As Miami’s primordial neighborhood, Coconut Grove evokes passion and pride among its residents past and current. Long considered Miami’s dormant market, the Grove has most recently come alive with vast opportunity driven by the demand of both residential and rental sales that includes new plans, preconstruction deals and surging prices.
The Grove’s vast green canopy is a shield that has preserved the neighborhood as the area’s longstanding enclave. Nestled in the heart of Miami, Coconut Grove upholds the true character of luxury living.
In 2012, a five-bedroom, six-bath condo rented for $16,600 a month in the Grovenor House in Coconut Grove. This month, a five-bedroom, six-bath condo in Grove at Grand Bay went on the market for $30,000 a month. This despite reports that the luxury real estate market in South Florida has softened.
I think that the $30,000, five-bedroom luxury rental is not an anomaly but part of a growing trend of exclusive properties available for rent in the area. For $27,000 a month, you can lease a five-bedroom,
6 1/2-bath in Grove at Grand Bay. A pair of $20,000 units, one at Grove at Grand Bay and the other at Residences at Vizcaya, also are on the market.
For comparison, in the past five years, there has only been one residence available for rent at $20,000 a month — a listing at Residences at Vizcaya last year. The next highest-priced rental was the $16,600-monthly Grovenor House residence on the market from 2012 to 2013.
The new construction developments in the Grove also have seen tremendous interest from residents of the South of Fifth neighborhood in Miami Beach looking to relocate to more a community-oriented area. The luxury rental market is also grabbing the interest of the Mexican and Venezuelan buyers.
Read more
