Coconut Grove in Miami, Florida, was previously considered “bohemian” and accommodated creative workers, but it has lately earned the status of a truly high-end location.
It is here that two mansions and a land plot with a long beachline and ocean views are located, which were sold within the most expensive residential property transaction of 2022. Ken Griffin, an entrepreneur and CEO of Citadel, paid $106 million for them. Jill Hertzberg from Jills Zeder Group, who represented Mr. Griffin in this deal, calls this parcel with an area of over 16,000 square metres “priceless” and compares it to Picasso’s works.
According to One Sotheby’s International Realty, as of February 2023, the median price of single-family houses in Coconut Grove increased by 43.5% year-on-year. The pandemic gave an extra boost to this neighbourhood’s popularity, as many New York, Chicago, and California residents moved here. It is easy to reach all of Miami’s most popular destinations from here, including high-ranking private schools, Downtown, haute-cuisine restaurants, parks on the bay coast, and Dinner Key, a boast marina with numerous cafés and entertainment offerings.
David Martin, CEO at Terra (a development company) calls Coconut Grove one of the most in-demand locations in the entire USA, particularly noting its attractiveness for families with children.