Why Miami’s Coconut Grove Neighborhood Has Become a Real Estate Hotspot
variety.comKathy A. McDonald Once bohemian and artsy, the leafy bayside enclave of Miami’s Coconut Grove has gone decidedly upscale.
In 2022, the suburb was home to Miami’s priciest residential real estate transaction when entrepreneur and Citadel CEO Ken Griffin paid $106 million for two mansions on a combined lot with expansive bayfront frontage and unobstructed views.
Jill Hertzberg of the Jills Zeder Group at Coldwell Banker Realty, who represented Griffin, describes the 4-acre estate as akin to a Picasso and “priceless.” The pandemic accelerated the Grove’s popularity, attracting transplants from New York, Chicago (such as Griffin) and California due to its proximity to all things great about Miami — including well-regarded private schools, a relatively quick drive to downtown, sophisticated dining, bayside parks and the revitalized Dinner Key pleasure boat marina.
According to One Sotheby’s Intl. Realty’s February Florida East Coast Market Report, median single-family-home prices in Coconut Grove were up 43.5% year-over-year. “I personally believe Coconut Grove is one of the most sought-after neighborhoods in the entire country,” says David Martin, CEO of Terra, the development company behind three architecturally distinguished, residential projects along Bayshore Drive: the Grove at Grand Bay (96 residences in two towers), Park Grove (designed by Rem Koolhaas/OMA) and the Mr.
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