Thursday, June 21, 2012

Focus On: Bird Key

Bird Key real estate has been quite active in 2012.

Year to date, 22 single family homes (all properties on Bird Key are single family) have sold.

Median sales price is $1,145,000, selling at 93% list price to sales price ratio, and closing within 144 days.  So far this year, only one property was a distressed sale.

Bird Key and Bird Key Yacht Club

What's contributing to the activity on Bird Key?  First of all, there's the unmatched value of the location between downtown and St. Armand's Circle, as well as Lido Key beaches.  If you could have a waterfront luxury home with easy access to these areas, would you buy a condo downtown at a similar price point?


Secondly, Bird Key prices are recovering.  In 2009, the median Bird Key sales price was $689,000 with 35 properties sold, 7 of those distressed properties.  In 2010, it was $899,999 with 29 properties sold, 4 of those distressed.

Something interesting to note, which I have mentioned in other Focus On blogs, is that the list price/sales price ratio is much higher than Harbor Acres or Casey Key.  Is it a coincidence that the self-appointed luxury home brokers are not controlling anywhere near a majority of listings on Bird Key in 2012, compared to these other two areas?


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