $1,175,000 in April and selling for $1,125,000 ($455/SF)
• 2253 Keystone Bl – 7 bedrooms / 4 bathrooms , 3,795 sq.ft. – canal front foreclosure on 9,375 sf lot with 75′ of frontage – listed for $1,599,000 in February and selling for $1,100,000 ($290/SF)
• 13000 Coronado Dr – 4 bedrooms / 4 bathrooms, 3,750 sq.ft. – canal front on 11,285 sf lot with 90′ of water frontage – listed for $1,595,000 and selling for $1,400,000 ($373/SF)
• 12904 Banyan Rd – 4 bedrooms / 5 bathrooms, 4,588 sq.ft. – canal front on 15,504 sf lot with 114′ of water frontage – listed for $1.9 Million in June of 2012, then again for $1.9 Million in January of 2013, and finally at $1,499,900 in May of 2015 and selling for $1,275,000 ($278/SF)
• 12895 Biscayne Bay Dr – 4 bedrooms / 4 bathrooms, 3,829 sq.ft. – bay front on 15,000 sf lot with 100′ of open bay frontage – listed for $2,750,000 in June of 2015 and selling for $2,650,000 ($692/SF)

Keystone Point is a small subdivision within North Miami, prices vary greatly within its guard gated perimeter.  There is such a great discrepancy in pricing within Keystone that it is imperative that you work with an agent that knows the area well.  Prices vary due to the size and type of the canal, how far the home sits from ocean access, the architecture of the home and the obvious…updates. The average selling price per square foot for Keystone Point homes in July was $396 compared to June’s average of $411.  There were no dry-lot homes sold in July and keep in mind that the average for the first half of the year was $438.00 July showed unusually low sales including a foreclosure, which is rare in today’s market.  The highest price per square foot in Keystone Point was the bay front property at 12895 Biscayne Bay, selling at $692/SF.  This was an estate sale in need of remodeling.  To our surprise, the lowest selling home per square foot was not the foreclosure, but the home at 12904 Banyan Road that overpriced their home to begin with and had it on the market way too long – serves as food for thought when buyers ask “How long has the property been on the market?” Keystone continues to grow in popularity because of its location and affordability.  It’s become the place to buy for those wishing to upgrade their dry-lot homes to waterfront. Call us if you are thinking about buying or selling in Keystone – we’ll be happy to provide a no obligation consultation for your home.

Keystone Point House of The Month

The Miamism Sales Team recommends the Keystone Point home located at 13005 Biscayne Bay Drive.  This open bay home is the epitome of 1970’s luxury with tons of gold details, marble and elaborate decor.  Great if you are into that, but if you are not, it has great bones and it’s easy to clean up. It has 6 bedrooms and 7 bathrooms, has over 7,000 sq.ft. of living space, sits on a 22,500 square foot lot with direct bay views!!  It has 150′ of water frontage and that’s where we say WOW! It is offered at $4,950,000 which is $678/sq.ft – unheard of for that size lot and views.  This is worth it even if you gut it out in its entirety, although the pool area and its landscaping is fantastic. Please contact us for more information and we will be happy to arrange a showing appointment.

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Search for all Keystone Properties For Sale – Directly from The Multiple Listing Service