# Key Biscayne *single-family, measured*

> Source: https://bluebaybrokers.com/sf-key-biscayne
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-23
> Plain-text copy of the page above for AI assistants and readers. Quote with attribution to BlueBay Brokers; each figure carries its own source and read date. Nothing here certifies that a short-term rental is legal at any address.

🔓 **Admin session.** The Matrix history, the resale pairs and the shortlist are visible on this page when they exist. They are hidden from the public.

The most expensive dirt in the group and a second-home and family-trust market. Bought for the island and the schools, not for a cap rate. There are 35 houses for sale today. We read the closings, house by house, and the rental rule, before anything here goes on a shortlist.

35 Houses for sale

$4.70M Median sale, 12 months

96 Days to close

The market, not the pitch

## What Key Biscayne *actually trades at*

Two sets of numbers, and the gap between them is the useful part. On the left, what sellers are asking today. On the right, what buyers actually paid over the last twelve months.

$7.49M Median asking price · 35 active

$1,944 Median $/sf asked

$4.70M Median sale · 39 closings

$1,538 Median $/sf paid

Source: MLS (Miami Realtors / Bridge), single-family houses in Key Biscayne, Miami-Dade County, read on 23 October 2026. Active: 35 listings, 0 of them at or under $700,000, ranging from $3,300,000 to $237,000,000. Closed: 39 sales in the twelve months to that date, at a median 93.8% of the last asking price, in a median 96 days. Closed leases are excluded.

The book on the market is priced above what has been closing, by roughly 26% on price per square foot. That is a mix effect as much as a discount: the large and the waterfront sit longer. It is also the reason we underwrite from closings, never from asking prices.

One market, several prices

## Key Biscayne is *not one price*

No. Grouped by plat, the spread is real: BISCAYNE KEY ESTATES asks a median $5,692,500 ($1,602/sf); TROPICAL ISLE HOMES 4 asks a median $6,900,000 ($1,944/sf); CAPE FLORIDA SEC 3 asks a median $16,500,000 ($2,323/sf). Anyone quoting you a single average is averaging across all of them.

| Plat | For sale | Median ask | $/sf | Closed 12 mo | Median paid | $/sf paid |
|---|---|---|---|---|---|---|
| BISCAYNE KEY ESTATES | 10 | $5,692,500 | $1,602 | 12 | $3,487,500 | $1,328 |
| TROPICAL ISLE HOMES 4 | 5 | $6,900,000 | $1,944 | 9 | $6,200,000 | $1,903 |
| CAPE FLORIDA SEC 3 | 5 | $16,500,000 | $2,323 | 1 | · | · |
| TROPICAL ISLE HOMES 1 | 2 | · | · | 3 | · | · |
| TROPICAL ISLE HOMES 3 | 2 | · | · | 3 | · | · |
| MASHTA ISLAND | 2 | · | · | 2 | · | · |

Read on 23 October 2026. Active listings and the closings of the twelve months to that date, grouped by plat as the county recorded it; a median on fewer than 5 records is withheld. The median house that sold was 3,520 sf and built in 1960. 10 of the 35 active houses are on water.

Live MLS · refreshed nightly

## Active Key Biscayne *houses*

Pulled from the MLS every night. Open one to see the full record, or ask us to model it.

Before we recommend anything

## Before any short-stay promise, *the ordinance, and we have not read it yet.*

0 of the 35 houses on the market mention Airbnb or short-term rental use in their own MLS text. We have not read the vacation-rental ordinance of Key Biscayne yet, so this page makes no claim about short stays: it is a year-round market until the rule is read, dated and sourced. Here is what we read, on the property you are actually considering, before it goes on a shortlist.

### The city ordinance

Under Florida Statute 509.032(7)(b), a city may prohibit or limit vacation rentals only through rules adopted on or before 1 June 2011. Whether Key Biscayne has such a rule, and what it says, is read from its code with the ordinance number and its date. Until then, nothing here says yes or no.

### The state licence and the tax

Any stay of six months or less needs the state DBPR vacation-rental licence and carries the county tourist development tax on top of 6% Florida sales tax and the county surtax, whatever the city says.

### The parcel and its record

What we read parcel by parcel is the record at the county and at the city, the flood zone and the roof age, and we note where we read it and on what date.

### The association and the deed

A homeowners association or a deed restriction can forbid what a city allows. On a house this is often the binding constraint.

What this means for an investor: underwrite this zone on annual leases and on resale, which is what the closings and the signed leases measure; a short-stay upside, if the ordinance allows one, is a bonus to verify, never the base case.

Florida Statutes 509.032(7)(b), 2025 text. The city ordinance has not been read for this page; when it is, its number, date and reader will appear here. Nothing on this page certifies that a rental is legal at any address, and no number here is a projection of what a house will earn.

Same coast, other rules

## The zones *next door*

Other house neighborhoods a few minutes away, each with its own price and its own rental rule. The question that decides between them is answered on its own page.

[**Coconut Grove** No short stays, year-round rentals only. Median sale $2,725,000, $1,051/sf, 85 for sale.Read on 19 October 2026](https://bluebaybrokers.com/sf-coconut-grove) [**Coral Gables** No short stays, year-round rentals only. Median sale $2,200,000, $933/sf, 133 for sale.Read on 19 October 2026](https://bluebaybrokers.com/sf-coral-gables) [**North Bay Village** Rental rule to verify per address. Median sale $1,000,000, $642/sf, 14 for sale.Read on 21 October 2026](https://bluebaybrokers.com/sf-north-bay-village) [**Which cities near Miami allow short stays in houses?** The rule city by city, with the ordinance and its date, for every zone we measure.Read on 19 September 2026](https://bluebaybrokers.com/str-cities-near-miami)

[All single-family zones →](https://bluebaybrokers.com/single-family-investment-miami)

Asked before every shortlist

## Key Biscayne, *the questions that decide*

**Are short-term rentals allowed in single-family homes here?**

We have not read the Key Biscayne ordinance yet, so this page does not say. Under Florida Statute 509.032(7)(b) a city may only prohibit or limit vacation rentals through rules adopted on or before 1 June 2011; the answer is the ordinance number and its date, which we read before any shortlist. Any stay of six months or less needs the state DBPR licence and carries the tourist tax regardless.

**What does a single-family house cost in Key Biscayne?**

35 are for sale on 23 October 2026, at a median asking price of $7,490,000 and $1,944 per square foot, from $3,300,000 to $237,000,000. Over the previous twelve months 39 sold, at a median $4,700,000 and $1,538 per square foot, in a median 96 days and at 93.8% of the last asking price.

**What does a house rent for in Key Biscayne?**

37 single-family houses were leased through the MLS in the twelve months to 23 October 2026, at a median $21,000 a month and $6.28 per square foot. Against the median house sold in the same period that is a 5.4% gross yield before property tax, insurance, upkeep and vacancy, and it is a long-lease number, not a short-stay projection.

**Is Key Biscayne one market?**

No. Grouped by plat, the spread is real: BISCAYNE KEY ESTATES asks a median $5,692,500 ($1,602/sf); TROPICAL ISLE HOMES 4 asks a median $6,900,000 ($1,944/sf); CAPE FLORIDA SEC 3 asks a median $16,500,000 ($2,323/sf). Anyone quoting you a single average is averaging across all of them.

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