The 2018 Coconut Grove Luxury Condo Report

The 2018 Market Analysis for Coconut Grove Luxury Condos for Sale

Ultra-Luxury Condos are Demanded yet Scarce 

The Coconut Grove condo market is unique in its kind. This niche market, which is currently developing a long-awaited luxury market, performed very well over the last few years. The Grove’s luxury market mainly consists of brand new condos and resale condos such as Grovenor House and Grove at Grand Bay. Newcomers include Park Grove, the Fairchild, and The Markers on Grove Isle.

There has been much demand for Coconut Grove luxury condo living and a very limited supply. In the last few years, the supply side of the market has finally been responding to this gap. The Grove condo market has not seen the same volatile movement we have seen in other markets. The market has been growing very steadily with a slightly slower 2016. In recent years the resale market has also ‘suffered’ from the sales of new constructions. Buyers of luxury condos in the Grove now have a better offering of ultra luxury condos and therefore the sales of the more dated condos cooled down. We still saw great prices being achieved at Grovenor House (where I sold a unit for one of the highest prices per SF) and the Residences at Vizcaya. Nonetheless, we cannot deny that newcomers like Park Grove swept many buyers of their feet and became a preferred project.

2018 shows just 6 sales of condos over $3m and 3 pending sales in the Grove. 5 of these are in Grove at Grand Bay, 1 in Grovenor House, 1 in the Gables Club, 1 at the Cloisters and 1 at Park Grove. 2 of these 9 were sold by the David Siddons Group.

The Best Performing Miami Condo Market

There is strong demand for good luxury product in Coconut Grove, but it is important to recognize that some buildings perform better than others. Grove at Grand Bay has not performed as well as Grovenor House, yet Park Grove performs the best by far. For specific reasoning on what is the best and why, you can read my blog report: ‘Best Condos in Miami’ or even the specific ‘Best Condos in Coconut Grove’. I explain the intricate dynamic of each of these buildings and what potentially makes one better than the other.

Taking a wider perspective of the luxury condo market in Miami: As a whole, Coconut Grove performs way better than any other condo neighborhood – inventory is lower and prices are generally far more competitive than in other neighborhoods (equal finished product on Miami Beach will often run to double the price of what the Grove asks). With that said, statistically we are coming off the peak of the market, which was over a year ago (see the $ per sqft averages). On the positive side, there is limited supply (only a small strip of waterfront land exists for condos in the Grove). Inventory is in the lower 20s, which means it is a light buyers market (unique for the luxury segment), and is unlikely to move much above that. The big question that hinges for the luxury market in the Grove is going to be the success of the new player in the neighborhood ‘Park Grove’, which opened this year. For details on this project, please read my blogs or watch my detailed videos on this new luxury project.