If you have driven around the neighborhoods of the Grove lately you have likely noticed all of the residential development going on. In my estimate at least 50 new construction homes will be completed over the next few years in Coconut Grove. Rising values have spurred development in the area as investors see dollar signs on every vacant lot and tear-down property that hits the market. Although there is a ton of new construction going up, 90% of these properties haven’t hit the market yet. And there have only been a handful of new construction homes sold over the past year in Coconut Grove. Developers should be cognizant of the upcoming influx of new construction listings because the large supply has potential to affect values.
Below you will find a spreadsheet of new construction sales over the past year. In general, I would say that new construction homes are selling between $450 – $600/square foot, depending on the finishes, lot size and location.
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