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Coconut Grove’s luxury real estate market on the rise | Miami Herald

As Miami’s primordial neighborhood, Coconut Grove evokes passion and pride among its residents past and current. Long considered Miami’s dormant market, the Grove has most recently come alive with vast opportunity driven by the demand of both residential and rental sales that includes new plans, preconstruction deals and surging prices.

The Grove’s vast green canopy is a shield that has preserved the neighborhood as the area’s longstanding enclave. Nestled in the heart of Miami, Coconut Grove upholds the true character of luxury living.

In 2012, a five-bedroom, six-bath condo rented for $16,600 a month in the Grovenor House in Coconut Grove. This month, a five-bedroom, six-bath condo in Grove at Grand Bay went on the market for $30,000 a month. This despite reports that the luxury real estate market in South Florida has softened.

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