By Anne Platt

Coconut Grove

The magical mystery and lush tropical beauty of Coconut Grove continue to attract unique and diverse buyers from around the world.  Note the dramatic change in our Grove coastline.  New homeowners are moving into the Grove at Grand Bay, the two luxury twisted glass towers designed by Bjarke Ingels, just completed on Bayshore Drive. Closed sale prices range from $1,400,000 to $15,000,000.  The two round magnificent glass towers designed by OMA.  REM Koolhaas, Park Grove Two and Park Grove Three, plan to begin closings in the first quarter of 2018.


We have always loved the distinctive and unique architecture of our homes hidden on narrow winding streets amidst the lush tree canopy of North and South Coconut Grove.  Now the innovative new luxury glass towers have enhanced Coconut Grove’s evolution as a Global Real Estate market.

 

Coconut Grove continues to surpass all previous records with twelve single family home sales over the $3,000,000 mark in the first six months of 2017.  Four of those homes sold were over $5,000,000. Those sales ranged from $5,300,000 for a striking Modern style home on Bayshore Lane in North Grove on 85 feet of waterfront to $12,400,000 for a stunning Mediterranean home on an acre on the Bay at the end of Stewart Avenue in South Grove. 


Boosted by these Bayfront sales, and two additional sales in the coveted water front enclave of Camp Biscayne for $5,082,000 and $6,350,000,  the average price has risen 10% from $1,404,713 in 2016 to $1,546,808 now. The median price has climbed to a new high of $1,200,000. The simultaneous rise of both the average and the median price shows a sustainable growth throughout all price ranges in Coconut Grove.

Coconut Grove Market Report
Single Family Homes | Mid Year 2017

Average Sales Price 2017 was $1,546,808
Median Sales Price 2017 was $1,200,000

All Price Ranges Active Pending Closed/Sold DOM % of SP to LP**
End June 2017 136 30 166 120 93%
End June 2016 143 28 167 116 93%
Sales Figures represent sales from the preceeding 12 months.

Land in Coconut Grove and Coral Gables is in such demand that many times builders search for an older home in disrepair and demolish it. 

3604 Matheson

3604 Matheson Avenue | Coconut Grove, FL

This stunning new construction Tropical Modern Work of Art in the
prestigious gated Entrada Canal enclave in South Coconut Grove offers
140 feet of waterway with no bridges to Biscayne Bay.

It features over 9,800 sq. feet with 5 bedrooms, 5.5 baths, 4 car garage
and a guest house. State of the Art kitchen opens to lush gardens and the canal.

Offered for $7,995,000
Professional photography will be completed next week.

For more information contact:
Anne Platt Coldwell Banker Global Luxury Specialist
Coldwell Banker
Direct 305.442.2055 or Office 305.667.4815
Plattproperties@bellsouth.net
or
Sylvia Boschetti B H Realty
Direct 305.298.0447 Office 305.298.0447

 

The numbers below show the sales breakdown in Coconut Grove in selected price ranges.
Call me if you wish more detail or if you wish a different price range.

Coconut Grove Sales | Selected Price Ranges
  Active Pending Closed/Sold DOM % of SP
to LP**
Over $3,000,000          
End June 2017 19 2 16 164 87%
End June 2016 21 1 12 224 92%
$2,500,000 - $3,000,000          
End June 2017 9 3 10 147 91%
End June 2016 14 3 5 143 94%
$1,300,000 - $1,600,000          
End June 2017 15 4 22 146 91%
End June 2016 15 3 17 150 92%
$800,000 - $1,000,000          
End June 2017 19 4 33 138 95%
End June 2016 14 4 25 90 95%
**The numbers in the chart represent sales from the last twelve months.

 

Coral Gables

Coral Gables 1921

Coral Gables 1st Land Sale

Many thanks to Arva Parks, South Florida Historian Extraordinaire,
for the exceptional photograph and fact filled information.

The first land sale auction was held in Coral Gables November 28, 1921 on Coral Way in front of the Merrick’s own home. Arva advised me that over 5,000 people attended.  George Merrick dressed in all white and the hat , is in the wagon with Doc Dammer who ran the sales force. Dammer is in the background under the umbrella.  Doc Dammer was later elected the first Mayor of Coral Gables. 

 

Recently while researching an item for a client, I discovered the records of land purchases back in the early days of Coral Gables.  The numbers looked very familiar.  There were few resales of a single family home.  Then I compared the number of building site sales to our recent home sales in 2017.  In 1925, the year the Coral Gables City Charter was approved by the State of Florida Legislature, Miami-Dade County Tax rolls showed 486 land sales closed in Coral Gables. In the first nine months of 1926 there were 399 sales closed before the hurricane hit.

Coral Gables Number of Sales By Year
Year Number
of Sales
 
1924 157  
1925 486 Coral Gables Incorporated
1926 399 Devastating Hurricane Sept. 1926
1927 86  
1928 57  
Almost 100 Years Later
2017 487
Single family homes sold
2016 472 Single family homes sold

 

During the boom of 1925 and 1926 Merrick and his partners sold as many building sites in one year as we have sold single family homes in each recent year!

Coveted waterfront land on the Miami Riviera, as Merrick called it, was still in high demand even after the hurricane and financial crash.

 

Prospect

158 South Prospect Drive
 Coral Gables, Florida

158 South Prospect Drive, directly on Biscayne Bay, offers over two acres of land with 285 feet of waterfront plus a boat slip.  The 1929 home and guesthouses had fallen into disrepair and have now been replaced with new homes built to recreate the original Mediterranean style. The aerial shows the reconstruction in progress.  The property sold in March 2010 while under construction for $14,100,000.  Today completed it would be worth at least twice that much. 


 

Coral Gables reached a new high in value in 2017 when three homes sold over $23,000,000. Each home was on an acre on Biscayne Bay and offered breathtaking views of the Miami skyline, Key Biscayne and south. Nine more homes sold over the $5,000,000 mark. These were all waterfront homes in the sought after gated luxury enclaves of Gables Estates, Old Cutler Bay, Journey's End, Cocoplum and the Sunrise area.

Coral Gables map

The average sales price for a Single Family home in Coral Gables increased 5% from $1,388,537 in 2016 to $1,460,551 in 2017. The chart shows a very healthy market. The number of homes on the market is slightly down and the number of sales is up. Days on the market are steady. Please peruse the charts below for the balance of the price ranges. 

Coral Gables Market Report
Single Family Homes | Mid Year 2017

Average Sales Price 2017 was $1,460,550
Median Sales Price 2017 was $870,000

Total Homes
(All Price Ranges)
Active Pending Closed/Sold DOM % of SP to LP**
End June 2017 340 72 497 107 94%
End June 2016 389 86 472 115 94%
**Sales figures represent sales from the preceding twelve months

The only thing to watch is that the Coral Gables sales pending closing show slightly down. The sales where buyers and sellers have agreed on price and terms and not yet closed are the leading indicator of the market.

The numbers below show the sales breakdown in Coral Gables in selected price ranges.
Call me if you wish more detail or if you wish a different price range.


Coral Gables Sales | Selected Price Ranges
  Active Pending Closed/Sold DOM % of SP
to LP**
Over $3,000,000          
End June 2017 81 4 40 224 89%
End June 2016 93 4 39 251 88%
$2,500,000 - $3,000,000          
End June 2017 30 1 23 181 92%
End June 2016 26 5 19 171 93%
$1,300,000 - $1,600,000          
End June 2017 31 10 38 97 94%
End June 2016 34 10 40 100 93%
$800,000 - $1,000,000          
End June 2017 37 15 72 47 96%
End June 2016 40 16 68 94 96%
** Sales figures represent sales from the preceding twelve months.

This is a very balanced market. It is good for buyers as there is a selection of exceptional homes on the market. Interest rates are still at historic lows. It is good for sellers as the lower payment that comes with the lower interest rate on the mortgage means buyers have more buying power. That may translate to a higher sales price for a seller.

 

Note that the average sales price is somewhat similar in Coconut Grove and Coral Gables. That is the only thing similar. Each neighborhood has unique and distinctive characteristics. Trends are subtle. As I live and work in our neighborhoods, I can consult with you and maximize your equity and simplify your move. I welcome a chance to work with you and your family to complete your dream.


Trust Three Decades Helping Sellers and Buyers in Coconut Grove and Coral Gables.
Call me, Anne Platt, when You are Ready to Make Your Move.


Anne Platt

Coldwell Banker

Coldwell Banker

Visit www.LuxuryMiamiHomesandGardens.com 
www.CoconutGroveandCoralGablesTrending.com
for additional information and market updates.

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www.PlattProperties.com
Direct 305-442-2055 | Office 305-667-4815
Email:  PlattProperties@bellsouth.net

Now a note about the numbers I use in this report.  The report covers strictly Single Family Homes in the residential neighborhoods of Coral Gables and North and South Coconut Grove. In those neighborhoods there are roughly 2,100 homes in the Grove and 10,814 in the Gables.  All information is from the Southeast Florida Multiple Listing Service.

You may see different information from an economist, market forecaster or Realtor
who measures the market from a different perspective.



Archive of Anne's Historical Tidbits


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