Lakes By The Bay Homes for Sale

Lakes By The Bay Sec 5 is an age-restricted 55+ community in Cutler Bay, Miami-Dade County, Florida, governed under the Housing for Older Persons Act (HOPA). Homes are priced from $475,000 to $515,000. At least one resident per home must be 55 or older. Pure Equity lists homes in Lakes By The Bay and represents buyers. Commission is negotiable, and what we are paid is agreed with you in writing before you commit to anything.

Pure Equity Realty covers Lakes By The Bay and the Cutler Bay area. We list for 1%, which includes photography, MLS syndication, and negotiation support. Buyers pay nothing for representation. For current market data, see Florida Realtors' market statistics.

Our MLS feed shows 13 Lakes By The Bay Cutler Bay homes for sale as of October 2026. The median asking price is $515,000. Asking prices run from $479,000 to $735,000.

That is 14% below the Cutler Bay median of $599,000. On a per-foot basis, homes here ask about $358 per square foot, compared with $323 across Cutler Bay. So the median price buys roughly 1,450 square feet of living area.

Listings here have averaged 92 days on the market. That tracks the Cutler Bay average of 90 days, so pricing and terms follow the wider city market.

Homes listed in Lakes By The Bay date from 1988 to 1990. That puts them between 36 and 38 years old.

All of these homes predate Florida's 2002 statewide building code. So roof age, window protection and the wind mitigation report matter a great deal for insurance.

In addition, most Florida insurers ask for a four-point inspection on homes 30 years or older. It covers the roof, electrical, plumbing and HVAC. Updated systems usually make coverage easier to place.

Rentals in Lakes By The Bay have a median asking rent of $3,300 per month, across 6 active rental listings. For comparison, the Cutler Bay median is $2,400, so rents here run 38% higher.

For investors, those medians imply a gross yield near 7.7% a year. However, that figure comes before HOA dues, property tax, insurance and vacancy. Also check the association documents first, because many Florida HOAs cap leases or set minimum terms.

You can browse current Cutler Bay rentals or ask us for a rent estimate on a specific Lakes By The Bay home.

Here is what the median Lakes By The Bay price means in Florida closing terms. At $515,000, a 20% down payment comes to about $103,000, leaving a loan near $412,000.

Florida then taxes that loan twice. First, documentary stamp tax on the note runs 35 cents per $100, or about $1,442. Next, the intangible tax of 0.2% adds about $824. Buyers normally pay both at closing.

On the seller side, Miami-Dade charges deed stamps of 60 cents per $100 on a single-family home, about $3,090 at this price. Condos and other property types pay a higher rate.

Finally, owner-occupants should file for the Florida homestead exemption by March 1. It removes up to $50,000 of assessed value. After that, Save Our Homes caps yearly assessment increases at 3% or inflation, whichever is lower. To see what these numbers mean for your budget, get pre-approved before you tour.

Recent Lakes By The Bay listings show assignments to Dr. Edward L. Whigham (elementary), Cutler Bay Middle (middle) and Miami Southridge (high). However, boundaries can change each year, so confirm the assignment for a specific address with Miami-Dade County Public Schools.