Buying in Coconut Grove? Top 5 Things to Know

Buying in Coconut Grove? Top 5 Things to Know

  • Carmenate / Duchon
  • 10/3/22

If you're looking for homes for sale in Coconut Grove, there are a few things you should know before making your purchase. Coconut Grove is a vibrant and eclectic Miami neighborhood that has something for everyone. Whether you're looking for plentiful outdoor activities with beautiful waterfront views, a lively nightlife scene, or interesting shops and boutiques, Coconut Grove has it all. Best of all, thanks to its central location, Coconut Grove is perfect for those who want to be close to all the action but still have a peaceful place to call home.

1. Outdoor activities

Photo courtesy of Miami Beaches
With plenty of parks, bike trails, and running paths, Coconut Grove is the perfect place to stay active outside for some fun in the sun. Be sure to check out Peacock Park near Coconut Grove real estate, with its 9 acres of space dedicated to basketball, softball, soccer, a playground, and a large open field. The park is especially popular for its bridge boardwalk that overlooks the Biscayne Bay and for the annual Arts Festival held there every February.
There's also fun to be had with your pup! Make time to visit the Coconut Grove Dog Park within the David T. Kennedy Park near homes for sale in Coconut Grove. Residents appreciate that the park has specific areas for large and small dogs to play off-leash within the fenced boundary. The larger Kennedy Park also has great jogging paths for you and your pup to explore, all while enjoying views of the Bay.

2. Evening entertainment

For a night out near Coconut Grove real estate, you can't go wrong with a visit to Monty's, The Commodore, or Vinos in the Grove.

Photo courtesy of Miami Herald
Monty's Raw Bar is well-known among residents of Coconut Grove real estate for its live music and its happy hour! Stop by for happy hour after work Monday through Friday from 4 PM to 7 PM to enjoy select drinks from $3 to $6. Rock out to live music from the house band, covering both pop hits and Caribbean jams Monday through Thursday from 5 PM to 9 PM. While enjoying your beverage of choice, snack on appetizers like the house-smoked fish dip or selections from the raw bar. For a larger meal, be sure to try the short rib tacos or the mahi sandwich! Finally, if you need to satisfy your sweet tooth, you can't go wrong with the rum cake or Key lime pie.
For a classic cocktail bar experience, be sure to visit The Commodore in The Ritz-Carlton near homes for sale in Coconut Grove. Enjoy live music as you snack on shareable options like a cheese board or the mini Bavarian soft pretzels. Be sure to try the signature cocktails like the Grove Mule or the Papa Doble. For the designated driver, the non-alcoholic Grove Mohito or the Paradise are delicious mocktails to pair with your snacks.
Vinos in the Grove offers live music nights and wine by the bottle or the glass near Coconut Grove real estate. Enjoy a glass of your choice of champagne, sauvignon blanc, rose, riesling, chardonnay, or pinot grigio with tapas like the cheese combo that lets you select your choice of cheeses, the sliced chorizo, or the ever-popular chocolate and sweet nut plate.

3. Shopping

There are plentiful shopping options near homes for sale in Coconut Grove, so whether you are looking for new surf gear, fashion, home goods, or even a bouquet for your sweetheart, you are sure to find it here.
For surf gear, be sure to check out Coconut Grove's very own Catch a Wave Surf Shop. In addition to boards and wetsuits, they also carry skateboards, beachwear, footwear, and accessories for the whole family. They even offer surf lessons for those new to coastal life!

Photo courtesy of TripAdvisor
Residents who love a casual-chic aesthetic are sure to enjoy a visit to Edite Mode at CocoWalk. For luxury sunglasses, be sure to check out Edward Beiner. When shopping for jewelry, Gas Bijoux has a wealth of unique and beautiful options, including necklaces, rings, bracelets, and earrings handmade in a historic workshop in Marseille.
For home goods to decorate your new Coconut Grove real estate, be sure to check out Le Papillon for stunning serving dishes, centerpieces, wall art, and more. Residents particularly enjoy that they can also purchase gifts for new babies and other children here, like keepsake boxes and baby's first cutlery, soft toys, and bags.

4. Market trends in Coconut Grove real estate

Buyers interested in homes for sale in Coconut Grove should note that the market currently favors sellers, given there are less than 40 homes available as of May 2022. The low Coconut Grove real estate inventory has remained a trend over the past two years, with the number of homes available staying below an already-low peak of 106 in August 2020.
Further, homes for sale in Coconut Grove are moving more quickly in 2022 than in 2021. Homes stayed on the market for a median of 136 days in April 2021 compared to only 57 days in April 2022, which bodes well for buyers who want to close quickly, but also means that homes move quickly in the already limited market.
Buyers should also note that the median list price of Coconut Grove real estate has climbed back to the $2.2 million range as of May 2022, which had not been seen since October 2020. On average, the median has stayed around or below $1,350,000, with a few peaks. The median fluctuates far more than in larger towns with more homes available, so it is important to ask your real estate agent about comparable sales when you find a few properties you are interested in purchasing.

5. Work with a local real estate agent

If you are ready to call Coconut Grove home, you can't go wrong with hiring an expert on the market. A local real estate agent will be intimately familiar with Coconut Grove and can help you find the perfect homes for sale in Coconut Grove that meet your needs. They'll be able to share comparable sales, and when it comes time to make an offer, they’ll also be able to negotiate on your behalf to get you the best possible price for your Coconut Grove home. Hiring a local expert is the best way to ensure a smooth and successful transaction.

Find homes for sale in Coconut Grove

As you move forward with your home search among homes for sale in Coconut Grove, be sure to keep these five assets in mind. Coconut Grove is a beautiful place to call home, and with the right agent by your side, you're sure to find the perfect property for you and your family. Ready to move forward? Reach out to one of the local experts at the Carmenate/Duchon team for assistance.

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