COCONUT GROVE JOURNAL OF REAL ESTATE MIDYEAR 2021 REPORT Impressive Kapok Tree on Kirk Street in Gorgeous North Coconut Grove Alba Biondi / 305 323 2595 Isabelle Andrews / 305 546 5421 theteam@groveexperts.com GroveExperts.com
Alba Biondi & Isabelle Andrews Over $100 Million in Sales We speak English, Spanish, French, and Italian.
Hello, Groveites and the rest of the world, Everyone has the same question in mind: Is it a real estate bubble or not a bubble? Available inventory is at an all-time low, and as long as the demand for our Coconut Grove real estate stays steady, selling prices will keep rising or remain stable. Current demand is not speculative. Buyers have taken refuge from high-density cities and chosen Miami for its weather, friendly tax environment, and wonderful quality of life. We are also seeing high-tech investors looking to settle in Miami. These buyers are here to live. How long will this bullish market last? That’s a difficult question to answer.
international coastal cities in the U.S. There is still room for values to increase. In the short term, only an economic shock (for example, a cryptocurrency event shaking the financial markets) or natural force (for example, a major hurricane) could dampen the Coconut Grove bullish market. We hope this market analysis will answer some of the questions you may have about the Coconut Grove submarkets as defined by the type of real estate product and price points. Let’s meet! This is a wonderful time to discuss real estate. Best regards, Isabelle and Alba
Coconut Grove real estate has been undervalued for a long time. Miami is still one of the most affordable
COCONUT GROVE REAL ESTATE MARKET REPORT Yes, the numbers are correct. Single-Family Home Market Sales Performance Single-Family Homes # Homes Sold $ Volume Sold Median Sold Price Sq.Ft. Median Sold Price
January to June 2019 100 $134,090,526 $1,120,250 $446
January to June 2020 80 $112,351,111 $1,230,000 $476
January to June 2021 194 $479,613,211 $1,650,000 $652.50
January to June 2020 79 $69,616,000 $540,000 $364
January to June 2021 171 $203,940,500 $800,000 $475
Condo Coconut Grove Market Performance Condos # Condos Sold $ Volume Sold Median Sold Price Sq.Ft. Median Sold Price
January to June 2019 103 $76,623,041 $560,000 $410
MIDYEAR 2021 COCONUT GROVE MARKET FACTS Single-Family Home Market · $30,500,000 is the highest sale—a waterfront home located at 3550 Matheson Ave. It offered 11,024 Sq. Ft. of living space, 5 bedrooms, and 5 bathrooms on a 21,233 Sq. Ft. lot. It was built in 2014. It was a cash transaction. · $16,875,000 is the highest sale in Grove history for a non-waterfront home. It is located at 3725 Leafy Way. It offered 13,273 Sq. Ft. of living space, 8 bedrooms, and 5 bathrooms on a 125,592 Sq. Ft. lot. It was built in 1927. It was a cash transaction.
· 400,000 is the lowest sale—a home located at 3650 Franklin Ave. · $2,469,905 is the median asking price as of July 1, 2021, compared to $1,995,000 at the beginning of the year. · 72 single-family homes are the number of homes available for sale as of July 1, 2021, compared to 113 at the beginning of the year. 49% is the cash transaction market share.
Condo Market · $7,970,000 is the highest sale—unit 2001S at Grove at Grand Bay. It offered 5 bedrooms, 6 baths, and 5,097 Sq. Ft. of living space. · $108,900 is the lowest sale—unit 2 at Thomas Grove Condo. It offered 1 bedroom and 1 bath.
· 17 condos sold at Park Grove and 8 at Grove at Grand Bay. · 82 condos are the number of units available for sale as of July 1, 2021, compared to 173 at the beginning of the year. · 62% is the cash transaction market share.
FUTURE COCONUT GROVE SINGLE-FAMILY HOME MARKET TRENDS
It is a seller’s market. A seller’s market offers 9 months of inventory or less. A buyer’s market is the opposite.
January–June 2021 single-family home sales performance and available inventory as of 7/1/2021
Price Range # Homes Sold January to June 2021 # Homes for Sale # Months of Inventory
0-$1M
$1M-$2M
$2M-$3M
$3M-$5M
$5M-$10M
$10M+
Total
42 9 1 month
79 15 1 month
31 15 3 months
26 19 4.5 months
10 9 6 months
5 5 6 months
193 72 2 months
FUTURE COCONUT GROVE CONDO MARKET TRENDS
It is a seller’s market. A seller’s market offers 9 months of inventory or less. A buyer’s market is the opposite.
January–June 2021 condo sales performance and available inventory as of 7/1/21
Price Range # Condos Sold January to June 2021 # Condos for Sale # Months of Inventory
0-$1M
$1M-$2M
$2M-$3M
$3M-$5M
$5M-$10M
$10M+
Total
107 40 2 months
37 17 3 months
11 7 4 months
12 7 4 months
4 8 12 months
0 3 n/a
171 82 3 months
Months of inventory is a measure of how fast all the existing properties on the market would last assuming a) no more listings are added and b) the rate at which properties sell is constant based on the average of the last 6 months of sales.
OUR RECENT SALES
3610 Royal Palm Ave. Coconut Grove Offered at $1,299,000 Under Contract
60 South Prospect Dr. Coral Gables Offered at $1,590,000 Under Contract
All material in the journal is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, data sources are subject to errors, omissions, changes, or withdrawal without notice. This is not intended to solicit property already listed. Equal Housing Opportunity practice.
KIND WORDS FROM OUR CLIENTS “Grove Experts Alba and Isabelle recently sold my home at 3798 Matheson Ave. in Miami, Florida 33133 for top dollar. This letter is meant as a recommendation for their service for anyone who may be interested in selling their home in Coconut Grove or Coral Gables and needs a real estate agent. I have sold my homes on 3 previous occasions and had interviewed 3 other agents for this sale. I found the service they provided to be exemplary and far above any other agents that I have dealt with. They provide very personalized service and are always available for any problem and are willing to get their hands dirty on the property if required. They are also knowledgeable in the legal aspects of real estate law, which is helpful. Most important, they are real estate agents who are committed to the seller as is required.
The Coconut Grove Real Estate Podcast: Market Trends and Distinguished Guests Scan and Listen
I cannot recommend them highly enough.” D.F., seller of a property located at 3798 Matheson Ave. in Coconut Grove Reach out to us if you would like us to cover an aspect of the Grove market in a new episode. Enjoy!
Curious About Your Property Value? Are you thinking about selling? This may be the perfect time. Call us.
We are the experts in the Coconut Grove real estate market. theteam@groveexperts.com GroveExperts.com Over $100 Million in Sales We speak English, Spanish, French, and Italian.
Alba Biondi & Isabelle Andrews