Should You Buy a Luxury Condo in Coconut Grove?

February 14, 2017

It’s no secret; Coconut Grove is a hot place for real estate in Miami. There are several luxurious and waterfront condos available on South Bayshore Drive and throughout the area. While the market in Coconut Grove may be better-known for the single-family homes, it may be the perfect place for a luxury condo buyer.

Making the Coconut Grove Lifestyle Choice

The lifestyle in Coconut Grove is one of the biggest draws. It’s a chic community with incredible waterfront properties found between Brickell and Coral Gables. The community has been desired by affluent families for many years due to the great schools and the 24/7 police controlled streets. Many established families have become property owners within the area simply because of the great lifestyle offered.

While Coconut Grove provides a chic and elegant community, it’s rather laid back. It’s more of the place for those in their 30s compared to Brickell, which is populated by a bit of a younger crowd. In addition, those seeking a luxury condo will be hard-pressed to find a better choice than those offered within Coconut Grove.

Inventory Levels and Prices

Compared to Miami Beach, Brickell and other condo markets around Miami, Coconut grove shows a steady inventory level and even a sellers’ market in some months of last year. The supply has been absorbed well, as well, which is another good sign for the condo market in Coconut Grove.

The largest amount of inventory in Coconut Grove is priced from $500K to $1 million with a lower inventory found in the $1 million to $2 million price range. There are also a decent number of condos hitting the market for more than $2 million within Coconut Grove.

A Home and an Investment Opportunity

While Coconut Grove condos make a great home, the market also supports investment opportunities for those seeking a high-end condo. With a limited supply of luxury condos and many buyers looking for high-end options, it’s becoming a good market for resale.

Many of the condo buildings throughout the area provide incredible ocean views, which buyers are demanding. Some of the most desirable buildings include:

• Grove Hill
• Grovenor House
• Residences at the Ritz Carlton in Coconut Grove
• Residence at Vizcaya

While Miami Beach and Brickell condo buildings tend to have a larger number of units, those found in Coconut Grove are on the lower side for unites. This means, the top buildings don’t have units on the market very often making these condos even more desirable.

Along with the top buildings listed above, a few new projects have hit the market soon including Grove at Grand Bay and Park Grove. These two buildings are true luxury condos and have already been selling successfully. With plenty of buyers looking to live in Coconut Grove and these two buildings offering five-star amenities, along with luxury finishes, they are having no trouble filling up fast.

Grove at Grand Bay

Grove at Grand Bay offers beautiful glass towers with panoramic views of the Miami skyline and the Biscayne Bay. The buildings feature 98 units each with 12-foot-high floor-to-ceiling windows and large terraces. The emphasis here is luxury and livability.

Park Grove

Known as a masterpiece of architecture, Park Grove provides three towers with a total of 298 units. The building sits on 5.2 acres of waterfront land with more than 50,000 square feet of amenities. Residents will also enjoy a major art collection throughout the property and full, luxury features in every unit.

Related: Top Condo Choices Found in Brickell

If you’re on the hunt for the perfect luxury condo in the Miami area, don’t forget about Coconut Grove.