How Are Sales Going At The Iconic Grove At Grand Bay?
Completed in 2016, Grove at Grand Bay was the first new residential condo tower in Coconut Grove in over a decade. Developed by Terra Group and designed by renowned architect Bjarke Ingels, Grove at Grand Bay has earned international recognition for its unique twisting design. Amenities here include a private dining room with private chef, 24 hour concierge, 5 pools, spa, pet-spa and state-of-the art gym. The 3+ acre grounds were designed by Raymond Jungles, and include 460 trees and over 15,000 plantings creating a lush, tropical paradise.
The real estate market at Grove at Grand Bay has been an interesting one. When the towers received their final CO (Certificate of Occupancy), we saw a burst of inventory hit the market. Even though the building was technically livable at this point, they were still in the process of finishing the landscaping, pools, gym, spa and other amenities. This slowed the resale market because sellers were asking over $1,000/square foot and buyers wanted a finished product for that price. But finally, we have started to see a steady increase in the number of sales here. There have been 4 so far in 2017 coming in at an average “Sale Price/Square Foot” of $976.00. Click on the below spreadsheet for more details.
As of today there are 30 units for sale at Grove At Grand Bay (18 units in the North Tower, 12 units in the South Tower). There are 98 residences in total, which means that nearly 1 out of every 3 units is on the market. The average “List Price/Square Foot” is $1,168.00 with prices ranging from $1,375,000 up to $12,500,000.
What does the future hold for Grove At Grand Bay? Now that the buildings are finally complete, I believe this winter will be a turning point. The fact that there have been sales higher than $1,000/square foot is a great sign and the coming months are considered Miami’s “busiest selling season” particularly for ultra-luxury condos such as Grove At Grand Bay.