House for Sale
$237,000,000
5 bd · 9 ba · 11,528 sqft
485 W Matheson Dr, Key Biscayne, FL 33149
TROPICAL ISLE HOMES RESUB
Beyond the Rickenbacker tollgate, tucked between two state parks, Key Biscayne functions as Miami's island village — a K-8 school and streets where children pedal to the beach. Ordinance limits the condo count and no new building has opened since 2014, which means the scarcity driving prices here is entirely real.
House for Sale
$237,000,000
5 bd · 9 ba · 11,528 sqft
TROPICAL ISLE HOMES RESUB
House for Sale
$27,900,000
8 bd · 9 ba · 9,159 sqft
CAPE FLORIDA SUB SEC 3
House for Sale
$25,900,000
4 bd · 4 ba · 2,566 sqft
TROPICAL ISLE HOMES SUB 4
House for Sale
$19,950,000
6 bd · 7 ba · 6,208 sqft
CAPE FLA SUB SEC 2
Every figure below is computed from closed MLS transactions in Key Biscayne over the trailing twelve months — what buyers and tenants actually paid, not asking prices — and refreshes continuously.
| Bedrooms | Sales | Median price |
|---|---|---|
| Studio | 4 | $975,000 |
| 1 bd | 21 | $530,000 |
| 2 bd | 88 | $1,240,000 |
| 3 bd | 74 | $2,500,000 |
| 4 bd | 20 | $3,450,000 |
| 5+ bd | 22 | $5,477,500 |
| Type | Sales | Median price |
|---|---|---|
| Condominium | 185 | $1,400,000 |
| Single Family Residence | 40 | $4,537,500 |
| Stock Cooperative | 2 | $2,110,000 |
| Townhouse | 2 | $2,225,000 |
| Month | Homes sold | Median price |
|---|---|---|
| Oct 2025 | 11 | $2,250,000 |
| Nov 2025 | 7 | $2,150,000 |
| Dec 2025 | 19 | $1,300,000 |
| Jan 2026 | 19 | $1,300,000 |
| Feb 2026 | 18 | $1,992,500 |
| Mar 2026 | 21 | $1,250,000 |
| Apr 2026 | 23 | $2,750,000 |
| May 2026 | 17 | $1,550,000 |
| Jun 2026 | 26 | $1,635,000 |
| Jul 2026 | 29 | $1,330,000 |
| Aug 2026 | 22 | $1,525,000 |
| Sep 2026 | 15 | $1,600,000 |
| Bedrooms | Leases | Median rent |
|---|---|---|
| 1 bd | 35 | $3,250/mo |
| 2 bd | 212 | $6,150/mo |
| 3 bd | 89 | $10,000/mo |
| 4 bd | 27 | $15,000/mo |
| 5+ bd | 25 | $22,000/mo |
Key Biscayne is a village of about 14,000 on an island bookended by parkland at both ends — Crandon Park to the north, Bill Baggs Cape Florida to the south — with the community nestled between them like a small town that happens to be flanked by two of Florida's finest beaches. A single causeway connects it to the mainland, and that one fact colors everything: the Key is safe, quiet, bikeable and self-contained, with golf carts on the streets, kids pedaling to school, and a village government that guards the scale without apology.
The population is deeply international — Latin American families have used the Key as their North American base for two generations — and deeply settled: people come for a posting or a season and stay for decades. Island living means hurricane discipline and reliance on the causeway, and residents accept both as the cost of raising children five minutes from a lighthouse beach that keeps landing on national top-ten lists.
The oceanfront condo row lines the Atlantic side: the Ocean Club's gated campus to the north, Key Colony's four villages folding tennis and beach into the middle, and the Towers of Key Biscayne toward the lighthouse — joined by boutique standouts like Oceana Key Biscayne, the island's newest luxury build. On the bay side, Grand Bay's towers and estates and the Yacht Club streets hold sunset water views back toward the Miami skyline.
The village's single-family heart lies between the beach and the bay: Cape Florida's gated streets, the canal-front Holiday Colony and Mashta Island's estate addresses, and the mid-island blocks where original 1950s ranches give way, one at a time, to new coastal construction. Supply is permanently fixed — the parks see to that — so island pricing behaves more like a private club than an open market: scarce listings, patient sellers, and premiums on anything walkable to the Village Green.
The Rickenbacker Causeway is the island's only road out, arcing over the bay with the skyline straight ahead — Brickell is fifteen minutes on a clear morning, the airport thirty-five. On the island, life moves at bicycle and golf-cart pace along Crandon Boulevard; the causeway itself is the region's signature training ride for cyclists and the stage for the island's famous triathlons. Next door, Virginia Key adds MAST Academy, the marine stadium basin and mountain-bike trails before the bridge reaches the mainland.
A smart Key Biscayne purchase begins with knowing what moves its market: a family island village between two state parks, fifteen minutes from Brickell. Use the bedroom and property-type tables above to benchmark the segment you're shopping, then open the live map search to see what's on the market right now — every listing links through to full photos, details and a direct line to a licensed Florida broker.
In Florida, a financed purchase generally closes in 30 to 45 days, while an all-cash deal can wrap in as little as two weeks. A condo adds a board-approval step, and anything near the water carries insurance questions worth pricing before you write an offer — both are routine parts of a Key Biscayne transaction when you plan for them early.
Rentals turn over faster than sales — a well-priced Key Biscayne unit is often under lease within weeks, and most annual leases ask for first month, last month and a security deposit up front. The rent tables above show what tenants actually committed to by bedroom count over the past year, and the live rental search lists every home and condo on offer today.
We work Key Biscayne every day — tell us what you need and we'll send listings, pricing and a plan within the day.

The island's southern third — a mile of ranked beach plus the 1825 Cape Florida Lighthouse, Miami-Dade's oldest structure.
Two miles of shallow, family-ideal beach, with the nature center, marina and cabanas on the island's north end.
The county's bayfront championship course — iguanas in the fairways, the skyline on the horizon.
The stadium campus that staged the Miami Open for three decades — now the village's public tennis hub.
The town square: playgrounds, dog park, farmers market and the heart of island civic life.
South Florida's most scenic ride — cyclists, sailboarders and that postcard skyline view.
Seagrass wading tours and marine science for every island kid, set inside Crandon Park.
The causeway's calm-water beaches — windsurf, kite and paddle lessons with the city as a backdrop.
The skyline-view institution on the causeway — half a century of sunset dinners over the bay.
Cuban seafood on the water inside Bill Baggs — reach it by boat or by bike through the park.
The French-Argentine bakery-café that serves as the village's breakfast headquarters.
Mediterranean fine dining folded into the Galleria — the island's white-tablecloth standby.
An Argentine-Italian kitchen and bar on Crandon — milanesas and a lively terrace.
The parrilla chain's outpost on the island, a Key family default.
The gourmet market whose prepared-food counters supply half the island's dinner tables.
Beachside Cuban-Mediterranean at the base of the lighthouse in the state park.
The island's A-rated public school, a few steps from the Village Green.
The elite maritime-science magnet high school over on Virginia Key — the island's hometown magnet.
The island's Catholic PK-8, a village institution since 1955.
The island's go-to early-childhood program.
Ransom Everglades, Carrollton and Gulliver all sit one causeway away — a major reason families base here.
Attendance boundaries shift over time — always confirm the assigned schools for a specific address with the county school district, and verify private-school admissions directly, before you rely on either in a purchase decision.
Key Biscayne is known for a family island village between two state parks, fifteen minutes from Brickell, and that character is what sustains demand over time. Let the figures on this page do the arguing — real closed sales, the median sale price, and how long homes sat before selling over the trailing twelve months.
The snapshot above reports the current 12-month median sale price for Key Biscayne, together with price per square foot and medians split out by bedroom count and property type. Every figure is calculated from closed MLS sales and refreshed continuously — not lifted from a report that's already months old.
The property-type table above breaks Key Biscayne sales into condos, single-family homes and townhomes, and shows where each segment's median landed over the past year. A condo brings monthly association dues and a board-approval step; a house carries its own insurance and upkeep. Each property type has its own live search page linked below.
Open the Key Biscayne map search — it shows every active MLS listing in the city, updated continuously, with the city boundary traced on the map and filters for property type, bedrooms and price.