Why Park Grove in Coconut Grove is such a great Investment – An independent review

The Investment Value of Park Grove in Coconut Grove

The Park Grove Condo Project is a fast selling new luxury condo project in Coconut Grove. The Coconut Grove condo project offers 3 towers and is located in the middle of a newly developed waterfront park.

 Read here all the information on Park Grove – Floor Plans, Price Ranges, More Pics and Residence Details

Park Grove Condo in Coconut Grove offers Great investment values. Read here why

Park Grove Residences in Coconut Grove. Expectations will be exceeded with this high end condo on a waterfront parcel

The Amenities at Park Grove Condo are taken to the next level! The Condo park offers pools, fitness, yoga, a private chef and much more to enrich your lives!

This is the first Coconut Grove Luxury Condo to be build in a long time (after Grove at Grand Bay) and therefore a hot commodity. The condo inventory in the Grove is limited and Park Grove satisfies the needs of many young professionals, families and investors  looking for upscale Grove Condo living.

The David Siddons Group has been accompanying many clients to the sales center and is a true expert now when it comes to the project. Comparing the project with other luxury Condos in Miami it can be said that the finishes and the amenities of Park Grove are superior.

 Read here all the information on Park Grove – Floor Plans, Price Ranges, More Pics and Residence Details

The Three Luxury Residential Towers of Park Grove in Coconut Grove. The luxury residences are located in a beautifully landscaped and waterfront park by Enzo Enea

Fast Facts: Park Grove Residences in Coconut Grove

• Architecture by OMA – Rem Koolhaas
• Interiors by William Sofield
• Landscapes by Enzo Enea
• Development by: Terra Group and Related

Park Grove will consist of 3 towers with towers 2 and 3 being build and sold first. Tower 1 will start selling in about a year.

Renderings of the location of the three towers of the Park Grove Residences in Coconut Grove

Interiors are flowing effortlessly into the exteriors at Park Grove in Coconut Grove. The ocean views are superb!

Click here for more Park Grove Views

The Investment Values of Park Grove Condo in Coconut Grove

Why is Park Grove such a great investment? We will explain that right here. First of all let me sum up all the great features that Park Grove has to offer before I go further into the numbers

Park Grove Selling Points

• The very limited supply of luxury Coconut Grove condos
  • So far we only have Grovenor House (More dated and less Quality Amenities – and we are not only referring to the fact that Park grove is located in a waterfront PARK). Grove at Grand Bay is another pre-construction Condo in Coconut Grove which can be compared in Luxury and finishes. However this condo is selling at a higher price point than Park Grove
• Park Grove Condo in Coconut Grove has over 5.2 acres of waterfront parcel with over 50,000 sq ft of amenities and  will have a major collection of Art that will be displayed throughout the property and will be part of the Condo Tower
• The developer of Park Grove provides the option of a lease back which is negotiable within your contract of sales. So if the developer accepts the offer it might lease the unit for a certain amount of years
• Park Grove is designed by a world-class team of leading architects, designers, and developers (Mentioned earlier)
• Tower 1 and 2 have 12ft Ceilings and tower 3 has 10 Ft Ceilings .
• Tower 1 and 2 have  20 Ft wide balconies and private elevators and selective penthouses feature private pools

For more of the residence information please visit our Independent Review of Park Grove Condo

Park Grove Selling Points in Numbers – The Investment Values

The Rental Numbers

So let us run the numbers here for those looking for more reasons to invest than just swanky, high end condo living

Like I said before, the only comparable Condo at this moment is Grovenor house (2006) and to a lesser extent The Ritz Carlton in Coconut Grove (2001) (Purely based on the luxury associated with the Ritz brand)

At the moment Grovenor house has only two units for rent. A 2 bedroom ($6,800/month) and a furnished 3 Bedroom ($12,000 per month). Like I said before, the Grove has limited inventory (For example at this moment the entire Grove has only three 3-bedrooms units available) and unlike Brickell, Coconut Grove’s residents tend to be more stable and stay in the same property for a longer period of time.

Here below the Rental Prices for Grovenor House Units are given which are rented in the last year

In the last year these units Rented in Grovenor House 

Units rented in Grovenor House in the last year – Data taken from MLS

As can be seen, Grovenor House, the only comparable condo to Park Grove didn’t rent out 1 or 4 bedrooms. In the last year only about 11 units rented out (2 and 3 bedrooms). For 1 Bedrooms, the best possible comparison would be the Ritz Carlton residences which rented out for between $2,700 – $3,000 per Month (for approx 1,000 Sq.Ft)

The 1 Bedrooms at Park Grove will offer a great investment value. As you can see luxurious 1 bedroom units in modern buildings are very scarce in Coconut Grove.  Park Grove 1 Bedroom units start at $550,000 in tower 3. The units could be rented for $3,000  or more as Park Grove compared to Ritz Carlton is newer, and provides better amenities. That is a rental price of $3,000 – $4,000 per month for a $550,000 investment!

A Calculation for a 2 bedroom unit

We ran these numbers for a client the other day who was looking for a 2 bedroom unit:

Park Grove

Costs of Park Grove:  $768,000 for a 2 bedroom on Lower Floor

• Income (based on condos in area) $6,000 *12 = $72,000
• Total costs: $42,832
  • Closing costs (Normally 1.5% ): $11,520
  • Yearly taxes: $10,000
  • Maintenance Fee: 1276 *12= 15312
  • Realtor Fee when renting: $6000
• Total profit in first year: $29,168
• Total profit in second year: $40,688 (No closing costs)

 ASK US FOR OTHER EXAMPLES OR FOR A PERSONALIZED APPROACH

Resale Values

Here below we show you the resale values of Grovenor house to see what a Luxury Condo (yet inferior to Park Grove Condo) is selling for.  Prices at Park Grove start at $604 per Sq.Ft but are increasing soon due to the high demand!

Units sold at Grovenor House in the last year – Data taken from MLS

  Why buying a Miami preconstruction condo on your own might be a bad idea

Location of the Park Grove Condo Project

David Siddons

305 508 0899 – david@siddonsgroup.com