Whether you’re a buyer or a seller, the Coconut Grove neighborhood of Miami is super hot at the start of 2022. Here’s a peek at what’s new right now, including why it might be the ideal time to list your property if you’re ready to move and what’s attracting buyers to this leafy tropical enclave on Biscayne Bay.
For Sellers
If you have a property in Coconut Grove that you are considering selling, now is the perfect time to list it. Demand for homes is at an all-time high, and inventory is becoming limited, fueled in large part by an influx of New Yorkers and other out-of-state folks hoping to purchase primary or secondary residences in Coconut Grove. They love the waterfront location, Mediterranean architecture, superb schools, and exclusivity of the community here, as well as the high-quality amenities and new places to dine and shop (see below).
Buyers are willing to pay above asking in many instances to get the home they desire. A dip in sale prices in the spring of 2020 has been offset by a climb in 2021. Coconut Grove condos, for example, underwent a price decline at the start of the pandemic but are doing extremely well now, according to MLS data, below.
Median condo sale prices for recent dates:
- $300,000 in autumn of 2019
- $800,000 in January 2020
- $350,000 in May 2020 (height of pandemic restrictions)
- $775,000 in June 2021
- $900,000 close of 2021
Predictions for 2022 are that buyers want to establish contracts before interest rates could potentially climb again. This always translates to high sale prices and offers without contingencies, which benefit sellers at present.
For Buyers
Don’t let all the clamor for properties in Coconut Grove intimidate you if you wish to buy here. There are still beautiful homes to be had, and working with the right agent who knows the area can help you negotiate successfully with sellers to land the luxury property of your dreams.
Also, Miami will see some fabulous new construction projects over the next few years, including two in Coconut Grove. In addition to Urbin, which will use a novel 90-day occupancy plan alternating with leasing units back to the developer for rental, Mr. C Residences is adding another tower.
Mr. C Tigertail Residences will echo the existing Bayshore Tower, shaped like a sail and located on S Bayshore Drive. One hundred twenty-five units will occupy 21 stories and feature the same signature European elegance of the first tower, in addition to world-class personal and nautical concierge services.
The newly renovated CocoWalk is a huge draw in Coconut Grove. An open-air mixed-use destination, CocoWalk offers designer shopping, fine cuisine, lifestyle services, office space, and more. The business luncheon crowd yields to diners filling the upscale eateries after sundown. Chef-driven restaurant concepts give patrons something new to try every night of the week.
The Coconut Grove waterfront is shaping up to be a 24-hour playground with the addition of the Regatta Harbour development. This project, anchored by financial institution Wells Fargo, is another mixed-use area adjacent to Miami City Hall, Dinner Key Marina, and the city’s Regatta Park.
New restaurants, fitness centers, parking, and commercial space fill the 100,000 square feet of new construction at Regatta Harbour, which will be completed this year. The marina has recently been overhauled as well to add more dry storage slips, expanded dockage, pier space, and a fueling station.
If you’re an art lover, you will want to attend the Coconut Grove Arts Festival (CGAF), which will be back at full capacity this year. Celebrate Presidents’ Day weekend, February 19-21, with a dazzling array of art and food stands at this Coconut Grove tradition since 1963.
Coconut Grove will surely be the place to be in 2022 and coming years. If it’s time to list your property, so others can enjoy the experience, I have the marketing savvy to help you get the buyer you want. And if you’re eager to explore Coconut Grove, I am here to assist you in locating the home you’re seeking. Call me at 786-667-9078, email me at Debby@DebbyNilsson.com, or set up an appointment at your convenience with my easy Contact page form.
