Despite all of the new homes that have been built over the last 10 years in Coconut Grove, there are still opportunities to purchase land and build your dream home. A question that I get asked quite often is “What does land cost in Coconut Grove?”. The answer is “It depends!”. Land values can vary dramatically depending on a variety of factors such as size, location (gated community or non-gated community, waterfront or non-waterfront, corner or non-corner), placement of trees, shape of the lot, and whether the land has been cleared.
So far in 2021, there have been 16 properties that have sold for land value in Coconut Grove. On average, these lots have traded for $97.00 per square foot. Surprisingly, the smaller lots tend to garner a higher “price per square foot” value. For example, 1790 Fairhaven Place which is a 5,550 square foot lot which is not in a gated community or waterfront closed for $147.00 psf; whereas, a 25,000 sq. ft. lot in the gated community of Ye Little Wood closed for $75.00 psf. Another example of this dichotomy is 2347 Secoffee Terrace, a 5,000 square foot non-waterfront, non-gated community lot closed for $110.00 psf, compared to 2831 Emathla Street which was a 20,000 square foot lot which traded for $86.00 psf.
We haven’t seen prices for land increase in 2021 as much as other segments of the market (such as single-family home prices which rose by 12% during the first quarter of this year). In fact, values for land haven’t changed much at all over the last few years – the average sale price per square foot for land back in 2017 was exactly $97.00 psf!
Valuing land in the Grove can be very complex and it is essential to work with an agent who knows the nuances of our market. The Riley Smith Group has been the top selling team in Coconut Grove for over 10 years, please reach out to us here if you are interested in buying or selling!