For a very long time, every buyer focused on condos and specifically Brickell condos. Brickell was the gold mine for many buyers from all over world and units sold like hot cakes.
The Brickell market has changed considerably in the last years. Latin American investors are holding back and inventory in Brickell is seeing record levels of 25+ months. The upward trend is slowing down and eventually prices will be adjusted. At the same time.
The question for many buyers now is, “Where should I buy Miami real estate?” The answer: “Coconut Grove.“
1. A limited inventory of luxury condos
Certainly, Coconut Grove has a very different dynamic to the Brickell Condo Market. Coconut Grove has a very limited supply of high-end condos and the ultra-luxury market was non existing before Park Grove and Grove at Grand Bay were announced. The demand for such luxury condos is very much present as can be seen from the success both condo projects have in selling their units.
Coconut Grove is exclusive and it is the new place to be. According to the Wall Street Journal, the Grove has seen a true transition from Birkenstocks to Billionaires in the last few years and this ‘Bohemian chic’ part of Miami is now where everyone wants to be. The demographic that buys in the Grove is primarily looking for a primary residence and not for merely an investment.
2. Coconut Grove offers high-end living
Coconut Grove is a small and laid back village in Miami with a bohemian-chic vibe to it. The Grove is pre-dominantly a single family home market and offers a wide variety of homes from cozy Bahamian, timber frame conch houses to multi-million dollar mansions in gated and waterfront communities. Coconut Grove is known for its lush vegetation and tree-lined streets. The Grove’s center offers some vibrant restaurants and bars where locals like to gather during the weekends.
This 24/7 police controlled area has been named the safest area in Miami by the Miami Dade police.
Partially because of its safe environments, the Grove is known for its walkability. The core of the Grove – centered around Cocowalk – is home to many little boutiques, art galleries, ice cream parlors and cozy little lunch rooms and restaurants. During the weekends many Grovites can be found here.
4. Good private and public schools
The Grove is home to some of Miami’s best schools. Read more about schools in Coconut Grove
5. Geographic location
The Grove is ideally located in the center of it all. You are minutes away from the financial center in Brickell as well as 5-10 minutes from Coral Gables‘ commercial and business districts.
Source: LuxLife Miami Blog