Coconut Grove in 2024 surpassed its residential sales of the prior year’s real estate recession and the outlook is bullish, experts share.
“Technically, we were in a real estate recession last year,” said Carlos Villanueva, a managing broker with The Keyes Company, looking back on 2023. “This year we’re out of the recession, which is wonderful, and it seems like things are continuing to kind of be back on track.”
Mr. Villanueva said that closed single-family home sales in Coconut Grove were up 13% year over year from 2023 to 2024, “which is 161 closed sales. The median sale price went up 4.9%, which is $2,020,000,” and active inventory went up 9% to 113 units.
“The $2 million and up price range is where the preponderance of the inventory rests in the Grove 39% of the condo inventory in Coconut Grove is priced over $2 million and 72% of the single-family inventory in Coconut Grove is priced over $2 million.,” said Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty. “However, 49% of the sales in Coconut Grove for the last three months [September, October, November] are priced over $2 million and condos in Coconut Grove over $2 million represent 26% of the sales. It’s a very attractive market to not only people from out of our city, but also for many of our move-up buyers within the city.”
A year ago, said Mr. Shuffield, 137 Coconut Grove condos were for sale, “and today we have 246 condos for sale, which is an increase of 79%. Overall, condominiums are down in unit sales by about 21%. So we’ve sold 21% fewer condos in these last three months [September, October, November] than we sold in the same three months a year ago.”
When comparing prices in Coconut Grove, said Mr. Villanueva, condos in particular are rising faster than in the rest of the county, and single-family homes priced in the luxury range are at par with the county.
Areas along the oceanfront and downtown waterfronts, said Mr. Shuffield, are witnessing attention from international buyers from the Northeast, California, and the Chicago area.
“Coconut Grove still has a good number of local residents who are moving up in location or moving up in size, growing families. Coconut Grove offers a lot of conveniences that have been present ever since it was founded in the very beginning of all of Miami,” Mr. Shuffield said.
Similarly, Mr. Villanueva noted there has been, and still is, demand from Northeast buyers.
“We’re seeing movement from international markets like Colombia, the UK, Germany, France, Brazil and other places,” said Villaneuva. “Demand remains very strong from international as well as domestic, migratory clients.”
“The popularity of the Grove just continues to grow,” said Mr. Shuffield. “The whole world knows about Coconut Grove already, but with the new offerings of restaurants, retail, new condominium buildings, the offerings in Coconut Grove are very well received by buyers.”
Source: Miami Today