Grove at Grand Bay, Coconut Grove | Should I sell my condo to buy this Coconut Grove condo?
Grove at Grand Bay is opening soon! Should I buy this Coconut Grove Condo?
Grove at Grand Bay is certainly a defining landmark in Coconut Grove. As you drive down South Bayshore Drive into Coconut Grove and the two-tower condo rises up in front of you with its unique architecture of twisting towers, its hard not to admire and be impressed. The Grove has long been a ‘laid back’ environment, so very different from the over-the-top glitz of South Beach or the ‘Manhattan like’ bustle and dense landscape of Brickell. It’s a neighborhood that feels easy going, beautiful and even described by some as ‘bohemian’. Although Coconut Grove still embraces this Bohemian feel, it is likely to see some changes….
Coconut Grove is now the place to be
Grove at Grand Bay is really the first Coconut Grove condo to pull some of the more high-end buyers that might have considered other beachfront parts of Miami. These buyers however swapped their purchase decision from beach front to Marina front. Current Condo prices and $ per Sq.Ft can be found on the neighborhood page for Coconut Grove. Compare this to Miami Beach and you will see how relatively cheap the Grove still is.
Many buyers in the last 10 years have stopped looking at Miami as a second / third home destination and have started to appreciate it as a city to put roots in. Coconut Grove with its excellent real estate options, safety and great schools is a favorite among families but also investors from around the globe. Have a look at the 8 reasons why people love to live in Coconut Grove.
Should you buy a unit at Grove at Grand Bay?
So who has bought in Grove at Grand Bay when it started selling a few years ago? And will those who have waited (to see what it is like before it opens) be impelled to sell their existing Miami condo and buy here?
After talking to the sales team of Grove at Grand Bay we have been told that the ‘buyers profile’ of this Condo is as follows: Snow Birds and empty nesters from Coconut Grove, Coral Gables and Pinecrest. Many buyers are from the USA, especially from the North East (New Yorkers are targeting Miami Real Estate). A number of South American families and an increased amount of Europeans. What is most interesting is that many of these buyers will be using the building as their primary residence.
Current condo owners (and many home owners and gated community home owners) in Coconut Grove and Coral Gables may well consider making a shift to Grove at Grand Bay when it opens. It will really depend on the final product quality finish of the units and the entry price point.
The highest $ per sqft sales for Condo prices in the Grove had been back in February 2016 when we achieved a peak of $985 per sqft. There is currently just 11 units for in Coconut Grove over $900 per sqft. The majority of these are to be found in Grovenor House. Grove at Grand Bay when sold pre-construction 2 years ago was achieving around $1000 per sqft. Where will resale prices be?
We will have to wait a couple of months and see…
Related News and Interesting Links:
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Pre-construction Condos in Coconut Grove
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What is the best Gated Community in Coconut Grove?
A drive through Coconut Grove, one of Miami’s best areas
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