Navigating the Coconut Grove Condo Market

Coconut Grove Condos: A Comprehensive Guide for Buyers and Sellers

This article is about everything you need to know about the Coconut Grove Condo Market, whether you are a buyer or a seller. We will discuss where the market is today, where it is heading, and what Coconut Grove condos to focus on.

The Surging Success of Coconut Grove Condos

We conducted a recent study analyzing various neighborhoods in Miami to identify the top-performing markets. As evidenced by the table below, Coconut Grove condos emerge as one of the strongest performers in Miami, boasting the highest performance among all condo markets. Remarkably, the upper echelon of the Coconut Grove Condo market has surged by over 126%, showcasing remarkable growth.

AREA Price per SF TOP 5 SALES 2023/2024 Price per SF TOP 5 SALES 2018/2019 Market Appreciation in %
West Coral Gables - Homes $1825 $645 183%
Miami Beach - Homes $4715 $2,010 135%
Coconut Grove - Condos $2731 $1,208 126%
Pinecrest - Homes $1369 $652 110%
Surfside - Condos $4,792 $2,366 103%
South Miami - Homes $896 $459 95%
Ponce Davis - Homes $1,465 $759 93%
Key Biscayne - Homes $2,506 $1,339 87%
Coconut Grove - Homes $1,870 $1,069 75%
High Pines - Homes $1,062 $611 74%
East Coral Gables - Homes $2,662 $1,545 72%
The Roads - Homes $838 $495 69%
Bal Harbour - Condos $3,462 $2,065 68%
Shenandoah - Homes $735 $450 63%
Miami Beach - Homes $3,773 $2,495 51%
Brickell - Condos $1,802 $1.230 47%
Edgewater - Condos $1,523 $1,033 47%
Downtown Miami - Condos $1,537 $1,086 42%
Sunny Isles - Condos $2,490 $1,835 36%
Fisher Island - Condos $2,968 $2,289 30%
South of Fifth - Condos $4,040 $3,334 21%
Miami Beach - Condos $3,430 $2,960 16%
Key Biscayne - Condos $2,362 $2,173 9%

Why is the Coconut Grove Condo  Market so Economically Robust?

The primary condo market thrives, with Terra renowned for constructing top-performing units in Coconut Grove. CEO David Martin adeptly recognized and acted on emerging market desires years ago. In sought-after areas like Coconut Grove, limited home inventory coincides with increasing demand from those seeking extended stays or permanent residence in South Florida. These prospective buyers, including relocation seekers and empty nesters, struggle to find suitable housing options and turn to luxury condos without sacrificing space or amenities. By attentively meeting market demands and delivering superior quality in prime locations, Terra creates highly desirable products. Nowadays, more condos are bought by end-users seeking large and functional living spaces. Primary products tailored for end-users offer enhanced economic stability. Terra’s strategically located and expertly built condos, designed with end-users in mind, exhibit two significant trends:

  1. They consistently attract high demand, with buyers eagerly anticipating the availability of resale units or rare floor plans.
  2. Owners are hesitant to sell because they highly value their residences and see no superior alternatives.

These successful projects maintain robust demand regardless of economic fluctuations, ensuring resilient growth—an embodiment of David’s overarching vision for all his endeavors.

Key Factors Driving Coconut Grove’s Irresistible Appeal

Here are the  main reasons behind Coconut Grove’s enormous appeal and appreciation potential.

  1. The environment is a big factor. The air quality is good, there’s waterfront access, a nice breeze, and lots of trees that make it feel peaceful and unique.
  2. High Barriers to Entry. Coconut Grove condos only take 10% of the total market, the majority of the Grove is a single-family home market. There are many older condos like Yacht Harbour but they are undergoing renovations and won’t be demolished. In addition, it’s hard to build new condos in The Grove. There are strict zoning rules and not many places where you can build.
  3. There are good schools in the area, like UM and public, and private schools for kids from 5 to 18 years old. Families move here for the education options, which helps create a strong community feeling.
  4. It’s organic, green and walkable
  5. It’s Safe

Our Top 3 Coconut Grove Condos for Sale

  • What is the Best Condo in Coconut Grove? Park Grove is one of the best coconut grove luxury condos
  • Navigating the Coconut Grove Condo Market. What Coconut Grove condos to focus on and where this market is heading!
  • Navigating the Coconut Grove Condo Market. What Coconut Grove condos to focus on and where this market is heading!
Condo Best Line Top Price per SF Appreciation in Last 5 Years Current Listings
One Park Grove A Line $3,300 70% One Park Grove Listings
Park Grove Tower 2 A Line $2,600 78% Park Grove Tower 2 Listings
Grove At Grand Bay 01/02 Line $2,700 88% Grove at Grand Bay Listings
Grovenor House 01/02 Line $1,850 53% Governor House Listings

Our Top 3 Coconut Grove New Construction Condos for Sale

  • Navigating the Coconut Grove Condo Market. What Coconut Grove condos to focus on and where this market is heading!
  • Navigating the Coconut Grove Condo Market. What Coconut Grove condos to focus on and where this market is heading!
  • Navigating the Coconut Grove Condo Market. What Coconut Grove condos to focus on and where this market is heading!
  • Navigating the Coconut Grove Condo Market. What Coconut Grove condos to focus on and where this market is heading!
Location Prices per SF Delivery Date Best Lines More project Information
Four Seasons Private Residences Location $3,500-$4,000 2027 01/02 Four Seasons Private Residences
Vita Grove Isle Location $2,200-$3,000 2024 n/a Vita Grove Isle
Mr C Residences Location $1,800-$2500 2024 01/02.05 Mr C Residences

Conclusions

The Coconut Grove Condo market exhibits remarkable resilience, characterized by a limited inventory of approximately six months. Sellers are not compelled to sell, while buyers struggle to find suitable properties. When a unit in a desirable condo becomes available, it typically generates high sales figures. However, the lack of transactional activity should not be misconstrued as a sign of market weakness, nor should one expect to find bargain deals. The scarcity of inventory and the absence of motivated sellers contribute to the minimal trading volume. Given the persistent demand for primary residences, coupled with the unique allure of the Grove and the limited supply, the Coconut Grove Condo market is poised for continued appreciation. Feel free to contact me for further information.

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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. 

2. What is the best New Construction Condo in Fort Lauderdale?

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.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

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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