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):
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.