NOT LISTED FOR SALE

501 E Ocean Dr Unit 5 Key Colony Beach, FL 33051

Estimated Value: $602,000 - $790,000

2 Beds
2 Baths
1,001 Sq Ft
$1,333/mo HOA Fee

Last Sold May 07, 2024

Last sale price $750,000 $749 Per Sq Ft

Est. 4% decrease in value since last sale

Current estimated payment $5,424/month

267 Days on Market

Highlights

  • Ocean Front
  • Beach
  • New Construction
  • Coral Shores High School Rated A
  • Sandy Beach
  • Concrete Pool

About This Home

As of May 2024

Motivated Sellers! Be inspired with ultra luxury island living at newly constructed Key Colony Beach Club, both buildings completed in 2023. This East-facing, two-bedroom, two-bathroom 2nd floor condo in Building 1 is the third unit in from the Ocean! Features just over 1,000 square feet of living with oceanfront views from the open air balcony that expands the entire width of the residence. Weekly 7-day rentals permitted. Immediately upon stepping foot through the front door, you are greeted with 9 foot ceilings, and exquisite views of the Atlantic Ocean from the impact resistant sliding doors. A light and bright aesthetic allows further customization of any coastal decor you please (virtually staged photos give inspiration). Gourmet kitchen features a center island, white shaker-style cabinets topped with white quartz countertops, stainless steel appliances, and an open concept that flows effortlessly into the expansive living area. Dining nook and bar seating allows seating for all. Luxury vinyl plank flooring throughout. Greet each day with stunning ocean views and sunrises from the East in the primary bedroom that also features floor to ceiling impact sliders and access to the open air balcony. Primary bathroom houses a step-in tiled shower with glass enclosure and quartz topped vanity. Guest bedroom is located just off of the kitchen with washer dryer in the walk in closet and a bathtub/shower combo in the guest bathroom. Key Colony Beach Club's amenities are almost complete: in-ground concrete pool, white sandy beach, and courtyard landscaping. Elevator allows easy access to the second floor from the covered carport parking for two vehicles. Live and play in Key Colony Beach with all that this municipality has to offer: 9-hole golf course, tennis & pickle ball courts, 2 playgrounds, new dog park, Oceanfront ''Sunset Park'', boat trailer parking, City Hall, Post Office, Police Department, plus restaurants, Cabana Club, shopping, and marina!

Last Agent to Sell the Property

Ally Kelley

Ocean Sotheby's International License #SL3352184 Listed on: 07/22/2023

Ocean Sotheby's International

Co-Listed By

Bill Paulson

Ocean Sotheby's International License #3216461

Last Buyer's Agent

Monica Barrett

Coldwell Banker Schmitt Real Estate Co. License #SL3345718

Coldwell Banker Schmitt Real Estate Co.

Property Details

Home Type

  • Condominium

Est. Annual Taxes

  • $938

Year Built

  • Built in 2023 | New Construction

Lot Details

  • Ocean Front
  • Sandy Beach

HOA Fees

  • $1,333 Monthly HOA Fees

Home Design

  • Insulated Concrete Forms
  • Concrete Roof
  • Metal Roof
  • Pre-Cast Concrete Construction

Interior Spaces

  • 1,001 Sq Ft Home
  • Ceiling Fan
  • Storage
  • Vinyl Flooring
  • Ocean Views
  • Monitored

Kitchen

  • Oven
  • Microwave
  • Dishwasher
  • Stainless Steel Appliances
  • Quartz Countertops
  • Disposal

Bedrooms and Bathrooms

  • 2 Bedrooms
  • Walk-In Closet
  • 2 Full Bathrooms

Laundry

  • Dryer
  • Washer

Parking

  • 2 Parking Spaces
  • Covered Parking
  • Off-Street Parking
  • Assigned Parking

Pool

  • Concrete Pool
  • In Ground Pool

Outdoor Features

  • Balcony
  • Outdoor Storage

Utilities

  • Separate Meters
  • Public Hookup Available For Sewer
  • Cable TV Available

Listing and Financial Details

  • Minimum Rental Period: 7
  • Assessor Parcel Number 00073990-000500

Community Details

Overview

  • Association fees include sewer, common area mnt, building insurance, bldg exterior mnt, water, exterminating
  • 32 Units
  • Key Colony Bch Club Subdivision

Recreation

  • Beach
  • Tennis Courts
  • Bike Trail

Pet Policy

  • Pet Restriction: Owners only

Security

  • Resident Manager or Management On Site
  • Impact Glass

Property Details

Home Type

Condominium

Est. Annual Taxes

$938

Year Built

Built in 2023 | New Construction

Lot Details

0

HOA Fees

$1,333 per month

Listing Details

  • Property Type: Residential
  • Style: Condo
  • As Is Right To Inspect: Yes
  • First Right of Refusal: No
  • Association Fee: 4000.00
  • Mandatory HOA: Yes
  • Document Count: 2
  • Fee Includes: Sewer, Common Area Mnt, Building Insurance, Bldg Exterior Mnt, Water, Exterminating
  • Key Island: Key Colony
  • Limited Representation: No
  • Marathon Neighborhood: Marathon East - Gulf (Airport to Vaca)
  • Mile Marker: 53.50
  • Min Rental Days: 7.00
  • M L S Identifier: 20060123165453488875000000
  • Neighborhood Feature: Tennis Courts, Bike Paths, Beach, Manager on Premises
  • Pets W Restrictions: Owners only
  • Property Group I D: 19990816212109142258000000
  • Sale Terms: Cash
  • Side: Ocean
  • State Province: FL
  • Taxes: 937.62
  • Vehicle Storage: Assigned Parking, Covered Parking, Off Street Parking
  • Vehicle Storage Cars: 2
  • Year Built: 2023
  • Alternate Key Number: 8555733
  • Cooling Heating: Ceiling Fans(s)
  • Pool Info: In Ground, Concrete
  • Porch Balcony: Open Porch/Balcony
  • Association Maintenance Fee Per: Quarterly
  • Association Info Condo Docs: Yes
  • Tax Exemptions: None
  • Building Style Above Flood: Yes
  • Estimated Living Sq Ft: 1001.00
  • Property Condition: New Construction
  • Sewer Hook Up: Yes
  • Unit Complex: Unit
  • Statistical Purposes Only: No
  • Special Features: NewHome
  • Property Sub Type: Condos

Interior Features

  • Interior Amenities: Storage, Quartz Countertops, Walk-in Closet(s)
  • Floor Number: 2.00
  • Total Bathrooms: 2.00
  • Full Bathrooms: 2
  • Appliances: Washer, Stainless Steel Appliance(s), Disposal, Microwave, Oven, Refrigerator, Dishwasher, Dryer
  • Floor: Vinyl
  • Windows/Doors: Impact Rstnce Window, Impact Rstnce Doors
  • Total Bedrooms: 2

Exterior Features

  • Dockage: None
  • Waterfront: Oceanfront, Open Water
  • Waterfront: Yes
  • Construction: Concrete, ICFs (Insulated Concrete Forms), Combo Construction
  • Exterior Features: Sandy Beach, Storage
  • Roof: Metal Roof, Concrete Roof
  • Waterview: Ocean View, Open Water View
  • Pool: Yes

Utilities

  • Security: Patrolled Area
  • Utilities: FKAA, Cable Available, Elect Separate Meter, Buyer to Verify

Lot Info

  • Deed Restrictions: Unknown
  • Parcel Number: 00073990-000500
  • Land Size: 1 Less Than 2 Acres

Rental Info

  • Rentals Allowed: Yes
  • Furnished: Unfurnished

Tax Info

  • Tax Year: 2022

Multi Family

  • Total Units: 32.00

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jul 22, 2023
Closed on
May 8, 2024
Sold by
Broadstone Ronald D and Broadstone Patricia A
Bought by
Kokomo Travel Group Llc
Seller's Agent
Ally Kelley
Ocean Sotheby's International
Buyer's Agent
Monica Barrett
Coldwell Banker Schmitt Real Estate Co.
List Price
$899,000
Sold Price
$750,000
Premium/Discount to List
-$149,000
-16.57%
Views
119
Current Estimated Value
$719,600

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$30,400
Avg. Annual Appreciation
1.99%

Purchase Details

Closed on
Jul 27, 2023
Sold by
Key Colony Beach Club Inc
Bought by
Broadstone Ronald D and Broadstone Patricia A

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$395,000
Interest Rate
6.78%
Mortgage Type
Balloon

Purchase Details

Closed on
Dec 5, 2011
Bought by
Broadstone Ronald D

Purchase Details

Closed on
Jan 22, 2007
Bought by
Broadstone Ronald D

Purchase Details

Closed on
Oct 1, 1988
Bought by
Broadstone Ronald D
Source: Public Records

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Kokomo Travel Group Llc $750,000 None Listed On Document
Broadstone Ronald D -- None Listed On Document
Broadstone Ronald D $199,000 --
Broadstone Ronald D $375,000 --
Broadstone Ronald D $125,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Broadstone Ronald D $395,000
Previous Owner Broadstone Ronald D $150,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/07/2024 05/07/24 Sold $750,000 -9.5% $749 / Sq Ft
04/14/2024 04/14/24 Pending -- -- --
02/16/2024 02/16/24 Price Changed $829,000 -4.6% $828 / Sq Ft
12/30/2023 12/30/23 Price Changed $869,000 -1.1% $868 / Sq Ft
09/25/2023 09/25/23 Price Changed $879,000 -1.1% $878 / Sq Ft
08/12/2023 08/12/23 Price Changed $889,000 -1.1% $888 / Sq Ft
07/22/2023 07/22/23 For Sale $899,000 -- $898 / Sq Ft
Source: Marathon and Lower Keys Association of REALTORS®

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $1,402 $649,435 -- $649,435
2023 $1,402 $91,442 $0 $91,442
2022 $938 $91,442 $0 $91,442
2021 $979 $91,442 $0 $91,442
2020 $947 $91,442 $0 $91,442
2019 $948 $91,442 $0 $91,442
2018 $1,308 $91,442 $0 $0
2017 $2,306 $230,043 $0 $0
2016 $2,285 $230,043 $0 $0
2015 $1,917 $157,081 $0 $0
2014 $1,959 $157,081 $0 $0
Source: Public Records

Agents Affiliated with this Home

  • Ally Kelley

    Seller's Agent in 2024

    Ally Kelley

    Ocean Sotheby's International

    (305) 735-4095

    137 Total Sales

    Ally Kelley
    Section Image
  • Bill Paulson

    Seller Co-Listing Agent in 2024

    Bill Paulson

    Ocean Sotheby's International

    (305) 735-4095

    10 Total Sales

    Bill Paulson
    Section Image

  • M

    Buyer's Agent in 2024

    Monica Barrett

    Coldwell Banker Schmitt Real Estate Co.

    (305) 289-6554

    241 Total Sales

    Monica Barrett
    Section Image
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Map

Source: Marathon and Lower Keys Association of REALTORS®

MLS Number: 606074

APN: 00073990-000500

Florida Monroe County Key Colony Beach 33051

501 E Ocean Dr Unit 5, Key Colony Beach, FL

This home is located at 501 E Ocean Dr Unit 5, Key Colony Beach, FL 33051 since 22 July 2023 and is currently estimated at $719,600, approximately $718 per square foot. This property was built in 2023. 501 E Ocean Dr Unit 5 is a home located in Monroe County with nearby schools including Stanley Switlik Elementary School, Marathon Middle High School, and Coral Shores High School.

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