Keystone Point Real Estate Market Report – July 2016

Keystone Point Real Estate Market Report

There are currently 48 Keystone Point homes for sale: (compared to 53 in June)

  • Highest priced listing: $5,290,000 (open bay Mediterranean estate located at 12485 Keystone Island Dr)
  • Lowest priced listing: $469,040 – 3/2 with 1,562 sq.ft. at 12630 Ixora Rd.
  • Pending Sales (properties under contract): 11
  • Closed sales in July 2016: 1 (compared to 3 in June)
  • Median Sales Price in July:  $775,000 **not quite a MEDIAN when there was only one sale

The Keystone Point home that sold in July was a dry lot home located at 2111 Alamanda Drive.  It was a corporate owned property, completely remodeled, with 4 bedrooms,  3 bathrooms and sitting on oversized 12,800 SF Lot.  The home was purchased in foreclosure in December of 2015 for $510,100 – it was remodeled and flipped, with an original asking price of $884,900, had several reductions and closed at $775,000. ($392/SF) We don’t have an average price per square foot for Keystone Point Homes on the water in July  because there were no waterfront sales, but note that the dry lot home sale, came in at $392/SF which is higher than the waterfront average for the previous month.  Check out the average price per square foot for waterfront homes in Keystone Point in previous months:

  • June – $344
  • May – $452
  • April – no sales
  • March $411
  • February $572
  • January $528
  • 2015’s average $441

Keystone Point’s inventory is starting to decrease which is actually a good sign.  During correcting markets, we usually see an increase in inventory because buyers are holding back and properties take longer to sell.  Keystone’s decrease in inventory may actually hold home’s values and should not be seeing a decrease in pricing at all.   Less inventory and less demand means the market will remain steady. Always remember that waterfront properties in Miami are in high demand.  This will be the perfect time for those that have wanted to upgrade to a waterfront property and Keystone and Sans Souci Estates will be the perfect neighborhoods to accomplish this. Selling a home in a correcting market means you need to know exactly what you are doing, who your target audience is and how to market the home to that audience.  We help our clients with recommendations for home preparation to maximize the reach and the return when they sell.  Call us if you are thinking about buying or selling in Keystone or know of someone that can benefit from an Architecture REALTOR – we’ll be happy to provide a no obligation consultation. If you are interested in receiving a real estate marketing report for the 33181 zip code in North Miami, like this one, please contact us and we’ll be happy to provide one at no cost and you can unsubscribe any time.

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