If you drive around Coconut Grove you no doubt have noticed all of the residential construction. It is great news that developers and builders have so much confidence in our market here. The common theme among these new projects is that the builders purchased dividable lots and are building 3-4 similar homes on each site. Most of the homes tend to be modern architecture which is in high demand right now.
Just yesterday the pre-construction homes located at 1621 South Bayshore Drive and 1619 South Bayshore Drive hit the market with $2,000,000+ price tags. These homes offer more than 5,000 square feet of living area on 9,000 square foot lots. They offer all of the bells and whistles that you would expect in a new home - chef's kitchen, pool, lush landscaping, 2 car garage, surround sound plus more.
There were 5 new construction homes (post 2009) sold in Coconut Grove last year, they closed for an average sale price of $1,484,000 or $305.00 per square foot.