I like a trend that I am seeing right now in Coconut Grove which is a push by developers to build more affordable homes. Average prices in the Grove have crept up higher and higher reaching an average of $1,402,528 in 2017. Even the townhouse market which used to be a good alternative for buyers who couldn’t afford a single family home has risen drastically over the past few years, some selling as high as $1,000,000. Despite those figures, the segment of the market with the highest demand is definitely in the $1,000,000 and below price point. The reason that we don’t see more homes selling below $1,000,000 is simply due to a lack of supply.
The good news? Just this week, a new boutique condo building was launched in Coconut Grove where prices will begin at $799,000. “Arbor” is located north of Cocowalk at 3084 Oak Avenue and will be a 5 story building with 52 units. Although the starting price of $799,000 isn’t cheap (especially considering the median home value in Miami-Dade County is $267,000), whether we like it or not it is the entry-level price point for Coconut Grove. I am glad to see developers are recognizing the demand for properties such as this and look forward to selling them to my clients!
Unit Mix: 2–3 bedrooms residences
Square Footage: 1,466–2,010 SQ FT
- 10-foot ceilings
- PH residences with private terraces
- Two-story lofts
- Townhomes with over 20-foot ceilings & private gardens
- Floor to ceiling windows
Features & Amenities:
- Ample parking and storage
- Fitness center
- Lush courtyard pool
- Social lounge
- Rooftop terrace
- Pet friendly
Sales have already begun at Arbor in Coconut Grove, if you would like more information on this project please contact me today at 305-342-1623 or fill out our contact form here!
Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 8 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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