Coconut Grove condos have performed very well so far in 2021 thanks to a large influx of buyers from out of town. Among the main condo buildings in the Grove, there has been a significant jump in sales with 46 sold during the first quarter, and 47 currently under contract.
As you can see from the chart above, Park Grove is currently garnering the highest prices, whereas Grove Isle and The Mutiny are still very affordable options. Although it appears that The Grovenor House has slightly dipped in pricing during the first quarter, I believe their average prices will go up based on the pending sales I am seeing in the building. Hotel Arya (formerly The Sonesta) has also fallen in value but we only have 1 sale so far this year so there is not enough data to make a fair conclusion.
Mr. C Residences, which is slated for completion in 2023 and currently in the pre-sale phase, is said to have had a recent boom of $50 million in new contracts.
From a small residence at the iconic Mutiny – to a home in the sky at Grove at Grand Bay, Coconut Grove has options to suit every buyer’s needs and wants.
If you’re wondering whether now is the right time to buy or sell, reach out to us today! The Riley Smith Group has been the top producing team in Coconut Grove for over 10 years and has the knowledge and experience to help you navigate our unique market.