The Emeraldbay @ Key Colo Homes for Sale

The Emeraldbay @ Key Colo is an age-restricted 55+ community in Key Biscayne, Miami-Dade County, Florida, governed under the Housing for Older Persons Act (HOPA). Homes are priced from $875,000 to $2,600,000. At least one resident per home must be 55 or older. Pure Equity lists homes in The Emeraldbay @ Key Colo 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 The Emeraldbay @ Key Colo and the Key Biscayne 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 6 The Emeraldbay @ Key Colo Key Biscayne homes for sale as of October 2026. The median asking price is $2.02M. Asking prices run from $1.25M to $2.65M.

That is 19% below the Key Biscayne median of $2.48M. On a per-foot basis, homes here ask about $1,085 per square foot, compared with $1,150 across Key Biscayne. So the median price buys roughly 1,850 square feet of living area.

Listings here have averaged 92 days on the market. That is faster than the Key Biscayne average of 130 days. As a result, buyers here should be ready to write an offer soon after a showing.

Homes listed in The Emeraldbay @ Key Colo date from 1980, so they are about 46 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.

Condo buyers should also know Florida's 2022 condo safety law. It requires milestone structural inspections for buildings three stories or taller as they age. It also requires a structural integrity reserve study. Before you sign, request both reports and the current reserve balance.

The Emeraldbay @ Key Colo includes waterfront homes. Waterfront lots in South Florida often sit in FEMA special flood hazard areas, where lenders require flood insurance. Before you commit, look up the address on the FEMA Flood Map Service Center and ask the seller for an elevation certificate.

The Emeraldbay @ Key Colo is a condo building. Also request the association budget, recent minutes and any special assessments before you sign.

At a median near $2.02M, The Emeraldbay @ Key Colo sits in the luxury tier of Key Biscayne. Jumbo financing and proof of funds usually come up early in these negotiations.

Rentals in The Emeraldbay @ Key Colo have a median asking rent of $6,500 per month, across 16 active rental listings. For comparison, the Key Biscayne median is $7,900, so rents here run 18% lower.

For investors, those medians imply a gross yield near 3.9% 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 Key Biscayne rentals or ask us for a rent estimate on a specific The Emeraldbay @ Key Colo home.

Here is what the median The Emeraldbay @ Key Colo price means in Florida closing terms. At $2.02M, a 20% down payment comes to about $405,000, leaving a loan near $1.62M.

Florida then taxes that loan twice. First, documentary stamp tax on the note runs 35 cents per $100, or about $5,670. Next, the intangible tax of 0.2% adds about $3,240. 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 $12,150 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 The Emeraldbay @ Key Colo listings show assignments to Key Biscayne K-8 (elementary), Ponce De Leon (middle) and Coral Gables (high). However, boundaries can change each year, so confirm the assignment for a specific address with Miami-Dade County Public Schools.