231 E Shore Drive Unit 2, FL 33040, FL, 33040
Active361 days on marketListed Aug 6, 2025MLS #R11113452
About this home
231 E Shore Drive Unit 2, FL 33040
Introducing Seven Palms Cove, a one-of-a-kind new construction community that redefines luxury island living. With only seven exclusive residences available—each starting at $4 million—this private enclave offers a rare opportunity to own a slice of paradise just minutes from the heart of Key West. Each state-of-the-art home spans over 4,000 square feet and features 5 spacious bedrooms, 5.5 elegantly designed bathrooms, open balconies, and your own private rooftop terrace with sweeping water views. Built with impact glass throughout and outfitted with top-of-the-line appliances and finishes, these homes offer modern sophistication at every turn. Step outside to your own sparkling infinity-edge pool positioned right on the water, and enjoy direct access to the sea from your assigned dock space in a private boat basin perfect for boating enthusiasts. This gated, oceanfront community is ideally located just a block from a private airport that accommodates small aircraft, adding a level of convenience few properties can match. You'll also enjoy resort-style amenities, including on-site pickleball courts and a serene waterfront atmosphere all while being just a short drive to the shops, restaurants, and attractions of Key West. For investors, Seven Palms Cove is an absolute dream. There are no rental restrictions, and similar properties just across the street are bringing in over $300,000 in annual income. Whether you're looking for a luxury vacation home or a high-performing investment property with incredible short-term rental potential, this community offers unmatched flexibility and return potential. Whether you're searching for a forever home, a tropical getaway, or a high-yield asset in the Keys, Seven Palms Cove delivers the perfect blend of comfort, exclusivity, and opportunity. Call us today for pricing details and to schedule your private tour of this exceptional waterfront retreat.
Facts & features
The home at a glance
5
Bedrooms
5.5
Bathrooms
4,103
Sqft
3.34 ac
Lot size
2025
Year built
2
Levels
$1,036
Per sqft
Inside
Outside & construction
Community & fees
Utilities & systems
The numbers
What it really costs
Built from this home's actual numbers — the most recent property-tax bill on record and the real association fee — not generic estimates.
$27,661 /mo · 10% down Conventional, 30-yr fixed at 6%
The assumptions
Above the FHA loan limit for our service areas, so Conventional is the default. VA buyers: switch below — $0 down.
These numbers assume a generic buyer — your credit, down payment and loan program change them. Get the real quote in minutes:
Andrew Acosta
Acosta Home Loans with PRMG · NMLS #1468866
Run your own numbers
FHA isn’t available at this price — the loan would exceed the $541,287 FHA limit for our service areas.
Estimated payment
$27,661/mo
Includes estimated PMI — it drops off once you reach 20% equity. Taxes reflect the most recent bill on record; insurance is a typical-Florida estimate. Your lender’s numbers will differ. CENTURY 21 Edge partners with Florida’s best lenders.
Where it sits
Inside Saddlebunch Keys
Saddlebunch Keys — neighborhood snapshot
Population
603
Median age
55
Median income
$127,813
Median home value
$971,600
Avg household
2
Households w/ children
58%
For the school run
Monroe County School District
School assignments and ratings via edgeAI — always verify with the district.
The numbers that matter
The 33040 market
This home is listed 373% above the 33040 median.
Paper trail
This home's history
Reality check
What actually sold near 231 E Shore Drive Unit 2
Asking prices are opinions — closed sales are facts. The most comparable homes that actually changed hands nearby in the last twelve months.
Sold · May ’26$4,325,000
231 E Shore Drive Unit 3, Key West FL 33040 · same community
5 bd · 5.5 ba · 4,103 sqft · $1,054/sqft · 266 DOM
Sold · Jul ’26$4,330,000
231 E Shore Drive Unit 5, Key West FL 33040
5 bd · 5.5 ba · 4,103 sqft · $1,055/sqft · 295 DOM
Closed-sale data from the MLS, last 12 months, selected for similarity in size and location. No two homes are identical — ask us for a full comparative analysis.
Your home team
The pros in your corner
Buying a home is two conversations — the home and the money. Here’s who handles each, side by side, already working together.
Your agent
Chad Creech
President, Commercial and Development Services · CENTURY 21 Edge
Tours, negotiation, and every question about 231 E Shore Drive Unit 2 — start here.
Your lender
Andrew Acosta
Acosta Home Loans with PRMG · NMLS #1468866
Pre-approval, rates, and the real monthly number for 231 E Shore Drive Unit 2 — before you fall in love.
See it in person
Schedule a tour
Live availability from Chad's calendar — pick a time and it's booked. Confirmation lands in your inbox immediately.
Straight answers
231 E Shore Drive Unit 2 FAQs
What would the monthly payment be for 231 E Shore Drive Unit 2, FL 33040?+
With 10% down on a 30-year Conventional loan at 6%, the all-in payment lands around $27,661/mo — principal and interest, the actual property-tax bill, the $1,391/mo association fee and typical Florida insurance. The payment calculator on this page lets you switch loan type (FHA, Conventional, VA) and adjust the down payment, rate and term.
How much are the HOA fees at 231 E Shore Drive Unit 2, FL 33040?+
The association fee works out to $1,391 per month. Ask us for the full association documents — they spell out exactly what the fee covers.
What are the property taxes on 231 E Shore Drive Unit 2, FL 33040?+
The most recent tax bill on record (2024) was $19,000. A new owner's bill can differ once the sale price resets the assessed value — we can walk you through what to expect.
Are pets allowed at 231 E Shore Drive Unit 2, FL 33040?+
The listing reports pets: Yes. Communities often layer on breed or weight rules — we'll verify the specifics with the association before you commit.
How does the price compare to other homes in 33040?+
At $4,250,000, this home is listed about 373% above the 33040 median of $899,000. The market section on this page shows how the area is trending.
Which schools are assigned to 231 E Shore Drive Unit 2, FL 33040?+
Key West High School (high) — Monroe County School District. Always verify school assignments with the district before relying on them.
The brief
Four things that matter here
01Positioned at the premium end
$4,250,000 runs 373% above the 33040 median.
02Waterfront living
This home sits directly on the water — the single scarcest feature in Florida inventory and the strongest long-term value anchor.
03Know the monthly fee
The association fee is $1,391/mo. That usually buys real services — verify what's covered before comparing this home against fee-free alternatives.
04The price has already moved
Listed at $40,000,000, now $4,250,000 — a $36M cut. The full history is in the market section below.
IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by Miami Association of REALTORS®.