We all know that the residential real estate market has been slow this year. But one segment that has been hit really hard in 2016 is the waterfront home market in Coconut Grove. There have been just 4 waterfront homes sold so far in 2016 (two of these were not even typical sales):
- 3551 Main Highway | Las Brisa which was a 6.9 acre property that sold to Ransom Everglades High School for $34,600,000. This was essentially a land value transaction.
- 3579 Stewart Avenue | Gated Community of Entrada Estates | 5,252 Sq. Ft. LA | 19,500 Sq. Ft. Lot | 5 Bedrooms, 5.5 Baths | Sale Price: $4,120,000
- 3333 S. Moorings Way | Gated Community of The Moorings | 5,495 Sq. Ft. LA | 11,300 Sq. Ft. Lot | 5 Bedrooms, 5.5 Baths | Sale Price: $3,300,000
- 1840 South Bayshore Lane | Auctioned Home | 12,863 Sq. Ft. LA | 11,851 Sq. Ft. Lot | 6 Bedrooms, 5.5 Baths | Sale Price: $5,936,000
It is not just the number of closed transactions that is low. We also have an unusually low amount of waterfront homes on the market (less than 10 listed for sale as of 9/2/2016). View all Coconut Grove waterfront homes for sale here.
Many people may not realize that Coconut Grove has some of the best waterfront properties in Miami. A majority of them are located in gated communities and all of them have direct ocean access (i.e. no bridges to the bay) meaning you can be on Biscayne Bay within 5 minutes or less. A majority of the waterfront homes in other neighborhoods such as Coral Gables are located on canals that can take as long as a 30 minutes to get to open water.
Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.
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