Why are the Richest Families Buying Homes in Coconut Grove?December 16, 2016
Coconut Grove has been attracting some of the richest families in the world to the Miami area. It’s a super chic area and has even been covered by the Wall Street Journal due to the transformation from Birkenstocks to Billionaires. Those with high net worth’s have been seeking out this area of South Florida for a few years now. Here are some of the reasons why.
The Homes are High Quality
Of course, the rich are not searching for mediocre homes or anything less than incredible luxury. Coconut Grove provides some of the highest quality mansions in the entire state of Florida and the number of high quality homes have grown over the past few years. The old Bahamian style homes are being replaced with luxury waterfront estates and contemporary villas.
Nothing is more stressed when it comes to real estate than the location of the property. Everybody knows a great location matters and Coconut Grove provides an excellent location. It’s close to everything that matters in the Miami area. Coconut Grove is a five minute drive from Brickell and Coral Gables, along with a 15 minute drive from Miami Beach and the airport.
Private Schools are Some of the Best
The richest families in the world send their children to great private schools and Coconut Groves provides some of the best in the Miami area. Ransom, St. Stephens and Carrollton are three of the best and many residents move to this area of South Florida specifically for these schools.
Ransom Everglades serves grades six through 12, while Carrollton School of the Sacred Heart serves Pre-K through grade 12. It’s also an all-girls school. St. Stephens Episcopal Day Schools serves Pre-K through grade six.
Along with the location, the homes and the schools, wealthy families want incredible views, surrounding beauty and lush landscaping. Coconut Grove provides all three because it was developed within a lush jungle-like area. It was organically developed to highlight the natural features.
Of course, many of the richest families in the world want to live on or near the water. With so many luxurious waterfront homes found here, it shouldn’t be surprising how popular Coconut Grove has become with the ultra-wealthy. From waterfront mansions to luminous condos with water views, there are plenty of options for those seeking to live near the water.
Plenty of parks are found throughout the area including David T. Kennedy Park and The Barnacle Historic State Park. Just a short distance away from many neighborhoods, these two parks are actually walkable for many.
Another very popular park found in the area is called Merrie Christmas. This park is located in the southern area of Coconut Grove. Both of the other two parks are found on waterfront lots, with Barnacle Park found near Cocowalk.
Better Quality of Life
Coconut Grove provides incredible entertainment, restaurants and shopping throughout. There are several options down Main Highway. In fact, many residents of Miami come from other areas to Coconut Grove for dining and entertainment.
Tax Laws of Florida
Another reason the ultra-wealthy are attracted to Coconut Grove has to do with Florida. It’s one of the most appealing states for tax laws with no state tax and no city tax. The Homestead exemption and castle law also help to make the state even more appealing.
While the super-rich are certainly attracted to the Coconut Grove area, they are not the only ones. Many young professionals relocated to this area when they are ready to start a family. They are looking to build their wealth and want to surround themselves by the rich, which is possible in Coconut Grove.
If you’re considering moving to the Miami area and you don’t want to be limited to just Miami Beach or Brickell for luxury, consider Coconut Grove. You might be pleasantly surprised with what it has to offer.