NBA All-Star and Miami Heat power forward Kevin Love has recently acquired a residence in the Coconut Grove neighborhood of Miami, as reported. We met his wife Kate a year ago when we showed her properties in Park Grove and Coconut Grove.
Love and his wife Kate, purchased a spec home for a sum of $9.5 million on Main Highway. This home has 6,400 square feet with 7 bedrooms, 7 bathrooms, a pool and a wine cellar.
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In the meantime, here are market highlights for Coconut Grove in 2023:
- The median sales price increased even though the number of sales decreased compared to the previous year.
- As the luxury segment distanced itself from the overall market, the median price reached an all-time high.
- The median price of homes has risen by 13% over the past year and for condos by 37.5%
- The difference in behavior between the median and average sales prices can be attributed to extreme values as the highest home sale in 2022 was $106M for Arsht’s estate and the highest home sold in 2023 was $18.5M. Condo’s highest sale in 2023 was for $19.2M and $8.4M in 2022.
- Available inventory and months supply of Inventory have increased, indicating a market slightly more competitive for buyers.
As inventory levels change, we have to see how prices for the Coconut Grove real estate market are impacted. Will condo pricing be affected by the Structural Integrity Reserve Study and the fact that associations will no longer be allowed to waive their reserve contributions?
Photo source: Kevin Love and his Coconut Grove home (Getty) via TRD