Although Coconut Grove is a beautiful, lush, historical and family oriented area that has charm and character, it was for the longest ime ignored by realtors and buyers who preferred the upcoming Brickell, Midtown or Design district neighborhoods. Recently, the area had a re-birth, an upswing for rentals and for sales. Letís see how and why the market has drastically shifted in this area.
In 2012, a rental for a 5bed/6bath unit was around $16,000 per month at the Grovenor House condo . In 2016, a similar unit at the Grove at the grand bay costs $30,000 monthly. This is not just a single occurrence, it is becoming a trend. The real estate market is growing. During the last cycle, developers have built the most prestigious condos in that area.
For example, nowadays, many residents of the South of Fifth neighborhood are interested in purchasing a condo in the Grove. Why would they want to move in that area? They are looking for a more community-oriented neighborhood, a family friendly place while still enjoying luxury amenities. This week two prospect buyers asked me to show them properties in the Grove.
Most of the buyers are families because Coconut Grove hosts the best schools of Miami. Ransom Everglades School and Carrollton School of the Sacred Heart are located in Coconut Grove. The quality of life is different here than in the rest of Miami. Parks, marina, boutiques, small hidden streets and historical cottages give Coconut Grove a charm like nowhere else in South Florida.
Developers heard about this turmoil of the Grove and decided to participate to its emancipation. Both buyers and tenants are looking to Coconut Grove for luxury residences with five star amenities such as full time concierge service, sunset and sunrise pools, rooftop decks, spas. Here the developers have to create something more exclusive and sophisticated. The keywords are privacy and space.
The new projects such as Grove at the grand bay , Park Grove and the Fairchild give an added value to the oldest neighborhood in Miami reinvented in the 90s thanks to the opening of CocoWalk.
Finally I would say that Grove at the grand bay has a different soul from all the other neighborhoods of Miami. This soul has just reincarnated into a luxury yet charming neighborhood.