Coconut Grove: A transition from Birkenstocks to Billionaires
The appeal of Coconut Grove – Bohemian chic with a glitzy edge
The family friendly and exceedingly desired Coconut Grove has always been known for its eclectic artist community and its laid back lifestyle. Today however, new ultra-luxury condos and waterfront mansions are being built in the Grove which is getting glitzier than ever and is now attracting wealthy families from all over the world.
This family friendly and exceedingly desired part of Miami has always been known for its eclectic artist community but due to the new luxury condos and raising land prices.
The Grove’s desirability has started a few years ago when affordable homes were snatched from the market after being listed for just a few days. Today, the demand has outgrown the supply to the level of investors buying up teardown properties (sometimes not even teardown worthy) to build the home of their dreams.
The attraction of Coconut Grove
The 5.6 square mile village has been annexed in 1925 and predates the founding of Miami. With its tree filled, jungle-esk streets (occasionally the catwalk of a muster of peacocks) and Bahamian, timber frame conch houses, the Grove is like no other part of Miami. This laid back village provides a more Bohemian feel. While buyers are lining up, those who bought are likely to stay.
Why does the Grove appeal to buyers?
- Safety. This 24/7 police controlled area has been named the safest area in Miami by the Miami Dade police.
- Excellent schools. The Grove is home to some of Miami’s best schools. Read more about schools in Coconut Grove.
- Geographic location: The Grove is ideally located in the center of it all. You are minutes away from the financial center in Brickell as well as 5-10 minutes from Coral Gables‘ commercial and business districts.
- Walkability: The Grove is known for its walkability. The core of the Grove, which is centered around Cocowalk which is home to many little boutiques, art galleries, ice cream parlors and cozy little lunch rooms and restaurants. During the weekends many Grovites can be found here.
- The tree filled streets: The lush vegetation of oak and banyan trees in the Grove is one of its main assets. Many people feel like they are truly living in a village within Miami.
Real Estate in Coconut Grove – Homes and Condos
Homes in the Grove are among Miami’s most desired properties. Besides the before-mentioned advantages of living here, the area is rich in beautiful properties often located in quiet and private streets. Many homes are located in guard-gated communities which is especially attractive to wealthy families with children. As Coconut Grove is a located along the Biscayne Bay the waterfront aspect also plays an important role in the demand for homes
Luxury condos in the Grove are limited. There is the Grovenor House, which is located on a waterfront parcel overlooking the Marina as well as the Ritz Carlton Residences. The announcement of Grove at Grand Bay, followed by Park Grove has made a major impact on the Grove’s condo market. The latter two condos are the first truly luxury condos in Coconut Grove and have been selling successfully as the demand for this type of product is high.
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