2024 Coconut Grove Real Estate Market Trends & Forecast Q1-Q3

Dive into the latest Coconut Grove real estate market trends complete with expert advice for buyers and sellers.

Highlights from 2024.

A focal neighborhood for relocating families from New York, California, and other states, which like Coral Gables has also seen a slowdown of migration largely due to limited space in private schools. In 2023 we saw many existing homeowners resistant to selling due to high interest rates and few alternatives. In 2024 even though inventory appears to have risen, there is still limited ‘quality’ inventory. The market is closer to a ‘neutral’ position but I would conclude that it is a ‘seller’s market’ for sellers of newer or well-renovated homes. We did see more sales in 2024 compared to last year and the median price rose significantly as did the top dollar per sqft. Inventory dropped slightly and average discounts also dropped.

Buyers, Sellers, and Investors advice

 

  • Buyers should be aware that quality inventory remains tight but if you are happy with an older home your power of negotiation is strong. Any drop in interest rates will most certainly result in an uptick in sales and competition, so better to ‘marry the house date the mortgage’.
  • For sellers, it is important to recognize that the new and remodeled homes will continue to sell well but homes in need of work will have a much harder time and need to be priced in line with sales from the last 6 months.
  • Investors: Extremely high rental asking prices of 2023 have given way to more balance as rental demand softens. More renters are turning into buyers as they see the need to step on the property ladder before they get out-priced from the market. Land options continue to be sparse and land buyers should look to other neighborhoods like Pinecrest and South Miami as alternatives.

Commentary on specific transactions and 2025 predictions

3849 Leafy Way represented the highest dry lot price per sqft in Coconut Grove at $2,150 per sqft, this was on account of its superb location and unusual lot size. 3834 Park Ave was the most expensive dry-lot home to sell. Selling for $14.3m. 3080 Munroe was a direct bay front estate and the most expensive waterfront home to sell at $33.5m (a considerable drop though from the original ask of $50m). Currently, an estate at 3585 Anchorage Way is for sale at $135m which represents the most expensive home to ever hit the Coconut Grove market! I predict in 2025 that luxury and new home products will remain very limited. More older homes will ultimately give way to continued new developments. When interest rates drop again we we will see another surge of buyers in the $2-$5m range which has experienced a slowdown over the last year. Please see details of these sales and price point-specific stats over the last 9 months on our neighborhood statistics page.

Highlights for 2024 Coconut Grove Real Estate Market Trends

The Luxury Grove condo market is admittedly contained within a small geographical area and is constituted by a very limited dataset of luxury condos: Park Grove 1 and 2. Grove at Grand Bay, Grovenor House, and the new Mr. C Bayshore Tower. Although the overall Grove Condo market might suggest some balance when you blend out the supply, the truth is that the luxury condo market ($4M+) is very limited. Larger units in luxury condos are increasingly rare, with high demand for 3-bedroom or larger units. Due to significant absorption in 2023, there have been far fewer sales this year—15 compared to 23 during the same period last year—representing nearly a 40% drop in sales caused by severely limited inventory.  While the average price per square foot might appear to have decreased, this is largely due to an increase in sales of ‘lower-level’ properties that pulled down the average. In reality, luxury condos in newer Grove buildings are not available for less than $2,000 per SF, and in most cases, prices are closer to $2,500 per SF.

Buyer, Seller, and Investment advice

 

  •  For buyers: consider that with limited supply these large luxury units across Coconut Grove will continue to appreciate and continue to not only be highly desirable but be limited in inventory.
  • Sellers, appreciate that you are controlling the game (particularly those with direct bay views and large units) but also appreciate that low-level units, poorly finished units, or units with poor water views will not automatically guarantee high prices or fast sales.
  • The Grove is a great spot for investors and those considering a long-term ‘safe investment’ condo location could not do better than Coconut Grove.

Commentary on specific transactions and 2025 Predictions

Price per sqft for luxury condos continues to set records and this year we saw Park Grove achieve a new high of $3,350 per sqft for a high floor off-market A line in Park Grove Tower 1. Mr C has seen several resales already but this has been purely focused on the 01 and 02 lines in the Bayshore tower. There are several good new projects in the Grove to consider (please call me for more info on these). In 2025 we expect to see a slow but steady appreciation for this market.

Current Condo inventory
Show me the Grove Condo market Statistics where I can see actual sales and specific price point data.

Read part 1 of our 2024 Report: Overview and Most Asked Qeuestions
Read part 2 of our 2024 Report: Miami Neighborhood Trends on the Mainland

Schedule Time with David (Via Zoom, Call or in Person)

Schedule time to discuss your personal questions regarding the Coconut Grove Real Estate Market Trends  in 2024/2025.

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023. 

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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