Luxury Spotlight - Private Island Sells for $11 Million in Marathon
In April of 2021, a new record was set in the Florida Keys real estate market. A stunning private island estate called Palm Island sold for a staggering $11 million. This impressive price tag made the property the most expensive private island ever sold in the Florida Keys, and the most expensive property ever sold in Marathon.
The island spans 5 acres, reachable only by a private bridge or by boat. The property features a main house with stunning open water views from beautiful French doors found on both the lower and upper levels, and accessible from the multiple porches on all levels as well. In addition to the main house, the property includes multiple guest houses including a four-bedroom four-bathroom guest suite and a separate one bedroom cottage. Surrounding the estate, residents and guests are treated with sandy beaches, a sun deck, and a swimming pool.
One of the most impressive features of the property is the huge marina, which can house up to 15 boats. Setting this property apart is the deep water dockage available. Waterfront homes in the Florida Keys are unquestionably the most highly sought after. However, those familiar with the Florida Keys know that most of the Keys is comprised of shallow water. This property and its deep water dock availability allows for residents to house massive boats right in their own private marina.
Real estate prices in the Florida Keys have been fueled by pandemic buyers seeking to escape cities and change their lifestyle. This private island was originally listed for $15.5 million in 2019, and its $11 million ultimate trading price was still 40% more than the highest sale previously in Marathon. Those coming from out of state are discovering the beauty and unique living that the Florida Keys offers and are willing to pay for it. Coming from places like California and New York, the prices that real estate in the Keys typically trade for seem like great deals. These factors are combining to drive the market for luxury homes in the Florida Keys into high gear - with prices to match. Since this sale in April, prices have continued to climb. As of September 2021, a private island in Islamorada - listed for $13 million - has gone under contract as well. While it remains to be seen what the final sale price will be, it is clear that records will continue to be set as the market for luxury real estate in the Keys continues to climb.
