The Links Estates at Fisher Island Bring Single Family Homes To The Private Island Posted on April 18, 2023April 21, 2023 by Sarah Elles Boggs Many people aspire to have homes on Fisher Island, the most expensive zip code in the United States and why shouldn’t they? Even by Miami’s luxurious & amenity-rich standards, Fisher Island represents the pinnacle of wealth. Essentially, it is an opulent town that is only accessible by private yacht or automobile ferry. There is a private marina, a mega-yacht marina, a police station, a school, a market, a private club, a sports club and spa, a serviced private beach, and a golf club. The homes are expansive condominiums boasting sweeping views, top-level security, and all of the privacy that money can buy. There is even a development that requires potential owners to be invited to consider purchasing a residence there. The only thing that has been missing is single family custom-built residences… until now. The Links Estates Fisher Island Plat Map The Links Estates Located along the fareway on the north side of the island is a row of 12 build sites for private homes, or Villas as they are called. Each of the custom mansions has contemporary floor plans to maximize the space of each build site. They all offer integrated pools, Euopean designed kitchens, luxuriously appointed bathrooms, private elevators as well as private terraces overlooking the island, golfing, cruise ships entering and exiting the Port of Miami, the Miami Beach and the Downtown Miami skylines. All of the islands amenities are available to the owners, including access to the private aviary, the tennis club that boasts each type of course material, the private club with a formal restaurant, waterfront al fresco dining, a club pool, wellness center, world class spa and a staffed beach club that rivals those from the Netflix sensation, The White Lotus. When sales were launched in the summer of 2022, four of the build sites were pre-sold with an average price of $33 million. Each of the homes averages 10,000 square feet with current pricing starting at $3,300/square foot. The 12 build sites are each 1/3-1/2 acre. The Amenities of Fisher Island While many may gawk at the pricing and exclusive “stealth wealth” level amenities on the island, once you review the offerings of the area, you begin to notice that the money spent is a very reasonable price. Scroll through these photos and see just a preview of what is offered including a historic Vanderbilt mansion that is now utilized as a clubhouse. With so many amenities, we will wait until tomorrow to delve into Estate 5, which is situated on nearly a half acre overlooking the lake. If you are interested in a a private presentation with details of specific homes or build sites, 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. The Links Estates Fisher Island Waterfront Restaurant The Links Estates Fisher Island Tennis The Links Estates Fisher Island School The Links Estates Fisher Island Restaurant The Links Estates Fisher Island Restaurant in Evening The Links Estates Fisher Island Private Yacht Marina Aerial The Links Estates Fisher Island Private Spa The Links Estates Fisher Island Private Marina The Links Estates Fisher Island Private Marina Aerial The Links Estates Fisher Island Private Club The Links Estates Fisher Island Private Club Pool The Links Estates Fisher Island Private Beach The Links Estates Fisher Island Private Aviary The Links Estates Fisher Island Playground The Links Estates Fisher Island Outdoor Dining The Links Estates Fisher Island Market The Links Estates Fisher Island Golf The Links Estates Fisher Island Golf Club The Links Estates Fisher Island Formal Dining Room The Links Estates Fisher Island Condo View The Links Estates Fisher Island Club Pool The Links Estates Fisher Island Club Entry The Links Estates Fisher Island Clay Tennis Court The Links Estates Fisher Island Clay Tennis Club The Links Estates Fisher Island Clay Tennis Club Aerial The Links Estates Fisher Island Beachfront Restaurant The Links Estates Fisher Island Beachfront Lounge The Links Estates Fisher Island Beach Club Towel Service The Links Estates Fisher Island Beach Club Chairs The Links Estates Fisher Island Aviary
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.
What To Expect In Miami’s Luxury Real Estate Market During 2023 Posted on December 5, 2022December 12, 2022 by Sarah Elles Boggs Inflation. Interest rate hikes. Supply chain problems. Layoffs. Crypto-crash. Now that Art Basel 2022 is a wrap, these are the buzzwords that fill news stories leading up to the end of the year. What a buzz kill. But does this tell the entire story? Not according to Knight Frank, one of the globe’s largest real estate consultancy firms. Each year, Knight Frank publishes its annual Wealth Report. This consists of a breakdown of the world’s prime property markets. It goes through global wealth distribution and threats and opportunities for wealth in these top markets. The 2022 Wealth Report has listed Miami as the second fastest growing luxury real estate markets in the Americas with just over 28% growth since 2021. Knight Frank Luxury Markets Growth 2022 We make it a point to remain objective about Miami’s position in the global arena, the pros and the cons, and what needs to happen in order to ensure we remain perched at the top of the list. For 2021-2022, the growth was largely fueled by the aftermath of COVID-19 and then intensified by Florida’s tax climate paired with Miami’s collaborative business culture. Let’s be honest. If we are forced to quarantine in place and remote working is a viable option, are you going to work remotely in a snowy, dreary climate with excessive taxes, or would you rather quarantine in a sunny climate that invites breezes coming through open windows as you collaborate with others in your field without the worry of excessive taxes? The answer is clear. All of these positive attributes aligned and created a run on the luxury real estate market, throughout Greater Miami (including Coral Gables, Coconut Grove, Downtown Miami, Edgewater/Wynwood, Brickell and Miami Beach). Available inventory was snapped up at record pace and for record prices, yet the prices were still viewed as a bargain for New Yorkers who are accustomed to price tags over $5,000/square foot. In turn, the prices of luxury properties rose over 28%. Is this growth sustainable? Now that we are inching closer to 2023, the Fed has steadily raised interest rates, inflation has hit an all-time high, FTX bombed the already struggling crypto market big time and a new Presidential race is beginning to simmer in the wings. Will we crash or will we continue? It would be very easy to say that because of the crypto markets alone, Miami should prepare for a hit. Knight Frank does not share this sentiment, having ranked Miami again as the second overall market for the high-end housing market. It does predict a slowdown, but not a bust. Rather than the unheard of 28% growth, we should expect a 5 percent price growth in 2023. This may seem like a stumble, however compared to the 2 percent growth anticipated for the global luxury market as a whole and the previously forseen 2.7 percent growth for the Magic City, this really is something to celebrate and look forward to. We are moving back into a place of stability and manageable growth. As we mentioned last week, both the art world and the real estate markets are trending toward traditional, tangible choices. Kitschy digital art did not sell as well at Art Basel as it has in recent years, and the new luxury developments that are performing the best are those with a timeless, elegant feel. Examples, please. Lest we all forget the banana duct-taped to the wall that sold for over $2 million at Art Basel Miami Beach 2019. This year’s viral piece was an ATM that doubled as a leaderboard, ranking attendees by their bank account balance. It did not sell, but was an awful lot of fun and an amazing conversation piece, even if the novelty does wear off as quickly as the 2019 banana on the wall turned brown. While gallerists noted a drop in digital art sales, there was an uptick in more traditional works by artists who used more traditional media. Rather, paintings by Agnes Martin and Phillip Guston were trading for $7 million. Warhols were changing hands. The same holds true for the real estate presented. The real estate projects that fared the best were timeless. Exclusivity and privacy took a front seat to overt opulence and garish finishes. Six Fisher Island Drive was one of the standouts of this year’s fair. This is the new development that is already infamous as being so exclusive, you have to be invited to even consider purchasing. Other new projects that we are seeing perform increasingly better over recent months are those that have solid brand names such as St. Regis Sunny Isles (pictured above), Cipriani in Brickell, and Waldorf Astoria Residences in Downtown Miami. Another strong sector in luxury Miami real estate is new developments that pay homage to nature and wellness. We are very excited to see these projects come to fruition and contribute to the evolution of Miami’s always-changing skyline. If you are interested in speaking more specifically about a neighborhood, project or listing, 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.
Record-Breaking Sale: Ken Griffin Pays $107 Million For Adrienne Arscht’s Coconut Grove Waterfront Compound Posted on September 7, 2022September 9, 2022 by Sarah Elles Boggs Coconut Grove now holds the title as the area of Miami-Dade County that boasts the highest-priced residence after Ken Griffin laid roots there this week. He has been named as the undisclosed buyer of Adrienne Arscht’s palatial waterfront estate, located at 3031 and 3115 Brickell Avenue in Coconut Grove. The estate had been on the market for a jaw-dropping $150 million, so Mr. Griffin scored a nice deal and Ms. Arscht still made records with her landmark sale. No other house over $100 million has ever been sold in Miami-Dade County. Let’s take a look at it. Arscht Mansion Coconut Grove Pool by 1Oak Studios The property is actually comprised of two mansions that are built on a 4-acre parcel with 400 linear feet of bay frontage. This is going to allow for Mr. Griffin to have a home for himself and a separate home for entertaining his mega-financier clients and colleagues, or just friends as Ms. Arscht did during her time at Total Bank. Inside Indian Spring The primary home is known as Indian Spring and was built in 1999. It was designed by the former dean of the University of Miami’s School of Architecture, Jose Gelabert-Navia. It is a true entertaining home with 5 bedrooms, a grand salon, garden room and a dining room with that seats over 20 Citadel execs, or Griffin family members or friends. There is a separate apartment and office upstairs and a six-car garage. The design boasts carved ceilings, marble floors and a direct view of the water. Outdoor amenities include a pool, manicured gardens and a tennis court. Indian Spring Coconut Grove Backyard by 1Oak Studios Indian Spring Coconut Grove Grand Salon by 1Oak Studios Indian Spring Coconut Grove Bedroom by 1Oak Studios Indian Spring Coconut Grove Dining Room by 1Oak Studios Inside Villa Serena The second residence on the estate is called Villa Serena. Having been built in 1913 by former US Secretary of State & presidential candidate three times, it is now on the National Register of Historic Places. She purchased the property for $12 million in 2007 when she discovered that a developer was in negotiation on the home and had intentions of tearing it down. She stepped up and stepped in, then renovated the home to its original glamor with the conveniences of modern day life. Villa Serena Coconut Grove Entry by 1Oak Studios Arscht Mansion Coconut Grove View by 1Oak Studios This transaction represents the largest residential transaction ever in Miami-Dade County and the only home ever sold in the county for 9-figures. The previous record holder was a 3-property assemblage in Golden Beach, which sold for $93 million to InterSystems founder Phillip Ragon. He plans to demolish the properties and start anew. Ken Griffin has held the “top purchase” crown before with his $75 million purchase on Miami Beach’s Star Island. It remains to be told whether the new purchase was due to the size of the estate, if he fell in love with it, or if he just loves holding records. Either way, we are happy to have him and Citadel in Miami. Ever since listing the home, Archt has pledged to donate the proceeds to an undetermined charity. After looking over her philanthropic record in the Magic City, we are sure it will go to great use. “As the steward of this beautiful property, I am proud to leave its legacy to the next generations of caretakers,” said Arsht in the press statement. “May they also enjoy the breathtaking view!”
New Trend in Miami Condo Luxury Amenities: Pickleball Posted on March 15, 2022March 20, 2022 by Sarah Elles Boggs Over recent months, we’ve noticed a new amenity being promoted in new buildings across South Florida. Pickleball. The new St. Regis Miami in Brickell will have courts, as will The Standard Residences in Wynwood, Cipriani in Brickell, Vita at Grove Isle in Coconut Grove and The Perigon in Miami Beach. These are all projects that have been released in recent weeks and albeit very different properties, they all share this characteristic. Pickleball is the new ‘it’ amenity. I admit, I haven’t heard about pickleball since high school. Growing up in the Midwest (suburbs of Chicago), we had so many strange gym class requirements…like square dancing, parachute billowing (for those who know, you know what I am talking about) and the amazing ‘ping-pong meets mini-tennis’ game of pickleball. Pickleball is not new, it was actually invented back in the mid-60’s in Washington State. A former congressman and his buddies apparently came home from golfing and were bored, so decided to play badminton. They did not have the necessary equipment, so improvised with a wiffle ball, made some paddles from barn scraps, lowered the net and VOILA! A new sport is born. Being included in so many luxury condo buildings, the name does not necessarily connote the feelings of ‘luxury.’ There is no telling the amount of libations that were enjoyed during the round of golf on that fateful day in the 60’s to lead to a new sport called pickleball. When I think of pickles, I think of cheeseburgers or Cuban sandwiches. I do not think of a sport that can be found at many country clubs, tennis clubs and luxury condo buildings. Some say that the name comes from the fact that the founder’s dog at the time was named Pickles, but that is not verified. Whatever the origin, seeing this trend was so confusing to me at first. For those out-of-the-know, pickleball is a sport that sort of blends tennis, badminton and ping pong. The court is smaller than a tennis court, allowing the players to engage in more trash talking during the game (something that is commonplace). The smaller court is also less strenuous on your knees, making the sport more popular for those of us who are no longer 20 years old. Rather than rackets, players use paddles to volley the ball between one another and the ball is a wiffle ball. Very interesting. During the pandemic, pickleball experienced a surge in interest with the younger crowd as well. It is a great alternative to indoor activities, allows for some playfulness and is not a rough sport. There are now tournaments hosted around the United States and South America, with Larry Ellison co-hosting The U.S. Pickleball National Championships in Palm Springs. I am certainly no expert on the sport, but will likely find myself at a local club soon to remind me of my high school days. It’s a curious sport.
2022 Coconut Grove Real Estate Values | A Look Back at the 2021 Numbers Posted on February 19, 2022February 20, 2022 by Michael Light As I do every 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…and holy cow, has the trend skyrocketed to numbers that I had to triple check because they were hard to believe! I am a Groveite through and through. I met my wife in the Grove 12 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 12 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 8 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 due to an enormous influx of buyers from New York, Chicago and L.A. because of our favorable tax rates and triggered by Covid and “the way our city is being run” – (I lumped many, many different people into that one sentence as that was a very common 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. Here are some takeaways from the 2021 numbers: Total sales volume in ALL of the Grove set a new all-time high at $1,452,047,154, shattering the previous high of $541,812,781 from 2020. The average sales price in ALL of the Grove also set a new all-time high at $1,815,059, a 64.8% jump from the previous high of $1,101,245 from 2020. The average sales price per square foot in ALL of the Grove also set a new all-time high at $636.63, besting the previous high of $459.27 from 2020. South Coconut Grove saw the biggest jump EVER with its average sales price jumping a staggering 91.7%. Coconut Grove Real Estate – Months of Supply (February 2022) 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: 2.4-Month Supply (Very Heavy Seller’s Market) 46 Currently Available 115 Sold in Past 6 Months Condos: 1.7-Month Supply (Very Heavy Seller’s Market) 42 Currently Available 147 Sold in Past 6 Months Townhomes: 2-Month Supply ( Very Heavy Seller’s Market) 14 Currently Available 42 Sold in Past 6 Months *All 3 categories above are the lowest of any period in Coconut Grove’s history* Below, I have laid out all of the 2021 Coconut Grove real estate statistics and then a year-over-year comparison of 2021 versus 2020. 2021 Coconut Grove Real Estate Sales by the Numbers: Total Number of Sales: 800 Total Sales Volume: $1,452,047,154 Average List Price: $1,913,996 Median List Price: $1,172,500 Average Sales Price: $1,815,059 (94.8% of List Price) Median Sales Price: $1,100,000 (93.9% of List Price) Average Sales Price Per SQ/FT: $636.63 Median Sales Price Per SQ/FT: $552.64 Days on Market: 89 Average / 41 Median Highest Priced Sale of 2021: 3500 Curtiss Ln. Closed on 08/12/2021 @ $48,000,000 ($2,560.68 per sq/ft) Lowest Priced Sale of 2021: 3615 Thomas Ave. #2 Closed on 06/04/2021 @ $108,900 ($233.69 per sq/ft) Download: 2021 ALL Coconut Grove Closed Real Estate Sales 2021 vs. 2020 ALL Coconut Grove Sales Year-Over-Year Numbers: Total Number of Sales: UP 308 (+62.6%) | 800 in 2021 vs. 492 in 2020 (492 in 2019) Total Sales Volume: UP $910,234,373 (+168%) | $1,452,047,154 in 2021 vs. $541,812,781 in 2020 ($476,234,676 in 2019) Average List Price: UP $725,709 (+61.0%) | $1,913,996 in 2021 vs. $1,188,287 in 2020 ($1,043,411 in 2019) Median List Price: UP $297,500 (+34.0%) | $1,172,500 in 2021 vs. $875,000 in 2020 ($798,500 in 2019) Average Sales Price: UP $713,814 (+64.82%) | $1,815,059 in 2021 vs. $1,101,245 in 2020 ($968,237 in 2019) Median Sales Price: UP $289,000 (+35.6%) | $1,100,000 in 2021 vs. $811,000 in 2020 ($747,500 in 2019) Average Sales Price Per SQ/FT: UP $177.36 (+38.6%) | $636.63 in 2021 vs. $459.27 in 2020 ($431.92 in 2019) Median Sales Price Per SQ/FT: UP $142.36 (+34.7%) | $552.64 in 2021 vs. $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). 2021 vs. 2020 NORTH Coconut Grove Sales by the Numbers: Total Number of Sales: 281 in 2021 | 192 in 2020 (159 in 2019) Average List Price: $2,080,521 in 2021 | $1,427,992 in 2020 ($1,350,959 in 2019) Median List Price: $1,349,000 in 2021 | $1,100,000 in 2020 ($1,149,000 in 2019) Average Sales Price: (+50.0%) $1,954,750 in 2021 | $1,303,196 in 2020 ($1,241,543 in 2019) Median Sales Price: (+23.8%) $1,300,000 in 2021 | $1,050,000 in 2020 ($1,040,000 in 2019) Average Sales Price Per SQ/FT: (+37.3%) $649.80 in 2021 | $473.26 in 2020 ($483.65 in 2019) Median Sales Price Per SQ/FT: (+36.7%) $596.97 in 2021 | $436.72 in 2020 ($435.19 in 2019) Days on Market: 95 Average | 45 Median in 2021 (154 Average | 101 Median in 2020) Highest Priced Sale of 2021: 3591 Rockerman Rd. Closed on 05/26/2021 @ $15,750,000 ($2,047.05 per sq/ft) Lowest Priced Sale of 2021: 2630 SW 28th St. #23 Closed on 05/30/2021 @ $155,000 ($321.58 per sq/ft) Download: 2021 NORTH Coconut Grove Closed Real Estate Sales 2021 vs. 2020 SOUTH Coconut Grove Sales by the Numbers: Total Number of Sales: 112 in 2021 | 54 in 2020 (49 in 2019) Average List Price: $3,792,882 in 2021 | $2,003,343 in 2020 ($1,727,041 in 2019) Median List Price: $2,287,450 in 2021 | $1,519,000 in 2020 ($1,299,000 in 2019) Average Sales Price: (+91.7%) $3,602,096 in 2021 | $1,878,919 in 2020 ($1,605,041 in 2019) Median Sales Price: (+64.8%) $2,286,060 in 2021 | $1,387,500 in 2020 ($1,225,000 in 2019) Average Sales Price Per SQ/FT: (+42.0%) $764.06 in 2021 | $538.08 in 2020 ($458.62 in 2019) Median Sales Price Per SQ/FT: (+34.0%) $671.69 in 2021 | $501.22 in 2020 ($435.30 in 2019) Days on Market: 82 Average | 37 Median in 2021 (106 Average | 54 Median in 2020) Highest Priced Sale of 2021: 3500 Curtiss Ln. Closed on 08/12/2021 @ $48,000,000 ($2,560.68 per sq/ft) Lowest Priced Sale of 2021: 4191 Battersea Rd. Closed on 03/22/2021 @ $780,000 ($407.52 per sq/ft) Download: 2021 SOUTH Coconut Grove Closed Real Estate Sales 2021 vs. 2020 CENTER Coconut Grove Sales by the Numbers: Total Number of Sales: 289 in 2021 | 155 in 2020 (174 in 2019) Average List Price: $1,239,859 in 2021 | $765,628 in 2020 ($638,003 in 2019) Median List Price: $729,000 in 2021 | $589,000 in 2020 ($464,950 in 2019) Average Sales Price: (+65.2%) $1,184,823 in 2021 | $717,214 in 2020 ($598,390 in 2019) Median Sales Price: (+25.0%) $700,000 in 2021 | $560,000 in 2020 ($445,000 in 2019) Average Sales Price Per SQ/FT: (+37.5%) $614.85 in 2021 | $447.12 in 2020 ($404.42 in 2019) Median Sales Price Per SQ/FT: (+29.1%) $499.68 in 2021 | $387.17 in 2020 ($373.52 in 2019) Days on Market: 88 Average | 43 Median in 2021 (104 Average | 60 Median in 2020) Highest Priced Sale of 2021: 3323 Devon Ct. Closed on 09/08/2021 @ $33,000,000 ($3,960.63 per sq/ft) Lowest Priced Sale of 2021: 2740 SW 28th Ter. #303 Closed on 06/16/2021 @ $170,000 ($386.36 per sq/ft) Download: 2021 CENTER Coconut Grove Closed Real Estate Sales 2021 vs. 2020 WEST Coconut Grove Sales by the Numbers: Total Number of Sales: 119 in 2021 | 92 in 2020 (110 in 2019) Average List Price: $1,384,312 in 2021 | $913,367 in 2020 ($933,300 in 2019) Median List Price: $1,200,000 in 2021 | $787,500 in 2020 ($796,500 in 2019) Average Sales Price: (+54.1%) $1,329,108 in 2021 | $862,709 in 2020 ($872,832 in 2019) Median Sales Price: (+50.0%) $1,140,000 in 2021 | $760,000 in 2020 ($779,500 in 2019) Average Sales Price Per SQ/FT: (+34.4%) $540.77 in 2021 | $402.47 in 2020 ($389.88 in 2019) Median Sales Price Per SQ/FT: (+27.2%) $494.14 in 2021 | $388.44 in 2020 ($366.74 in 2019) Days on Market: 84 Average | 34 Median in 2021 (98 Average | 53 Median in 2020) Highest Priced Sale of 2021: 3525 Royal Palm Ave. Closed on 06/21/2021 @ $6,100,000 ($1,220.00 per sq/ft) Lowest Priced Sale of 2021: 3615 Thomas Ave. #2 Closed on 06/04/2021 @ $108,900 ($233.69 per sq/ft) Download: 2021 WEST Coconut Grove Closed Real Estate Sales 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: 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 18, 2022. 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.
Miami Beach’s Best Kept Secret: The Beachfront Townhomes at The Bath Club Posted on February 5, 2022February 6, 2022 by Sarah Elles Boggs It is one of Miami Beach’s best-kept secrets. Most people assume that in order to find a private home on the sand in Miami Beach, you have to venture up to Golden Beach, past Sunny Isles. But guess what… there is a small enclave of 5 private townhomes at 59th and Collins, affiliated with The Bath Club development. These townhomes rarely come to the market and are highly exclusive, but one is being offered now. With 5,685 square feet of interior space, 5 bedrooms, 6 and 1/2 baths, Townhome 3002 at The Bath Club is currently being offered for $17,995,000. Let’s have a gander at what is at play, because it is exquisite all the way through. Bath Club Villa 3002 Entrance from the Beach Built in 2007, Townhome 3002 has recently been updated to 2022 standards and features volume high ceilings and serene beachfront views from nearly every room. The immaculately maintained property boasts elegant finishes throughout, including marble floors and countertops, a midnight bar and separate coffee bar, top of the line kitchen appliances, LED mirrors in the bathrooms, and plenty of outdoor space. The first level terrace features a private heated pool, summer kitchen and direct beach access. On the second floor, bedrooms offer private terraces overlooking the beach and the top level boasts a relaxing sun deck with a pergola, accessible from the office. Bath Club Villa 3002 Rooftop Pergola Back indoors, owners will enjoy convenience amenities including a private elevator in case the glass-enclosed staircase does not suit them and Lutron shade/lighting system and a private garage entrance. In addition to the amenities of the home itself, owners also enjoy the amenities of The Bath Club development. These include a prestigious 5-acre address located on Millionaire’s Row with 540ft of private beach, 5-star resort amenities including a state of the art gym and spa, clay tennis courts, children’s play area, 24-hour valet and security as well as private access to the historic Bath Club. The Bath Club offers upscale dining, beach concierge service, and a cigar/tasting lounge. This listing is truly a rare offering. If you are interested in a private tour, 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. Bath Club Villa 3002 View From Office BalconyBath Club Villa 3002 Beach EntryBath Club Villa 3002 Pool View ReflectionBath Club Villa 3002 Rooftop Sun Deck ViewBath Club Villa 3002 Entrance CourtyardBath Club Villa 3002 Entry with ViewBath Club Villa 3002 FireplaceBath Club Villa 3002 EntryBath Club Villa 3002 Kitchen ViewBath Club Villa 3002 Living Room ViewBath Club Villa 3002 Upstairs Bedroom ViewBath Club Villa 3002 Upstairs Bedroom Fireplace
South Florida is Dubbed NYC’s “6th Borough” After COVID-19 Exodus Posted on June 14, 2021June 15, 2021 by Michael Light Florida’s Department of Highway Safety and Motor Vehicles has proven what everyone in real estate has been talking about over the past year…New Yorkers have fled to South Florida in droves during the COVID-19 pandemic. At least 33,565 people exchanged their New York driver’s licenses for Florida driver’s licenses between September 2020 and March 2021. This is an increase of 32% from the prior-year same time period. Of the 33,565 people who moved to South Florida, 14,045 moved to the Palm Beach area, while 8,422 moved to Broward and 8,033 to Miami-Dade County. Although Miami only accounts for about 24% of those New Yorkers, it has still majorly impacted our market here in Miami, especially when you combine them with the thousands flocking from Chicago, Los Angeles and Connecticut. According to the NY Post, Florida officials claim a major reason people have ditched NYC and headed to the Sunshine State is because they wanted their kids to go back to full-time, in-person schooling (New York schools in-person learning has been closed until recently). But, I think a lot of people had been on the verge of moving down here for tax reasons and COVID closures & lockdowns in their city just pushed them over the edge to make a decision. Whatever the reason…everyone is moving to South Florida! If you are considering making the move, inventory is at an all-time low! In the beginning of this surge, we were seeing massive demand for single-family homes while the condo market slowed. As most of the single-family home inventory was absorbed, buyers had no choice but to turn back to condos causing that inventory to also shrink to historic lows leading to multiple offer/over asking price scenarios throughout the city. If you, or someone you know, are looking to buy or sell in Miami or Miami Beach, please contact Michael Light, Broker at Douglas Elliman Real Estate, to discuss more about the current state of our market. It is important to speak to a real estate expert who is truly knowledgeable about the local markets. You may reach Michael directly at 786-566-1700 or via email at michael@maimiluxuryhomes.com.