The Short Answer
Between January 2023 and October 2026, 190 condominiums closed in Coconut Grove. The median sale was $1,660,000 at $829 per square foot for 1,900 square feet, after a median 74 days under contract. Sales ran from $315,000 to $16,740,000.
The Grove is written about as a trophy market. The closed sales say it is not one. Sixty-two percent of all closings were below $2,000,000, and only three sales in nearly four years crossed $10,000,000.
Two findings matter more than the median.
More than half of Grove condo sales happen in buildings nobody writes about. Of the 190 closings, 92 were in the named buildings that appear in every Coconut Grove roundup, including my own. The other 98 were in the small and mid-rise buildings that do not make those lists. Those 98 residences were larger, at a median 2,145 square feet against 1,756, sold 39 days faster, and closed at $701 per square foot against $967. That is 28% less per foot for more space.
New construction above 2,500 square feet is the worst-performing segment in the neighborhood. Among residences of 2,500 square feet and up, those built in 2020 or later took a median 201 days to contract against 46 days for those built between 2006 and 2019. They took 88.0% of their original asking price against 93.0%. And they did not command a premium for it: $914 per square foot against $923.
What the Grove Actually Trades At
| Measure | Closed condominiums, Jan 2023 to Oct 2026 |
|---|---|
| Closings | 190 |
| Median price | $1,660,000 |
| Median price per square foot | $829 |
| Median size | 1,900 SF |
| Median days to contract | 74 |
| Sold to final list price | 95.2% |
| Sold to original list price | 93.0% |
| Range | $315,000 to $16,740,000 |
| Listings now active or pending | 42, median ask $2,985,000 |
The gap between 95.2% and 93.0% is the one measurement that has now held across three separate analyses. At Continuum on South Beach the two figures were 92.3% and 89.0%. At Oceana Bal Harbour they were 93.5% and 91.0%. Here they are 95.2% and 93.0%.
In every case the figure that market reports quote, sold price against list price, understates what sellers actually conceded by two to three points, because the list price on a closed record is usually already a reduced one. Coconut Grove is the most disciplined of the three at a 7.0% real discount, against 9.0% at Oceana and 11.0% at Continuum.
The Buildings Nobody Writes About Are Half the Market
I have written a guide to the best luxury condo buildings in Coconut Grove, and I stand by it as a guide to those buildings. What it does not tell you is how small a share of the market they are.
| Segment | Closings | Median price | Median $/SF | Median size | Median year built | Days to contract | Sold to original list |
|---|---|---|---|---|---|---|---|
| Named buildings | 92 | $1,779,750 | $967 | 1,756 SF | 2002 | 94 | 92.0% |
| Everything else | 98 | $1,539,000 | $701 | 2,145 SF | 2006 | 55 | 93.0% |
Read the size column against the rate column. The unnamed buildings delivered a median 2,145 square feet at $701 per square foot. The named buildings delivered 1,756 square feet at $967. A buyer in the unnamed half got 22% more space for 28% less per foot, waited 39 fewer days, and gave up one point less of original asking.
That does not make the named buildings a mistake. They buy services, amenity programs, elevator counts, concierge staffing and resale recognition that a 1970s low-rise on a side street does not have. What the table establishes is the size of the premium: roughly $266 per square foot, or about 38%, and you should know you are paying it rather than discover it later.
“Everything else” is my grouping rather than an MLS category. It covers 98 closings spread across roughly 90 separate small and mid-rise addresses, so there is no building-level figure to quote inside it. That dispersion is itself the point. The Grove’s condo market is not concentrated.
Building by Building
| Building | Year | Closings | Live listings | Median price | Median $/SF | Median size | Days | Sold to original list |
|---|---|---|---|---|---|---|---|---|
| Vita at Grove Isle | 2025 | 4 | 7 | $7,925,000 | $2,443 | 3,263 SF | 131 | 99.0% |
| Park Grove | 2018 | 9 | 2 | $3,200,000 | $1,714 | 1,954 SF | 102 | 94.0% |
| Mr. C Residences | 2024 | 12 | 2 | $2,912,500 | $1,675 | 1,662 SF | 95 | 86.5% |
| Grove at Grand Bay | 2016 | 4 | 1 | $7,300,000 | $1,661 | 4,398 SF | 230 | 93.5% |
| Grovenor House | 2005 | 4 | 1 | $3,425,000 | $1,545 | 2,198 SF | 29 | 96.5% |
| Grove Garden Residences | 2006 | 3 | 0 | $1,000,000 | $979 | 1,092 SF | 116 | 95.0% |
| Ritz-Carlton Coconut Grove | 2002 | 18 | 5 | $1,600,000 | $965 | 1,748 SF | 52 | 93.0% |
| Mutiny Park | 2001 | 6 | 0 | $800,000 | $910 | 862 SF | 112 | 98.5% |
| Grove Towers | 1982 | 3 | 0 | $1,000,000 | $869 | 1,142 SF | 135 | 78.0% |
| Yacht Harbour | 1975 | 6 | 2 | $1,125,000 | $850 | 1,172 SF | 13 | 93.5% |
| Grove Isle | 1979 to 1981 | 13 | 2 | $1,700,000 | $797 | 2,398 SF | 90 | 91.0% |
| 1600 South Bayshore Lane | 1970 | 3 | 0 | $794,000 | $775 | 1,025 SF | 44 | 90.0% |
| L’Hermitage | 1981 | 3 | 0 | $2,450,000 | $687 | 3,725 SF | 112 | 84.0% |
Three further named buildings are left out of this table because they rest on one or two closings each: The Mutiny with two, and Cloisters on the Bay and The Fairchild with one apiece. Those four sales are included in the 92 counted above. The rate spread across the thirteen shown is 3.6 times, from $687 per square foot at L’Hermitage to $2,443 at Vita at Grove Isle. Only four buildings carry nine or more closings, so read Ritz-Carlton Coconut Grove at 18, Grove Isle at 13, Mr. C at 12 and Park Grove at 9 as the reliable rows, and the rest as descriptions of a handful of sales.
Two rows deserve separate attention.
Yacht Harbour went under contract in a median 13 days. That is the fastest building in the Grove by a wide margin, on six closings of modest 1,172 square foot residences at $850 per square foot. Whatever that building is doing on price, the market agrees with it immediately.
Grove at Grand Bay took 230 days. Its residences are the largest in the table at a median 4,398 square feet, which is the same pattern the next section measures: in this neighborhood, large and new is slow.
Large and New Is the Hardest Thing to Sell in the Grove
The raw figures by vintage look unremarkable. Holding size constant is where the finding appears.
| Size band | Year built | Closings | Median price | Median $/SF | Days to contract | Sold to original list |
|---|---|---|---|---|---|---|
| Under 1,500 SF | Before 1990 | 27 | $775,000 | $732 | 39 | 94.0% |
| 1990 to 2005 | 16 | $740,000 | $836 | 100 | 97.0% | |
| 2006 to 2019 | 11 | $1,260,000 | $991 | 26 | 95.0% | |
| 2020 and newer | 5 | $1,565,000 | $1,623 | 69 | 87.0% | |
| 1,500 to 2,499 SF | Before 1990 | 19 | $1,525,000 | $790 | 90 | 89.0% |
| 1990 to 2005 | 31 | $1,530,000 | $805 | 45 | 93.0% | |
| 2006 to 2019 | 8 | $1,725,000 | $873 | 161 | 89.5% | |
| 2020 and newer | 12 | $1,932,000 | $961 | 94 | 89.5% | |
| 2,500 SF and up | Before 1990 | 7 | $2,400,000 | $822 | 54 | 91.0% |
| 1990 to 2005 | 3 | $4,925,000 | $936 | 96 | 93.0% | |
| 2006 to 2019 | 13 | $2,505,000 | $923 | 46 | 93.0% | |
| 2020 and newer | 34 | $2,640,000 | $914 | 201 | 88.0% |
Look at the bottom row against the one above it. Thirty-four closings of 2,500 square feet or larger built since 2020 took a median 201 days to contract and 88.0% of original asking. Thirteen closings of the same size built between 2006 and 2019 took 46 days and 93.0%.
Four times the wait and five points more conceded, for a rate of $914 per square foot against $923. The newer product is not even marginally dearer per foot. On this evidence, buyers in the Grove are not paying a premium for new construction above 2,500 square feet, and sellers of it are waiting more than six months.
The smallest band runs the other way, and it is worth saying so. Residences under 1,500 square feet built since 2020 closed at $1,623 per square foot against $991 for the 2006 to 2019 group, a 64% premium. That rests on five closings. If there is a newness premium in the Grove, it is in small units, not large ones.
This is the Size Ceiling and the newness question interacting, and it is the clearest case I have measured of the two compounding. A large residence in a new Grove building carries both penalties at once.
Vita and Mr. C Are Both New, and Nothing Else About Them Matches
| Measure | Vita at Grove Isle | Mr. C Residences |
|---|---|---|
| Delivered | 2025 | 2024 |
| Closings | 4 | 12 |
| Live listings | 7 | 2 |
| Median price | $7,925,000 | $2,912,500 |
| Median $/SF | $2,443 | $1,675 |
| Median size | 3,263 SF | 1,662 SF |
| Days to contract | 131 | 95 |
| Sold to original list | 99.0% | 86.5% |
| Median monthly fee | $7,188 | $3,776 |
Vita took 99.0% of original asking and Mr. C took 86.5%. That is a 12.5 point difference between two buildings delivered a year apart on the same stretch of water.
The explanation is which market each is in rather than which building is better. Vita is still selling from a developer price sheet with seven residences listed, and a developer does not discount a published schedule. Mr. C has moved into resale, where individual owners set prices against each other and concede. Mr. C’s 86.5% is the weakest figure of any Grove building with ten or more closings.
The practical consequence for a buyer: Vita’s asking prices are close to final, and Mr. C’s are not. Four closings is a thin base for Vita and that gap should be re-measured once the building is fully absorbed and its first resales clear.
The Association Fee Varies by More Than Three Times
| Building | Closings | Median monthly fee | Median size | Annual cost per square foot |
|---|---|---|---|---|
| Grovenor House | 4 | $9,068 | 2,198 SF | $49.51 |
| Mr. C Residences | 12 | $3,776 | 1,662 SF | $27.27 |
| Vita at Grove Isle | 4 | $7,188 | 3,263 SF | $26.44 |
| Mutiny Park | 6 | $1,737 | 862 SF | $24.18 |
| Park Grove | 9 | $3,518 | 1,954 SF | $21.60 |
| Ritz-Carlton Coconut Grove | 18 | $2,767 | 1,748 SF | $18.99 |
| Grove at Grand Bay | 4 | $5,626 | 4,398 SF | $15.35 |
| L’Hermitage | 3 | $4,606 | 3,725 SF | $14.84 |
| Yacht Harbour | 6 | $1,418 | 1,172 SF | $14.52 |
| Grove Isle | 13 | $2,840 | 2,398 SF | $14.21 |
Grovenor House costs $49.51 per square foot a year to carry, which is 3.5 times Grove Isle’s $14.21 and nearly double the next building on the list. On a 2,198 square foot residence that is $9,068 a month, or about $109,000 a year before taxes, insurance or a mortgage.
That figure rests on four closings, so treat the exact number as approximate. The direction is not approximate. A buyer choosing between a Grovenor House residence and a comparably priced Grove Isle residence is choosing between two very different annual costs, and over a ten-year hold the difference on 2,200 square feet exceeds $750,000. My Miami Condo Carrying Costs analysis sets out how to work this into an offer.
What Is for Sale, and What Is Not Selling
| Price tier | Closings | Share of sales | Live listings | Share of listings | Months of inventory |
|---|---|---|---|---|---|
| Under $1M | 44 | 23% | 1 | 2% | 1.0 |
| $1M to $2M | 73 | 38% | 12 | 29% | 7.4 |
| $2M to $5M | 56 | 29% | 15 | 36% | 12.1 |
| $5M to $10M | 14 | 7% | 10 | 24% | 32.1 |
| $10M and up | 3 | 2% | 4 | 10% | 60.0 |
The Grove carries 9.9 months of inventory overall and the imbalance is severe at both ends. Below $1,000,000 the neighborhood produced 44 sales and holds one listing, which is a single month of supply. Above $5,000,000 it produced 17 sales and holds 14 listings, which is between three and five years.
Put as counts rather than shares: 14 of the 42 residences for sale in Coconut Grove are priced above $5,000,000. Seventeen of the 190 that sold were.
Four buildings are selling without any closed evidence
Separately from the 42 listings above, the Grove has pre-construction and newly delivered inventory with no closed sales at all to price against.
| Building | Projected year | Live listings | Median ask | Median ask per SF |
|---|---|---|---|---|
| Ziggurat Coconut Grove | 2027 | 1 | $5,350,000 | $2,139 |
| The WELL Coconut Grove | 2028 | 5 | $4,284,000 | $1,946 |
| The Coconut Grove Bayshore | 1982 | 2 | $3,287,000 | $1,156 |
| Arbor Coconut Grove | 2025 | 6 | $1,946,328 | $1,218 |
Compare those asking rates to the delivered evidence. The WELL asks $1,946 per square foot for 2028 delivery and Ziggurat $2,139 for 2027. The only delivered building in the Grove trading above either figure is Vita at Grove Isle at $2,443, and Vita is oceanfront-adjacent on its own island with four closings behind it. Mr. C, delivered in 2024, trades at $1,675.
That is not an argument that the pre-construction prices are wrong. Buildings delivering in 2027 and 2028 are priced against a market three years out, and ONE Sotheby’s International Realty is the sales team at Ziggurat Coconut Grove, so I have a commercial interest there and you should weigh this paragraph accordingly. It is an argument that a buyer comparing pre-construction asking prices to resale evidence is comparing two different things, and that the gap is currently 16% to 28% above the newest delivered building that is not on Grove Isle.
What This Means If You Are Buying
Look outside the named buildings before you decide. Ninety-eight closings happened in buildings that appear on no roundup, at $701 per square foot for a median 2,145 square feet. The named buildings averaged $967 for 1,756. If services and amenities are what you want, pay the 38%. If space on good streets is what you want, the other half of the market is larger and faster.
Below $1,000,000 you are competing against everyone. Forty-four sales and one active listing. One month of supply. That segment does not negotiate.
Above $5,000,000 you have years, not months. Fourteen listings against 17 sales in nearly four years. The Grove’s top end is the slowest part of it by a wide margin.
Large and new is where the leverage is. Thirty-four closings above 2,500 square feet built since 2020 took 201 days and 88.0% of original asking. If you want a big new residence here, the evidence says you will be the scarce party.
Price the fee before you price the residence. The range runs from $14.21 to $49.51 per square foot a year. On 2,200 square feet that is a $77,000 annual difference between the cheapest and dearest buildings, which is more than most buyers negotiate on the purchase price.
What This Means If You Are Selling
Price for 93%, not 95%. The median Grove seller took 93.0% of what they first asked. That is the most disciplined of the three markets I have measured this month, but it is still seven points below the opening number.
If your residence is large and recently built, plan for six to eight months. The median in that segment was 201 days, and it closed five points below the wider market’s share of original asking. Pricing it like a 2015 building of the same size will cost you both time and the concession.
If your residence is under $1,000,000, you have the strongest position in the neighborhood. One competing listing against 44 sales.
Know which comparables are not comparables. Pre-construction asking prices at The WELL and Ziggurat run $1,946 and $2,139 per square foot. Delivered Mr. C trades at $1,675. Pricing a resale against a 2028 delivery is pricing against a different market.
Frequently Asked Questions
What does a condo in Coconut Grove cost?
A median of $1,660,000. Across 190 closings between January 2023 and October 2026 the median was $1,660,000 at $829 per square foot for 1,900 square feet. Sales ran from $315,000 to $16,740,000, and 62% of them were below $2,000,000. The 42 residences currently listed ask a median $2,985,000.
Is Coconut Grove a luxury condo market?
Less than its reputation suggests. Only 17 of 190 closings over nearly four years were above $5,000,000 and only three were above $10,000,000. At the same time 34% of what is currently for sale is priced above $5,000,000. The listing side of the Grove is far more expensive than the transaction side.
Which Coconut Grove condo building is most expensive?
Vita at Grove Isle, at a median $7,925,000 and $2,443 per square foot, though that rests on four closings. Among buildings with enough sales to read, Park Grove leads at $1,714 per square foot and Mr. C Residences follows at $1,675. The full range across named buildings runs from $687 at L’Hermitage to $2,443 at Vita, a spread of 3.6 times.
Do new Coconut Grove condos sell for more?
It depends entirely on size, and for large residences the answer is no. Among residences of 2,500 square feet and up, those built since 2020 closed at $914 per square foot against $923 for those built between 2006 and 2019, while taking 201 days to contract against 46 and holding 88.0% of original asking against 93.0%. Among residences under 1,500 square feet, new construction did command a premium, $1,623 against $991, but that rests on five closings.
How long does a Coconut Grove condo take to sell?
A median 74 days to contract across all 190 closings. By building it ranged from 13 days at Yacht Harbour to 230 at Grove at Grand Bay. The slowest segment is large new construction, at 201 days for residences of 2,500 square feet and up built since 2020.
What are the HOA fees in Coconut Grove condos?
They vary by more than three times on a per-square-foot basis. Grovenor House is the most expensive at a median $9,068 a month, which is $49.51 per square foot a year on a 2,198 square foot residence. Grove Isle is the least at $2,840 a month, or $14.21 per square foot. Mr. C runs $27.27 and the Ritz-Carlton $18.99. On a 2,200 square foot residence the gap between the cheapest and dearest buildings is about $77,000 a year.
Are there bargains outside the well-known Coconut Grove buildings?
The data says yes on price and space, if not on services. Ninety-eight of the 190 closings were in small and mid-rise buildings that appear on no luxury roundup. Those residences had a median 2,145 square feet against 1,756 in the named buildings, closed at $701 per square foot against $967, and went under contract 39 days faster. What they do not have is the staffing, amenity programs and resale recognition the named towers carry.
How much do Coconut Grove sellers discount?
About 7%. Sellers took a median 95.2% of their final list price and 93.0% of their original list price. The second figure is the real one, because the list price on a closed record is usually already reduced. Coconut Grove is the most disciplined of three markets measured this month, against 9.0% at Oceana Bal Harbour and 11.0% at Continuum on South Beach.
Should I buy pre-construction in Coconut Grove?
Compare the asking rate to delivered evidence before deciding. The WELL Coconut Grove asks a median $1,946 per square foot for 2028 delivery and Ziggurat Coconut Grove $2,139 for 2027. The newest delivered building off Grove Isle, Mr. C Residences from 2024, trades at $1,675. Pre-construction is priced against a market three years out, which may prove right, but it is not priced against today’s closed sales. Note that ONE Sotheby’s International Realty is the sales team at Ziggurat Coconut Grove.
Which Coconut Grove building sells fastest?
Yacht Harbour, at a median 13 days to contract across six closings of roughly 1,172 square foot residences at $850 per square foot. The Ritz-Carlton Coconut Grove follows at 52 days on 18 closings, the largest sample of any building in the Grove.
Buying or Selling a Coconut Grove Condominium?
What a Grove residence is worth cannot be reduced to the neighborhood’s name or to an average price per square foot. It depends on which building and what its association actually funds, the fee measured against the square footage rather than in dollars a month, whether the residence is large and recently built or sized to the part of the market that clears quickly, what the original asking price was on every comparable rather than the reduced one, whether a comparable is a resale or a developer sale, and how many residences of similar size and price are listed in the Grove right now.
If you’re evaluating a property at Vita at Grove Isle, Grove Isle, Park Grove, Mr. C Residences, Grove at Grand Bay, Grovenor House, the Ritz-Carlton Coconut Grove, Yacht Harbour, L’Hermitage or anywhere else in Coconut Grove, contact Ashton Coleman for a property-specific comparison using recent closed sales and current competing inventory.
Explore current listings on Miami Penthouses & Estates.
📞 305.978.7704
📧 AColeman@onesothebysrealty.com
About the Market Data
This analysis uses a Southeast Florida MLS (SEFMLS) single-line export of Coconut Grove condominium listings with no price floor, covering January 2023 through October 2026, a period of about 45 months. The file holds 232 listing records: 190 closed sales, 32 active listings, six pending sales and four active contingent. Closings span January 9, 2023 through October 2, 2026.
Buildings are assigned by street address rather than by the MLS subdivision field, which carries 169 distinct spellings across these 232 records and labels the same building several different ways. Several groupings are worth stating. Grove Isle covers 1, 2 and 3 Grove Isle Drive, the three original towers delivered between 1979 and 1981, and is separate from Vita at Grove Isle at 5 Grove Isle Drive, delivered 2025. Mr. C Residences covers both 2655 South Bayshore Drive and 2678 Tigertail Avenue. Park Grove covers One Park Grove at 2811, Two Park Grove at 2821 and the Club Residences at 2831 South Bayshore Drive. Grove at Grand Bay covers both 2669 and 2675 South Bayshore Drive. The Ritz-Carlton Coconut Grove covers 3350 and 3400 Southwest 27th Avenue. Anyone comparing these figures to a report built on subdivision names will find differences for that reason.
“Everything else” is my own grouping for the 98 closings that fall outside the named buildings above. They are spread across roughly 90 separate addresses, mostly small and mid-rise condominiums, and no building-level figure can be drawn from within that group.
Sample sizes are stated beside every figure and many are small. Only four buildings carry nine or more closings: the Ritz-Carlton Coconut Grove at 18, Grove Isle at 13, Mr. C Residences at 12 and Park Grove at 9. Vita at Grove Isle, Grove at Grand Bay and Grovenor House rest on four closings each, and several rows on three. In the size-and-vintage table, the cell carrying the headline finding holds 34 closings and the cell it is compared against holds 13, but four cells in that table hold three to eight closings and should not be read on their own.
The size-and-vintage table covers 186 of the 190 closings. Three report no living area and one reports no year built, so each is absent from the cell it would otherwise fall in while remaining in all price medians and counts. Price per square foot is taken from the MLS sold rate field. Those same three records reporting no living area and are excluded from size and rate medians while remaining in price medians and counts. One closed record carries no list price of any kind and is excluded from both discount measures. Sold to original list price uses the MLS SP/OLP field, available on 189 of the 190 closings. Association fees are reported on 142 of the 190 closings, so the fee table is built on the subset of each building’s sales that carry one.
Year built for pre-construction listings is the projected completion year the listing reports, which is why The WELL Coconut Grove appears as 2028 and Ziggurat Coconut Grove as 2027. Those buildings have no closed sales and appear only in the asking-price table. Their figures are asking prices, not evidence of value.
Only two residences sold twice in this window, both in the unnamed group, so no repeat-sale analysis is reported. Months of inventory divides active and pending listings by the average monthly closing rate across the 45 months of closed data, and assumes forward absorption matches the trailing rate, which it will not exactly.
Disclosure: ONE Sotheby’s International Realty is the sales team at Ziggurat Coconut Grove, which appears in the pre-construction asking-price table. Association fees are as reported on each listing record and do not reflect assessments, reserve contributions or subsequent increases. MLS information is believed accurate but is not guaranteed.
Disclaimer
Information is provided for informational purposes only and is subject to change without notice. Real estate statistics, listings and sales information should be independently verified. Nothing contained herein constitutes legal, tax, financial or investment advice. Buyers and sellers should consult appropriate professional advisors before making real estate decisions.
