Coconut Grove is an upscale leafy neighborhood located in Miami, Florida.
Coconut Grove Neighborhood in Miami, FL
Where is Coconut Grove, Miami?
Coconut Grove is a neighborhood of Miami in Miami-Dade County, south of Brickell and The Roads and east of Coral Gables. It is bound by South Dixie Highway (US 1) and Rickenbacker Causeway to the north, Biscayne Bay to the east, North Prospect Drive to the South, and LeJeune Road to the west.
History of Coconut Grove
Coconut Grove is the oldest neighborhood of Miami in Miami-Dade County that has been continually inhabited. Coconut Grove was established in 1825 when the Cape Florida lighthouse went into operation. Dr. Horace P. Porter is credited with coming up with the name in 1873 when he established a post office named Coconut Grove. Around this time, Coconut Grove saw an influx of Americans from the Northeast, British, and white Bahamian immigrants. In 1882, the Bay View Inn, later renamed the Peacock Inn, was the first hotel on South Florida’s mainland.
The Barnacle Historic State Park, built in 1891, is the oldest house in Miami-Dade County that is still standing in its original location. It was home to Ralph Middleton Munroe, also known as “The Commodore,” who was an American yacht designer, early resident of Coconut Grove, and the founder of Biscayne Bay Yacht Club.
In 1925, Coconut Grove was annexed by the city of Miami. In the 1960s, bay-shore Coconut Grove served as the center of the youth counterculture movement in South Florida. Notably, the now-infamous Doors concert occured at the Dinner Key Auditorium. Throughout the 1970s, the Bohemian community continued to grow.
Coconut Grove Real Estate
A surge of commercial development in Coconut Grove was driven by the construction of three major residential complexes during the late 1970s and early 1980s: Yacht Harbour Condominiums in 1975; Grove Isle, a condominium, club and hotel complex, in 1979; and L’Hermitage in 1980. This was followed with the opening of 2575 S. Bayshore Drive in 1982 and the opening of Grove Towers in 1983. Further development was proposed for Grove Isle in 2013.
Coconut Grove is an upscale leafy neighborhood located in Miami, Florida. This area has evolved over the years in terms of real estate and ranks among the most prestigious communities in the United States. It is worth noting that this neighborhood is the oldest in Miami and has hosted several artists, pioneers, millionaires, intellectuals, sailors and naturalists. Even though it is Miami’s oldest neighborhood, it hasn’t lost one ounce of its charm.
Over the years, the real estate sector in this market has continuously grown and is still booming. I know the media broadcasts the real estate market in Miami as crashing or failing. This might be the case with other locations in Miami but not Coconut Grove.
What You Should Know About Buying Homes in Coconut Grove
Properties along the $1M and $1.5M range are scarce in Coconut Grove. Those in search of properties under $1M should invest in renovation projects or should look and purchase homes in the less costly sections of Coral Gables.
It is worth noting that larger homes or brand new homes are limited in supply. This is as a result of the humongous construction costs as well as strict zoning laws. It is more challenging to locate the homes above. Most homes in this neighborhood range from $1.5M and $2.5M with just a few of them costlier than $3M.
What You Should Know About Selling Homes in Coconut Grove
If you are looking to sell a house whose value is higher than $1.5M, be prepared to wait longer to get the best deal. Nevertheless, you need to be aggressive enough or on point with your valuation of the home. Older home or homes which need refurbishing are a turn-off. Potential buyers will stay off such homes, and they will sit in the market for a more extended period. The key to selling homes in Coconut Grove is appropriate pricing.
You need to be a little patient if you wish to get the best out of the sale of your home. Do not expect to list your property on the market and sell in 2 weeks. That’s too soon! Nowadays, homebuyers are much more cautious and very hesitant than they were previously. This is because there have been quite a number of political and national uncertainties in recent years. The value of your home should not be over 5% higher than the current market value. These types of properties are likely to stay longer in the market because of that increase in price.
The value of homes in Coconut Grove has been rising over the years and is still on the rise. This area is one of Miami’s hottest neighborhoods, according to Neighbourhood Scout’s Data. Residential prices have appreciated, which is beneficial to homebuyers.
All in all, Coconut Grove is considered a place to be. It offers good value for money and is the perfect residential neighborhood for luxurious homebuyers and sellers.
Coconut Grove Lifestyle
Coconut Grove is split up into the Northeast Coconut Grove and the Southwest Coconut Grove. In total, the population is about 20,000 people. The median household income in Coconut Grove is about $109,000 a year. Coconut Grove is a very diverse neighborhood with 43% Caucasian residents, 40% Hispanic residents, and 13% African American residents. The “West” Grove, in particular, is predominantly composed of Afro-Bahamian descendents. One of the first groups of settlers were Bahamian sailors. The Goombay festival is a celebration of their rich history in this historically Bahamian neighborhood. Coconut Grove attracts many young and old residents. 16% of the residents are between the ages of 25 and 34 while 18% are above the age of 65.
Restaurants & Bars
Coconut Grove has numerous open air and streetside cafes and several waterfront restaurants and bars. By night, “The Grove” becomes a hot spot for nightlife frequented by locals, tourists, young professionals, and students from the University of Miami and Florida International University. Greenstreet Cafe and Lulu are two of the most popular and located right across from each other at the end of Commodore Plaza. Monty’s Raw Bar and Flanigan’s Seafood Bar and Grill are great for a weekday happy hour.
Coconut Grove is home to many boutique hotels, such as Mr. C Miami- Coconut Grove which is owned by the famous Cipriani family. The Cipriani brothers hand selected Coconut Grove as the perfect location for their nautical-themed, artsy, one-of-a-kind hotel. The Mayfair at Coconut Grove is another beautiful hotel which features a stunning rooftop pool and sophisticated atmosphere.
Parks & Recreation
Coconut Grove has a great number of outdoor festivals and events, such as the annual Coconut Grove Arts Festival. There is also the King Mango Strut which began as a parody of the Orange Bowl Parade. It continues each year on the last Sunday in December. The Great Taste of the Grove Food & Wine Festival takes place each April. The Goombay Festival takes place each June and transforms Grand Avenue into a Caribbean Carnaval to celebrate Bahamian culture, food, and Caribbean music called Junkanoo.
If you enjoy boating and sailing, Biscayne Bay is located on the eastern border of Coconut Grove. Located here is the Coconut Grove Sailing Club, Coral Reef Yacht Club, Biscayne Bay Yacht Club, and a municipal marina, Dinner Key Marina. The US Sailing Center is located on the Bay between Coral Reef Yacht Club and Kennedy Park.
There are many gyms in Coconut Grove. The Village Center shops alone have three gyms. However, if you like to take your workout outdoors, Coconut Grove is the perfect neighborhood for you. Many locals take pride in the fact that Coconut Grove is one of the greenest areas in the city of Miami. Coconut Grove is home to many beautiful parks such as David T. Kennedy Park, Peacock Park, Coconut Grove Dog Park, and more. Almost all of these parks have well kept running trails.
Coconut Grove Points of Interest
David T. Kennedy Park
From sunrise to sunset, you can sit on a bench while enjoying the waterfront views amongst the majestic trees. Behind you, locals come to play with their kids, dogs, or exercise with a view. The park has a large dog park which features fenced off areas for large and small dogs. The park also features low impact rubber running paths, calisthenic exercise stations, and an outdoor resistance-based gym area. It is the perfect place to bring your friends and family for a picnic!
Notably, David T. Kennedy Park has been home to the famous A.C.’s Icees frosted lemonade stand since 1978. It is open from 11 AM to 6 PM daily.
Shops on Main Hwy & Cocowalk
Shopping is abundant in the Grove, with two open-air malls, CocoWalk, the Streets of Mayfair, and many other street shops and boutiques.
The Village Center is home to the majority of the retail and restaurant business in the Grove, is also home to three gyms, a multiplex movie house in CocoWalk, several parking garages, a state historic site, an elementary school, a City of Miami fire station, several large condos and residential rental towers, the Coconut Grove Post Office, and two sizable parks. Development and redevelopment continue to redefine and transform the area.
Grove Harbour Marina
Located in the Dinner Key Basin with direct access to Biscayne Bay, Grove Harbour boasts 90 boat slips for vessels up to 110 feet and 260 dry stack storage spaces for vessels up to 46 feet. Slips come complete with fresh water, electricity, cable television, telephone and high speed internet service. Grove Harbour Marina is a full-service facility run by marine experts.
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