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Coconut Grove residential prices keep rising

Coconut Grove residential prices keep rising

Katherine Lewin on February 5, 2019 at Miami Today News

Coconut Grove residential realty prices have been increasing over the past several years and the area is considered one of the hottest three hottest for those looking to buy, according to NeighborhoodScout’s data. Also, according to data collected by the David Siddons Group, average prices per square foot rose in 2018 from 2017.

Within the past 24 months, two townhomes went over the $1 million price point on Oak Avenue and overall residential prices have definitely increased, said Joe Higgins, broker for Grove Town Properties Inc. Townhomes going for more than $1 million is a new and “interesting” development in the Grove’s realty scene, he said.

According to Mr. Higgins, Grove Town Properties has been busy in January with four listings that went under contract last month and the Grove “is always going to do well” because it’s a “destination point” for people. The Grove went through an identity crisis and is now finding its redefined identity with new condominiums on Bayshore Drive, the recent opening of Park Grove, a luxury condo building and a high demand for new product being built at higher price points, Mr. Higgins said.

New on the market at Park Grove is a 3,590-square-foot four-bedroom condo with five and a half bathrooms, a private elevator, fully furnished, marble flooring and 12-foot ceilings. The amenities at Park Grove include four pools, a theater, and a gym and sauna. That condo is going for $4,250,000 with Elliman Florida.

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