New Construction on Key Biscayne: What Actually Exists
New construction on Key Biscayne is almost nonexistent as a category. The island is fully built out and the municipality has strict development controls. What exists is custom home replacement construction and the occasional renovation that expands existing structures.
Custom Home Rebuilds
The primary form of ‘new construction’ on Key Biscayne is the purchase of an older home, demolition, and custom rebuild. These projects take 18-36 months and result in homes priced at $3M-$10M+ depending on lot size and proximity to water. The process requires navigating Key Biscayne’s architectural and development review, which is thorough.
Major Renovations
Many buyers purchase older homes on Key Biscayne and do major renovations rather than full teardowns. A well-executed renovation of a 1970s or 1980s home can produce a product that feels new. Renovation budgets here run $500,000-$2M+ for comprehensive updates.
What This Means for Buyers
Buyers who want new or near-new construction on Key Biscayne are primarily buying recently completed custom homes (maybe 3-5 years old) or commissioning their own custom build on a teardown lot. There is no builder tract or new development community here. This is the scarcity premium in action.
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