The Coconut Grove Real Estate Report 2019
The Coconut Grove Real Estate Market Report 2019 – The Last 6 Months (June till November 2019)
Top producing agent and and ex-Coconut Grove resident David Siddons spent the week analyzing the different sub-markets of the Coconut Grove real estate market. Almost half a year after publishing our 2019/2020 Miami Real Estate Forecast we decided this would be a good moment to check the market pulse and to provide our readers with a clear overview of what has happened in the last 6 months, what trends we are seeing and what we expect from this market in the months to come.
Observations in the Coconut Grove Real Estate Market below $1M
- 53 sales in the last 6 months.
- Price per SF ranges from $350 to $600
- Neighborhood Economic Health Score: 84 (Solid Score)
- 5.7 Months of inventory (Very low supply of product)
- An average of 145 Days on Market before being sold (so product going into contract in around 100 days).
- Achieving 92.5% of asking price (An average of 7.5% discount from sales price)
- Average sales price per SF is $426
A good portion of the property value within this price range is based on its land value and therefore most of the product needs updating. Coconut Grove does not have many small lots (of around 5,000 SF), most are in the 7,000 – 10,000 range. Coconut Grove houses in this price range are really not that big, often even 1,300-1,600 SF. Coral Gables has more to offer when it comes to very small lots and generally speaking homes are better done (more updated, better maintained) than in the Grove. Within this price range Gables homes are more affordable per SF than Coconut Grove homes. A number of other sales were land deals and essentially were fetching around $70-$85 per SF
If you have a nicely remodeled home in Coconut Grove it will sell well and fast. For the most part homes under $1M can be rather underwhelming, which is why we see more focus on Coral Gables homes when people are working with this budget.
Where did most of these sales occur? 3 clusters of sales really. Between 22nd and 27th , which is getting into Mid Coconut Grove and then another cluster around Douglas and closer to US1. The third cluster is west of Bayshore focused around Crystal Ct. Remember that the Grove is not a particularly big neighborhood.
Observations in the Coconut Grove Real Estate Market of $1M to $2M
- 53 (Pending) sales in the last 6 months
- Price per SF ranges from $300 to $632 a SF (Lots of product still needs some form of updating, specially close to the $1M dollar boundary)
- Neighborhood Economic Health Score: 80 (Sold Score)
- 10 Months of inventory (Healthy market with a slight tendency to a sellers market)
- An average of 213 days on the market before being sold (So product is going into contract around 170 days).
- Achieving 93.5% of asking price.
- Average sale price per SF is $429 (Little lower than Gables with $434 per SF)
Many families are moving to the Grove, among which many relocating families from the high-tax states. They are choosing the Grove for its easy-going lifestyle, safety, quiet streets, private schools and green spaces. Within this price bracket, prices per SF range from $350 per SF for a tear down property to $600 per SF for a very well-done home. For a good average home I recommend to stay in the $420 to $500 per SF range. The Grove often sees elevated prices in this price range, as the supply is limited and therefore well-done homes tend to trade for a higher price per SF. Please be aware that in this price range we are looking at smaller lots than in neighboring Coral Gables. For brand new product, you will find better luck in the $2M+ market.
Most of the high prices per SF were achieved for quite small (homes of 2,500 or less SF) and most of the sales occurred in the south-west Grove around Crawford Ave, Solano Ave, Palmetto Ave and in the Bay Heights Area
Observations in the Coconut Grove Real Estate Market of $2M to $3M
- 17 sales in the last 6 months. This includes pending sales
- Price per SF ranges from $406 to $1,140
- Highest achieved for waterfront (and the only waterfront sale) was $1.140 per SF, the highest achieved for non waterfront was $731 per SF
- Neighborhood Economic Health Score: 65 (Same as Coral Gables)
- 22.4 Months of inventory (The Gables just 15)
- An average of 192 days on the market before being sold (So product going into contract in around 150 days).
- Achieving 95% of asking price.
- Average price per SF is $559. (Little lower than Gables with $587)
This is not a big market, as most of the market is below the $2M range. Within this price range homes are larger; almost all homes are above 3,000 SF. Most of these sales happened in the North Grove around Natoma St, Seminole St and Emathla St. These are the streets that do offer the bigger lots.
Those who are looking for Coconut Grove Waterfront homes for sale will find it hard to get a waterfront home in the Grove below the $3M budget. People might be more hesitant to buy in this price range as the Gables, High Pines and Ponce Davis homes in this range provide for bigger lots and there is more supply of these type of homes.
The Grove is home to some of the best private schools like St Stephens, Carrollton and Ransom as well as Riviera and St Thomas within close proximity. It is also the closest primary neighborhood to Brickell. Many families therefore prefer to buy in the Grove over any other neighborhood.
Observations in the Coconut Grove Real Estate Market of $3M to $5M
- 4 sales in the last 6 months of which just one waterfront (This includes pending sales)
- Price per SF ranges from $435 to $900
- Highest achieved price was $900 per SF (Dry Lot Home)
- Neighborhood economic health score: 88 (Much higher than the Gables with only 65)
- 12 Months of inventory
- An average of 171 days on the market before being sold (So product going into contract in around 125 days).
- Achieving 93.5% of asking price. (An average of 6.5% discount from the sales price)
- The average price per SF is $608 (Much Lower than Coral Gables Gables with $690 per SF)
The two homes that sold for $435 and $485 per SF where both massive 9K+ SF mansions. The most expensive per SF where those that were around 3,500 – 5,500 per SF.
In the near future, we do expect some very high-end homes to be built. These will be located in some of the gated communities and will trade for $1000+ per SF. While Coconut Grove always had a bohemian, artsy style, we are now seeing a trend towards very high-end living. Once these ultra-luxury homes come up they will be sold super fast as ultra-luxury in this small neighborhood is still scarce.
This waterfront property on 3100 Munroe Dr sold for $4.4M after being on the market for 69 days. This home offers 6 bedrooms, 6.5 bathrooms and over 10,000 SF of living space. Located in guard-gated Camp Biscayne, this 2003 built home boasts 122’ of water frontage & breathtaking views of the Bay, canal & natural landscape