Island Place At North Bay Homes for Sale

Island Place At North Bay is an age-restricted 55+ community in North Bay Village, Miami-Dade County, Florida, governed under the Housing for Older Persons Act (HOPA). Homes are priced from $323,000 to $369,000. At least one resident per home must be 55 or older. Pure Equity lists homes in Island Place At North 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 Island Place At North Bay and the North Bay Village 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 7 Island Place At North Bay North Bay Village homes for sale as of October 2026. The median asking price is $257,000. Asking prices run from $205,000 to $360,000.

That is 42% below the North Bay Village median of $445,000. On a per-foot basis, homes here ask about $306 per square foot, compared with $435 across North Bay Village. So the median price buys roughly 850 square feet of living area.

Listings here have averaged 285 days on the market. That is slower than the North Bay Village average of 186 days. Because of that, buyers often have more room to negotiate on price, repairs or closing costs.

Homes listed in Island Place At North Bay date from 1966, so they are about 60 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.

Island Place At North Bay 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.

Island Place At North Bay is a condo building. Also request the association budget, recent minutes and any special assessments before you sign.

Rentals in Island Place At North Bay have a median asking rent of $2,100 per month, across 5 active rental listings. For comparison, the North Bay Village median is $2,800, so rents here run 25% lower.

For investors, those medians imply a gross yield near 9.8% 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 North Bay Village rentals or ask us for a rent estimate on a specific Island Place At North Bay home.

Here is what the median Island Place At North Bay price means in Florida closing terms. At $257,000, a 20% down payment comes to about $51,000, leaving a loan near $206,000.

Florida then taxes that loan twice. First, documentary stamp tax on the note runs 35 cents per $100, or about $720. Next, the intangible tax of 0.2% adds about $411. 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 $1,542 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 Island Place At North Bay listings show assignments to Treasure Island (elementary), Miami Beach Nautilus (middle) and Miami Beach (high). However, boundaries can change each year, so confirm the assignment for a specific address with Miami-Dade County Public Schools.