Coconut Grove prices restored to pre-crisis levels

Residential real estate is averaging $600 to $800 per square foot

TRD MIAMI /
Jul.July 03, 2013 02:00 PM

The prices of condos and single-family homes in Coconut Grove have returned to pre-crash values, and in at least one case, are soaring to historic highs, Miami Today reported.

At Terra Group’s luxury The Grove at Grand Bay, the two-tower glass and steel structure by Danish architect Bjarke Ingels, prices are reaching $1,000 per square foot, according to the newspaper. That’s a premium of as much as 66 percent over the Coconut Grove’s restored average of $600 to $800 per square foot.

Five Coconut Grove properties have been listed for more than $2 million in the last six months, Miami Today reported, citing Santiago Villegas, a senior realtor at Fortune International. Forty-four properties have sold for more than $1 million, Villegas said, adding that that Grove suffered fewer foreclosures than other South Florida cities.

“The price descent was gradual, but the climb has been vertiginous,” Villegas was quoted as saying. [Miami Today]Emily Schmall


Related Articles

arrow_forward_ios
Daily Digest Miami

Related Group under fire again at One Ocean, all eyes on SoftBank’s other investments: Daily digest

Daily Digest Miami

Miami-Dade approves Brightline deal to build PortMiami station, WeWork eyeing electronic gaming play: Daily digest

La Social’s original location at 7601 Biscayne Boulevard (Credit: Google Maps)

The Weekly Dish: La Social to open in downtown Miami, Salt & Straw is going to Wynwood 25 & more

Daily Digest Miami

Quiksilver signs a lease in Miami Beach, Delray Beach’s Atlantic Crossing announces first retail and office tenants: Daily digest

Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

Mike Fernandez and Park Grove (Credit: Wikipedia)

Miami billionaire Mike Fernandez flips PH in Coconut Grove

David Martin and the site at 2655 South Bayshore Drive (Credit: Realtor)

Terra closes on $185M construction loan for latest Coconut Grove project

From left: Dion Waiters, James Johnson, Erik Spoelstra, Dwayne Wade, LeBron James, Chris Bosh and Hassan Whiteside (Credit: Getty Images, iStock, Wikipedia Commons)

Heat Map: Here are the homes of Miami Heat’s elite

arrow_forward_ios