It was reported over the weekend that racing champion Emerson Fittipaldi has reserved a unit at Park Grove – Coconut Grove’s next luxury condo project. Fittipaldi has won the Formula One World Championship, the Indianapolis 500 and the CART championship. His children attend school in Coconut Grove and he is looking forward to making Park Grove his future home.
Park Grove is going to have incredible amenities including a 600 foot pool with private cabanas, 24 hour concierge, valet parking, lushly landscaped grounds by Enzo Enea, wine cellar and wine lockers for residents, library, indoor/outdoor childrens area, penthouse pools, conference room, business center, dining room with bay views for private events, adult gaming room with billiards, state of the art fitness center and spa with personal treatment rooms.
If you are interested in learning more about the residences at Park Grove, please contact me directly at 305-342-1623. I have already placed several units under reservation for my clients and know the project inside and out.
The Mutiny is one of Coconut Grove’s boutique condo buildings with just 13 stories and 172 residences. It is located in the heart of Coconut Grove, just steps from the village center, Peacock Park and Biscayne Bay. Some of the amenities include concierge services, 24 hour security, valet parking, room service, pool, fitness center, conference room and on site storage space. The Mutiny is perfect for full-time residents or part-time residents looking to earn extra income through the hotel program.
We have a great investment opportunity coming on the market next week at The Mutiny and wanted you to be the first to know about it.
Unit #717 offers 1 bedroom, 1 bath with 650 square feet of living space. It has just been renovated with a new kitchen including appliances & Quartz counter-tops, new bathroom and new AC, it also features Travertine floors. This unit will include furniture.
If you are interested in learning more about this property and its income potential, please contact our team member Jessica Adams at 305-877-0212.
Penthouse Unit 3001 at The Grovenor House in Coconut Grove has just closed for a whopping $8,600,000 or $1,233/square foot. This is the highest sale price on record at The Grovenor House, and is the highest “sale price per square foot” for a condo sold anywhere in Coconut Grove.
Congratulations to Jeffrey Miller of Zilbert International Realty & Saddy Delgado of One Sothebys on the sale.
This unit offered 6,970 square feet of living space with 5 bedrooms, 7 baths. Some of the special features included 36 X 36 Crema Marfil flooring, custom mosaic by SICIS, Snaidero kitchen, Miele appliances, bathroom fixtures by Sherle Wagner, lighting by Barovier & Tosso, 11ft ceilings and a private elevator entrance.
If you are interested in learning more about the Coconut Grove condo market, check out my recent post: Coconut Grove Condo Roundup.
Earlier this year Grove Isle announced its plans to demolish the hotel and build a fourth tower (or multiple smaller towers) on the island for new luxury residences, new club facilities as well as a new restaurant and spa. There is some concern among residents that the expansion would create too much disruption and congestion. Grove Isle states that their vision is “to restore the exclusivity of Grove Isle and to create a secure residential environment for the future. We plan to replace the existing hotel with a contemporary building and to offer a very limited number of high-end residences. Our goal is to return to the days when Grove Isle was a completely private island, thus adding both present and future value. In addition, we are planning a new Grove Isle Club featuring all new dining, recreational, spa, and fitness facilities.” The project will be designed by RTKL Associates Inc.
With less than 60 days to go before the end of 2014, I thought I would do a quick recap of how Coconut Grove’s condos have fared this year. Check out the charts I have created below which show the number of condos currently for sale in each building, the number sold in 2014 as well as the average sale price/sq. ft. for each building (including percentage increase from last year).
The numbers below are pulled from the major condo buildings in Coconut Grove: The Grovenor House, Grove Hill Tower, Yacht Harbour, Grove Tower, Grove Isle, The Mutiny and The Sonesta. You will notice how few condos in these buildings are currently on the market right now, and even worse is the number of sales over the past 10 months. Combined, there are 32 for sale in Coconut Grove and there have been 61 sold this year. Over the past 3 years we have seen an average of 90-100 condos in these buildings sell every year.
Grove Hill Tower fell in value from an average of $569/sq. ft. in 2013 to $508/sq. ft. in 2014. After delving a little deeper into the numbers I found that there was an abnormal sale which drastically raised the average number in 2013 (Unit 2003 sold for over $800/sq. ft.). If you exclude that sale from the calculations, values actually rose this year in Grove Hill from $452/sq. ft. to $508/sq. ft.
You will notice that activity is very low in Yacht Harbour this year which is likely due to the major renovations that are going on in the building. 2014 would have not been a good time to list your condo for sale considering the amount of construction taking place.
The Sonesta has had the most sales in 2014, they also have the most inventory available.
Park Grove is Coconut Grove’s newest luxury condo project going up on South Bayshore Drive. Designed by OMA and Rem Koolhaas, Park Grove will consist of 3 striking towers located on 5.5 acres of land. I have been over at the sales center many times this week with clients and I am more and more impressed by the project every time I go.
If you want a relaxed, understated yet luxurious vibe then you will love Park Grove.
The fact that 50% are already reserved is very impressive for a new project at this stage (and evidence that buyers see value here). Things are moving so fast that I have had clients lose out on units because they did not act quickly enough.
Although all of the units are fantastic, there is one type of unit in particular that is a great investment opportunity (contact me directly for more information about these units).
Breathtaking bay and city views.
If you would like to learn more about Park Grove, I would be happy to arrange a private presentation for you and give you my opinion on which units are the best investments. I can be contacted anytime on my cell at 305-342-1623.
As we enter the 4th quarter of 2014 I am thrilled to report that condo values at The Grovenor House continue to trend upwards. Although the number of overall sales is down slightly this year, values have increased from an average of $693/sq. ft. in 2013, to $761/sq. ft. in 2014. Unit 2101 was the highest “sale price/sq. ft.” this year which closed for $835.00 (sale price $3,362,500). This was a corner unit which offered 4,026 square feet of living space with 4 bedrooms, 6.5 baths and breathtaking views of Biscayne Bay and downtown Miami.
Effect Of Grove at Grand Bay and Park Grove on The Grovenor House?
This is great news for owners at The Grovenor House who have been slightly nervous about the effect that the Grove at Grand Bay and Park Grove (2 new construction condo projects going up blocks away) were going to have on the value of their condos. I believe that the once completed, the two new condo buildings will only help values at The Grovenor House. First of all, they will help bring in more luxury condo buyers to the Grove than we have ever had before. Second, The Grovenor House will always offer more square footage for your money. Third, starting prices at the Grovenor House will be more affordable than those at Grove at Grand Bay or Park Grove.
Another Strong Sale At Grove Isle In Coconut Grove | Unit B1510 Sells For $505.00/Sq. Ft.
You may remember my recent post about soaring values in the island condo community of Grove Isle. The average “price per square foot” has risen significantly this year from $297.00 just 3 years ago. This week the corner unit (B1510) at 2 Grove Isle Drive closed for $1,225,000 or $505.00/sq. ft. This bumps up the average “sale price per square foot” in the building for 2014 to $457.00. This unit offered 3 bedrooms with 2.5 baths and 2,424 square feet of living space with spectacular views of Biscayne Bay, marina and the city from every room. Listing agent was Maria Manso of EWM Realty.
Grove Isle is one of my favorite communities in Coconut Grove and offers year round resort living with first class amenities.
Along with the single family home market, condo values have been steadily increasing over the past few years in Coconut Grove. At Grove Isle, the average has reached an all-time high of $451.00 per square foot. There have been 9 closed sales so far in 2014, and there are 2 currently under contract (these have an average list price/sq. ft. figure of $518.00). This is an incredible figure when you look at how far we have come. Just 3 years ago the average was at $297.00/square foot. Owners who have hung on to their units have seen a nice appreciation since then!
An important sale that I wanted to mention was Penthouse 10 which closed back in May of this year for $1,600,000. At $660.00/square foot, this was the highest “Sale Price/Square Foot” figure Grove Isle has experienced since 2008! Broker was Fortune Realty.
Inventory at Grove Isle has been extremely low over the past few years with no more than 10 units on the market at any given time. There is a high buyer demand for the 3 bedrooms units on the island, and when they are listed for sale they typically sell very quickly.
Grove Isle appeals to all types of buyers, but particularly for those looking for a condo with incredible amenities and island style living. Some of the best things about living at Grove Isle include their breathtaking waterfront views, tennis courts, full service marina, restaurants, bar, spa, hair salon, gym and scenic walking/jogging path.