How Does ‘The Markers on Grove Isle’ compare to other Coconut Grove Luxury Condos
The Markers Grove Isle Condos for Sale | What you need to know about this Coconut Grove Condo for Sale
First off is our initial caveat. We are here to report the facts but of course we have our personal opinion on every project, which is based of our experience and holistic knowledge of the market. If you like to hear my personal opinion about the Markers, please give me a call at +1.305.508.0899.
A few weeks ago we introduced a brand new Coconut Grove pre-construction condo named the Markers. With only 65 residences and located on the gated island community of Grove Isle this project is what everyone seems to be talking about. The David Siddons Group visited the project and compared this with other luxury condos in the Grove
Selling Points of The Markers at Grove Isle
The Markers at Grove Isle is without a doubt a beautiful project. The unique and extremely private location on the Island of Grove Isle is a desirable feature. The condos are located directly on the water so residents enjoy unobstructed bayviews. The Markers is a true boutique project with only 65 residences on 7 acres. This makes it a remarkably low density project, probably one of the lowest in all of Miami and ideal for those who value privacy and tranquility. Obviously the finishes are really well done, but that is not even under discussion anymore in today’s Coconut Grove luxury condo market. The residences offer 11ft ceilings and 12,5ft ceilings in the Penthouses. Another great feature is that all residences are 2,000 SF+ and there are no 1 bedrooms available. This provides for an overall more luxury feel, which many buyers of luxury condos prefer. To top this all off, the developer has 10 boat slips available for residents to purchase.
The Downsides of The Markers Grove Isle
The below aspects might or might not be an issue for potential buyers, but as independent realtors we want to mention them. Each residence at the Markers comes with two valet parking spots. While most Miami condos provide you with one parking space and additional valet parking, this project only provides for valet and the possibility to purchase one of the 35 air-conditioned garages for sale. Additionally, the island is shared with Grove Isle 1, 2 and 3, these are dated and less aesthetically pleasing condos, which give the island a dated feel. You will have to pass this outdated trio in order to arrive at your multi-million Dollar condo
The developer of the Markers has never built an actual condo. He is known for beautiful mansions in Key Biscayne and other parts of Miami. Not necessarily the worst thing, but worth to mention. The condo development will be financed by several investment groups from Mexico. This makes the project less dependent on just one financier, but on the other hand there is more risk of one of the the groups defaulting or conflicts.
Our biggest concern however is the price point of this condo. The residences have very nice and unique features, but for their most affordable unit they are asking 1,359 per SF. (according to the sales center agent). Unit H2 is a 3 bedroom & den residence which measures 2,871 SF and listed for $3.9M.
Comparing Prices per SF | The Markers vs Coconut Grove Luxury Condos
To put this price point into perspective, Park Grove is currently selling between a range of $1,163 per SF and $1,617 per SF. These units range from 2,232 to 3,592 SF. The Penthouse at Park Grove is currently listed for little over $11M ($1,737 per SF) and offers 6,476 of interior SF as well as a rooftop and rooftop private pool. Park Grove is built by a renown developer and has everything a luxury condo requires in today’s Miami market. Competing luxury tower Grove at Grand Bay is selling between $857 and $1,518 SF. Grove at Grand Bay already sold two penthouses, both measure over 5,000 SF and come with a private rooftop terrace and private pool. One sold for $1,494 per SF and one for $1,089 per SF. The penthouse at boutique condo the residences at Vizcaya is listed at $1,071 per SF (see detailed information and pictures below). The penthouse B at the Markers is listed for $2,857 per SF ($12.6M). This 4,410 SF PH offers 3,000 SF of roof terrace and another 1,300 SF terrace
This PH at the Residences of Vizcaya also offers two stories, 5,881 SF with 3,285 SF of terrace, a 4-car garage and a private roof top pool, This 4 bedroom property is listed for $6,300,000 or $1,071 per SF. This property has already been on the market for more than a year.
How does the Markers compare to other luxury Coconut Grove condos for sale?
Each of these condos have their own unique points of sale. The Markers on Grove Isle certainly has a high level of luxury; the views, the marina, the low density, but we wonder whether the price levels will attract many buyers in today’s market. Since Grove Isle breaths a more dated feel and with so much high-end competition for almost half the price (at Penthouse levels) we wonder whether they will not have to lower their prices any time soon.
Below we provide you with a quick fact sheet of how the Markers compete with other condos.
* Click to enlarge*