The Real Deal Miami

Coconut Grove prices restored to pre-crisis levels

Residential real estate is averaging $600 to $800 per square foot
July 03, 2013 02:00PM

The Grove at Grand Bay rendering

The Grove at Grand Bay

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