Coconut Grove Has Become The Next Playground For Billionaires

Long regarded as a laid-back, bohemian pocket of Miami, Coconut Grove is rapidly morphing into the city’s newest billionaire enclave, fueled by a wave of nine-figure real estate deals.

Shaded by towering banyan trees and defined by winding streets and discreet gated communities, the Grove long flew under the radar compared with flashier neighbors like Miami Beach and Indian Creek.

“Most people hadn’t heard of it unless they were local,” said Danny Hertzberg, a real-estate agent with Coldwell Banker Realty. “Now the secret is out in a big way.”

Since late December, Google co-founder Larry Page has spent $188.4 million on three Coconut Grove properties. Around the same time, businessman Jorge Mas—co-owner of Inter Miami—flipped a vacant waterfront lot for roughly $100 million, according to people familiar with the deal. Those properties sit just miles from a waterfront estate billionaire Ken Griffin bought in 2022 for $106.875 million, then a Miami record.

As out-of-town buyers flood in, locals are increasingly squeezed out, brokers say. Prices—particularly along the water—have surged. The median single-family home sale price in Coconut Grove reached $2.35 million in the fourth quarter of 2025, more than double the $995,000 median in the same period in 2019, according to Miller Samuel.

“A $10 million home is now a $50 million home,” said Jill Balli of ONE Sotheby’s International Realty.

From Bohemian To Bespoke

Coconut Grove thrived as a center for nightlife, galleries and artists in the 1970s through the 1990s. As that scene faded, the housing market slowed.

“It became kind of sleepy,” said Julian Johnston of the Corcoran Group.

The shift began about a decade ago with the redevelopment of the CocoWalk open-air mall and the arrival of luxury condominiums—introducing $20 million penthouses to the neighborhood for the first time. When the pandemic hit, families relocating from elsewhere were drawn to the Grove’s walkability, upscale dining and retail, and relative lack of tourism.

Its proximity to downtown Miami and Brickell—where Griffin is building Citadel’s new headquarters—adds to the appeal. So do elite schools like Ransom Everglades and Carrollton School of the Sacred Heart. While the Grove itself isn’t gated, it contains several secluded enclaves, including Ye Little Wood, the Moorings and Camp Biscayne.

“They’re subtle, hidden, lush,” Hertzberg said. “You don’t even know they’re there.”

Condo-Driven Resurgence

New condo developments have been central to Coconut Grove’s revival. A decade ago, large luxury units were rare, said David Martin of Terra, who hired architect Bjarke Ingels to design Grove at Grand Bay, completed in 2016.

“People thought I was crazy,” Martin said. The risk paid off: He sold his own penthouse there for $17.8 million in 2023.

More ambitious projects are now underway. Ugo Colombo’s CMC Group and Nadim Ashi’s Fort Partners are developing a Four Seasons–branded condominium, with prices ranging from $5 million to $16 million. Two penthouses are expected to sell for a combined $120 million.

“Before, those buyers would only look at Miami Beach,” Colombo said. “Now Coconut Grove is on their radar.”

Going Bigger—And Higher

With average lot sizes under an acre, the Grove once deterred buyers seeking expansive estates. That’s changing. Since 2020, developers and buyers have been assembling larger parcels by acquiring adjacent homes. Larry Page, for example, bought a $101.5 million waterfront property once owned by restaurateur Jonathan Lewis, then paid $15 million for the neighboring lot. He also purchased a nearby $71.9 million property from heiress Sloan Lindemann Barnett and her husband, Roger Barnett.

Waterfront homes remain the most coveted—and scarce. Hertzberg recently sold a $16.5 million bayfront estate owned by Suzy Welch, widow of former General Electric CEO Jack Welch. Several waterfront properties have now traded above $40 million.

The Grove’s priciest condo to date—a penthouse at One Park Grove—sold last year for $22.5 million to early Uber executive Ryan McKillen and his wife, interior designer Margaret McKillen. Demand continues to outstrip supply.

“There are more buyers than available homes,” Hertzberg said. “Supply will catch up—but it will take time.”

Source: msn