Keystone Point Real Estate Market Report
There are currently 40 Keystone Point homes for sale: (compared to 47 in April)
- Highest priced listing: $6,300,000 (for the new construction with 240′ of water frontage at 12395 Keystone Island Dr)**see info below
- Lowest priced listing: $469,040 for the 3 bedroom / 2 bathroom auction, as-is home at 12630 Ixora Rd **see info below
- Pending Sales (properties under contract): 4
- Closed sales in May: 7 (compared to 5 in April)
- Median Sales Price in May: $950,000
The Keystone Point homes that sold in May were the following:
- 1970 Keystone Blvd – 3 bedrooms / 2 bathrooms, 1,699 SF on 8,400 SF lot (dry lot) – originally listed for $575,000 in November of 2016 and selling for $470,000 ($277/SF)
- 2213 Keystone Blvd – 2 bedrooms / 2.5 bathrooms, 2,729 SF on 12,341 SF lot with 180′ of water frontage – listed for $799,000 in may and selling for $650,000 ($265/SF)
- 2025 Keystone Blvd – 3 bedrooms / 2 bathrooms, 2,510 SF on 10,125 SF lot with 75′ of water frontage – originally listed for $911,000 in June of 2016 and selling for $805,000 ($321/SF)
- 1835 Keystone Blvd – 2 bedrooms / 2 bathrooms, 1,622 SF on 15,362 SF lot with 110′ of water frontage – listed for $1,024,000 in January and selling for $925,000 ($570/SF)
- 2260 Arch Creek Dr – Our featured home from last month – 4 bedrooms / 3 bathrooms, 3,781 SF on 9,365 SF lot with 75′ of water frontage – listed for $1,195,000 in November of 2016 and selling for $1,000,000 ($330/SF)
- 13100 Keystone Ter – 5 bedrooms / 5 bathrooms, 3,275 SF on 9,750 SF lot with 78′ of water frontage – listed for $1,349,999 and selling for $1,290,000 ($394/SF)
- 13005 Coronado Ln – 5 bedrooms / 3.5 bathrooms, 4,336 SF on 10,125 SF lot with 75′ of water frontage – originally listed for $2,390,000 in August of 2015 and selling for $1,950,000 ($450/SF)
Keystone Point Price per Square Foot
The average price per square foot for Keystone Point Homes on the water in May was $388 compared to previous months:
- April average $372
- March average $475
- February average $428
- January average $462
- 2016’s average of $432.
We have seen an obvious dip in prices for the months of April and May but 2 months will never be an indicator of a market slow down, we need to continue analyzing the months ahead. Let’s look at other factors that affect the market – 1. inventory: the number of homes available for sale continues to decrease. 2. demand: the number of sales continues to increase.
Simple economics say that low inventory and increasing demand define a strong market. Here are the facts without a crystal ball. Homes in great condition are selling for top dollar. Homes that are overpriced, are sitting on the market longer. Homes that have deferred maintenance and need renovations, are selling for a lot less.
Although sellers motivations are always different as well as what you are willing to do before placing your home on the market, a coat of paint can come a long way!! Please contact us for a no-obligation consultation of your home where we give recommendations depending on your selling goals.
Keystone Point House of The Month
This month, The Miamism Sales Team recommends the home located at 2371 Bayview Ln. Mid-century home with 3 bedrooms / 2.5 bathrooms, 9375 SF lot with 75′ of water frontage, only 3 homes from Biscayne Bay with no fixed bridges. The house can be renovated or is being sold with approved plans for new, contemporary construction.
The home is listed for $1,875,000 – please see information below