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    The Coconut Grove Condo Report and Market Analysis July 2016

    July 26, 2016

    The Coconut Grove Condo Report | Luxury Condos for sale in Coconut Grove 

    Coconut Grove is one of Miami’s most desired neighborhoods. The Grove, which is Miami’s safest residential area attracts many families who enjoy the lifestyle of Coconut Grove.

    For those who don’t know Coconut Grove, please have a look at the below video in which we drive you through the Grove. All the way at the end of this article we included some really useful links for you, explaining the reasons people love living in Coconut Grove and what is happening in the Grove.

    This report focuses solely on Coconut Grove Condos, a very sought-after real estate product in Coconut Grove which despite its large demand offers little supply.

    Click here for the Coconut Grove Real Estate Report 2016 for homes

    A drive through Coconut Grove

    The Coconut Grove Real Estate Update Video (The market explained in less than 2 minutes)

    The Coconut Grove Condo Report – Inventory levels in 2015 – 2016

    Inventory of Coconut Grove condos for sale shows very different numbers than condo markets elsewhere in Miami. While most Miami condo markets are dealing with an oversupply of condos, the Grove is showing a very low number of inventory. The desirability of Coconut Grove luxury condos is high while the supply kept unchanged for a long period of time. As can be seen from the graph below, Coconut Grove condos below the 2 million Dollar mark are showing the signs of a very balanced market with the tendency to become a seller’s market. The luxury segment of $2M+ Coconut Grove condos is showing a light buyer’s market. The influx of three new ultra-luxury condos into Coconut Grove might have something to do with the slightly increased inventory of Coconut Grove luxury condos.

    Rule of Thumb

    • Below 6 months of inventory: More demand than supply, creating a seller’s market
    • Between 6 and 9 months of inventory: A neutral market with a balanced relation between supply and demand
    • More than 9 months of inventory: More supply than demand, creating a buyer’s market
    Coconut Grove Condo Report

    The Three newest and ultra-luxurious Coconut Grove Condos

    Park Grove
    Grove at Grand Bay
    The Fairchild Coconut Grove

    The Lowest, Average and Highest Sales Prices per Sq.Ft in Coconut Grove

    Below you see the graph that compares the average of the 10 lowest sales prices per Sq.Ft, the overall sales price per Sq.Ft and the average of the 10 highest sales prices per Sq.Ft.

    Coconut Grove saw steady price levels in the last few quarters. No severe price changes happened in the lower or higher price brackets within the market

    Lowest average and highest sales prices

    Coconut Grove Condos Real Estate Report | The Average Sales Prices per Sq.Ft for the different price ranges

    Below you can see what Coconut Grove Condos of different price ranges are selling for per Sq.Ft.

    Coconut Grove Condo Report

    The Coconut Grove Condo Report | The Average Sales Prices per Sq.Ft over the last 4 years

    Looking at the general growth of the market over the last years (made easier for the eye with the help of trend lines*) we see increasing prices for Coconut Grove Condos. In Coconut Grove the property prices between $500K and $1M increased by nearly 21% from the mid $300s to the lower-mid $400s.  Properties in the $1 – $2M range increased from $530 to $700 per Sq.Ft which is a 32% increase. The ultra-luxury segment didn’t see a sale happening in each quarter but the trend line shows a 20% increase in prices.

    *Especially in the luxury segment of the market prices might differentiate substantially from month to months due to limited sales or a sporadic sale of a property with features that are driving prices up (eg a private beach). Using automatically generated trend lines offers the reader a better idea of where the market is heading.

    Coconut Grove Condo Report

    David’s Conclusions

    2

    Coconut Grove unlike many other neighborhoods has performed well in the last year and prices have continued to creep up. Not just the housing market but the Condo market also (see the separate Condo market report here). The Grove is contained from the troubles of Brickell and as buyers search for a safe, stable and inviting neighborhood to call home, families have continued to come to the area. With that said the peak of the buying frenzy was July 2015 but the market continues to creep up and will for the rest of the year behave in a more stable manner. We do however anticipate more of a struggle in the luxury end of the market ($2.5m and above), and sellers will have to appreciate that their listing will stagnate of they try and price their home above the market in any way.

    I am still bullish on the Grove as a good neighborhood to invest and live but I do advise caution as with all purchases to operate within the confines of the $ per sqft ranges provided within the report.

    I have lived for 8 years in Coconut Grove on Crystal Ct.  I know the area, the different communities, streets and numbers like nobody else.

     David Siddons
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    THE 2018 MIAMI REAL ESTATE REPORT

    EX-STOCKBROCKER’S ANALYSIS OF THE MIAMI MARKET

    Call us at: (305) 508-0899 or email us below at david@siddonsgroup.com
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