Best and Worst Performing Condos in Coconut Grove in 2025

Methodology

Coconut Grove’s condo market is small but highly segmented. While the neighborhood is predominantly composed of single-family homes, a handful of condo buildings stand out for their stability and long-term value, while others warrant a closer look. In this report, we identify the top-performing and underperforming condos in Coconut Grove and explain the reasons behind each outcome. Each building was analyzed across key performance metrics — price per square foot trends, resale velocity, HOA fees, owner-to-renter ratios, reserve strength, and assessment risk. This is a curated selection designed to highlight where value is growing and where caution may be needed.
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1. Park Grove

Park Grove stands as one of Miami’s most successful condo developments, outperforming nearly every comparable project in both appreciation and demand. Comprising three towers (One Park Grove, Park Grove Tower 2, and the Club Residences) on a 5.2-acre bayfront site along Bayshore Drive, the development offers over 50,000 square feet of resort-style amenities and direct access to Coconut Grove’s vibrant dining and retail core. Since its 2019 delivery, Tower I—home to just 72 expansive bayfront residences with 12-foot ceilings—has appreciated over 250%, with prices climbing from roughly $1,500 to over $3,800 per square foot in premium lines. Two Park Grove mirrors the same construction quality and amenities at a slightly lower price point due to more limited views, creating a strong value proposition for buyers priced out of Tower I. The Club Residences, featuring smaller units starting around $1 million, provide an accessible entry into the community while sharing full access to all amenities. Across the three towers, average prices have doubled from $1,082 per square foot in 2021 to $2,062 in 2025, while inventory remains extremely tight—typically between 1 and 10 months—and median days on market hover at 44. With most owners being end users, rental turnover is minimal, reinforcing long-term stability. Even with upcoming competition from the Four Seasons Residences (priced between $3,000–$4,000 per foot), Park Grove’s combination of location, quality, and lifestyle cements its position as Coconut Grove’s benchmark for performance and desirability.

Park Grove Outlook: Strong demand into Coconut Grove condo market will continue from local empty nesters downsizing from their larger single family homes. Park Grove is one of very few options these buyers would consider to call home. Four Seasons Residences will eat into that buyer pool, but the inventory is absolutely needed. I expect Park Grove to continue its success and continue to appreciate in 2026.

2. Grove at Grand Bay

Grove at Grand Bay remains one of Coconut Grove’s most architecturally distinctive and tightly held condominiums. Designed by world-renowned architect Bjarke Ingels, the twin twisting glass towers house only 98 residences, each featuring 12-foot ceilings, expansive floor plans, and sweeping bay views. The building’s boutique scale and emphasis on livable space have made it a favorite among end users, resulting in limited turnover and consistently low inventory—under eight months since 2020. Prices have nearly doubled over the past five years, rising from an average of $1,100 per square foot in 2020 to $1,900 in 2025, reflecting enduring demand for design-forward, low-density living. With median days on market around 220 and an HOA fee of $1.75 per foot, Grove at Grand Bay remains highly competitive among Miami’s top luxury buildings. Future competition from the Four Seasons Residences, which will add just 70 units, is not expected to impact its performance, as the building’s strong owner base, architectural pedigree, and waterfront location continue to anchor long-term value.

Grove at Grand Bay Outlook: I expect price per sqft to hover around $2,000 per foot until Four Seasons Residences is completed. Four Seasons will obstruct some views so buyers are concerned how that will look. Often times, the unknown is far worst than when it is delivered. Knowing the Four Seasons architecture and the small view that it will obstruct, I think Grove at Grand Bay’s $2,000 per foot price point is going to explode once the Four Seasons is complete and the uncertainty is gone.

3 Grovenor House

Grovenor House continues to rank among Coconut Grove’s most desirable addresses, even nearly two decades after its delivery. Developed by Ugo Colombo in 2006, this 32-story bayfront tower features 165 residences priced between $2 million and $7.5 million, many offering panoramic views of Biscayne Bay. Currently, the building is undergoing a comprehensive renovation of its pool and amenity deck—a two-year improvement plan that has done little to slow demand. Inventory has remained below six months since 2021, reflecting a deeply established owner base and limited resale activity. Prices have risen more than 50% since 2020, with a median of just 39 days on market, underscoring the building’s enduring appeal among end users. With HOA fees averaging $1.50 per square foot, Grovenor House remains one of the most cost-efficient luxury options in the area. While The Well Residences may offer new competition, its more limited views and smaller scale position Grovenor House as the benchmark for timeless design, stability, and long-term value in Coconut Grove.

Grovenor House Outlook: Grovenor House will continue to be a great building in 2026 and for years to come. The pool deck will be completed in the next 12 months which will make it much more desirable than it’s current state, and it’s still performing very well. Averaging at $1,600 per foot, it’s a great option for buyers in the $3M-$5M range who are looking for water views. I expect continued growth going into 2026.

1. Grove Towers

Grove Towers, a 99-unit condominium built in 1982, has struggled to keep pace with Coconut Grove’s newer luxury offerings. Despite its prime location just steps from Cocowalk, the building has faced years of disruptive renovations and heavy assessments, which have weighed on both pricing momentum and buyer confidence. While the upgrades are now complete and no new assessments are anticipated, prices have remained flat around $850 per square foot since 2023, well below the trajectory of neighboring buildings. With limited sales activity, a median of 74 days on market, and a high proportion of long-term owners, turnover remains low but liquidity is limited. HOA fees of $1.65 per footsit near the upper midrange for the area, further constraining value perception. Grove Towers may see renewed interest now that construction has ended, but for the moment, it remains an underperforming asset relative to Coconut Grove’s top-tier condominiums.

2 The Fairchild

The Fairchild, a boutique 6-story waterfront building completed in 2020 with just 26 units, has struggled to gain traction despite high-quality finishes and thoughtful floor plans. Its location, about a 30-minute walk to Downtown Coconut Grove, limits access to the restaurants and shops most Grove buyers prioritize, while only a few units enjoy direct water views; the remainder face restricted sightlines to neighboring buildings or Mercy Hospital. HOA fees average $2 per square foot, but the building’s limited amenities—a small gym, lobby, and minimal service—offer little value relative to the cost. Market activity reflects these challenges: prices per square foot have flatlined since 2022, the average days on market is 210, and there have been no sales since April 2024, with only four units currently listed. While the building has appreciated roughly 50% since 2020, this lags behind other top-performing Coconut Grove properties. With future competition from Vita in Grove Isle arriving in 2025, The Fairchild remains a difficult property to sell, marking it as one of the underperforming condos in the neighborhood.

3. Ritz Carlton Residences Coconut Grove

Ritz Carlton Coconut Grove, built in 2001 with 212 units ranging from 1-3 bedrooms, carries a prestigious name but has struggled to attract traditional end users. Its hotel affiliation and short-term lease allowances create a more transient resident base, while the relatively small unit sizes (1,000–2,200 square feet) often deter families and long-term buyers. As a result, the building is largely occupied by investors or partial-use owners, limiting market stability. Inventory has fluctuated between 4 and 14 months since 2021, and while prices have appreciated roughly 50% since 2020, median days on market remain 82, reflecting slower turnover. HOA fees average $1.75 per square foot, in line with luxury peers, but the combination of unit size, ownership profile, and transient nature keeps the building from fully capitalizing on Coconut Grove’s strong end-user demand. Future competition from The Well Residences is likely to maintain pressure on the building’s market performance, solidifying its position as an underperforming property relative to the neighborhood’s top-tier condos.

Conclusions

Overall, the Coconut Grove Condo Market is one of, if not, the best condo market in South Florida. Even the worst performing condos in this list have done quite well compared to other markets. For the purposes of this report, we were only considering the small condo supply of Coconut Grove.

The Best Performing Condos in Coconut Grove have these common traits:

• Owner-Driven, Not Investor-Driven → Most residents are end-users with limited rentals and low turnover, keeping prices steady and resale values strong.
• Strong Financials → These buildings have healthy reserves, stable HOA fees, and no looming assessments, providing buyers with confidence and stability.
• Walkability or Views → Buyers prioritize either walkability to restaurants and shops or waterfront views. Both are highly desirable, but walkability is often the deciding factor in Coconut Grove’s lifestyle-focused market.
• Stable Demand → Units are occupied by long-term residents who value lifestyle and community over short-term gains, ensuring consistent interest and appreciation.

The Underperforming Condos have these common traits:

• Older or Under Renovation → Many require major updates or are in the midst of construction, which slows demand.
• Investor-Heavy → Buildings with a large rental pool rely on short-term income and often sell quickly if the rental market softens.
• Limited Views / Low Walkability → Properties that lack water views and are far from Downtown Grove or retail struggle to attract end-users.
• Scarcity and Lifestyle Gaps → Smaller unit numbers and lack of amenities compared to top-tier buildings make these condos less competitive in the market.

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