Inside Miami’s Hottest New Development Amenity – Gourmet Private Dining Posted on May 24, 2023May 27, 2023 by Sarah Elles Boggs “It’s the only restaurant in Miami that costs $5 Million to get a reservation,” joked Gil Dezer in a chat with The Real Deal. Dezer is one of Miami’s most prolific developers of super-luxury condo developments and the visionary that brought the latest trend to fruition. When he developed Porsche Design Tower in 2016, he included an exclusive residents-only gourmet restaurant on the property. This trend seems to have resonated with buyers, as there are now a few options for new buildings that offer the like. Here is a run-down of the different buildings and concepts that are to be offered… Rendering of Perigon Miami Beach Pool and Cabanas 1 – The Perigon Miami Beach Along Millionaire’s Row in Miami Beach, The Perigon Miami Beach is beginning construction on the boutique waterfront complex with just 82 private residences. To add to the luxurious experience, Starwood Capital and Mast Capital have partnered with Michelin-starred Chef Shaun Hergatt to bring both a private eatery as well as a speakeasy to the project. “We are designing more than a condominium at The Perigon, it is a private, highly serviced five-star resort exclusively for the owners. Additionally, our partnership with such a notable chef as Shaun Hergatt further solidifies the commitment to the quality of luxury The Perigon will offer to its residents,” said Camilo Miguel Jr, Mast Capital’s CEO. It has been revealed that the restaurant will be dubbed Nota and will feature locally-sourced ingredients centering around a clean, crisp Mediterranean-inspired palette anchored by rich seafood. Chef Hergatt plans to utilize wood fire grilling techniques in order to create approachable yet refined dishes that play to the understated elegance of the development. The private speakeasy is called Fifty Three, a nod to the building’s location at 5333 Collins Avenue. It will offer a playful aesthetic with bold colors and patterns with plenty of bronze accents tying in the whiskey-themed palette. Prices at The Perigon Miami Beach range from $4 million to $37 Million for Penthouse West. Rendering of Cipriani Residences Brickell Miami External View from West 2 – Cipriani Residences Miami The Brickell Financial District is going the extra mile to offer a taste of home to the New Yorkers who venture South for a more agreeable climate, lower prices and lower taxes. After the steady success of their Brickell restaurant location, which opened in 2015, Cipriani has partnered with MAST Capital to bring an entire residential development to the neighborhood. The sales were launched just over a year ago, with the sales center opening this past February. At the time of publication details of the associated restaurants a scarce, but we anticipate an offering that is open to the public as well as a more private restaurant within the project. It has been revealed that a residents-only speakeasy will be one of the many amenities offered. Prices at Cipriani Residences currently range from $1.4 million, up to $6.9 million excluding penthouses which have not yet been released Rendering of St Regis Miami Brickell Entry 3 – St Regis Miami Residences After hearing the call of buyers interested in the project, Related Group has opted to revamp their behemoth debut of the St Regis brand in Brickell to a more boutique project with just one tower and 150 residences. This allows for more of a private, VIP atmosphere in the bayfront development that is set to rise in the sleepy South Brickell section of the financial district. While there is no hotel component in the tower, it is exclusively for residents, there will be a St. Regis-branded tea room on site for these residents and their guests. Prices range from just under $3 million to over $8 million with each residence having a water and city view. Rendering of Residences at 6 Fisher Island Drive 4 – Six Fisher With an address on Fisher Island, residents expect next-level services and amenities, and Six Fisher delivers on expectation. If you are lucky enough to garner an invitation to consider purchasing in the newest building on the private island, which is also the last available development site, then you should come prepared to embrace top-tier amenities that will include private dining. Details of the amenities at Six Fisher are kept strictly under wraps at this moment, as the residences are immensely private, but we do know that a private restaurant is planned. Even if you choose a residence in one of Fisher Island’s existing buildings, there is a private club in the Vanderbilt Mansion that includes a private restaurant. Initiation fees to the Fisher Island Club are $250,000 for the first year. Several of the buildings are also home to onsite gourmet bistros for the convenience of residents and their guests. The residences at Six Fisher start at $15 million, with the crown jewel being a 15,000 square foot penthouse that is being offered for $90 million. There is also a ground-floor villa that boasts an unheard-of half acre backyard for $55 million. Rendering of Rivage Bal Harbour 10245 Collins Inlet 5 – Rivage Bal Harbour In a neighbor that is no stranger to ultra-luxury, The Related Group has partnered with Rockpoint and Two Roads Development to bring the first luxury tower in almost ten years. The last residential development to be completed along the sandy beaches in Bal Harbour was Oceana, which was completed in 2016. Rivage is set to be completed in 2026 and will bring 56 ultra-luxury residences with sweeping views and sprawling floor plans to the neighborhood, along with an array of highly curated amenities for the jet set crowd that embraces the lifestyle of Bal Harbour. Among these amenities will be a private restaurant, according to Jon Paul Perez, who is heading the plans for this elegant development. “Bal Harbour is one of South Florida’s most special neighborhoods and an area we’ve wanted to build in for many years,” says Jon Paul Pérez, Related’s President. “Everything is in place to make this a truly once-in-a-generation project, from the site to the team, to the general scarcity of newly constructed high-end supply in this neighborhood. Together with our partners, we look forward to delivering a property that honors Bal Harbour’s glamorous history while helping shape its future.” As of today a chef and cuisine offering has not yet been announced, although a private dinner presentation that was recently held at the Surf Club Four Seasons a few blocks away has offered a preview of the quality that will be offered. Prices of the bespoke residences at Rivage Bal Harbour are expected to start at $8.5 million to upwards of $65 million for the upper penthouse. Rendering of Bentley Tower Residences Sunny Isles Crown 6 – Bentley Residences Gil Dezer is at it again. After the resounding success of Porsche Design Tower in Sunny Isles combined with feedback from prospective buyers, he has added a sister tower to PDT (Porsche Design Tower). Bentley Residences in Sunny Isles offers many of the amenities that made their debut in Porsche, with a more feminine and elegant touch. These amenities include the Dezervator, Mr. Dezer’s signature patented car elevator that allows owners to park their car collections on the doorstep of their sky residences, and also a private signature restaurant. At Bentley Residences in Sunny Isles, Dezer has partnered with celebrity chef Todd English, who is also a four-time James Beard Award recipient. “Luxury is defined in many different ways, but taking solace and having more personal space in your own way is a great feature of new luxury experiences. It’s like carving out your own niche. Today, the more we become automated, the more we need our own personalized space, and the resident-only restaurant is a perfect example of newly defined luxury experiences,” English said. Once opened, Chef English plans to be very hands-on with the culinary experience of Bentley’s residents. There will be a private residents-only restaurant as well as in-home dining or poolside al fresco dining and drinks. The curated cuisine is anticipated to be freshly sourced with a relaxed yet sophisticated atmosphere. Prices at Bentley Residences Sunny Isles range from $5.5 million to $57 million for the upper penthouse. Rendering of Villa Miami 7 – The Villa Residences Back on the mainland in booming Edgewater, the latest development to offer culinary delights as a selling feature also offers the most extensive package of exclusive gastronomically-focused amenities. With Major Food Group as a development partner, The Villa Residences will be curating food and beverage experiences throughout the building. There will be a new signature restaurant spanning 2 levels that offers waterfront dining and private dining rooms, at-home private chef services and cooking lessons, and of course catering. A juice bar and coffee lounge awaits you in the morning as you rush off to your day, or poolside dining and drinks as you lounge. Mario Carbone himself even put his touch on the design of the kitchens and the appliance packages. The entire development centers around gastronomy. When residents go traveling, their VIP status travels with them, offering the ability to acquire special reservations and signing privileges at any Major Food Group concept around the world. Prices for Villa Miami begin at $4.5 million up to $30 million. How It Works Having a private 5 star restaurant is an amazingly opulent amenity, particularly given the practical side of it. Restaurants are not inexpensive to run. Between the dining and kitchen space, ingredients and staff, the tab ads up quickly, especially with the level of service and cuisine offered in these buildings. So how does the restaurant run? The developers typically add the cost of the build out to the initial finishes of the building’s construction. It is up to the HOA to maintain the space and cost of operation. Furthermore, these restaurants are not designed to turn a profit the way that a public restaurant would. It is solely designed for the enjoyment and convenience of the residents. With the HOA taking care of staff salaries, menu prices are able to remain reasonably priced. You should always tip your server though. If you are interested in a private presentation, more details on any of these projects and/or specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman, the exclusive broker for the project. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Coconut Grove Breaks Sales Records Again With $49 Million Trophy Property Posted on May 17, 2023May 18, 2023 by Sarah Elles Boggs Coconut Grove has reclaimed its title as the holder of the most expensive home sale in Miami Dade County for 2023 with the off-market purchase of 3301 Moorings Way for $49 million, property records show. While the identity of the buyer remains under wraps, the transaction has been logged by the county for the 8,879-square-foot waterfront manse that was previously owned by Carlos and Luciana Haskim. The Haskims acquired the six-bedroom home in 2010 for $10.1 million. The home was constructed in 2007 with a waterfront infinity pool, loggia, and 2 levels of Mediterranean-inspired opulence on a lot that is just over 1/2 acre. 3301 South Moorings Way Coconut Grove FL Backyard | Photo credit: Brown Harris Stevens Looking at the sales figures, the Moorings Way deal amounts to $5,500 per square foot of air conditioned space, or $1,875 per square foot of land. The second most expensive transfer took place in March of this year when wealth manager Paul Morelli paid $48.5 million for a waterfront home at 3007 Brickell Avenue in northeast Coconut Grove/South Brickell. This deal added to a multi-acre assemblage, but the home itself traded for $6,250 per square foot. Last fall, hedge fund billionaire Ken Griffin paid $107 million for a 4-acre waterfront property with two mansions on it. This deal amounted to $614-per-square-foot of land. He later announced plans to relocate one of the homes to be enjoyed by the public, as it is a historic property. Mr. Haskim earned his ranks as a neuroscientist and biomedical engineer who was involved with the development of a device to treat certain forms of dementia, according to The Real Deal. Mrs. Haskim also has an impressive resume as an attorney who works on international transactions. They are both keen investors, earning five times the purchase price on their luxurious home. Gladswood, LLC is listed as the new owner. Being that it is registered in Delaware, we are unable to determine who is behind this curtain until a formal announcement is made. 3301 South Moorings Way Coconut Grove FL Waterfront Lounge | Photo credit: Brown Harris Stevens These transactions are all testimonies to the point we were making yesterday about the vitality of Miami’s luxury real estate market. While other cities are struggling under the pressure of increased rates and decreased sales activity, the Miami area is struggling only under growing pains and lack of inventory. Of all of the areas in Miami, Coconut Grove is continuing its renaissance with no end in sight and we welcome all of the new neighbors to our community. If you are interested in learning more about life in Coconut Grove, please contact Michael Light, Grove resident as well as Broker and Executive Director of Luxury Sales at Douglas Elliman Real Estate. We are incredibly tied-in with the community and able to track down off-market deals if needed. We would love to have you as a neighbor.
The Capital Of Capital: Miami’s Luxury Real Estate Market Experiences Double-Digit Gains Posted on May 16, 2023May 18, 2023 by Sarah Elles Boggs While the majority of the world’s luxury real estate markets are experiencing their first losses since the 2008 financial crisis, Miami surges ahead. According to a recent study undertaken by Knight Frank and published in Mansion Global, Miami is the only city in the United States to experience any gains at all, with local luxury real estate prices rising 11% from the first quarter of 2022. The only city in the world with larger luxury real estate price increases than Miami was Dubai. “The slowdown in growth has overwhelmingly been driven by sharply higher interest rates following a recent tightening in global monetary policy,” said Liam Bailey, Knight Frank’s global head of research, in the report. Due to low interest rates, the obvious favorable climate, and the attractive tax climate, the Miami luxury real estate market was already on the upswing when COVID hit in 2020. During this time, as we were all in lockdown, many realized that not only is Miami financially a great choice, the lifestyle is far richer than depicted in the media. While the vibrant nightlife and tourism communities are certainly there, Miami is also a lovely place to raise a family and conduct business. Rendering of Rivage Bal Harbour Porte Cochere Remote workers began to choose Miami. Celebrities such as Tom Brady and Gisele Bündchen moved their family to Miami Beach, as did Jared and Ivanka Kushner. Around this time, Mayor Suarez was deep in the throes of his mission to make Miami an international epicenter of not only lifestyle, but business as well. His mission has been successful, the Magic City is now a hotspot for tech companies as well as the venture capital elite. Starwood Capital and Citadel are moving their headquarters to Miami and contributing to the thriving luxury real estate market as executives snap up homesteads for their families. Record-setting deals have been inked at a regular pace since the pandemic began to clear. We are now a true “Capital of Capital.” Is there a downside? Of course, as with any astronomical growth, there are growing pains. Inventory shortages have plagued us for a few years now, causing prices to increase further and pricing locals out of their own market. Supply chain issues cause delays in the delivery of new luxury residential towers. Even the private school systems are creaking under the pressure of the influx of new full-time residents. Fiancial Times has reported that so many families are relocating from Manhattan, our private schools are even more competitive than ever. Legacy families are being left behind as wealthy New Yorkers bring their private school bloodsport games down to Florida. For many families, there is no way to compete. One private school in Palm Beach received an $18 million gift from a newcomer. Naturally, his children were admitted. There is even talk from some of New York’s more prestigious private schools to open satellite campuses in Miami to accommodate these expat Manhattanites, but this takes time. For now, we will have to battle it out for the slots available in Ransom Everglades, Belen Jesuit, Miami Country Day and others of the sort. The Shore Club Residences Terrace View Looking Forward… As we adjust to the new neighbors and the new levels of density, there are so many beautiful towers to look forward to. The Perigon Miami Beach is active in their sales process and it is going very well. The Shore Club Residences in Miami Beach is also performing well. On the mainland, Villa Miami and Edition Residences Miami Edgewater are quite busy, with sales swiftly being completed. Overall, things look bright. There is no end in sight for the Miami luxury real estate boom of 2023 as long as Mayor Suarez continues to deliver a favorable business climate to match our lovely weather, culture and tax scenario. After the growing pains work themselves out and these new towers are delivered, we really will be sitting pretty and those who thought to buy in during the growing pains will have fatter pockets to show for it. To speak more specifically about an investment or if you need/wish to move, 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. We would be honored to assist you. Knight Frank Prime Global Cities Index Q1 2023 via Mansion Global
Terra Group Has Big Plans In Downtown Miami With Smart City Posted on April 27, 2023May 9, 2023 by Sarah Elles Boggs Later this year Smart City, led by Terra Group, will close the most expensive development site in the history of Miami. For $1.2 Billion, they will acquire the old Miami Herald/Resorts World Miami site at 1431 North Bayshore Drive. The site boasts 800 linear feet of water frontage and 15.5 acres of developable land. This is an interesting feat for all involved as the price works out to just under $1,800 per square foot. There was a time in the not-so-distant past when individual condos that were listed at $1,800 per foot were considered astronomically priced. Of course, those days are gone but this is still something for everyone to celebrate. This means that Terra and Smart City really have something monumental in the works. Speaking of celebrations, Genting is likely having themselves a large party. They purchased the land a decade ago for $263 million, so are enjoying a profit of over $900 million. It should also be noted that the (now) second most expensive land purchase in the history of Miami was just a year ago when Citadel purchased Tibor Hollo’s 2.5-acre site at 1201 Brickell Bay Drive for $363 million, or $145 million per acre. These groups are clearly invested in the Magic City’s future. We are anxiously awaiting their plans! About the site. If you have ever attended Art Miami, you know this site. It is situated along the Biscayne Bay waterfront directly between Miami Beach and Miami International Airport. There are wide views, easy access to Miami Worldcenter and all of the attractions that the Miami Arts & Entertainment District and Edgewater offer. It is adjacent to the Adrienne Arscht Center for the Performing Arts and will have plenty of access to the Miami Metromover to easily cruise to Brickell and the Miami Riverfront. “This is a prized piece of real estate in the heart of one of the world’s most dynamic and fastest-growing cities, and we are honored to have been selected as the property’s next owner. At Terra, we have a long history of enhancing communities and transforming neighborhoods through careful planning, beautiful design, and a focus on connectivity and resiliency. Our development on Biscayne Bay will continue this tradition.” said David Martin, CEO of Terra Group. What are the plans though? It’s impossible to say at this point. We assume it will be some sort of luxurious live-work-play area on the waterfront, but no clear word yet. Certainly don’t quote us on it. It’s just an idea we had. What we do know is that Martin said via a statement, “The scale and location of this site offers the opportunity to do something spectacular, something that all Miamians can take pride in, and we will deliver nothing short of that. For now, our team is focused on understanding the full potential of the property and the surrounding area. Our vision will evolve as we learn more. Over time, we will arrive at a plan that elevates Downtown Miami, improves access to the waterfront, and is welcomed by our community.” If you are interested in more information about this area and possible nearby investments, 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. Photo credit: Avision Young
Dana White: Miami Delivers K.O. To Madison Square Garden With UFC 287 Posted on April 15, 2023April 16, 2023 by Sarah Elles Boggs While delivering his traditional post-fight conference after the UFC 287 event at Kaseya Center in Downtown Miami, Dana White is peppered with questions regarding the host city. After this intense and headline-grabbing fight, is there a future for Miami and the UFC? White’s short answer is, “We’re in. We’re coming to Miami. This is such a different place than the last time I was here. This place is a whole other level, it’s just incredible.” He expanded the issue a bit in order to point out the exuberant life that Miamians in 2023 enjoy. He mentioned the great restaurants, how they stay packed well into the night, beautiful hotels, nobody is ever at a loss for something to do. Miami is also an extremely profitable city. White carried on about how 10-20 years ago, Los Angeles was the city to be in. It was #1 in everything, gate sales, viewership, nightlife, an all-around world-class destination. There is a new sheriff in town though. Despite highlighting what we already live day-to-day, it is easy to see why Dana would be so happy with the outcome of his fight card. The live event took place in front of a sold-out arena (over 19,000 in attendance) and garnered almost $12 million in gate sales. This doesn’t even begin to count the Pay-Per-View buys at $80 each. It is estimated that over 800,000 people bought the fight at home, amassing over $35 million more. A profitable night indeed! We love seeing our city in the spotlight and are eager to hear the official word that the UFC is making Miami a new annual destination! View the post-fight conference in its entirety here.
Coconut Grove Is THE Hotspot To Live In Miami According To Variety Magazine Posted on April 12, 2023April 12, 2023 by Sarah Elles Boggs Brace yourselves for more artistically-inclined neighbors coming soon! Variety Magazine, the de facto resource for all entertainment industry news since its inception in 1905, has declared Coconut Grove as the real estate hotspot for those in the Miami area. With a print circulation of over 63,000, 6 million social followers and 27 million unique digital visitors, Variety.com is without a doubt the authority for those in the entertainment industry. This includes film and television, podcasting and digital entertainment, music, tech and more. It is “a powerful publication in every conceivable aspect. Variety stands as a monument to the entertainment industry,” according to judges from the National Arts & Entertainment Journalism Awards. With California being a hotbed for outbound movement toward more tax-friendly states, we welcome our west coast friends with open arms. Coconut Grove is a great place for someone who hails from Los Angeles. With our quirky and artsy vibe, proximity to the ocean and upscale bohemian tendencies, Coconut Grove can be compared to Los Angeles’s Pacific Palisades region. Coconut Grove Homes “I personally believe Coconut Grove is one of the most sought-after neighborhoods in the entire country. People feel a sense of place and community here. It’s a neighborhood where people can plant a flag,” says David Martin, CEO of Terra Group, to Variety.com. Martin’s Terra Group is the developer behind several architecturally distinguished projects along Bayshore Drive in Coconut Grove. Grove at Grand Bay was completed in 2016 with dual twisting towers overlooking the bayfront park. Here you can find residences designed by Bjarke Ingles that offer spacious layouts currently being offered between $3.5 million – $12.5 million. Grove at Grand Bay Terra Group is also responsible for Park Grove, which also takes advantage of the bay views and walkability of the burgeoning community. Buyers here can choose between several buildings that were opened between 2018-2020 and all were designed by starchitect Rem Koolhaas/OMA. Mr. C Residences is also in Terra Group’s portfolio and is already sold out prior to its completion later this year. Park Grove Residences in Coconut Grove, Florida For those who prefer an additional dollop of privacy combined with their waterfront living, Vita at Grove Isle will be appreciated. This is a new boutique development that is beginning construction this month on the private 20-acre island of Grove Isle. With just 65 spacious and fully-serviced residences featuring a tranquil waterfront aesthetic, new owners will be able to move in starting early 2025 with purchases between $5 million and $10 million. Vita at Grove Isle Boat Dock Rendering Aside from the newly constructed luxury towers, new residents also have a choice of a variety of single family residences. There are historical homes in Spanish Revival or Midcentury Modern designs, as well as contemporary and minimalistic homes that are of newer construction. Ken Griffin, the founder of Chicago’s Citadel has chosen not one but two waterfront homes for his relocation to the sunshine state with his purchase of philanthropist Adrienne Arsht’s waterfront Coconut Grove compound for $107 million last year. Coconut Grove Entertainment There is a lot more to an A+ neighborhood than just beautiful real estate. Variety also recognized the renaissance that is underway in the retail & dining district called CocoWalk. The 1990’s-built outdoor mall had fallen into disrepair and despair, but after being purchased by a new investment group who partnered with private developers and utilized a $10 million FEMA grant after Hurricane Irma, it is now a bustling attraction once more. In addition to the upgrade/update of CocoWalk, the City of Miami has overseen a $70 million renovation of Dinner Key Marina. This provides sleek and chic waterfront eateries, boat docks and a slew of new retail outlets. Just around the corner, the iconic Mayfair House Hotel & Garden has been retrofitted to the tune of $50 million and added a rooftop bar/lounge and 179 updated guest suites. Mayfair House Lobby Coconut Grove Despite all of the new towers and renovations, some of the more popular traditions are being kept alive. The Coconut Grove Art Festival remains one of the city’s most well-attended events each spring. The last Sunday of the year also brings the quirky and fun King Mango Strut, the community’s “Satirical Stroll” where attendees are encouraged to dress in theme, poking fun at pop culture, politics or any newsworthy event of the year. It is always a good time for easy laughs. Coconut Grove Arts Festival 2022 Coconut Grove Neighborhood All of this family fun and fortunate living is wrapped up in a perfect little location that is so close to Downtown Miami and Brickell that you can really get by without a car if you have that craving. It is the only place in Miami that will offer such proximity to the business center, has great schools and a thriving community of “stealth wealth” options for down to earth families to bloom together. We can certainly see how Variety would choose Coconut Grove as THE place in Miami for Los Angeles to lose residents to. Being local Groveites for nearly 15 years, we welcome newcomers with open arms and all of the market knowledge/stats you might need or want when deciding were to settle down. A Must Read: The Essential Guide to Coconut Grove Restaurants If you are interested in learning more about life in Coconut Grove, please contact Michael Light, Grove resident as well as Broker and Executive Director of Luxury Sales at Douglas Elliman Real Estate. We would love to have you as a neighbor.
Miami’s Rental Market Ranked Second Most Competitive In The United States Posted on March 25, 2023March 26, 2023 by Sarah Elles Boggs As we round out the first quarter of 2023, we can see our predictions of the 2023 Miami rental market coming to fruition. That’s right, Miami’s rental market is incredibly competitive. The only market even slightly more competitive is North Jersey. This is all laid out in a new study undertaken by RentCafe.com. The study measures occupancy/vacancy rates, the number of days rental units stay on the market, how many tenants opt to renew their leases and the number of new apartments that are delivered to the marketplace. Miami landlords are enjoying vacancy rates of less than 3% and over 70% of existing tenants are opting to renew their rental contracts. The Landlords The low vacancy rate and high rate of tenant renewal is a huge draw for landlords, as apartment turnovers are not inexpensive. You have to take into account the physical turnover, moving the previous tenant out, arranging for the security deposit reimbursement, repair of any damage or wear and tear, marketing costs of seeking a new tenant and the time and energy it takes to qualify the new tenant/arrange their move-in. It isn’t the end of the world, but it is not free and cuts into the return on investment of the property. In Miami today, rental apartments tend to stay vacant for an average of 33 days while this turnover is undertaken. This is far lower than it has been in previous years, even in seemingly strong markets, but is still a month of your investment not earning a return and instead incurring costs. Our current market is prime for welcoming new landlords. Inventory is tight, but not as dramatic as it was in the post-COVID market. New buildings are coming to market frequently and despite most of the US real estate markets teetering on recession, the demand remains strong in Miami. Jobs are still plentiful, the tax climate is more favorable than other markets, financing is possible and why wouldn’t people want to live in Miami? If you have considered a safer place to invest your savings over the more volatile crypto market or stocks, Miami is the market to bet on. The Tenants If you are a tenant in the Miami market, we are sorry to say that you have your work cut out for you. The RentCafe.com report shows that for each available rental unit, there are 20 prospective tenants jockeying for the keys. This does take into consideration the wealth of new rental buildings delivered to our marketplace as well as units that are overpriced. Even with those less-than-desirable options, there are more tenants in line here than anywhere else in the United States by a good stretch. The second closest market was San Diego, with 13 hopeful renters per available dwelling. In order to experience success in a market like this, it is imperative to have all of your ducks in a row. Having a good credit rating and no criminal background is an obvious piece of advice, but you also should come equipped with letters of recommendation, documented income and have strong representation. Utilize the skills of a real estate agent who is proficient in the marketplace and can guide you to the front of the line where possible, but who will also level with you on routes that are not the easiest. How To Get Help The Light Group is well-equipped to assist both prospective tenants and new landlords. We were recently honored as one of the top teams at Douglas Elliman for securing rental units for our clients throughout all markets that Elliman is present in. We pride ourselves on efficiency and ease of service, almost like a concierge approach to finding a new place to live. We understand that moving is stressful, even more so in an uber-competitive environment and we strive to make it as seamless as possible for our clients. If you are looking to invest funds into the rental market, we will be able to guide you to the areas and buildings that will offer an abundance of high quality tenants and lower fees. This would include more reasonable HOA’s, high quality builds that require less upkeep and tenants who do not move around as frequently. We love to see our investors make the most of their dollars that are at play in Miami. To speak more specifically about an investment or if you need/wish to move, 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. We would be honored to assist you.
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.