When one of the world’s most powerful tech founders makes a major real estate move, the market listens. Google Co-Founder, Larry Page, has quietly purchased not one but two luxury waterfront estates in Coconut Grove for a combined total of approximately $173.4 million. This bold acquisition further confirms what local experts already know. Coconut Grove has become one of the hottest luxury real estate markets in Miami.
Page’s purchases also reflect a broader shift among ultra-high-net-worth individuals relocating from California to Florida. Favorable tax policies, a pro business environment and an unmatched waterfront lifestyle continue to draw billionaires and executives to South Florida.
Inside Larry Page’s Coconut Grove Purchases
Larry Page’s Coconut Grove investments include two exceptional waterfront properties located just minutes from one another. Each estate offers privacy, scale and direct-water access, all highly sought after features in today’s luxury market.
The first property is a 4.5 acre waterfront compound known as “Banyan Ridge” located at 3585 Anchorage Way. Page purchased the estate for $101.5 million, making it one of the most expensive residential sales in Coconut Grove history…almost matching Ken Griffin’s then record $107M Coconut Grove purchase in 2022. The property features expansive bay views, lush landscaping and one of the largest private parcels in the area, a true rarity in a fully built out neighborhood.
The second purchase is a nearby seven-bedroom waterfront home at 3085 Munroe Drive acquired for $71.9 million. This residence is located within Camp Biscayne, widely regarded as one of the most exclusive gated communities in Coconut Grove. Camp Biscayne is known for its extreme privacy, walkability to the town center, limited number of estates and direct access to Biscayne Bay, making it especially attractive to high profile buyers who value discretion.
Together, these purchases signal a long-term commitment to Miami and reinforce Coconut Grove’s status as a global luxury destination.
Why Billionaires are Choosing Coconut Grove
Coconut Grove offers a lifestyle that few neighborhoods in Miami can replicate. It combines historic charm, mature tree canopies and a walkable village atmosphere with waterfront living and proximity to Downtown Miami. Buyers can enjoy marinas, parks and fine dining while still maintaining a sense of privacy and calm.
For tech founders and executives like Larry Page and Ken Griffin, Coconut Grove provides space, security and serenity. Large lots, gated communities and low density zoning create an environment that feels removed from the congestion of high rise districts while remaining centrally located.
The Role of Taxes and Lifestyle Migration
Page’s move also highlights an ongoing migration from high tax states like California to Florida. Florida’s lack of state income tax and wealth taxes continues to attract high-net-worth individuals looking to protect capital while improving quality of life.
This influx of wealth has had a direct impact on the Coconut Grove real estate market. Demand has surged while inventory remains extremely limited. Buyers are competing aggressively for waterfront homes, especially those offering privacy, modern upgrades or redevelopment potential.
The Light Group is personally working with several ultra-high-net-worth buyers that have been considering a South Florida move for the past few years, but have recently decided to put pen to paper.
A Market Defined by Scarcity
Coconut Grove is largely built out, which means new supply is minimal. Waterfront land is especially scarce and large parcels like Banyan Ridge almost never come to market. This scarcity drives pricing higher and creates intense competition when exceptional properties become available.
Many of the area’s most desirable homes are sold off market, often through private networks. Well priced listings that do hit the public market frequently attract multiple offers and move quickly.
What This Means for Homeowners and Buyers
For Coconut Grove homeowners, high profile purchases like Larry Page’s validate rising values and strengthen long term appreciation potential. The presence of billionaire buyers elevates the neighborhood’s profile and establishes new pricing benchmarks.
For buyers, the message is clear. Strategic planning and local expertise are essential. Working with a luxury real estate advisor who understands off-market opportunities and negotiation dynamics can make the difference between securing a property and missing out entirely.
Coconut Grove’s Luxury Future
Larry Page’s $173 million investment is more than a headline. It is a powerful signal that Coconut Grove has entered a new era of global luxury relevance. As more high-net-worth individuals choose Miami for its tax advantages and lifestyle, neighborhoods like Coconut Grove will continue to see strong demand and rising values.
The Grove is no longer an emerging market. It is established, exclusive and increasingly competitive. For buyers and sellers alike, now is the time to pay close attention to what is happening in one of Miami’s most coveted waterfront communities.
If you are interested in a learning more about Coconut Grove, please contact Michael Light, Executive Director of Luxury Sales at Douglas Elliman Real Estate. Michael and his family have been residents of Coconut Grove for nearly 20 years and are experts in this market. You may reach Michael directly at 786.566.1700 or michael@miamiluxuryhomes.com.
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