Overall, the Miami-Dade real estate market is booming. Coconut Grove real estate is no exception. Factors such as low inventory and walkability are causing real estate prices in the area to rise. There are only about 100 single-family homes on the market right now. The average price per square foot for single family-homes in coconut Grove is $497, up from roughly $475 the year before. Single-family homes priced between $1 million and $1.5 million being the hottest market.
According to Riley Smith, president of the Berkshire-Hathaway affiliate Riley Smith Group, finding a single-family home that is not in disrepair or very small below $1 million is difficult. Townhomes could start at around $600,000, but usually cost north of $700,000. Furthermore, condos could start in the $200,000s, and go up to millions of dollars. Mr. Smith added that Coconut Grove buyers are purchasing everything that comes to the market right now. “Almost every property under $2 million that comes on the market is selling in less than a day or two,” he added.
Coconut Grove real estate appeals to a wide range of demographics because of many factors. Walkability, culture, and access to good schools are amongst those factors. In addition, Coconut Grove is very conveniently located near downtown and Brickell. Single-family homebuyers are usually looking for space and features such as pools. On the other hand, condominium buyers look for unique offerings, such as smart technology.