Park Grove Tower 3 – How This Unique Condo Could Reshape the $1M Condo Market in Coconut Grove.May 2, 2018
The Unique Market Position of the Park Grove Club Residences / Park Grove Tower 3
The Tower 3 “Club Residences” at Park Grove sold out about two years ago. Eager buyers bought these units almost overnight and the demand is still not satisfied. Buyers are now looking for resale opportunities and are already offering prices of 35% over initial sales prices. The average sales price of Tower 3 residences in pre-construction was $1,200 per SF with the highest sales price per SF set at $1,675.
In the table below you see the enormous shortage in the $1M to $2M condo market in Coconut Grove. There is a limited amount of active listings in this price range, but there is a demand for these properties. Park Grove Tower 3 / Club Residences are filling this gap in the market.
** Scroll down to the bottom of the page to find more information about the Club Residences **
Why the Park Grove Club Residences?
The Club Residences at Park Grove is a truly unique condo concept in the Grove. This luxury tower is the most affordable of three towers in the high-end Park Grove condo project, which is located on 5,2 acres of waterfront lot. Tower 3 has exactly the same finishes as the more exclusive towers 1 and 2 and shares that resort-style lifestyle for much less of an investment. The tower is located behind tower 2, but still provides for many units with waterviews. Imagine buying into a truly high-end condo project near the water with lush landscaping, and the best amenities such as a kids room with a nanny, a private Michael Schwartz restaurant, a resort style pool, a private spa and a private screening room / cinema. Owning at Tower 3 means you buy into the luxury lifestyle of the Park Grove project for the best prices the project has to offer.
Why Park Grove Tower 3 is the Best $1M Option to Buy?
With limited amount of inventory the choices within this range are confined. Below we provide you with some of the alternatives in Coconut Grove and how they compare to Park Grove’s Club Residences.
- Grovenor House
- Established luxury condo with great finishes and good performance over the years. Prices are ranging from $1M to $10M+ but ocean views start from $1,7M (at this moment). Amenities are off lesser quality than the Park Grove amenities and the condo is located on a normal size lot compared to the 5,2 acres that Park Grove has to offer
- Grove at Grand Bay
- Recently delivered luxury condo with a high-end lifestyle. Below $2M you will not find ocean views and availability at this price point is limited. Prices ranging from $1,38M – $25M+
- The Fairchild
- Under construction with prices ranging from $1,4M to $4M+. The part that is three stories tall will house the smaller, and more affordable, two-bedroom units. These are located in the back of the project. This means no ocean views (only 5 stories high) and the lifestyle or amenities will be more limited as this concerns a boutique condo.
- Glasshaus is currently under construction, but this is a boutique condo on a dry lot with less amenities than the Park Grove project. Prices are ranging from $595K to $1.2M. This means that for $1M+ you will have one of the best units at Glasshaus while at Park Grove for that same price you profit from the services and amenities that go with the lifestyle of a multi-million dollar property.
- Grove Arbor
- Arbor is currently under construction, but this is a boutique condo on a dry lot with less amenities than the Park Grove project. Prices are starting from $799K+.
The Park Grove Club Residences
- 10 Ft floor-to-ceiling glass overlooking Coconut Grove
- Private waterfront terraces
- Expensive dining and entertaining areas
- Private (corner) master bedroom with walk-in closet
- His and Hers vaniites
- Bedrooms with en-suite bathrooms
- (Eat-in) Chef’s kitchen with island, Wolf & Subzero appliances
- Kitchens and Baths designed by William Sofield
Club Residences Unit Mix
- Residence 1 | 3 bedrooms + Den | 2,5 Bathrooms | 1,390 Sf Interior | 308 Sf Exterior
- Residence 2 | 2 bedrooms + Den | 2 Bathrooms | 1,117 Sf Interior | 415 Sf Exterior
- Residence 3 | 1 bedroom + Den | 1 Bathroom | 747 Sf Interior | 226 Sf Exterior
- Residence 4 | 2 bedrooms + Den | 2 Bathrooms | 1,059 Sf Interior | 190 Sf Exterior
- Unit 3 and 4 combined | 3 bedrooms + Den | 3 Bathrooms | 1,886 Sf Interior | 410 Sf Exterior
- Residence 5 | 2 bedrooms + Den | 2 Bathrooms | 1,306 Sf Interior | 138 Sf Exterior
- Residence 6 | 1 bedroom + Den | 1 Bathroom | 759 Sf Interior | 220 Sf Exterior
- Residence 7 | 1 bedroom + Den | 1 Bathroom | 760 Sf Interior | 210 Sf Exterior
- Unit 6 and 7 combined | 3 bedrooms + Den | 2 Bathrooms | 1,520 Sf Interior | 438 Sf Exterior
- Residence 8 | 2 bedrooms + Den | 2 Bathrooms | 1,231 Sf Interior | 124 Sf Exterior
Watch our exclusive video material of Park Grove
The 5,2 Acres of Amenities at Park Grove
Coconut Grove, Park Grove and the Marina
The Kitchen Finishes at Park Grove
David Siddons on the Park Grove Project