What To Know About Selling Your Key Biscayne Waterfront Property

If you are thinking about listing Key Biscayne real estate for sale, it’s important to understand not only how valuable your property is but that there are certain ways to handle the transaction that are different than if you were selling a landlocked home.

Owners need to find a real estate agent experienced in handling transactions for luxury waterfront homes, set a competitive price, and market it to individuals with a high net worth who have exacting standards for amenities and special features, whether they’re looking for a single-family home or a posh condo.

Key Biscayne is one of the most desirable locations in South Florida, which should be played up while selling your waterfront property. The residential area of this barrier island sits between Crandon Park and Bill Baggs Cape Florida State Park, which feature beaches, nature preserves, and other open spaces, and a golf course and tennis courts.

The real estate is among the best in the city, with single-family homes lining the Biscayne Bay shoreline and luxury condos rising above the Atlantic Ocean beaches on the other side of the island. Many of the single-family homes have private boat docks, swimming pools, and lush landscaping that gives the vibe of a tropical vacation. These homes are perfect for primary residences, vacation homes, and retirement properties.

The first and most important step in selling your Key Biscayne waterfront property is to hire an agent with several years of experience helping clients sell these special properties. Many aspects of selling a waterfront home need the attention of a global luxury specialist like Vanessa de Formanoir. Waterfront residences by their nature are considered luxury homes, and completing a transaction can be more time-consuming and complicated than for non-waterfront properties. Waterfront homes need to be marketed more carefully, and it’s imperative to hire an agent with this intimate know-how. An agent also must be well-versed in laws and regulations having to do with living on the waterfront.

Setting a competitive price is important in any real estate transaction, but perhaps more so when listing Key Biscayne homes for sale. The median price of homes on Key Biscayne is $2 million, but that can vary greatly depending on factors such as the precise location, size of the home, age and condition, and special features and amenities. While many homes have similar features, each can be different in some respects, which needs to be taken into consideration when setting the price.

Your agent has access to powerful tools such as a comparative market analysis, or CMA, which compares your property with similar properties already on the market or that have sold recently. A CMA gives a realistic comparison of where the home fits into the current market and allows the agent and seller to set a price that isn’t too high or too low, but rather, one that will bring in top dollar in the shortest amount of time. In cases where there are no close comps, your agent will use her many years of experience and knowledge of current pricing trends to settle on a fair market value.

 

Agents specializing in selling waterfront homes know that getting a pre-listing inspection is imperative. This inspection will be well worth the cost, and you’ll more than recoup the cost at closing. It’s important to know the exact condition of your waterfront home, which is more exposed to the ravages of water and wind, including flooding, than inland properties. Some damage and wear and tear will be obvious, but there can be hidden problems such as mold, rotting wood, and a leaking or damaged roof. It’s always better to know about these problems upfront than to have them pop up in a general inspection after you’ve accepted an offer.

A pre-listing inspection of Key Biscayne real estate will alert you to what problems need fixing and allow you to budget for them. A specialized inspector will also check extensions such as a private boat dock or boat house and retaining wall. Finding and correcting problems ahead of time will help put buyers at ease and avoid having a deal derailed during closing.

When selling your waterfront home, it’s important to know all applicable laws and regulations as well as rights and how they will transfer to a new owner. Property lines must be clear, and buyers will want to know what changes they can make to their property, such as adding a retaining wall or dock if there currently are none. You’ll also need to know the depth of the water and how big of a boat will be able to be moored at your dock.

You’ll need to disclose any major damage that has occurred due to flooding and other storm damage and how likely the risk of future flooding is. Buyers will also want to know what their flood insurance costs will be.

You’ll want your waterfront property to dazzle prospective buyers. Trim trees, shrubs, and other greenery to ensure the best view of the water from the home and dock. Clear the water of any weeds and other obstructions. Repair the dock and any outbuildings and give them a new coat of stain or paint. You can even stage the waterfront with various dock fittings and nice touches on the deck, such as new furniture. Finally, spray for bugs and any other pests that, if left unchecked, can make waterfront living unpleasant.

When it comes time to list Key Biscayne homes for sale, you will get ahead of the competition if you market the incredible perks and lifestyle of waterfront living. Focus on the unmatched view from the home and the many water activities that are just a few steps away. Your skilled agent will direct marketing efforts toward luxury buyers through the use of professionally produced online listings and social media.

These are the basics about selling your Key Biscayne waterfront property. When it comes time to list the home, there is no one more experienced in this world-renowned luxury market than Vanessa de Formanoir.