Insider Details…New Sagamore/Ritz-Carlton Residences South Beach Posted on January 17, 2024January 23, 2024 by Michael Light Details are still forthcoming. Please contact Michael Light for a private presentation at 786-566-1700. The newest ultra-luxe oceanfront condo building on the horizon for South Beach will be dubbed The Ritz-Carlton Residences South Beach. This new construction, 15-story boutique condo building will be situated behind the historic Sagamore Hotel and cantilevered over the current Ritz-Carlton South Beach Hotel. This private collection of only 30 oceanfront beach houses in the sky will include interior design by Studio Munge, who is led by the creative mastermind Italo-Canadian designer Alessandro Munge, who is also designing the Ritz-Carlton sister-branded-condo nearby at the EDITION Residences in Miami’s Edgewater neighborhood. Besides the direct-ocean views from every residence, what sets this building apart from others: an exclusive residents’-only amenity floor, signature on-site restaurant by a Michelin-star chef (to be announced privately), preferred access to Sagamore and The Ritz-Carlton hotels’ unparalleled services and amenities and owner benefits at related hotel brands around the world. Douglas Elliman is the exclusive broker for this private collection of units at The Ritz-Carlton Residences South Beach. If you are interested in a private presentation of the building, in person or via zoom, please contact Michael Light, Executive Director of Luxury Sales at Douglas Elliman and member of the elite Sports and Entertainment Division. Only qualified buyers will be able to view floor plans, renderings and have access to site tours. You may reach Michael directly at 786.566.1700 or via email at michael@miamiluxuryhomes.com.
Happy New Year! | Top 7 New Construction Miami Condos in 2024 Posted on January 7, 2024January 7, 2024 by Michael Light We welcome 2024 with open arms and new construction condo buildings in Miami. At a time when inventory is low and demand is still high (yes, it is still high in Miami and the surrounding areas), there is no better time for a group of pre-construction projects on the horizon, than now. Miami is still the most sought-after city in the U.S. to call home and new stats on a global scale from Remitly indicate that Miami is the 2nd most desirable city to move to in the world, beating out Paris, New York City and London. I mean…when Jeff Bezos and Ken Griffin move their entire lives and businesses to Miami, permanently, you know it is the IT place to live! With all of the people still flocking to South Florida from New York, Connecticut, California, Illinois and abroad, developers see this as the perfect time to start marketing their new developments. And, they are being proven right…these new construction buildings are selling at a velocity never-before-seen (pre-Covid) in Miami, it is seriously unbelievable! But, there are 7 condo buildings below that have launched within the past 6-12 months that still have amazing opportunities. The 7 new condo developments below (in no particular order) offer different price points in varying neighborhoods…for those looking for a pied-a-terre to an expensive oceanfront condo and a mix in between, we have you covered. If you are interested in a private presentation of any of the new construction condos below, please contact Michael Light, Broker Associate, Executive Director of Luxury Sales and member of the elite Sports and Entertainment Division at Douglas Elliman Real Estate. Michael is an expert at navigating the pre-construction condo market in Miami and the beaches and has been for the past 15 years. Buying a pre-construction condo is very different than buying properties that are already built, so it is important to work with someone who is knowledgeable in this area of expertise. You may contact Michael directly at 786.566.1700 or michael@miamiluxuryhomes.com. EDITION Residences Miami Edgewater EDITION Residences Miami is the newest pre-construction condo tower on the horizon for the bayfront Edgewater neighborhood of Miami, Florida. Slated to rise 649 feet along Biscayne Bay, this 55-story sleek glass tower will offer 185 sophisticated residences with panoramic bay and ocean views, including three tri-level penthouses—each with a private rooftop pool and garden, an expansive indoor and outdoor amenity program, direct access to Miami Baywalk and expansive water frontage along the bay. Two Roads Development, known for Elysee and Biscayne Beach, both also in Edgewater Miami, along with a signature design by Arquitectonica’s Bernardo Fort-Brescia and distinguished interiors by Studio Munge come together to deliver a beautiful collection of homes in the epicenter of Miami. The elegant residences are seamlessly infused with well-considered amenities for an exceptional lifestyle that adapts as elegantly to quiet reflection and wellness as they do to poolside hosting and luxurious dining. Beyond the amenities of home, residents will enjoy more than 800 feet of scenic waterfront leading to Margaret Pace Park, one of Miami’s coveted waterfront parks. This ultra-luxe condo tower will be managed and operated by EDITION HOTELS and is the first private EDITION residences in the entire world and has NO HOTEL COMPONENT. EDITION is only in the world’s top cities and only features the very best in service, food, beverage and entertainment. From New York City to Sanya, China, each EDITION is designed to give guests and residents a curated taste of the locale, reflecting the best of cultural and social milieu. At EDITION Residences in Edgewater, you will still receive all of the perks of what EDITION HOTELS is celebrated for, without a hotel component, what more could you ask for?! Owners at EDITION Residences Miami will also receive Owner benefits with Marriot International at all of their hotel brands including St. Regis and Ritz Carlton. EDITION Residences Miami Edgewater is slated for completion in 2026. Please visit our EDITION Residences Miami building page for more information about EDITION condos in Edgewater including amenities, floor plans, renderings and fact sheet. The Perigon Miami Beach One of the most highly-acclaimed architects in the world is bringing a new level of sophistication to “Millionaires’ Row” in Miami Beach. Rem Koolhaas’ OMA (Office of Metropolitan Architecture) has unveiled plans for The Perigon Miami Beach. Comprised of just 73 signature residences, plus an additional 9 luxury guest suites for friends & family, right on the pristine Miami Beach sand, a new level of design and services are anticipated. For The Perigon Miami Beach, an even higher level of service is expected. Located at 5333 Collins Avenue, just blocks away from the highly successful, and fully sold out, 57 Ocean development, Perigon Miami will offer a host of services to residents and guests including 24-hour security, doorman and valet, on-site general manager, dedicated lifestyle concierge, residential butler service and use of a luxury house car. The ground level will house a private signature restaurant operated by a Michelin-starred chef that offers in-residence dining and catering. Home management services will also be offered that include cleaning, maintenance, floral upkeep and pantry stocking. Beachgoers will enjoy 200 linear feet of pristine shoreline, also serviced through the signature restaurant. Each of the 73 homes will have stunning views of the Atlantic Ocean. Units will range from two to four bedrooms and 2,100 to 6,700 square feet, excluding penthouses. Every condo will have a private elevator, 10-foot ceilings with floor-to-ceiling impact windows and linear cove accent lighting. Overlooking the ocean, the terraces have been generously designed, and will offer 10 to 12-foot deep plans for a seamless indoor/outdoor lifestyle. The kitchens are slated to be decked out with honed marble countertops, backsplashes and islands with Sub-Zero and Wolf appliance suites. Each bedroom will offer at least one walk-in wardrobe and the primary bathrooms will feature natural stone flooring and wet walls, custom bathtubs and bespoke mirrors and light fixtures. Aside from the fully serviced beachfront access, the boutique development also will feature a beachside pool with an outdoor spa that includes sunbeds and cabanas, fitness center, spa with saunas and treatment rooms, cinema, playroom for the kids and a private salon with personalized beauty services. In the mornings at The Perigon Miami Beach, residents may enjoy a daily breakfast bar in the conservatory or book a custom brunch in the sunrise lounge. In the evenings, the cocktail lounge, wine room and speakeasy will be available for a little happy hour or after-dinner libations. For those residents who have guests, the development will offer 9 luxury guest suites with the same services as the main residences. The Perigon Miami Beach is slated for completion in 2026. Please visit The Perigon building page for more information about The Perigon condos in Miami Beach including amenities, floor plans, renderings and fact sheet. Cipriani Residences Miami Cipriani Residences Miami is a luxury pre-construction condo tower that will be ideally located in the southern end of Brickell, Miami’s Financial District, steps from an eclectic variety of shopping, entertainment and dining. Designed by award winning architectural firm Arquitectonica, and developed by Mast Capital in collaboration with the famed Italian hotel and leisure company, Cipriani, Cipriani Residences Miami is set to be an elegant 80-story cascading glass tower featuring opulent residences, unparalleled amenities and services and sweeping views. Cipriani Residences in Brickell will consist of 397 luxury condos, including penthouse residences with private pools. Condos at Cipriani will boast expansive layouts with 10-foot ceilings, floor-to-ceiling windows and sliding glass doors, open eat-in kitchens with custom Italian cabinetry and high-end appliances by Wolf and Sub-Zero, Spa-like primary bathrooms with grand stand-alone bathtubs and glass-enclosed showers, spacious laundry rooms, walk-in closets, smart home technology and terraces with sweeping bay and city views. Cipriani Residences Miami will offer its residents unparalleled, resort-style amenities including an elegant porte cochère and lobby, signature private dining experiences by Cipriani, elevated resort deck with 2 swimming pools, poolside cabanas, outdoor spa and landscaped sun terrace, 4-level wellness center and lounge overlooking the Brickell skyline, holistic wellness spa with sauna and treatment rooms, salon for private beauty services, high-tech fitness center, golf simulator, pickleball court, dog park, screening room, library, children’s playroom and residents’ lounge. Services at Cipriani Residences will include a dedicated Director of Residences, Residential Cipriani Concierge, 24-hour catering services and in-home dining by Cipriani, poolside food and beverage services catered by Cipriani, residential services such as away-from-home maintenance, pet grooming and walking services, in-residence spa treatments, personal training services, 24-hour complimentary valet parking and security. Cipriani Residences Miami is slated for completion in 2026. Please visit our Cipriani building page for more information about Cipriani condos in Brickell including amenities, floor plans, renderings and fact sheet. Villa Miami Villa Miami is a new luxury waterfront condo tower on the horizon for the Edgewater neighborhood in Miami, Florida. Villa Miami will consist of 55 floors including 49 residential levels and 3 levels of private club lifestyle amenities fully serviced by Major Food Group and boast endless 360˚ sunrise and sunset views spanning Biscayne Bay, the Atlantic Ocean, Downtown Miami and Miami Beach. Villa Miami is a unique concept curated by project visionaries Terra Group, well known for Park Grove in Coconut Grove, and the One Thousand Group, known for their iconic Zaha Hadid-designed One Thousand Museum condo tower in Downtown Miami. These experienced developers are adding a new level of luxury to their project by bringing in a premier leader in the hospitality industry, Major Food Group, to fully service the entire building and offer VIP perks that are very attractive and exclusive to owners. Designed by ODP Architects, this iconic new building will consist of a unique cast bronze exoskeleton anchored by a multifaceted gemstone-inspired glass amenity podium. Villa Miami will also feature piazza-style grounds beautifully designed by Swiss landscape architect, Enzo Enea that connect to the highly-anticipated Miami Baywalk promenade with convenient access to the famed Design District. Villa Miami will feature a limited collection of 72 residences offering half-floor and full-floor units with 3 to 5 bedrooms. Residences will boast private entry foyers, high ceilings with floor-to-ceiling windows throughout, Italian-style Chef’s kitchens custom designed by Mario Carbone, spacious primary bedrooms, spa-like primary bathrooms and expansive sunrise and sunset terraces in each residence to fully take in the beautiful panoramic views of the Atlantic Ocean and Biscayne Bay. Villa Miami is slated for completion in 2026. Please visit our Villa Miami building page for more information about Villa Miami condos in Edgewater including amenities, floor plans, renderings and fact sheet. Rivage Bal Harbour Two Roads Development together with Related Group announced the newest luxury condo tower in Bal Harbour, Rivage. Rivage Bal Harbour is a 275-foot glass oceanfront condo tower that was beautifully designed by world-renowned architectural firm, SOM. Rivage will feature a limited collection of 56 bespoke beachfront residences offering a luxurious life immersed in nature, only a few steps from the ocean on what is very likely the last oceanfront property to be developed in Bal Harbour. Rivage Bal Harbour will offer beautiful light-filled residences designed by Rottet Studio ranging in size from 3,284 to 12,700 square feet. Residences will feature private elevators, 10-foot ceilings, expansive living, dining and entertainment areas, custom kitchens, bathrooms and closets provided by Falma Italia and 12-foot-deep private terraces designed to highlight the direct views of the Atlantic Ocean and Biscayne Bay. Select residences will also boast private pools and outdoor kitchens to truly reflect the best of South Florida living. Rivage will offer its residents an elevated level of indoor/outdoor amenities and services including signature oceanfront dining at a residents’-only restaurant, curated social spaces including cocktail lounges, formal sitting and reading areas, state-of-the-art fitness center, well-appointed spa, kid’s playroom, 200 linear feet of pristine shoreline, fully-serviced beach club and full-time concierge services. Rivage Bal Harbour is slated for completion in 2026. Please visit our Rivage building page for more information about Rivage condos in Bal Harbour including amenities, floor plans and renderings. Bentley Residences Bentley Residences is a brand-new, global-luxury-car-branded condo tower on the Miami horizon. This new condo tower will be truly iconic as it will not only be the very 1st Bentley-branded residential condo tower in the entire world, but it will also be the tallest beachfront residential condo tower in the country, soaring 749 feet above the sand. This ultra-luxe, 60-story condo tower is being developed by Dezer Development and designed by Sieger Suarez, who have also teamed up on other high-end condo buildings in Sunny Isles Beach including Porsche Design Tower and Residences by Armani Casa. In fact, Gil Dezer, President of Dezer Development, is planning to borrow a similar truly-innovative feature from Porsche Design Tower and include it in this new exciting Bentley condo building…his famous in-unit car elevator, dubbed the ‘Dezervator.’ Bentley Residences will feature a modern car elevator and a 4-car in-unit garage in each private residence, offering a chic, sophisticated unit for car collectors. Each and every condo unit will also boast private swimming pools and saunas. Bentley Residences in Sunny Isles Beach is slated for completion in 2026. Please visit our Bentley Residences building page for more information about Bentley condos in Sunny Isles Beach including features, amenities and renderings. Undisclosed Project in the Epicenter of Coconut Grove This year, Terra will be announcing a new luxury wellness-branded condo building to be situated in the epicenter of Coconut Grove, one of the most sought-after communities in South Florida. We are extremely excited about this project because it will fit in perfectly with the vibe of Coconut Grove. We cannot wait to share more information about this condo building soon! This project is estimated to launch sales to friends and family in early Q2 of this year. Please contact Michael directly if you are interested in this project as we are not allowed to publicly announce it at this time.
PRICE IMPROVEMENT | 4-Bedroom Waterfront Coconut Grove Condo Now Offered at $4,095,000 Posted on July 10, 2023 by Michael Light Beacon Harbour residence 101 is a zen-inspired waterfront condo located in a gated, boutique condo building situated along the sparkling waters of Biscayne Bay in the heart of Coconut Grove, Miami’s most sought-after neighborhood to call home. With just 10 spacious waterfront residences, Beacon Harbour is a true boutique development. It offers a tranquil refuge from city life right on the bay complete with a waterfront swimming pool and deep water marina. Each floor of Beacon Harbour Coconut Grove is comprised of just 2 residences, with the first level being dedicated to amenities and common areas. Guests will find a serene pool area with a lanai, spa, barbecue area, and walkway to the deep-water marina. A waterfront fitness center also overlooks the pool area and marina, which is adjacent to Grove Isle. Beacon Harbour Pool and Spa Beacon Harbour Condo View Beacon Harbour Coconut Grove 101 Pier View Residence 101 is a fully-customized floor plan offered at $4,095,000. It has a total of 3,812 interior square feet with 4 bedrooms and 4 baths. Three of the bedrooms feature ensuite baths, with the fourth being utilized as an office. Beacon Harbour was originally constructed in 2004 and residence 101 has been fully renovated to evoke a peaceful zen vibe throughout, starting as you step off of the elevator into your private lobby. There you will find a 10-foot water feature that welcomes you with a soothing rain shower sound and iridescent mosaic tiles. Beacon Harbour Coconut Grove Elevator Lobby Beacon Harbour Coconut Grove 101 Entry Throughout the residence, you will find floor to ceiling impact glass, allowing for both safety during storms as well as noise insulation. The zen theme carries through the kitchen and into each of the 4 renovated bathrooms with slate, stone and marble countertops and showers, all tied together with natural bamboo flooring. New berber carpeting with neutral tones has been added to each of the 3 guest bedrooms. In the primary bathroom, the new owners will experience a true spa environment complete with heated towel racks, his and hers Swedish rain showers, a steam area with seating and jets to soothe back pain, stone vessel sinks and dual vanities. Beacon Harbour Coconut Grove 101 Sitting Area Beacon Harbour Coconut Grove 101 Primary Suite Beacon Harbour Coconut Grove 101 Primary Shower Beacon Harbour Coconut Grove 101 Primary Spa Beacon Harbour Coconut Grove 101 Primary Vanity While entertaining, the peaceful ambiance continues in the spacious kitchen that is equipped for a professional chef, but also offers enough space for an outside catering team to feed a 7-course meal. The appliances are elegant industrial-grade Wolfe stainless steel with a double oven, gas range with warming drawer, and Sub-Zero refrigerator next to an expansive formal dining area with a direct view of the marina and Biscayne Bay. Speaking of the marina and Bay View, being located just one level above the pool allows a true residence-like feeling rather than the feeling of being located in a condo development. It truly is the lifestyle of a waterfront manse without the upkeep. Beacon Harbour Coconut Grove 101 Kitchen Beacon Harbour Coconut Grove 101 Kitchen Space Beacon Harbour Coconut Grove 101 Cooktop While the ambiance, luxury, convenience and views are all quite attractive, the residence also boasts some very important but also very practical features. As Beacon Harbour is an ultra luxury, ultra boutique development, the building staff has all been with the building for many years. The property is gated and Residence 101 includes 3 secure garage spaces. Both the roof and the a/c systems were replaced in 2017, guaranteeing a long life remaining. Residents with school-age children will have the option of Coconut Grove Elementary for PreK- 5th Grade, Ponce de Leon Middle School for grades 6-8 and Coral Gables Senior High for grades 9-12. If you opt for a private school, there are even more options. La Piazza Academy, Coconut Grove Montessori School, Saint Stephen’s Episcopal Day School, St. Hugh Catholic School, Carrollton School of the Sacred Heart, Ransom Everglades, Immaculata LaSalle and Gulliver Prep are all located nearby. If you are interested in a private viewing of Residence 101 at Beacon Harbour Coconut Grove, please contact listing broker, Michael Light directly at (786) 566-1700 or michael@miamiluxuryhomes.com. Beacon Harbour Unit 101 Features & Amenities Beacon Harbour | Guard-Gated Boutique 10-Unit Condo Building Completed in 2004 Waterfront Enclave Situated Along Open Waters of Biscayne Bay Expansive Floor Plan Custom Redesigned from Developer Plans Home Square Footage: Living: 3,812 Square Feet / 354 Square Meters & Terrace: 575 Square Feet / 53 Square Meters Private Elevator and Exclusive Entrance Foyer with Soothing Water Feature 4 Spacious Bedrooms 4 Spa-Like Bathrooms Custom Bamboo Flooring with Natural Stone Inlays Throughout Floor-to-Ceiling Hurricane-Impact Windows and Doors Throughout Smart Home Entertainment Systems Gourmet Kitchen with Chef’s Island and Wolf French Gas Cooktop Spectacular Master Suite with Truly Resort-Style Spa Bathroom 3 Terraces with Panoramic Views of Biscayne Bay Parking: 3 Secured and Covered Parking Spaces Heated Bayfront Lap Pool Fitness Center Overlooking Biscayne Bay BBQ Area and Summer Kitchen Deep-Water Marina Offered at $4,095,000
2023 Coconut Grove Real Estate Values | Year-Over-Year Numbers Posted on March 15, 2023April 11, 2023 by Michael Light As I do every year (and I am a bit late this year), I compile and analyze all of the sales in Coconut Grove (per MLS data – which takes me several weeks) over the previous year and look at where our community is trending. Once again, Coconut Grove outpaced a cooling national real estate market by setting new, all-time records across multiple categories. I am a Groveite through and through. I met my wife in the Grove 13 years ago, was married in the Grove (St. Hugh), my reception was in the Grove (Villa Woodbine), I have lived in the Grove for the past 13 years, and I am the Executive Director of Luxury Sales at Douglas Elliman in our Grove office at Two CocoWalk. I have put together this report for the past 9 years because I care about the health of our community and helping people understand where the Grove housing market has been and is headed. The overall market in South Florida exploded in 2021 and continued in 2022 due to an enormous influx of buyers from New York, Chicago and L.A. because of our favorable tax rates, Covid and “the way that Florida is being run” – (that last one being the most popular answer when asking buyers “why Florida?”). The Coconut Grove real estate market had increased year-over-year for 8 consecutive years until it exploded in 2020 and then basically shattered every metric ever tabulated in 2021…and then did it again in 2022 by most metrics. Here are some takeaways from the 2022 numbers: Total sales volume in ALL of the Grove fell sharply from 2021’s record number of $1,452,047,154 to $855,771,046 in 2022; BUT… The average sales price in ALL of the Grove set another all-time high at $1,824,672 , an 88.5% jump from $968,237 in 2019 (pre-Covid). The average sales price per square foot in ALL of the Grove also set another new, all-time high at $813.28, a 27.8% jump over the previous high of $636.63 in 2021 and completely destroying the pre-Covid 2019 high of $431.92 by a staggering 88.3%. South Grove was the first neighborhood to EVER break the $1,000 per sq/ft average when it hit $1,042.48 in 2022! Average days on market in ALL of the Grove hit its lowest number ever with properties only being on the market for 48 days before going under contract. Coconut Grove Real Estate – Months of Supply (February 2023) Months of supply means how long it would take for the market to absorb all real estate, if no additional real estate came to market. This stat determines whether it is a Buyer’s Market or Seller’s Market. When looking at statistics, having a 6-month supply or less favors sellers while more than 6 months favors buyers. Single-Family Homes: 8.3-Month Supply (Buyer’s Market) 83 Currently Available 60 Sold in Past 6 Months Condos: 5-Month Supply (Slight Seller’s Market) 62 Currently Available 75 Sold in Past 6 Months Townhomes: 5.2-Month Supply ( Slight Seller’s Market) 20 Currently Available 23 Sold in Past 6 Months Below, I have laid out all of the 2022 Coconut Grove real estate statistics and then a year-over-year comparison of 2022 versus 2021. 2022 Coconut Grove Real Estate Sales by the Numbers: Total Number of Sales: 469 Total Sales Volume: $855,771,046 Average List Price: $1,896,882 Median List Price: $1,399,000 Average Sales Price: $1,824,672 (96.2% of List Price) Median Sales Price: $1,350,000 (96.5% of List Price) Average Sales Price Per SQ/FT: $813.28 Median Sales Price Per SQ/FT: $708.44 Days on Market: 48 Average / 23 Median Highest Priced Sale of 2022: 1800 S. Bayshore Ln. Closed on 07/29/2022 @ $15,000,000 ($2,241.82 per sq/ft) Lowest Priced Sale of 2022: 2630 SW 28th St. #46 Closed on 03/01/2022 @ $165,000 ($342.32 per sq/ft) Download: 2022 ALL Coconut Grove Real Estate Sales Data 2022 vs. 2021 ALL Coconut Grove Sales Year-Over-Year Numbers: Total Number of Sales: DOWN 331 (-41.4%) | 469 in 2022 vs. 800 in 2021 (492 in 2020) Total Sales Volume: DOWN $596,276,108 (-41.0%) | $855,771,046 in 2022 vs. $1,452,047,154 in 2021 ($541,812,781 in 2020 ($476,234,676 in 2019) Average List Price: DOWN $17,114 (-0.9%) | $1,896,882 in 2022 vs. $1,913,996 in 2021 ($1,188,287 in 2020 ($1,043,411 in 2019) Median List Price: UP $226,500 (+19.3%) | $1,399,000 in 2022 vs. $1,172,500 in 2021 ($875,000 in 2020 ($798,500 in 2019) Average Sales Price: UP $9,613 (+0.5%) | $1,824,672 in 2022 vs. $1,815,059 in 2021 ($1,101,245 in 2020 ($968,237 in 2019) Median Sales Price: UP $250,000 (+22.7%) | $1,350,000 in 2022 vs. $1,100,000 in 2021 ($811,000 in 2020 ($747,500 in 2019) Average Sales Price Per SQ/FT: UP $176.65 (+27.8%) | $813.28 in 2022 vs. $636.63 in 2021 ($459.27 in 2020 ($431.92 in 2019) Median Sales Price Per SQ/FT: UP $155.80 (+28.2%) | $708.44 in 2022 vs. $552.64 in 2021 ($410.28 in 2020 ($393.70 in 2019) Coconut Grove Neighborhoods Map To local Groveites looking to sell, and buyers purchasing property in Coconut Grove, I have broken down the statistics of the different areas of the Grove. Coconut Grove is locally referred to in parts, i.e. North, South, Center and West (for example, CocoWalk and Mr. C Hotel are both located in Center Grove and Kennedy Park is located in North Grove). 2022 vs. 2021 NORTH Coconut Grove Sales by the Numbers: Total Number of Sales: 155 in 2022 | 281 in 2021 (192 in 2020) Average List Price: $2,368,218 in 2022 | $2,080,521 in 2021 ($1,427,992 in 2020) Median List Price: $1,975,000 in 2022 | $1,349,000 in 2021 ($1,100,000 in 2020) Average Sales Price: (+15.4%) $2,255,965 in 2022 | $1,954,750 in 2021 ($1,303,196 in 2020) Median Sales Price: (+41.0%) $1,833,000 in 2022 | $1,300,000 in 2021 ($1,050,000 in 2020) Average Sales Price Per SQ/FT: (+33.9%) $869.96 in 2022 | $649.80 in 2021 ($473.26 in 2020) Median Sales Price Per SQ/FT: (+36.0%) $811.79 in 2022 | $596.97 in 2021 ($436.72 in 2020) Days on Market: 50 Average | 30 Median in 2022 (95 Average | 45 Median in 2021) Highest Priced Sale of 2022: 1800 S. Bayshore Ln. Closed on 07/29/2022 @ $15,000,000 ($2,241.82per sq/ft) Lowest Priced Sale of 2022: 2630 SW 28th St. #46 Closed on 03/01/2022 @ $165,000 ($342.32 per sq/ft) 2022 vs. 2021 SOUTH Coconut Grove Sales by the Numbers: Total Number of Sales: 40 in 2022 | 112 in 2021 (54 in 2020) Average List Price: $4,239,297 in 2022 | $3,792,882 in 2021 ($2,003,343 in 2020) Median List Price: $3,172,500 in 2022 | $2,287,450 in 2021 ($1,519,000 in 2020) Average Sales Price: (+13.0%) $4,069,500 in 2022 | $3,602,096 in 2021 ($1,878,919 in 2020) Median Sales Price: (+26.9%) $2,900,000 in 2022 | $2,286,060 in 2021 ($1,387,500 in 2020) Average Sales Price Per SQ/FT: (+36.4%) $1,042.48 in 2022 | $764.06 in 2021 ($538.08 in 2020) Median Sales Price Per SQ/FT: (+44.9%) $973.45 in 2022 | $671.69 in 2021 ($501.22 in 2020) Days on Market: 40 Average | 21 Median in 2022 (82 Average | 37 Median in 2021) Highest Priced Sale of 2022: 3467 N. Moorings Way Closed on 10/17/2022 @ $14,700,000 ($2,345.25 per sq/ft) Lowest Priced Sale of 2022: 4178 El Prado Blvd. Closed on 01/24/2022 @ $858,000 (Land Sale) 2022 vs. 2021 CENTER Coconut Grove Sales by the Numbers: Total Number of Sales: 201 in 2022 | 289 in 2021 (155 in 2020) Average List Price: $1,209,295 in 2022 | $1,239,859 in 2021 ($765,628 in 2020) Median List Price: $850,000 in 2022 | $729,000 in 2021 ($589,000 in 2020) Average Sales Price: (-1.0%) $1,173,432 in 2022 | $1,184,823 in 2021 ($717,214 in 2020) Median Sales Price: (+16.7%) $816,563 in 2022 | $700,000 in 2021 ($560,000 in 2020) Average Sales Price Per SQ/FT: (+21.7%) $748.28 in 2022 | $614.85 in 2021 ($447.12 in 2020) Median Sales Price Per SQ/FT: (+26.2%) $630.58 in 2022 | $499.68 in 2021 ($387.17 in 2020) Days on Market: 48 Average | 18 Median in 2022 (88 Average | 43 Median in 2021) Highest Priced Sale of 2022: 3503 Wildwood Cir. Closed on 01/28/2022 @ $8,700,000 ($1,469.10 per sq/ft) Lowest Priced Sale of 2022: 3245 Virginia St. #38 Closed on 08/31/2022 @ $220,000 ($428.02 per sq/ft) 2022 vs. 2021 WEST Coconut Grove Sales by the Numbers: Total Number of Sales: 75 in 2022 | 119 in 2021 (92 in 2020) Average List Price: $1,630,657 in 2022 | $1,384,312 in 2021 ($913,367 in 2020) Median List Price: $1,237,562 in 2022 | $1,200,000 in 2021 ($787,500 in 2020) Average Sales Price: (+18.5%) $1,575,181 in 2022 | $1,329,108 in 2021 ($862,709 in 2020) Median Sales Price: (+7.5%) $1,225,000 in 2022 | $1,140,000 in 2021 ($760,000 in 2020) Average Sales Price Per SQ/FT: (+36.2%) $736.28 in 2022 | $540.77 in 2021 ($402.47 in 2020) Median Sales Price Per SQ/FT: (+39.0%) $686.81 in 2022 | $494.14 in 2021 ($388.44 in 2020) Days on Market: 50 Average | 31 Median in 2022 (83 Average | 34 Median in 2021) Highest Priced Sale of 2022: 3316 Devon Ct. Closed on 05/25/2022 @ $10,500,000 ($944.50 per sq/ft) Lowest Priced Sale of 2022: 3615 Thomas Ave. #16 Closed on 11/09/2022 @ $182,000 ($390.56 per sq/ft) If you, or someone you know, would like to purchase or sell real estate in Coconut Grove, please contact me, Michael Light, Founder/Owner of the Light Group at Douglas Elliman Real Estate. I am a resident of Coconut Grove and have direct knowledge of the Coconut Grove real estate market. You may reach me directly at my CocoWalk office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com. Looking for past Coconut Grove market statistic articles? Here they are: 2021 Coconut Grove Market Report 2020 Coconut Grove Market Report 2019 Coconut Grove Market Report 2018 Coconut Grove Market Report 2017 Coconut Grove Market Report 2016 Coconut Grove Market Report 2015 Coconut Grove Market Report 2014 Coconut Grove Market Report Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on February 28, 2023. 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 + map outline + city not equal to “Coral Gables.” The statistics separated into North, South, Center and West Grove were separated according to the map shown above and may not be accurate. In addition, the information contained herein is for informative purposes only and should not be relied upon.
MiamiLuxuryHomes.com Wins Best Website Posted on November 7, 2022 by Michael Light Michael and Jaimee Light, owners and operators of MiamiLuxuryHomes.com and recently launched MiamiCondos.com, are extremely proud to announce that MiamiLuxuryHomes.com has been named “Best Agent Website” by South Florida Agent Magazine in their annual Agents’ Choice Awards. Each year South Florida Agent Magazine holds its Agents’ Choice Awards to honor the very best of South Florida area real estate and those who make a serious impression on the real estate community. Among Best Agent Website, you will find winners in categories of Managing Broker of the Year, Loan Officer of The Year, Rookie of The Year, Developer of the Year and more. We would like to say THANK YOU to all of our clients and readers for helping us become the best real estate website in South Florida! We would also like to congratulate all of this year’s award winners! About The Light Group With over one million unique visitors per year, MiamiLuxuryHomes.com is South Florida’s premier website for luxury real estate. It is owned and operated by the Light Group, a top-producing team with Douglas Elliman Real Estate. Michael and Jaimee Light, a dynamic husband and wife duo, lead the Light Group. Michael is the executive director of luxury sales at Douglas Elliman and, prior to forming the Light Group, enjoyed a lucrative career in real estate finance and development. Both he and Jaimee pride themselves on being truly knowledgeable about the real estate market in South Florida. The Light Group serves clients throughout South Florida’s prime residential areas, including Coconut Grove, Coral Gables, South Miami, Pinecrest, Downtown Miami, Brickell, Miami Beach, South Beach, South of Fifth, Surfside, Bal Harbour, Sunny Isles Beach, Golden Beach and Fort Lauderdale. In addition to real estate, the Light Group strongly believes in giving back to the community and many team members of the Light Group volunteer and/or sponsor various local and international philanthropic organizations.
Just Sold | The Perigon Miami Beach #1206 | Last Offered at $19.6M Posted on August 9, 2022August 9, 2022 by Michael Light The Light Group is proud to have successfully negotiated an amazing deal for our buyer at The Perigon on Miami Beach’s Millionaire’s Row. The full details of the deal cannot be disclosed until after closing, which is expected in Q2 2025, but our client is a local from Coral Gables and was incredibly impressed with both the project and the team that represents them. Unit 1206 was listed at $19.6M. The expansive floor plan covers almost 4,800 square feet under air with 4 bedrooms, 5 bathrooms, a powder room, service quarters and den/study, all of which is accessible by private elevator. The enormous 2,300+ square foot, wraparound terrace encompasses 270 degree sweeping bay and city views from all rooms, as it is on the west end of the building. This is truly an amazing residence with top-notch service and both bay/ocean views from the gathering areas and ocean views from the primary suite. The Perigon Miami Beach Unit 1206 Floorplan For those who don’t know, The Perigon Miami Beach will offer a host of services to residents and guests including 24-hour security, doorman and valet, dedicated lifestyle concierge, residential butler service and use of a luxury house car. The property will house a private, signature restaurant that offers in-residence dining and catering. Home management services will also be offered that include cleaning, maintenance, floral upkeep and pantry stocking. Beachgoers will enjoy 200 linear feet of pristine shoreline, also serviced through the signature restaurant. Each of the 72 homes will have direct-water views of the Atlantic Ocean. Units will range from two to four bedrooms and 2,100 to 6,700 square feet, excluding penthouses. Every condo will have a private elevator, 10′ to 10’6″ ceilings with floor-to-ceiling impact windows and linear cove accent lighting. Overlooking the ocean, the terraces have been generously designed, and will offer 10 to 12-foot deep plans for a seamless indoor/outdoor lifestyle. Rendering of Perigon Miami Beach Condos and Garden Path The kitchens are slated to be decked out with honed marble countertops, backsplashes and islands with Sub-Zero and Wolf appliance suites. Each bedroom will offer at least one walk-in wardrobe and the primary bathrooms will feature natural stone flooring and wet walls, custom solid marble bathtubs and bespoke mirrors and light fixtures. Aside from the fully serviced beachfront access, the boutique development also will feature a beachside pool with an outdoor spa that includes sunbeds and cabanas…this is Miami, after all. Be chic or go home. Or be chic at home. Whatever, I digress… In the mornings at The Perigon Miami Beach, residents may enjoy a daily breakfast bar in the conservatory or book a custom brunch in the sunrise lounge. In the evenings, the cocktail lounge, wine room and speakeasy will be available for a little happy hour or after-dinner libations. Residences at the boutique building range from 2,100 square feet to 6,700 square feet and are priced from $4 million. A collection of guest suites are also available for those who have frequent guests or live-in help. Douglas Elliman is the exclusive broker for The Perigon Miami Beach. If you are interested in a private presentation of the project, with specific pricing and a similar amazing deal, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Rendering of Perigon Miami Beach Terrace GardensRendering of Perigon Miami BeachRendering of Aerial View of Perigon Miami BeachRendering of Perigon Miami Beach Pool and CabanasRendering of Perigon Miami Beach Pool Restaurant ViewRendering of Perigon Miami Beach EntranceRendering of Perigon Miami Beach GymRendering of The Perigon Miami Beach Living RoomRendering of The Perigon Miami Beach KitchenRendering of The Perigon Miami Beach Primary Bath
A Second SOHO House…Coming Soon to Miami’s Wynwood Neighborhood Posted on August 9, 2022August 9, 2022 by Michael Light How can you tell your city is cool…when it gets an additional, yes another, Soho House. From Miami Beach to now Wynwood, the “it” spot is ready to expand – aggressively. The London-founded-members-only club plans to end this year with 9 new Houses globally and a total of 85 clubs by 2027. After going public last year the company was seeking to raise $100 million. Its less-than-stellar-performance on Wall Street means they must develop in other areas. So they took their talents back to the City of Miami. Now, if you were to ask Miami Natives ‘Does Miami need another members-only spot?’ Debatable. We are expected to receive our “Miami Pool House,” as it’s being called, this summer. Wynwood is getting baptized by Soho’s boho yet lavish aesthetic on the border of Wynwood and Edgewater. It’s a nice spot on the mainland to kick back and relax, even get some work done on the computer for our work-from-home Miami creatives. Miami Pool House will be available to members and their guests only and will feature a pool, terrace restaurant, club space and cottage bar. Our own Miami Pool House is in the company of many other recent openings, together with, Brighton Beach House in the United Kingdom, Holloway House in Los Angeles and for our country girlies, Soho House in Nashville. Miami Pool House Restaurant
Celebrating a Banner Year for Douglas Elliman Florida Posted on April 7, 2022 by Michael Light We are thrilled to announce that Douglas Elliman Florida has achieved another record-breaking year, closing 2021 with $14.6 Billion in total sales volume – more than doubling our previous record set in 2020, with over 7,259 total transactions and closing $40 Million in daily sales! In such a competitive Florida real estate market, our achievements speak to the dedication, expertise, knowledge and perseverance demonstrated by each of the real estate professionals within our 22 offices across Florida from Miami to Palm Beach to Ponte Vedra and everywhere in between. Douglas Elliman (Coast to Coast) Not only did Douglas Elliman have a record year in Florida, but the brokerage shattered its national sales reporting $51.2 Billion in sales last year, up from $29.1 Billion the year prior. The firm also reported an overall 32,405 transaction for 2021 – a record, up from 22,686 the year prior. Douglas Elliman is the leading luxury real estate firm from coast to coast operating in New York, The Hamptons, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas, with approximately 6,500 agents and 100 offices nationwide. The Light Group at Douglas Elliman The Light Group is also proud to announce that our small team was in the top 4% of the entire company nationwide last year! We could not have done this without the amazing support of our clients, and we want to say THANK YOU! We are so grateful for the opportunity that our clients have given us, and we will continue to work hard to help you turn what you love into where you live! Please do not hesitate to contact us if you are interested in buying or selling in Florida. You may reach Broker and Executive Director of Luxury Sales, Michael Light, directly at 786.566.1700 or via email at michael@miamiluxuryhomes.com.