About Bay Harbor Islands

Bay Harbor Islands (BHI), Florida is composed of two islands surrounded by the glistening blue waters of Miami. The Easternmost island houses the town’s business district and multi-family residences, while the Western island solely houses single family homes. BHI is nestled between Biscayne Bay and located only a few minutes walk from the Atlantic Ocean. We are home to an excellent grade A school, the Ruth K Broad K-8 Center, drawing families wanting the best public education for their children. In addition, the town employs its own police force resulting in a very low crime rate. The Islands are frequently referred to as the “hidden gem” of Miami. This reasoning lies in the fact that housing is very affordable compared to the quality of life you receive in Bay Harbor Islands.

Let’s discuss real estate affordability in Bay Harbor Islands… In comparison to it’s high-profile neighbor Bal Harbor, residences in Bay Harbor Islands sell on average over 50% less dollar per square foot. Sales computed in average dollars per square foot over the last 6 months for Bay Harbor Islands and Bal Harbor properties are shown below:

Bay Harbor Islands

Waterfront single family homes sold @ $1,297/SF
Non-waterfront single family homes sold @ $521/SF
Waterfront 2+ bedroom condos/townhouses sold @ $332/SF
Non-waterfront 2+ bedroom condos/townhouses @ $195/SF
Waterfront 0-1 bedroom condos/townhouses sold @ $293/SF
Non-waterfront 0-1 bedroom condos/townhouses sold @ $210/SF

Bal Harbour

Waterfront single family homes sold @ $1,328/SF
Non-waterfront single family homes sold @ $685/SF
Waterfront 2+ bedroom condos/townhouses sold @ $802/SF
Non-waterfront 2+ bedroom condos/townhouses sold @ $296/SF
Waterfront 0-1 bedroom condos/townhouses sold @ $541/SF
Non-waterfront 0-1 bedroom condos/townhouses sold @ $364/SF
When we break-down and analyze the numbers, it becomes very apparent how inexpensive Bay Harbor Islands is in comparison to its more distinguished counterparts. Many developers and investors have begun taking advantage of Bay Harbor Island’s affordability by buying up land and older buildings to redevelop. As of June 2015, there are 31 new construction projects slated for the Islands. These new construction projects are drawing world renowned developers and architects to showcase their talents and accentuate the beautiful views Bay Harbor has to offer.

The current population of Bay Harbor Islands is 5,662 with a total of 3,205 housing units. That’s an average of 1.8 people per residence. New construction is set to increase house dwellings by over 600 units, a 20% increase over current inventory. Many of the existing structures the new construction is replacing are 50+ years old and don’t utilize the land as “highest and best use”.

BHI is currently in a heavy development cycle that will continue for the next 5 years. Residents and building preservationists have mixed feelings about this heavy development, but we must realize it is inevitable. Bay Harbor Islands is going to be a beautiful mix of mid-century MiMo style buildings and contemporary buildings.