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The 2019 / 2020 Coconut Grove Condo Market Forecast

May 2, 2019

The 2019 Coconut Grove Condo Market Forecast

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The 2019/2020 Coconut Grove Condo Market Forecast

 

⇒ Through 2019, the Grove $2M+ resale condo market will continue to be soft. Grovenor House and Grove at Grand Bay will make up the majority of sales for the year.

⇒  Park Grove is seeing the most amount of product movement and more deals will happen in Tower 1. The very high-end condos in the second tower will see some corrections as it will experience competition from the soon to be delivered One Park Grove.

⇒ Park Grove Tower 1 (One Park Grove) will continue to gain favor and dominate the luxury spot as the best luxury condo in Coconut Grove.

⇒ There will be a tight supply of lower-end construction condos in the Grove.

⇒ There will be a continued short supply of high quality, new townhomes in Coconut Grove.

⇒ I predict the Grove will re-strengthen before any other neighborhood. Especially in light of the urban and retail development of Cocowalk in 2020.

⇒ Park Grove Tower 1 and Fairchild will be finished by the end of 2019/ spring 2020 which will set a new ceiling in terms of high value Condos in Coconut Grove

The 2019/2020 Coconut Grove Condo Market Forecast

What Does this Neighborhood Economic Health Score Mean?

Using the human body as the perfect metaphor, this neighborhood health score indicates the current economic health of an area and its likelihood to fall ill or to be susceptible to illnesses. It measures the market’s elasticity; it is about robustness and resilience of the market against economic change.

The 2019/2020 Coconut Grove Condo Market Forecast
The 2019/2020 Coconut Grove Condo Market Forecast

Advice for Coconut Grove Buyers

This is the time to make offers, you will be surprised. Of course this isn’t a market like Brickell or the urban core, but more favorable opportunities exist than in the last years. This doesn’t apply to the more luxurious condos at Park Grove (Specifically One Park Grove). This is a unique and stand-alone product. Other opportunities exist in older condos like Grovenor House or the Gables Club (officially in the Gables, but just steps from the Grove). Grove at Grand Bay is also an option, but in reality there is limited supply in this market. We have enormous experience and have sold in every one of the top 3 buildings in Coconut Grove: Grovenor House, Grove at Grand Bay and Park Grove Tower 1 and 2. We have also sold and know Arbor which is the best Condo for those on a budget under $1.5M in the Grove.

Be prepared to see longer days on the market if you don’t price your condo aggressively. One should also not expect to achieve the same dollar per SqFt as last year. Instead, you will see a little softening of the market and last years’ numbers are going to be too hard to emulate. If you are in Park Grove Tower 2 recognize the prices in Tower 1 and do not try and compete directly with this category. Make sure to finish your unit appropriately, as ‘turn key’ product sells much much faster than raw or sparsely finished product. Once Park Grove Tower 1 sells out attention will turn back to Tower 2. If you are an owner in Grovenor House, please call me: 305 508 0899. There is limited supply of larger units available in this condo and it is still desirable and comes in at a much lower price point than the new buildings. We have sold 2 out of the 3 of the last 4/5 bedroom units for sale in the building.

Contact the David Siddons Group to learn more about the Coconut Grove Condo Market

David Siddons | +1.305.508.0899 | David@siddonsgroup.com

The David Siddons Group is a top-performing Miami real estate group with nearly $100M in yearly sales. David is known as a market analyst and he is the author of several of Miami’s most groundbreaking real estate reports.

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