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.
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 than elsewhere in Miami while also being home to many multi-million dollar mansions.
Coconut Grove is exclusive and it is the new place to be. According to the Wall Street Journal, the Grove has seen a true transition from Birkenstocks to Billionaires in the last few years and this ‘Bohemian chic’ part of Miami is now where everyone wants to be. The demographic that buys in the Grove is primarily looking for a primary residence and not for merely an investment.
Why does Coconut Grove appeal to buyers?
Real Estate in Coconut Grove is very desired for multiple reasons:
• 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.
Coconut Grove Single Family Homes
Homes in the Grove are among Miami’s most desired properties. Besides the before-mentioned advantages of living in Coconut Grove, the area is rich in beautiful properties often located in quiet and private streets. As Coconut Grove is located along the Biscayne Bay the waterfront aspect also plays an important role in the demand for Coconut Grove homes.While buyers are lining up, those who bought are likely to stay. The demand for Coconut Grove homes is large. Many families want to raise their kids in this tranquil and safe area and they would like to live near the best private schools this country has to offer. Many families that buy Coconut Grove real estate stay in their property for a longer period of time resulting in a supply that isn’t always keeping up with the demand.
Thinking of the future, we see the ever-increasing population in Brickell that at one moment in time will want to start a family and move into a single-family home. Many of these young professionals work in Brickell or Coral Gables and Coconut Grove is one of the most logical next steps for these young professionals. This next generation of young families is likely to keep the demand for Coconut Grove homes high.
Many Coconut Grove homes are located in guard-gated communities, which is especially attractive to wealthy families with children. The demand for gated communities has always been high as the exclusivity and safety of these communities appeal to many. There are communities in the Grove where no single home has been sold in the last 2 years yet many people are anxiously waiting for a listing to appear. Many gated communities in Coconut Grove are waterfront and offer amenities like tennis courts and 24/7 surveillance. Some of the most desired Coconut Grove communities are The Moorings, Hughes Cove, Camp Biscayne and Entrada Estates.
Compare all the Gated Communities in Coconut Grove
Coconut Grove Luxury Condos
Although real estate in Coconut Grove Florida is mostly known for its single-family homes, the Grove also offers condos. The Grove has a very limited supply of high-end condos. Luxury condos in the Grove include Grovenor House, which is located on a waterfront parcel overlooking the Marina as well as the Ritz Carlton Residences. The ultra-luxury market was non-existing before Park Grove and Grove at Grand Bay were announced. 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.
Coconut Grove Townhomes
The Coconut Grove real estate market also offers townhomes. Coconut Grove Townhomes are scarce yet very sought after. As most single-family homes in Coconut Grove surpass the $1M rank, most young families prefer the more affordable step into a townhouse. Most of these typical Coconut Grove townhomes are offering 3 bedrooms / 2,5 bathrooms and around 2,200/2,300 Sq.Ft of living area. As townhouses are very scarce, prices have been increasing over the last few years. The inventory in Coconut Grove townhomes has been ranging from 4-8 months for a while now indicating a neutral market, with a tendency to be a sellers market.