As a real estate professional who strives for excellence in everything she does, Yuliya believes in providing the level of service she herself would expect to receive. Being a knowledgeable luxury real estate market expert has enabled her to build long-lasting relationships with a wide variety of local and international clients, skillfully addressing their unique needs and desires as she goes above and beyond to provide exceptional service at every stage of the listing, sale or purchase process. Yuliya Kachko Group is a valued part of the ONE Sotheby’s International Realty team, with over 20 years of experience in residential real estate sales in Miami and South Florida. Haute Residence caught up with Kachko to discuss Key Biscayne and what makes its real estate so special
When did Key Biscayne start becoming a popular place for people to decide to live?
Key Biscayne has a long, rich history dating back to the 1500s. Operating as a tropical plantation island over the next few centuries, development didn’t truly start until the Rickenbacker Causeway was opened on the island in 1947. This paved the way for residential development on a large scale as new homes and amenities brought many residents to the island. In recent years, the popularity of the island has soared as new hotels, condos and shopping centers have been constructed, redefining the island’s character.
What is it about Key Biscayne that drives luxury buyers there compared to other surrounding areas?
While luxury real estate can be found in many neighborhoods of Miami, Key Biscayne remains unique due to its bucolic lifestyle. Many business leaders, wealthy expats, professionals, and retirees embrace the strong community values and down to earth island life. The advantage Key Biscayne has over other areas is its proximity to the city while still maintaining a sleepy village vibe.
Photo Credit: Joël de Vriend
Why do you think developers love building on Key Biscayne? Do they have more land and space options?
There are vast opportunities available on Key Biscayne for developers. Residential land values are high and in demand. Waterfront land is prioritized for developers to build luxury real estate. Condos and high-density development can be restrictive which creates an artificially low supply for this kind of real estate while still being highly sought after.
What predictions do you have for the Key Biscayne real estate market for 2020?
It looks like we will be entering a softer market in 2020. Over the course of 2019, values have steadily declined throughout Key Biscayne. There are a few reasons for this. The first is that the luxury real estate market is often subject to longer days on market and in times when owners are motivated to sell, higher discounts on the sale price.
Concerns of flooding and rising sea levels have led to owners putting their homes on the market with buyers seeing the trend and taking advantage of the softer market. I predict that 2020 will be the ideal year for buyers to enter the market as price declines reach their trough and begin to rebound as we enter the next decade. This is a rare opportunity with Key Biscayne being a sellers’ market for much of its history.
Photo Credit: Derek Thomson
What advice do you have for someone looking to buy on Key Biscayne?
If you are looking to purchase a home, waterfront properties are where the opportunities are. Waterfront real estate will always be more highly sought after than that further inland. With the panic over flooding and rising sea levels, many owners who have held onto their waterfront properties for decades are preparing to sell at hefty discounts.
Other opportunities can be found in the condo market. With condo development being restricted across the island, the condos that do exist seldom change hands. These properties can be highly lucrative investment opportunities or an extremely rare chance to take up residence in one of Key Biscayne's most desirable luxury condos.