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BY Michael Light / On April 28, 2017

(Photo Source: Zillow.com)

A luxury home in the exclusive, gated community of The Moorings just set an all-time non-waterfront Coconut Grove real estate record by closing at $800.00 per square foot.

The 5,640-square-foot non-waterfront estate located at 3574 S. Moorings Way just closed (yesterday) for $4,512,000—$800 per square foot. Until this closing, there have only been 5 non-waterfront homes to ever sell over $700 per square foot in all of Coconut Grove. 3574 S. Moorings Way not only became the 6th to pass that mark, but it became the 1st ever to close at $800.00 per square foot, setting a new, all-time record!

Coconut Grove Historical Non-Waterfront Sales Over $700 Per Square Foot

Coconut Grove Historical Non-Waterfront Sales Over $700 Per Square Foot*

If you look at the table above, you will see that of the 6 properties to close north of $700, 2 of the 6 closed this year. Let me say it a different way…in the history of Coconut Grove, 33% of the highest-priced (per square foot) non-waterfront homes ever sold, closed in the past 90 days!

A simple Google search will bring you to many, many stories regarding the South Florida real estate market “imploding” or “crashing,” or whatever other cataclysmic word(s) these wordsmiths can use to describe trouble.

If things are so bad, and the market is “crashing,” why is Park Grove over 85% sold with prices as high as $1,800 per square foot and a non-waterfront home in The Moorings setting an all-time, price-per-square-foot record?

The answer…Coconut Grove. It’s all about The Grove!

Celebrities, athletes and even heads of state call Coconut Grove home for a reason. My wife and I moved here from Downtown Miami 5 years ago, and we will never leave. Spend 1 day in The Grove, and you will see why it is the best city in South Florida. Period.

Read This: Coconut Grove Real Estate Statistics

If you, or someone you know, are interested in learning more about the real estate market in Coconut Grove or you simply want more information about The Grove, please contact Michael Light, proud Coconut Grove resident and Founder/Owner of the Miami Luxury Homes Group at Douglas Elliman Real Estate. You may contact Michael at his office at 305-350-9842, on his cell at 786-566-1700 or by email at michael@miamiluxuryhomes.com.

*Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on April 28, 2017. Any closed sales not listed in the MLS are not included in the statistics referenced herein. The MLS search criteria used was 33133 zip code + waterfront equals “NO” + city not equal to “Coral Gables.” In addition, the information contained herein is for informative purposes only and should not be relied upon.
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