$46M is the highest sale ever done in Coconut Grove and it just happened a few days ago. This modern stunner in the select and gated community of Camp Biscayne just traded hands for $3,411/SF. The Real Deal has it at 20,000 sf but the last listing in the MLS has it at 13,483 SF.
Words fail to describe this impressive estate dubbed Casa Bahia. It is definitely a head-turning, contemporary masterpiece that sits on a 41,125 sf waterfront lot. Here are some pictures from when it was listed four years ago.
Casa Bahia was designed by film-maker Alejandro Landes in collaboration with Zyscovich Architects and Shorecrest Construction. “It is a custom three-story waterfront home with 518 linear ft of waterfront on Biscayne Bay. It sits on a 41,125 sqft ft. lot & the property features 7 beds / 8 baths & 1 half bath, a guesthouse with 2 bedrooms & an entertainment theater room with surround system, 13,483 sq ft with a 73 ft heated pool, & custom wine cellar. Smart home technology, large outdoor entertaining area & 8-car garage gallery. Located in gated & exclusive Camp Biscayne.”
This headline sale is the clincher for a market that has never seen such unprecedented activity. We have never seen these market conditions in Coconut Grove, with some homes that have been sold above asking price in 2021.
Following the sale of Casa Bahia, the highest recorded sale so far in 2021 for Coconut Grove is the record breaking $15,965,000 sale of 3525 Anchorage Way which closed on 4/1/2021 (imagine, these comps exclude the off market sale of Casa Bahia). The highest sale for the same period in 2020 was $2,675,000. There are several factors driving the market including but not limited to people looking for walkable neighborhoods, less density, tax migrants relocating from the North and West coast, hedge funds and tech firms moving to Miami. Plus, Covid-19 has shifted the mindset of people redefining how they live and allowing them to work anywhere.
Ave Sold Price for 2021 has increased 116%, as well as sold price per square foot. Days on Market and discount percentages decreased from last year for all homes sold.
Coconut Grove market update May 3, 2021
The robust market conditions of Coconut Grove with record highs for pricing and sales is across the board for homes and condos. The average price sold from January 1 through May 3rd, 2021 for Coconut Grove homes and condos sold is a $2,342,096* Record single family and condo pricing have risen as listing inventory and days on market declined.
One Park Grove #9B with address 2811 S Bayshore Dr., #9B Miami, FL 33133 is under contract. Asking Price is $3,550,000. It is our listing from a wonderful client and one of our preferred properties in Coconut Grove. It has 12' glass walls, a flow through 2,884 sf layout with 3 beds and den with beautiful views. More on #9B.
*Based on recorded sales from $900K and over