As a Real Estate Broker and Real Estate Manager nothing makes me happier than to see investment dollars come into the Miami market. Especially in the form of a project that has the ability to redefine an area or create buzz as only we in Miami know and love to do. Resorts World Miami is one of those types of projects that come up every decade or so to much fanfare, hype and expectation.

I watched the video and it's impressive. The scale, the mass, the way Arquitectonica played with the lines of the building to mimic coral stone formations and some of the other more technical aspects of the project are very interesting and a draw in and of themselves.

As much as I might like the concept, Resorts World Miami will need some "concept" massaging before it's final form is truly revealed. Why do I say that? Beside the obvious political issue with gaming licenses and the like, there is the issue of what a project of this size would do to traffic, infrastructure and resources in and around the project. How do you handle a quarter of a million people in it's public space? Did they all take the metro mover to get there?

Does Resorts World Miami project outwardly to organically connect to the surrounding arts center, residences, park and museums? Or, does it pull you into it's space in such a way as to leave the surrounding properties as a backdrop eventually lessening their value?

Regardless of this first pass and the issues that come to mind I am happy to see Resorts World Miami arrive. I also like the idea that the Genting group who are already invested in Miami as owners of NCL (Norwegian Cruise Lines) continue to see Miami as way to build on their business. To me, it's a very logical fit. Destination city, cruise capital of the world and the largest destination facility a stones throw away from your ships is not a bad thing...

What do you think? What would you like to see come of this? Do you think it should exist at all? Too much urban density. Not enough density? What's your take on Resorts World Miami? Sound off below and here are a few more pics to get a sense of what is being proposed.

Update:

In the Herald yesterday was published an article showing revenue projections and that the design concept would potentially scale back from it's original size. But, it's intent of luring creme de la creme gamblers in a similar fashion to the most profitable asian casinos remains intact. Resorts World Miami has the potential to be the United States most profitable casino. Even more profitable than casinos in Las Vegas and Connecticut.

Post Script. 

It's now approaching the new year of 2019 and the current owners of the property, Genting Group, are holding tight to their investment and have actually purchased sizable chunks of additional land immediately surrounding the area as in the Omni Mall and Hotel. 

Brickell Key II at 540 Brickell Key Drive, Miami, Fl 33131. All real estate listings are updated daily. 

Brickell Key II on Brickell Key Island, was built in 1991. It is located next door to Brickell Key I which is it's sister building and architecturally similar. Brickell Key II is best known for being a very social and friendly building that is well maintained. The building is currently completing a major renovation of it's exterior including new railings, painting and structural improvements. Like many building on the island, Brickell Key II has 24 hour manned security with cameras both in the building and the parking garage. It is a very safe building. One other advantage to the building is ample parking should you need an extra space. The free-form pool is one of the largest on the island. The full gym overlooks the pool and gardens. There is a Tiki hut that can be rented for events as well as two barbecue stands for outdoor get togethers. Brickell Key II is situated on Claughton island that is a 40 acre enclave of exclusive condominiums, offices and the Mandarin Oriental Hotel & Spa. Just minutes away by foot is all that Brickell Avenue has to offer making this the perfect balance between urban living and a resort-like island lifestyle.

Here are a list of amenities and features for Brickell Key II:

• Built in 1991
• 18 floors
• 24 hour security
• All windows and doors have hurricane shutters
• views to Biscayne Bay, Virginia Key, Downtown Miami, Fisher Island, the Port of Miami and beyond.
• Studio apartments to 3 bedroom homes ranging in size from 360 to over 2700 sq. ft.
• Pet Friendly building (owners only)
• On site management (managementoffice@bk2condo.com or 305-381-7777)
• Pool, spa, gym, sauna, tennis courts, racquet ball, onsite food store, children's play room and community room.
• Assigned parking and ample additional parking available upon request.

Brickell Key II is a great place to call home and very competitively priced. To learn more about the area please call us at 305-349-3643 or via email at info@www.emh3.com.

540 Brickell Key Dr Miami Fl 33131 Real Estate for Sale:

What a great title! Here is the better news for homebuyers. Florida's median home (Single family homes) price last month was $142,00 compared to the national average of $177,500 making Florida not just a great place to live but a relative bargain and 19% cheaper than this time last year!

Beside Florida home sales posting better numbers, there were some other things of important note. Foreclosure activity and Short Sales (Distressed properties) were still pushing prices downward or to use the National Association of Realtors term "distorting values". As much as we would all love to put on our rose colored glasses and argue that short sales and foreclosures are not legitimate transactions (But distortions) upon which to value property; the fact remains they constitute the bulk of activity in key markets and beside being a great opportunity to buy are also REALITY. But I digress....

Other good news is that condo's are faring better as well. Almost twice the amount of condo sales took place (5088 units sold statewide versus 2870) in September. Couple that with the fact that the states median condo price is $102,500 versus $179,300 for the national average and the picture is becoming increasingly clear that the time is nigh to buy!

Specific, harder hit markets values will vary but the overall picture is looking better for us in the Sunshine State.

So, prices are down to incredibly low, lows. Transactions are up and interest rates on a 30 year fixed are hovering around the 5% mark. And you are waiting because....?

But they are not impossible either. Just annoying to all involved.

It should be said that we do short sales as a company and hold  a CDPE designation (Certified Distressed Property Experts). We do not shy away from them but the incredible reaction to this type of transaction is somewhat surprising considering that they have been around for decades. What follows is a short history of what got us here in the real estate market and the general feelings of frustration that abound. In the end we are big believers of the following. Life is 10% what happens to you and 90% your attitude. Short sales are just that. An attitude adjustment.

In the ever changing landscape of real estate transactions there has emerged the new standard of real estate sale. The real estate Short Sale in Florida followed closely by it's brother-in-arms known as the bank foreclosure or REO sale. By definition a short sale is a circumstance where the value of a home has fallen below it's current loan value. This is a known situation by most people nowadays. What is not so clear or understood is how these transactions make it from listing to closing? Owners and realtors alike tend to marvel at both the aptitude and general ineptitude of it all. But there are reasons for these things! Not necessarily reasons to give you comfort but reasons none the less.

What follows is a quick history of what got us here  and a random walk through a typical real estate short sale in Florida. The idea is not to drown anyone in the minutiae and the subtle differences between a regular real estate sale versus a short sale but rather to hit the major points between regular and short sales. Having this in hand will give color to the nuances that make up the verbal and written discourse of these transactions both for those in the business and to those whose homes are in such a situation.

Your mileage will (like anything) vary as each situation is unique but they share some basic traits.

Here are some scenarios:

So, today you decide for any one of a number of reasons that it is time to sell your home. If you are one of the fortunate who has no debt on their real estate you find a realtor you trust who understands your goals and your market. Together, you do an analysis of the market and find that in most cases you are taking a serious hit to value. Especially if you bought within the last 3-5 years in say, Miami, Vegas or any other major market growing it's urban core. Outside of this time frame and within certain markets you might find you have flat equity value versus negative equity value (no debt but worth less than what you paid for). Again, real estate is very local in nature so differences will abound.

Now, for the rest of us (the vast majority actually), being debt free on what is typically our biggest purchase is something lovingly contemplated when nearing retirement age and a distant thought for the 30 and 40 something crowd. For the rest of us we have fluctuating mortgages, credit card debt, school loans, 401k's, car payments, shaky jobs and no where near the savings we would like in times of need. Hold on though just one minute! Think back for a minute... While in the heyday of the real estate boom everyone banked on the notion of perpetual equity increases in real estate value and the ability to constantly trade these real estate assets to others having the very same expectation of increase and return but lacking one key element. Nobody was living in these great places?! Another interesting thing happened as well. The stock market got involved and started getting really creative with the creation of new capital to feed this frenzy even further known as derivates but that is a conversation for another day. The SEC blinked, sneezed and kept a business as usual stance only glancing occasionally at these new fangled financial instruments.

The inevitable bubble burst and with it came the blame, anger, shame and general disgust that began to be hurtled in all directions with a keen emphasis on banks and financial institutions. You know them all too well. Those big, easy, slow moving, cash bloated targets of hate. Then came the appraisers, mortgage brokers, politicians, regulators and those greedy developers producing all these units in the first place. But we are forgetting one key player in all of this. Without this one group all the others would simply be looking for another product to pitch. Can you guess? ...No?

All of us! As in you, me (well, actually I sat this one out on the sidelines from day one) and just about everyone else in the current real estate market. We collectively lost our aggregated marbles... Without us none of this would be possible. We gave credence and validity to the creation of this new wealth and now suffer along with everyone else in it's lower valuation and lost dream of immediate leaps of increasing equity.

We all watched how regulators from both the prior and present administrations have grappled with and tinkered with the money supply, TARP, first time homebuyer credits, cash for clunkers and anything else to get our beloved market economy moving again. Thankfully there are signs of life and as a nation we will survive and hopefully be the wiser after our little romp in Tulipville.

We have even had sacrificial lambs. Lehman brothers took a hit and the death march commenced from there swallowing up any financial institution whose fed induced stress test came out, shall we say... stressful to those relying on it?

Having gone through our short history of financial calamity the question remains. Why do real estate short sales take so long? Why do owners, buyers, realtors, appraisers and lenders end up frustrated? We all collectively hate to deal with real estate short sales and their reputation is simply not good. The answer though, is relatively simple.

Too Many Cooks In The Kitchen

When you sell your house in what was once a normal transaction there were only a handful of persons in the decision making process. The Buyer and The Seller. Sure, there were appraisers, lenders, inspections and a host of other things that could adversely effect a transaction but that was the whole idea behind "right to inspect" and rescission periods. To give a set time to iron these things out and decide on whether or not the real estate transaction could be done.

Today it'a whole new ballgame! A short sale has the property owner and the holder of the mortgage becoming strange bedfellows in the sale process. Statutes designed to manage the transaction process started being circumvented by the new decision making structure invoked by selling for less than mortgage value. Timelines became increasingly more opaque as it became clearer that what drives a homeowner to sell is not what drives a bank to sell the very same asset.  Granted the result is the same for both. The bank takes a hit to it's bottom line and has to account for a loss in it's books. We as individuals take the financial hit and the hit to our credit worthiness and family stability. Nobody wins but we lick our wounds, get back up and rebuild.

Think of it this way. Imagine each individual were to partake in a Fed sponsored financial stress test of their personal lives with the resulting outcome that they may be bought out or put on sale should their score not be stellar. That is a bit of a strange way to look at it but therein lies the rub. You are only one person on the auction block. Banks taking a hit to their bottom line risk disrupting their entire structural ecosystem should they be put on the chopping block. There is a certain ironic twist to this in that I can imagine more than one person out their saying "Hey, I can be bought out! If it clears my debt and get's me a clean slate without a hit to my credit like a seized bank, sure!" But banks shed people in these scenarios. I am not sure what an individual would shed in the same circumstance...

But banks like people hang on! Stubbornly clinging to that last vestige of hope. Hope in the case of the banks is time.

What do I Mean. If a bank forecloses they are on the hook for potential association fees, property taxes and other potential costs that are normally the responsibility of the homeowner. The servicing entities that manage these portfolio of loans the bank holds typically are not staffed for what has been an onslaught of non-payment activity and do not have the cost structure nor the desire to create staff around money losing propositions. The court house auction process does not recoup anywhere near the funds it used to as both the auctions and the courts are flooded and many properties remain within the banks portfolio effectively abandoned because of the servicer gap.

A short sale effectively is a bandaid on a bullet hole temporarily stanching or holding back what will be the inevitable credit worthiness hit to the individual and banking institutions books. The good news for banks is that they don't need to worry about home owners association fees (unless the association forecloses which, in Florida they can and DO do.) or taxes for at least a little while. As said, in this circumstance the loan is not written off just yet and is negotiated between owner and lender. This negotiation has become a cottage industry in and of itself and is a shame as there are many programs to help homeowners in a jam that are free!

So, the owner and the bank agree on a market price to have the property listed for sale and marketed. It goes on the market  and offers come in. The owner now has taken on a partner that in many cases has substantially different goals than a normal person in a transaction.

Multiple offers on a single property become the rule. The name of the person in charge on behalf of the bank changes often and without notice making any form of  consistency difficult at best. Financing to purchase is not considered a part of a good offer and cash deals are (unless the entity holding the short sale debt can refinance with the new buyer). The appraisal process has become onerous with the application of new HVCC rules governing the terms of communication between lenders, appraisers, owner and realtor and the use of timelines that are not conducive to good appraising. Realtor commissions and documents that are used for these transactions change regularly and continue to be under scrutiny due to the enigmatic nature of real estate today.

Effectively, Owners want to sell their real estate and move on. Take the hit to their credit and rebuild. Banks want to hold on and don't have the infrastructure nor the servicing agents to handle the short sale and foreclosure volume hitting them in the hopes of riding things out.

Result. Knee-jerk reactions abound and nothing gets done except by sheer force of will, specific knowledge and some good ole luck!

There is a silver lining.

Many markets have adjusted their rental policies, HUD homes are more plentiful, Workforce housing is seeing some potential housing opportunities and regulators and politicians are starting to address the obvious disparities that exist in the real estate short sale process.

Key Biscayne Homes

What would you like to know about Key Biscayne? For example, how about the history, things you can do there (Shopping, Dining, Outdoors, etc…). How good are the schools and what is commuting like if you work outside of the immediate community. It would be great to know about property value and in what direction real estate value is going. What is the tax rate and other associated costs to owning a property. Do I buy a new property or rehab an old one? Do I rent or own?

Here, you can discover quite a bit about Key Biscayne, Florida. What isn’t covered in these pages and up to the minute real estate information is just an email or phone call away. Also, there are links at the bottom and throughout the page to places mentioned and sites with more info.

If you just want to do MLS real estate searches please Click HERE for Single Family Home Listings or HERE for Condo Listings. A little further down the page is a general condo and single family home mls search as well. These pages will update regularly and directly from the multiple listing service. Also, you will notice some of the real estate links have both sale and rental mls information for your convenience. Some great beach pictures will also be coming soon.

Below is the Name and Address of Every Condo on the Island.

Ocean Club

Grand Bay

Key Colony

Oceana Key Biscayne

Listings, Features and floorpans available by clicking ----> Oceana Key Biscayne

Commodore Club

Individual Buildings within Key Biscayne

115 Sunrise Condo For Sale and Rent Contact Us 115 Sunrise Drive 155 Sunrise Drive Condo For Sale

155 Sunrise Drive Indies Condo For Sale and Rent

195 Sunrise Drive Cay Polynesia For Sale and Rent Contact Us 255 Sunrise Drive North Sunrise Inc. Condo For Sale and Rent

301 Sunrise Drive Ocean Drive Manors For Sale and Rent

590 Ocean Drive Galen Breakers For Sale Contact Us 550 Ocean Drive Blue Pelican For Sale and Rent

300 Galen Drive Solimar Condo of Key Biscayne For Sale and Rent

255 Galen Drive Galen 250 Condo For Sale and Rent Contact Us 250 Galen Drive Galen Drive Condo For Sale and Rent

240 Galen Drive Galen Drive West Condo For Sale and Rent

200 Galen Drive Key Biscayne Ambassador For Sale and Rent Contact Us 575 Crandon Boulevard Key Biscayne VI For Sale and Rent

201,251 Galen Drive Crandon Tower Condo For Sale and Rent

555 Crandon Boulevard Le Phare Key Biscayne Condo For Sale and Rent Contact Us 798 Crandon Boulevard Island House For Sale and Rent

200 Ocean Lane Drive Ocean Lane Plaza For Sale and Rent

170 Ocean Lane Drive Island Breakers For Sale and Rent Contact Us 150 Ocean Lane Drive Key Biscayne One Hundred For Sale and Rent

100 Ocean Lane Drive The Pyramids For Sale and Rent

50 Ocean Lane Drive The Palms of Key Biscayne For Sale and Rent Contact Us 77 Crandon Boulevard Villa Harbour Apartments Condo For Sale and Rent

166 Harbor Drive

General Info about Key Biscayne, Florida:

Key Biscayne is an island located in Miami-Dade County in the state of Florida within the United States. Key Biscayne sits between the Atlantic Ocean and Biscayne Bay and is the southernmost of the barrier islands along the Atlantic coast of Florida. Lying just south of Miami Beach and Fisher Island. It is connected to the city of Miami via the Rickenbacker Causeway. Originally built in 1947 as a drawbridge to accommodate sailing vessels the bridge was replaced and is now a fixed bridge to the mainland.

Key Biscayne is truly a unique island setting. The Village of Key Biscayne, which was incorporated in 1991, and was up to that time the first such incorporation in Miami-Dade County in fifty years, is nestled between Crandon Park of Miami-Dade County to the north and Bill Baggs Cape Florida State Park to the South. Immediately to the South of Bill Baggs is Biscayne National Park, one of two national parks in Miami-Dade County. Everglades National Park is the other on the Western Edge of Miami-Dade County.

Key Biscayne is actually not part of the Florida Keys but is a barrier island formed from eroded sand brought down over the millennia from Appalachian Mountain sand runoff that was carried by rivers to the ocean and then brought here by coastal water currents.

If one were to check the United States Census Bureau for the stats on the physical area of the Village of Key Biscayne they would find the following, not inclusive of the two parks surrounding the Village. The Village has a total area of 1.4 square miles (3.6 sq. kilometers) of that area the majority of it is made up of land (1.3 square miles) with just .1 square miles covered in water. The community itself is very diverse and is comprised of a little more than 10000 residents who call Key Biscayne home. Over the years Key Biscayne has been known to be a snowbirds paradise. During the months from begin November to end April you will find many families from the northeast United States and Midwest escaping the frigid cold to call Key Biscayne home. More recently, Key Biscayne has truly become a city of international recognition having residents from literally all over the world calling this Island Paradise home. How can you blame anyone? There are few places in the world where you can live on an island between two large and beautiful parks with world class beaches, fine dining, shopping, Tennis and Golf to rival any place in the world! “An affluent enclave where sandals and shorts are the norm.” The best part is that you have Miami and Brickell Avenue just minutes away and Miami International Airport just a few more minutes beyond that. “A resort lifestyle in a metropolitan setting.”

The overall island is five miles long (8 Kilometers) and depending on where you measure between 1 and 2 miles wide (1 to 3 Kilometers) tapering off at both the North and South sides of the island. The island has sandy beaches on the east side with mangroves and lagoons on the west or bayside.

Current Real Estate Available for sale and for lease.

Before reading on about the history, schools and other interesting facts about Key Biscayne, you might be curious to check out these quick links on what is currently available for sale and rent? At the top of the page is a comprehensive list (broken down by community and building) of what is available both for sale and for rent. Seasonal rentals should check the link in the table below. You can always email for an up to the moment list should you have something particular in mind.

History

Key Biscayne has always been an important part of this region from its earliest days. Focused attention on developing the island on a large scale didn’t happen until 1947 with the opening of the 4 mile long (6KM) Rickenbacker Causeway that went from Miami to Virginia Key and then crossed over to Key Biscayne. Up until that time almost two thirds of the island had been run as a coconut plantation, which at the time was the largest in the continental United States. This was the case through most of the first half of the twentieth century. Now that isn’t to say that people didn’t’ try developing the island as you will read going forward.

As a destination Key Biscayne has always been a sought after location to develop, live and play from its earliest days. As far back as 1568 there are references of coconuts from Spanish accounts. In 1830 it was recorded that mature coconut trees were on Cape Florida most likely received from Henry Perrine (another founding family of South Florida) and given to the first lighthouse keeper, John Dubose. Subsequently, in the late 1800’s (1880’s) two partners from New Jersey, Ezra Asher Osborn and Elnathan T. Field started to develop the Florida coast from Jupiter to Key Biscayne. They began clearing the natural vegetation (sadly, in the process clearing Indian Mounds and beach dunes) to plant coconuts. In Key Biscayne alone they had planted 76000 of their intended 300,000 coconut seeds brought from the Caribbean. Sadly for the two enterprising partners their plantings in Key Biscayne were, for the most part, eaten by rats and marsh rabbits. Still, for their efforts the at-the-time Florida Internal Improvement Fund allowed Osborn and Field to purchase Key Biscayne for 70 cents an acre.

But, they were not the only ones having or wanting a piece of Key Biscayne. Not lacking in intrigue the island had at that time more than one person vying for ownership. The first known settlers were from Europe. Pedro Fornells and his family were given a royal grant from Spain (after Spain regained Florida in 1783) for 175 acres on the southern end of Key Biscayne in the early 1800’s (1805). The Minorcan’s task was simple. He had to live with his family on the island and establish some kind of cultivation within six months time to retain his right to the land granted to him by Spain. They moved back to St. Augustine Florida leaving only a caretaker by the name of Vincent after that six month period.

In 1821 Florida became a territory and one of the Fornell’s heirs sold their claim of Key Biscayne (for 100 dollars) to Mary Ann Channer Davis, who had just moved to St. Augustine in 1821 with her husband. Mary Ann’s husband was a Deputy US Marshal and very likely aware of plans to build a lighthouse along the Florida coast somewhere between where they were living (St. Augustine) and Key West knowing that Key Biscayne was the most likely location. The Davis’ eventually sold three acres (US 225 dollars in 1825) to the federal government to build what would become the Cape Florida lighthouse on the southern tip of Key Biscayne.

Not to be outdone and to make things interesting… Venancio Sanchez also of St. Augustine purchased a half share in Fornells grant from another surviving heir, who lived in Havana. Naturally, a feud between Sanchez and Davis erupted with both parties refusing to acknowledge the rights of the other. At the time, Davis had hoped to develop a town around the newly created lighthouse on the land they sold the government but between the feuding and the Seminole Indian war that was raging it was not to be. During the Second Seminole war (1836) the lighthouse was burned killing the assistant and severely wounding the keeper in charge. The lighthouse was not put back into service until 1847. In between 1836 and 1847 a military post was established in 1838 as well as a hospital to treat local maladies (dysentery, malaria, alcoholism…) and war wounds. Active pursuit of the Seminole Indians ended in 1842 though the main battle that was considered the turning point in the war took place in 1840 between Lt. Col. William S. Harney and Chief Chakaika which ended with Col. Harney chasing the Chief into the Everglades and killing him in his own camp.

A post office was approved by the Postmaster General on Key Biscayne but never opened being that the person appointed to actually open the location never accomplished any of their assigned tasks…

While all this was going on the Davis’s plan of creating a community around the lighthouse did create a sale of two lots to Lt. Col. Harney for $1000. There were no further records of sales and as we already know the Davis’s plans were thwarted by war and title disputes. The Davis’s eventually moved to Texas where their oldest son Edmund Davis would eventually become governor.

In March of 1849 Key Biscayne was made a military reservation, which served as a base for the topographical engineers sent out to survey and map the surrounding areas of Key Biscayne, Biscayne Bay, The Florida Keys to Marquesas Key and the Florida Bay from the Keyes to Cape Sable. All of this work was a result of the high number of shipwrecks off of and along the coast of Florida’s Barrier reef.

You would think with the Davis’ out of the picture and the title and land disputes at an end that the Cape Florida Light House would get a break after being put back into service in 1847. Well, nothing spells trouble like war… In 1861 militants from the Confederate Army sabotaged the lighthouse so that it could not be used to guide Union sailors during Florida’s tenure as a member of the Confederacy. It went through one last repair in 1866 and was then replaced by the Fowey Rocks Lighthouse that sits 7 miles (11km) Southeast of where the Cape Florida lighthouse now stands.

The lighthouse served one last term as a beacon during the Spanish-American war in 1898 acting as a signal beacon (Beacon number 4) to provide early warning should the Spanish fleet approach.

After all the war, weather and disputes the lighthouse was leased to The Biscayne Bay Yacht Club for 20 cents per year to be used as its headquarters. Prior to moving their facilities to Coconut Grove (where it still exists to this day) the Yacht club was considered the tallest in the world and southernmost yacht club in the United States.

For five years of use the Yacht Club paid 1 dollar…

Beside all of the New World Discoveries and claims, the Tequesta Indians are considered the first known inhabitants of the Island some 1500 to 2000 years ago. After hurricane Andrew blew away much of the non-natural vegetation on Key Biscayne an archeological survey found what is considered one of the largest known Tequesta communities unearthed to date.

The Spaniards were the first to re-discover the island around 1513 and was claimed for the Spanish crown by Juan Ponce de Leon. Relations were established in 1565 (with the Tequesta Indians) and a mission was established in 1567 on the mainland across from Key Biscayne. It was abandoned 3 years later and another mission was not established until 1743 and then only lasted a few months.

As the story goes (related by Hernando de Escalante Fontaneda) Key Biscayne most likely got its name from a sailor called Viscayno who after being shipwrecked had lived on the lower east coast of Florida. During that time there was made a map that shows the “Cayo de Biscainhos”, which is considered by many to be the probable origin of the name Key Biscayne.

The Development Years

So now that we have run through a good part of the history or evolution of the island, what happened to the development of the island in the subsequent years beyond the war and these other issues?

If we go back to the Davis’s who moved to Texas, we find that Mary Ann passed away in 1885. To assert his families right or title to the land in Key Biscayne Waters Smith Davis (one of her sons) started purchasing the rights of other family members and eventually received a new deed in his name. There was one catch though. Venancio Sanchez STILL was claiming his half share of the Fornells Grant, plus there were the two lots that were sold to Col. Harney and don’t forget the two coconut entrepreneurs who had their deed from the Internal Improvement Fund…?! Davis was able to receive quit-claim deeds from the entrepreneurs and the Colonel but never was able to settle with Sanchez. The final act in this part of the land saga was in 1898 when Davis received a patent for the land which at the time (so everyone thought) cleared and removed all title impediments. A few years later in 1903 Davis bought the by then abandoned Cape Florida Lighthouse from the US Treasury for 400 dollars.

With all this behind him, Waters Davis started a small Pineapple plantation on the island eventually having a great variety of fruit trees. Davis built a large house for his own use on stilts so as not to get flooded from storm surges. Contrary to his parent’s original dream of developing Key Biscayne, Waters Davis preferred to treat the island as a family sanctuary rather than develop it. Of course, as we all know, you cannot keep a good thing secret for long… Henry Flagler eventually brought the Florida East Coast railway to Miami. As a result Flagler started dredging the Cape Florida Channel to deepen it for larger sea going cargo vessels that would connect with his newly established railway. Luckily for Davis a more direct route through what we now know as Government Cut was dredged along the southern end of Miami Beach and North of Fisher Island. This change brought back peace and quiet to Key Biscayne and allowed the waters around Key Biscayne to return to a natural or undisturbed state.

Now that Davis had his peace and quiet it was time for new players to emerge on the scene. In 1902 William Matheson visited Biscayne Bay by yacht. Having liked what he saw he built a winter home in Coconut Grove that overlooked the Bay. A few years later (1908) he started buying up land. In particular, he bought up all the land north of the Davis property. Eventually, he amassed 1700 acres that went all the way north to Bear Cut. Matheson created a coconut plantation on his new Key Biscayne lands that housed up to 60 persons including a school, dock, barn and windmill tied together by unpaved roads. At its height Matheson’s coconut plantation was considered the largest at the time in the US. Eventually (1933), the value for coconuts dropped precipitously and the plantation stopped shipping.

While all this was going on Waters Davis decided to sell his Property in 1913. Ralph Munroe (his property caretaker and who built and lived in The Barnacle in Coconut Grove) was appointed Broker for the sale. William Matheson bid on the property but the eventual buyer was James Deering (International Harvester Heir) who built the Vizcaya Mansion in Miami. Deering bought the property for 20,000 dollars and had designs to develop the property as a tropical resort. His Cape Florida property began being cleared to make way to for land sales and jetties were built on the east side to protect the beach sands from eroding. Davis who died one year after the sale to Deering did have one stipulation in the sale to Deering which was that he had to renovate the Cape Florida Lighthouse.

By complying with this request Deering opened up another can of legal worms. Deering contacted the US Government to get the specifications for the lighthouse. By doing so the government realized that a lighthouse had fallen into private hands…! Not only that, the island in general had been reserved by two executive orders as a military space. After a lot of legal work the US Congress and then President Woodrow Wilson agreed to recognize the rights of Deering and Matheson as rightful owners of their respective pieces of Key Biscayne.

The amazing part of this story is that now the heirs of the late Venancio Sanchez filed a lawsuit against Deering, claiming a half interest in his Cape Florida land (you got to appreciate their tenacity). Naturally, all work halted on his development and the ensuing legal battles began. After many varied legal battles, the Supreme Court of the United States finally decided the suit in 1926. Sadly though, Deerings victory was not to be celebrated by him as he had passed away the year before passing on the property to his heirs.

More Development Deals, a Land Boom and a Bust…

With another round of lawsuits and ownership battles resolved it was now Matheson’s turn to try his hand at developing what is now Crandon Park and the Northern half of what today is the Village of Key Biscayne. He entered into a deal with another Davis (of no relation to the Davis family previously mentioned). D.P. Davis was a land developer with an expertise in the reclamation of submerged lands into sellable home sites. During the 20’s land boom in Florida Davis was known for having created Davis Islands in Tampa and Davis Shores near St. Augustine.

1926 was a busy and one could say intense year by all accounts for Key Biscayne. The city of Coral Gables incorporated with Key Biscayne as a part of its boundaries. It had been hoped at the time that Key Biscayne would be to Coral Gables what Miami Beach had become for Miami. A beach front resort for the city. The Great Miami Hurrican of 1926 swept through the area and literally destroyed the islands structures and at the time coconut plantation. From here it was a series of tough events. The Matheson’s replanted their plantation in breakneck time. D.P. Davis never was able to meet his end of the bargain to develop homes and declared bankruptcy. The housing boom ended, coconut values plummeted and the dream of building a bridge tying Key Biscayne to the mainland would have to wait a little longer.

An interesting side note to this story is that the Matheson’s also paid the highest amount ever paid for an acre of land from a US government auction of 58,055 dollars for a total of just under 7 acres. It would be another 20 years before any major development happened again.

Land Donations that make Key Biscayne such an amazing place.

William Matheson passed away in 1930 leaving his property to his heirs. There was all sorts of ideas passed around in the late 30’s (1939) that included an airbase on the northern end of Key Biscayne and a proposal to develop Virginia Key.

When it was all said and done the family decided to donate 808 acres (327 +/- hectares) that came with over 3 miles of white sandy beach along the Atlantic Ocean to Dade County. The land was donated with the strict understanding that it be used as a park and was named after Charles Crandon who was the at the time commissioner who negotiated the deal. The structure of the deal that was worked out was that in exchange for the land the county would build a causeway to Key Biscayne.

The Causeway got started but with the bombing of Pearl Harbor it was put on a backburner as all effort and energies focused on the war effort.

With the north end of the Island donated to Dade County there was still the issue of what happened to the Cape Florida property (Deering estate on south side of island) and the rest of the Matheson land between these two large donated tracts.

Jose Manuel Aleman who had fled Cuba as a result of scandals during his tenure as education minister bought the Cape Florida property from the Deering Estate in 1948. He had originally intended to donate the lighthouse and about ten acres around it to the National Park Service but his offer was rejected.

In 1950 the County Planning Board presented a plan to put a road through Key Biscayne that would connect with the overseas highway. It was an ambitious project to say the least. Aleman wasted no time in preparing his property for this potential windfall a major road passing through his property. Aleman passed away in the following year and the grand plan of the County was set aside and not followed through on.

Aleman’s widow, Elena Santeiro Garcia took her late husbands property and added to it by buying up an ocean to bay strip that belonged to Matheson. Santeiro Garcia actually sold the property to prospective suitors three times! Each time excepting the last it reverted back to her name by some action of default of the prospective buyer. In the end it was Bill Baggs who was the Editor of the Miami News that started campaigning for all the property to be purchased and preserved as a park. The county had considered purchasing 50 acres but it was Bill Baggs efforts that brought this to the attention of US Secretary of the Interior Stewart Udall. In the end the state of Florida purchased the property with the assistance of the US government and was named in Bill Baggs honor. The park opened January 1 1967.

A Bridge is Built and Development Begins

With two major parks on both sides and the conclusion of the war Commissioner Crandon moved forward with the completion of the bridge. The bridge was named after Eddie Rickenbacker, a World War I flying ace and founder and President of Eastern Airlines.

With the Rickenbacker Causeway in place development of Key Biscayne started full speed. The remaining land between the two parks started being developed by the Mackle Construction Company. They offered new homes on the island for $9540 dollars and only $500 dollars down!

The US Post Office finally opened an office and the Key Biscayne Elementary School opened in 1952.

Hurricane Andrew (Before Picture of Cape Florida)

Hurricane Andrew (After Picture of Cape Florida)

At first considered a terrible devastation to the Cape Florida State Park, Hurricane Andrew became the great non natural vegetation eradicator doing for the community in a few hours what economically was unfeasible otherwise. Hurricane Andrew singularly is credited (among its not so good honors) for removing the Australian Pines from the area that were originally brought to the island over the years by such notables as Dr. Henry Perrine. The photos truly speak for themselves!

Notable Notables

During the Nixon presidency Richard Nixon used his residence in Key Biscayne that eventually was nicknamed the Florida White House as it was visited more than 50 times during his term as President and as a result the U.S. built a heliport on the water directly behind what was his compound at the time. It still stands to this day. There was good reason for Nixon to reside in Key Biscayne. Recommended to him by Florida Representative George Smathers, Smathers introduced him to who would become one of his closest friends and advisers Bebe Rebozo just about lived almost next door. Rebozo was the owner of Key Biscayne Bank and became known for having been indicted for laundering $100,000 dollars in donations from Howard Hughes to Nixons election campaign. Another close friend of Nixon’s Robert Abplanalp (invented the aerosol spray valve) was also a resident at the time of Key Biscayne and a close friend of Nixon.

Fast Forward to the Present

The next wave of development activity took place as a direct result of the replacement of the Rickenbacker causeway drawbridge with the current fixed bridge (The William Powell Bridge) put in use 1985 and in use today. This dramatically shortened commute times and increased desirability for this historically sought after location. The fact of the matter was that people were already visiting the new Seaquarium on Virginia Key as well as the former Planet Ocean (Now the MAST Academy) and the beaches. The original bridge as a result received quite a bit of usage and was showing serious signs of aging. The original bridge (with draw bridge removed) is still available as a fishing pier but has been closed recently for repairs.

Education in Key Biscayne

Key Biscayne is a very family oriented community and actively involved in its education system having some of the best public schools in the State of Florida. Currently, you have the Key Biscayne Elementary school which covers pre-kinder to eighth grade. High schools are either MAST academy which, is a magnet school program participant and geared toward maritime studies and engineering or Coral Gables Senior High. For Private schools you have a private schools (denominational and non as well) both on and off the island which comprise some of the most prestigious private schools in the country such as Ransom-Everglades, Columbus, Carrolton School for girls and a hand full of select preparatory academies.

Taxes in Key Biscayne

Key Biscayne incorporated in 1991 and as a result a portion of its collected tax revenues is returned to the City for direct use within the community. Key Biscayne consistently has one of the lowest millage rates in the county as a result of what is considered very good local fiscal management and a very high tax base in general within the community. The 2008 tax rate for Key Biscayne was just over 17.5 mills. Click HERE for a link to the Metropolitan Dade Counties 2008 adopted millage rates and see what they breakdown of those costs are.

Crime

Being situated on an Island between two parks with a toll bridge for access are substantial natural deterrents to crime and Key Biscayne has a very low incidence of crime as a result. The 2008 Metropolitan Dade County Crime Report shows Key Biscayne having NO murders, rapes or robberies last year and none to report so far this year. 4 assaults, 8 burglaries and 11 vehicles stolen. This is a 13 percent drop from the year before and the trend continues. Key Biscayne has it's own Police Department as well as it's own Fire Department. It is truly a safe community. Click HERE for a copy of Metropolitan Dade County 2007 Crime Report.

Living on the Island

Key Biscayne truly is Island Paradise. With a wide range of living possibilities, It is one of the few places in Metropolitan Miami where you feel like you left town and are on a resort when all you did is cross the bridge to go home! It’s a lifestyle that is agreeable to shorts, sandals, bicycles and casual living as it is to customized street legal golf carts and limousines. It has an international flavor with a touch more of a European flair than Miami to round outs it’s strong contingent of Latin American, Northern US and local transplants. You have great little boutique shops. Also, expect a very good variety of dining and excellent health services on the island.

For special events you have the 4^th of July parade which in Key Biscayne is truly a community event. World Class Tennis and Gold Tournaments are almost walking distance if you up to it or a few minutes with a shuttle bus. The Key Biscayne Arts Festival is a nationally recognized arts event and always has interesting things to see.

Key Biscayne has two amazing parks on either side and a beautiful park that is part of the village along Crandon Boulevard that in the afternoons fills up with families, their children and nannies. You can watch little league soccer, baseball or just go fly a kite in the park. It is truly a focal point of the community as is the beach park for beach goers.

Riding a bike, walking, rollerblading, running or whatever outdoor activity you like is easy and safe to do in Key Biscayne being a very bicycle and pedestrian friendly community. Nothing is ever perfect but Key Biscayne tries it’s best and succeeds on a lot of levels because of good community involvement both in terms of local education and general civic activity of the island. It’s a small town feel with a big cities heart.

Current Real Estate Market (What is Availble).

Much like the tax and crime section, this area will be updated periodically with more current data as it is made available. The available real estate links are updated daily automatically and are directly tied to the Florida Multiple Listing Service for your convenience.

To provide a better understanding of the Island we’ll give you a little help with the community layout. The island is made up of Condominiums on the east side of the island (from Crandon Blvd. to the ocean) facing the Atlantic and either directly on the beach or steps away from it with beach access rights included in almost all cases. These apartments range in size from ground floor studios in low-rise condos with no views to multistoried Penthouse homes in the sky with terraces and views to the Ocean, Biscayne Bay and Downtown Miami. You will find most of the buildings to be excellently managed and normally with reserve funding in place. Special assessments do occur on occasion but this can always found out up front before committing to any property should it make a difference.

The other half of the island is made up of single-family homes that comprise all the land west of Crandon Boulevard to Biscayne Bay. These properties are comprised of three lot types. Interior lots with no canal or water access. Canal with ocean access (Boaters Paradise?) and lots directly on the water with views that vary from Cape Florida to Downtown Miami and everything in between. Lots can vary in size from a little less than 7500 sq. ft to over an acre. There are a few vacant or developer lots available. In many cases permitting and plans in place. Homes vary in size from original 2/1 carport homes of around 1000 sq. ft. (original Mackle Homes) to estate homes that would satisfy the most discerning of tastes.

Property values (not surprisingly) are high and relatively stable (even in these trying times), as it is effectively a no growth area in terms of land expansion. Along Crandon Boulevard you will find shopping, dining, gas, groceries, offices and boutiques. The places that have office space as a part of their commercial mix tend to have high occupancy rates as a lot of residents enjoy working within the islands laid back and discrete attitude just a few minutes from home.

Investment properties (as in all areas of the state) have taken a hit in value having to compete with the entire off island developer units (Downtown Miami, Brickell, Roads area) that are available. As this inventory of new unsold units gets absorbed the market for investment rentals will again stabilize. Key Biscayne being a beach resort community does benefit from seasonal rentals as well. The season runs from November to April (Winter Season).

Final Thought

We really hope you found this information and images useful! If Key Biscayne is a place that you think you might like to call home give us a call or send us an email. We can help you with buying, leasing, investing in residential homes or condominiums as well as commercial space should you need it.

Sincerely,

The EMH3 Team!

A few days back we took a trip to visit one of our clients listings which is for rent at 900 Biscayne and we snapped a few updated photos of what is turning into a very wonderful green space with already active Perez Art Museum and soon to open Science Museum.  What started with a ground breaking ceremony back in mid to late 2009 is finally starting to blossom into the great public space that we had all hoped for the Museum Park area to become.

We updated some of the photos so that you can see how things have progressed to date.

Update

It is official, Musuem Park Miami in downtown is scheduled to break ground as early as November of this year! A ceremonial "Green Breaking" is set for October 21 per Terence Riley, Director of Miami Art Museum. In this first phase the park will undergo environmental remediation prior to any foundation or footing being put in place.

Plans and drawings for the Herzog & de Meuron plans which are to be a model in environmental sustainability and openness.  The Science Museum is also working away on their plans and both museums expect to be breaking ground sometime next year after environmental completions are done. The Museum Park Miami will truly be a world class complex.

The Historical Museum of Southern Florida will all be housed within the MAM complex.

A few days back articles were presented by both the Herald and Miami Today News regarding the continued forward push of Museum Park in Downtown Miami. What marks these articles as important and in contrast to, for instance, the Virginia Key revitalization project is that the planning council listened and delivered on its revised plans for the currently prime but derelict waterfront park. Not only did the commission get a greener and more useable community centerpiece but it also will come in at a significant cost savings over the last proposal. Originally there were also some height restrictions in place but those were also resolved giving the Museum of Science the added vertical height it will need for its structure. The two projects will be situated on about eight acres of the 30 acre park directly adjacent to the Miami Metro-mover station that will be put back in service for this project.

If you are curious here is a link that takes you to the city planning department and the PDF presentation from March of 2008 showing all the changes that were discussed.

Finally, we are getting closer to seeing some shovels hit the ground. This new park and art center will tie together the downtown Miami waterfront into a seamless web of parks, amphitheatres, shopping, Arena, Museums (Museum of Science, Historical Museum and Miami Art Museum), more park and the Arsht Center for the Performing arts.

Don't forget that right across the water on Watson Island you have the Miami Children's Museum and Parrot Jungle Island. Also, the old Chalks Airline facility and what will soon be the Shangri-La hotel, residences and Mega Marina by Flagstone Group.

Times are tough, but we keep moving forward.