If you’ve been following this blog for some time, you may recall my West Coconut Grove Market Update from about six months back. At that time, new construction sales had yet to break $700k (as per MLS data), unlike their counterparts in Center Grove which were selling at prices well above that number. Now, we’re seeing sales in the West Grove reaching $707,000 and $729,000, and a handful of properties with asking prices above $700k are currently pending. These sales are also notable because they reached $307/sf and $317/sf, whereas the average sales price per square foot in the neighborhood is generally in the $100-$200 range.
If the above photo looks familiar, that’s because you’ve seen me post about other notable sales from this particular developer over the past year. It should come as no surprise then that both of these $700,000+ sales were from the very same developer. This new construction model has cropped up all over the Grove, from Orange Street to McDonald to Day Avenue and now Elizabeth Street. A property on Elizabeth just closed for $729,000 ($317/sf), and a property on Day closed for $707,000 ($307/sf), thus raising the bar (and property values) in the West Grove. The listing agent for both sales was Silvia Boschetti with BH Realty, LLC. I have toured these properties multiple times and can attest to their high end designer finishes and open floor plan, ultra-modern fixtures, floor-to-ceiling impact glass, fenced-in backyard with pool, and 950 square foot private rooftop terrace (see photos below).