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Coral Gables and Coconut Grove Luxury Condo Market Report - Q3 2022

View the most up-to-date market reports. Take me there now! As predicted in our Coral Gables and Coconut Grove report for Q2 2022, sales slowed down significantly over Q3 2022\. However, considering the third-quarter is generally the slowest quarter of the year, prices increased, days on market were stable, and inventory stayed low – this particular sub-market showed signs of health, unlike the national housing market that is showing signs of worsening stability. Read on for more details on how this pairing of Miami's most beautiful neighborhoods - Coconut Grove and Coral Gables - performed year-over-year, as well as against the overall Miami market trends in terms of sales, prices, days on market, and inventory in our exclusive, full-length analysis for luxury condos this Q3 2022. For the purpose of this Miami submarket luxury condo report, we've only included properties priced $1 million and above. **Q3 2022 Coral Gables and Coconut Grove Luxury Condo Market Highlights:** * Sales down -55.6% from previous year's record-setting performance * 12-month Sales Trendline shifted from a positive curve in Q2 2022 to negative in Q3 2022 * Price per Square Foot up 9.8% year-over-year to $756/Sq. Ft. * Sales Price flat year-over-year * Days on Market down -32% year-over-year * Inventory up 20% year-over-year to 6 months – back to being lowest in Miami * Coral Gables and Coconut Grove continued as a strong seller's market ## Table of Contents 1. Q3 2022 Coral Gables & Coconut Grove Luxury Condo Sales Trends 2. Q3 2022 Coral Gables & Coconut Grove Luxury Condo Price Trends 3. Q3 2022 Coral Gables & Coconut Grove Luxury Condo Days on Market Trends 4. Q3 2022 Coral Gables & Coconut Grove Luxury Condo Inventory Trends 5. Q3 2022 Conclusion ## Q3 2022 - Coconut Grove & Coral Gables Luxury Condo Sales Down YoY **Q3 2022 Coral Gables and Coconut Grove Luxury Condo Market Summary - Fig. 1** **Quarters** **Number of Sales** **% change in Sales** **Median Sale Price** **% change in Median Sale Price** **Median Sp/Sqft** **% change in Median Sp/Sqft** **Median of DOM** **Q3-2022** 28 \-55.6% $1,531,250 1.1% $756 9.8% 42 **Q3-2021** 63 $1,515,000 $689 62 **Q3 2022 Coral Gables and Coconut Grove Luxury Condo Market Summary - Fig. 1.1** **Quarters** **Number of Sales** **% change in Sales** **Median Sale Price** **% change in Median Sale Price** **Median Sp/Sqft** **% change in Median Sp/Sqft** **Median of DOM** **Q3-2022** 28 \-69.2% $1,531,250 \-7.2% $756 1.8% 42 **Q2-2022** 91 $1,650,000 $743 21 ### Q3 2022 Sales Drop -55.6% Year-Over-Year - Negative Trendline. As predicted in our Q2 2022 market report for the grouping, sales took a seasonal break this third quarter. After months of being in overdrive, it was quite expected for the market to stop and catch its breath. Echoing the slower pace of the overall Miami market, Coral Gables and Coconut Grove (collectively) reported the following Sales Trends in Q3 2022: * **Q3 2022 vs Q3 2021.** Sales declined 55.6% year-over-year, down from 63 sales in Q3 2021 to 28 for the same quarter of 2022\. (Fig. 1) * **Q3 2022 vs Q2 2021.** Sales dropped 69.2% quarter-over-quarter, down from 91 sales in Q2 to 28 in Q3 this year. (Fig. 1.1) * Interestingly, even as sales dropped significantly compared to the previous year's record-setting high, **numbers were still higher than any comparable quarter from 2020** or before. (See Q3 charts in Fig. 2.1) This shows that even though the luxury condo market lost some steam, it was not crashing and is most likely to maintain its growth threshold set over the past two years. * In a month-on-month comparison, July 2022 reported 10 sales compared to 20 for the same month last year. August this year reported 9 sales against 23 from the same month in 2021\. And, September reported 9 sales against 20 from the same month last year. (Fig 2.2) * Considering the third quarter of the year is usually the softest (as per historical data), it's no surprise that market momentum would hit a plateau. Going into the fourth quarter of the year, we, as luxury condo experts, expect this slower pace to continue before picking up somewhere around mid-January, as it does every year in Miami. With sales dipping, the 12-month Sales Trendline of Fig. 2.3 expectedly went back to a negative trajectory from its positive curve in Q2 2022. **Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 2.1** **Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Sep. 2022 - Fig. 2.2** **Coral Gables & Coconut Grove Luxury Condo 12-Month Sales with Trendline - Fig. 2.3** ## Q3 2022 - Coconut Grove & Coral Gables Luxury Condo Prices Up YoY ### Q3 2022 Price per Square Foot up 9.8% to $756, Median Price flat year-over-year. Deviating partially from the overall Miami market trend of higher year-over-year price per square foot and a lower year-over-year median sales price in Q3 2022, the combined neighborhoods of Coral Gables and Coconut Grove reported as below: * Price per Square Foot increased by 9.8%, up from $689 in Q3 2021 to $756 in Q3 this year. (Fig. 1) * Median Sales Price stayed almost flat (1.1%), shifting marginally up from $1,515,000 in Q3 2021 to $1,531,250 in the comparable quarter of 2022\. (Fig. 1) * A look at the 5-year quarterly price per square foot chart in Fig. 3 below reveals that Q3 prices closed in the highest ranges – indicating that sellers received good value for their luxury condo investments in this grouping. **Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3** ## Q3 2022 - Coconut Grove & Coral Gables Days on Market Up QoQ, But Down YoY **32% decline in year-over-year Days on Market.** In line with the overall Miami luxury condo market trend for Days on Market, this neighborhood pairing reported a decline in year-over-year numbers, but increase in quarter-over-quarter days on market. In Q3 2022, luxury condos spent 20 fewer days on the market compared to Q3 last year and 21 extra days compared to Q2 2022 (Fig. 4). This shows that even as momentum dropped, buyers and sellers were quick to come to a consensus compared to the previous year. **Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 4** ## Q3 2022 - Coconut Grove & Coral Gables Lowest Inventory in Miami – Sellers' Market Holds **Q3 2022 closed with 6 months of Inventory.** In line with the overall market trend in Miami, inventory in this pairing of lush tropical neighborhoods stayed very low. At 6 months, inventory was below the 9-12 months range of a balanced market, keeping sellers firmly in charge of negotiations as multiple buyers put in competitive offers (with most in cash). * On a quarter-over-quarter basis, inventory increased by 50% from 4 months in June 2022. * On a year-over-year basis, inventory was up 20% from 5 months in September 2021. One of the first sub-markets in Miami to shift from a buyer-dictated to seller's market several quarters ago, Coral Gables and Coconut Grove continued keeping the lowest levels of inventory of all the Miami neighborhoods under review. As real estate experts, we recommend sellers to consider selling now to make the most of this dynamic market with low inventory and high prices, especially considering we expect a softening of the market in the next quarters ahead. Those looking to buy a luxury home in these historically-significant, beautiful neighborhoods can search Coral Gables or Coconut Grove condos for sale here. **Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2022 - Fig. 5** _A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months._ If you'd like a free market evaluation of your luxury property, please call, email, or chat to connect with one of our experienced local real estate professionals. ## Q3 2022 - Coral Gables & Coconut Grove Luxury Condo Market Conclusion In line with the overall Miami market trends noted for Q3 2022, this historic sub-market may have paced down but still showed solid signs of health. So, even as sales yielded to a seasonal slowdown, numbers were higher than any third quarter noted in pre-pandemic years. As expected, the 12-month Sales Trendline down-shifted into a negative trajectory from its positive curve in the previous quarter. Considering the luxury condo market generally picks up pace after December's landmark Art Basel event and mid-January, we, as luxury real estate experts, expect Q4 2022 to close softer as well. On the price front, the Price per Square Foot for this grouping **posted year-over-year gains**, much like the overall market. At $756/Sq. Ft., sellers continued receiving good value for their luxury condos in Coral Gables and Coconut Grove. Again, consistent with the overall Miami trend of lower year-over-year Days on Market, Coral Gables & Coconut Grove too reported a decline – indicating healthy buyer-seller communication. Being the quick-moving market it is, Coral Gables & Coconut Grove collectively reported the lowest levels of inventory in all of Miami in Q3 2022\. Since inventory stayed below the 9-12-month marker of a balanced market, sellers kept their stronghold on the market, continuing to steer negotiations in their favor. Looking at the next phase of the luxury condo market in Coral Gables & Coconut Grove, we, as real estate experts, expect the following factors to influence trends heading into the end of the year: * We expect the recent business migration trends coupled with our tax-saving policies to continue drawing in high-net-worth buyers, families and well-paid employees. * We expect higher interest rates to discourage only a few sellers who may have locked in lower mortgage rate or even refinanced at a more lucrative rate. Most buyers are paying in cash. * We expect a weaker Euro to cause only a slight shift, considering our foreign buyer statistics are dominated by Latin American (39%) and Canadian (25%) clientele rather than Europeans (12%). * We expect our branded luxury condos, like Mr. C Residences by the Cipriani brothers, coupled with lush outdoors, a yachting culture, rich cultural programming, and fabulous year-round weather to continue pulling in well-heeled buyers from across the globe to these very desirable neighborhoods. * We expect the market to shift into a more balanced position, as new construction projects continue over the next 2-3 years. **LET'S GET SOCIAL!** Connect with us on Instagram and Youtube. Questions or comments about the stats? Want more info on Miami condos? Contact Sep at sniakan@blackbookproperties.com or call 305-725-0566.

The Avenue: Coral Gables’ First Luxury Short-term Rental Condos Arriving Next Fall

It’s turnkey boutique luxury. It’s short-term rental approved. And, it’s bringing European charm to City Beautiful - Coral Gables - next fall. The Avenue by Roger Development Group is set on bringing something new to Miami – a brand-new standard of European-style, luxe condo living in the beautiful city of Coral Gables. Located next door to the very popular Shops at Merrick Park, the boutique residences will be built as much for elegant year-round living as for the second homer with flexible rentals allowed. Prices at this modern European enclave will start from the low $700s for one-bedroom condos and from the higher $900s for its two-bedroom residences. Layouts will range from 571 to 978 square feet in size. Completion is scheduled for Fall 2023. ### The Avenue: European-style Sophistication x Modern Flexible Living The Avenue will mark Coral Gables’ first luxury residences built for short-term rentals. Considering Miami has always been a vacation hotspot plus the recent influx of businesses and remote workers from across the country, this luxury mid-rise will hold great investment value. Owners will be able to rent out directly to the likes of Airbnb or reach out to the on-site short-term rental management office to keep things hassle-free. Designed by the Miami-based, globally recognized Bermello Ajamil & Partners, The Avenue will rise only 9 stories with 54 modern residences. The boutique mid-rise will be built using the latest green building technologies and feature modern European references and a scale reflective of its environment. The lobby and unit interiors at The Avenue will be designed by the Ecuador-based Adriana Hoyos Design Studio – a team best known for its timeless, warm, and sophisticated aesthetic. Each fully-furnished residence will open up to breathtaking views of City Beautiful, available from their private terraces. Besides thoughtful layouts and 9- to 11-foot ceilings, residents will be treated to European kitchens with stone counters, Sub-Zero and Wolf appliances, imported Italian cabinetry, frameless glass showers, and premium European-style fixtures. Buyers will further be given options for porcelain flooring, baseboards, and designer paint. ### Luxury Amenities at The Avenue In true Miami flavor, The Avenue will feature an artfully landscaped, resort-style pool deck on level 9\. The pool deck will come complete with poolside lounge chairs and daybeds, summer kitchens and a family-friendly dining area, a hammock garden, plus 360-degree views of Coral Gables. The boutique mid-rise will also feature 3,536 square feet of ground-floor luxury retail space. ### The Avenue, Coral Gables - An Architectural Gem Befitting of City Beautiful Living at The Avenue, residents will have every imaginable convenience within a 2-mile radius – from the University of Miami to Trader Joe’s, Starbucks, a Metrorail station, schools, a hospital, a country club, and of course, a grand collection of retail and restaurants at the iconic Shops at Merrick Park. Coral Gables is also known as City Beautiful for its tree-lined streets, lush tropical greenery, and gorgeous architecture at every turn – making it a great neighborhood to step out for a leisurely walk. By car, the historic parks and international-grade marinas of Coconut Grove will be 10 minutes, business at Brickell will be 25 minutes, and the Miami International Airport will be 25 minutes as well. **ARE WE FRIENDS ON SOCIAL MEDIA?** 📣 Connect with us on Instagram, TikTok and Youtube. 📣 If you’d like to know more about owning European luxury at The Avenue, please call, chat, or email us for more on early bird prices, to reserve a preferred unit, or for a unit in any other pre-construction condo in Miami or Fort Lauderdale.

The Best Miami Neighborhood: Coconut Grove vs Coral Gables?

If you're looking for a new home in Miami or South Florida, whether to buy or rent, you've probably heard about two of Miami's most iconic neighborhoods -- Coconut Grove and Coral Gables. While these are two highly desirable neighborhoods, and they share some similarities, they each have their distinct flavor. For starters, Coconut Grove is a waterfront neighborhood in the City of Miami, set on Biscayne Bay, while Coral Gables is an altogether separate municipality, with its own government. Read our Miami Neighborhood Comparison to get a better idea of how these two areas compare so you can know which neighborhood is best for you! Miami Neighborhood Comparisons - Coconut Grove Coral Gables --- _This article was first published September 13, 2021\. It was last updated August 13, 2022_ ## Lifestyle: Coconut Grove, Miami vs Coral Gables ###### Coconut Grove Marina - Photo courtesy of CoconutGrove.com Miami's Coconut Grove is a historical neighborhood, established in 1825, and enjoys a rich history and distinct Caribbean flavor on the shore of Biscayne Bay. Located just south of Miami's key financial district, Brickell, living here means living very close to everything the city of Miami has to offer, but also "away from it all." A favorite among artists and nature lovers, with a bohemian style, Coconut Grove is also a haven for sailors, boating and those who love coastal living. In fact, the Grove is known for its many marinas and sailing clubs, including the Coconut Grove Sailing Club, Dinner Key Marina, the Coral Reef Yacht Club, and the Biscayne Bay Yacht Club. Its streets are shaded by lush, green canopies provided by majestic banyans, grand poincianas, and other tropical trees. There's even a population of exotic bird species in the area, including wild peacocks that roam the streets freely, and colonies of parrots escaped from the pet trade who have set up housekeeping in the canopy. ###### Coral Gables residential community Coral Gables, known as the “City Beautiful,” is also a city with a rich history, and was the third municipality to be incorporated in Miami-Dade County, after Miami and Miami Beach. Initially, it was a community of single-family homes. While Coral Gables began as an upper-middle-class enclave of sprawling homesites housing the faculty at the University of Miami, it has grown into a diverse city with an artsy, elegant lifestyle. It also has some beautiful residential waterfront neighborhoods to the south of Coconut Grove along Biscayne Bay, dotted with a marina here and there. The area has retained its Mediterranean architectural charm, and there are now a variety of housing and lifestyle options to choose from. Known for its lively cultural and academic scene, Coral Gables has long been a haven for intellectuals and those who love to live close to Downtown Miami and Brickell but be surrounded by residential tranquility, golf courses and historic gardens. ## Business: Coconut Grove vs Coral Gables ###### Arquitectonica offices. Photo courtesy of Arquitectonica Coconut Grove is primarily a residential neighborhood, but has a healthy commercial district marked by hotels, small private businesses, and professional service providers, as well as an assortment of retail shops and boutiques, and a delightful variety of restaurants. Most of all of the shops, offices, sidewalk cafes and luxury high rises run along or are centered around Bayshore Drive and the newly renovated CocoWalk. Many people work at home in Coconut Grove, and the area is home to several creative firms, including large media production businesses and recording studios. The Grove is also home to internationally acclaimed architecture firms, including Arquitectonica, Reveulta Architecture, Strang Design (Max Strang), and Beame Architectural Partnership, as well as several of Miami's top real estate development companies, including Terra Group, Alta Developers, and Swerdlow Group. ###### Miracle Mile. Photo courtesy of Miami and Beaches The city of Coral Gables, in addition to its residential areas, also has an impressive downtown with over 100 multinational corporations operating branches or headquarter offices in the area. Today, there are a wide array of businesses in Coral Gables, including hospitals, cosmetic medical facilities and other health care providers, retail shops and luxury brands, and professional service providers such as attorneys, accountants, designers, and real estate agents. The heart of Coral Gables is Miracle Mile, which is lined with shops, cafes, boutique hotels, and restaurants. ## Miami Walkability and Transportation: Coconut Grove vs Coral Gables ###### Biking through Coconut Grove and Coral Gables. Photo courtesy of Bike Walk Coral Gables Both neighborhoods are winners in this category and are part of why both neighborhoods are so popular. Coconut Grove has always been one of Miami's most walkable neighborhoods even when Miami was largely known as a “car culture city.” Many also bike their way around the area or ride the free Coconut Grove Trolley. You can get to and from Coconut Grove using the Metrorail and free Metromover. There are also buses serving the Coconut Grove area that connect to other points in Miami, and there's a low-cost Coconut Grove Airport Shuttle to Miami Airport. Coconut Grove also offers several new parking garages, which help keeps the streets pedestrian friendly. ###### Free Trolley system in Coral Gables. Photo courtesy of Miami and Beaches The Gables, being a bit more residential in nature, is less accessible by public transportation, although it is served by the free Coral Gables Trolley and the Metrorail, as well as buses that connect to other parts of Miami. It's a little further from Downtown Miami and other popular areas like South Beach (about a 20-30 minute drive). But living in Coral Gables provides lots of opportunities to get around on foot or on your bicycle, as many commercial retail centers, restaurants, and other businesses are within walking distance of many of the city's newer housing developments. And walking or cycling the residential streets here are really quite beautiful. Looking to live car-free? Don't miss our article on other Miami neighborhoods where you can live without a car. ## Parks and Greenspace: Coconut Grove, Miami vs Coral Gables Fortunately, both Coconut Grove and Coral Gables offer residents a plentitude of parks, historic gardens, and green space. In this case, Coconut Grove may have a slight edge because of its waterfront location and its many parks. The Grove also appeals to those who like a wilder, tropical feel, whereas Coral Gables has more curated spaces, a historic golf course and historic public pool. ###### Vizacaya Museum in Coconut Grove Coconut Grove's lush tropical feel with stately trees everywhere makes living here relaxing, and contributes to all the great open spaces. Two favorites are the waterfront Kennedy Park and Peacock Park, where you can enjoy sports on land and sea, whether you like volleyball or softball or prefer fishing, sailing, kayaking, paddle boarding, snorkeling or diving. There are also leash-free areas and dog parks for your furry friends. At the Barnacle Historic State Park, nature meets history by the sea. The Kampong National Tropical Botanical Garden, the former estate of botanist David Fairchild, is also a treasured part of Coconut Grove, with many active members. And finally, having the historic Vizcaya Museum and Gardens in your backyard is quite a bonus. The gardens here are truly gorgeous, highlighting the historic home's early European influence. ###### Coral Castle Museum in Coral Gables. Photo courtesy of Miami and Beaches Coral Gables also has its share of notable locales and historic sites, replete with plenty of great shade trees and tropical fauna, as well as lots of interesting opportunities to enjoy outdoor adventures. Some notable favorites include the mysterious outdoor Coral Castle Museum and the historic Mediterranean-grotto-style Venetian Pool, built in 1932 and is one of the city's oldest and dearest architectural highlights. The Gables also includes neighborhoods on Biscayne Bay, and two of Miami's most treasured parks call Coral Gables home. Matheson Hammock Park is a sprawling waterfront nature reserve area from which you can launch your watercraft while also enjoying hiking, biking, and on-land activities, while Fairchild Tropical Botanical Garden is another massive park in southern Coral Gables that is an absolute treat. The city also has several small parks where you can catch a breeze and stretch out in the open air, such as Ingraham Park, Merrie Christmas Park, and Jaycee Park, and recently acquired five new parks, adding to the many diverse and delightfully shady parks in Coral Gables. Finally, the Biltmore Hotel and Golf Course are favorites for those who love to golf. ## Arts and Culture: Coconut Grove, Miami vs Coral Gables Both of these neighborhoods have a lot of history to them, and have some of the earliest structures in South Florida, including Miami's oldest house. They are both rich in culture and the arts, too. Coconut Grove is home to the first hotel in South Florida, the Peacock Inn. And Coconut Grove's Coconut Grove Arts Festival is also the longest running art fair in the United States. Miami's Coconut Grove also hosts several neighborhood art fairs and cultural festivals, including the Caribbean-flavored King Mango Strut and Goombay Festival, as well as The Great Taste of the Grove Food & Wine Festival. The Grove is home to several art galleries and artists' studios, as well as the historic Coconut Grove Playhouse, currrently under renovation, and now owned by Miami-Dade County. The Gables is also known for its world-class theater and arts scene. The iconic Actors' Playhouse at Miracle Theatre presents contemporary theater for audiences of all ages. The GableStage, located inside the beautiful Biltmore Hotel and founded in 1979, produces everything from Broadway and off-Broadway hits to Shakespeare, as well as contemporary new work. Film lovers can enjoy indie, foreign, and documentary films at the Gables Cinema, one of Miami's most important art-house cinemas. For lovers of outdoor festivals, the yearly Carnival on the Mile brings jazz, funk, Latin, and Caribbean music to outdoor stages on Miracle Mile. And the University of Miami's Lowe Art Museum, as well as the university's music and theater departments, also present excellent exhibitions and performances. ## Eating and Shopping: Coconut Grove, Miami vs Coral Gables Coconut Grove is smaller than Coral Gables and can sometimes be a touristy neighborhood, but it has lots of great shopping and dining options, all set on quaint streets, including CocoWalk, a partially open-air commercial center with food and drink options, boutiques, and a multiplex movie theater. Beyond CocoWalk, the city is known for its laid-back casual eateries, sports bars, and outdoor sidewalk cafés. You can enjoy the entire range of food choices in the Grove, from vegan to steak and seafood, street food, and food from all over the world. Fine dining options include Lulu, Sapore Di Mare, Farinelli 1937, and the Bellini at Mr. C Hotel by Cipriani. Also try Peruvian fusion cuisine at Jaguar Ceviche Spoon Bar, or traditional Indian food at Bombay Darbar. Enjoy classic Spanish seafood at La Gamba, authentic French cuisine at Le Bouchon Du Grove, and the perfect artisan pizza at Harry's Pizzeria. ###### Merrick Park in Coral Gables. Photo courtesy of The Shops at Merrick Park Coral Gables is known for its array of exclusive shopping venues, such as the Village of Merrick Park, the Shops at Merrick Park, and Miracle Mile, where you can find exclusive treasures ranging from designer furniture to fine jewelry. Dining options in the Gables are outstanding, with one of Miami's most eclectic range of eateries. Enjoy Mediterranean food at beloved locations as Caffe Abracci, Graziano's, Tur Kitchen, and Luca Osteria. Or try Threefold Cafe, the only Australian restaurant in town. Talavera Cocina Mexicana has been delighting locals and visitors for years, and Caja Caliente serves exciting Cuban fusion spiced with culinary surprises. ## Schools: Coconut Grove, Miami vs Coral Gables ###### Ransom Everglades in Coconut Grove Coconut Grove is home to some of Miami's most highly-ranked private and public schools, including the famed Ransom Everglades School and Carrollton School of the Sacred Heart, with their elegant and spacious campuses and elite private education. Other private schools in the area include Saint Hugh, Saint Stephen's Episcopal Day School, Coconut Grove Montessori, the Vanguard School, and LaSalle High School. Public schools that serve the area include Coconut Grove Elementary, Frances S. Tucker Elementary, and George W. Carver Elementary and Middle Schools. Private schools in Coral Gables include Gulliver Academy and Gulliver Preparatory Schools, Riviera Day School and Riviera Preparatory School, Saint Philip's Episcopal School, Saint Theresa Catholic School, and Saint Thomas Episcopal Parish School. Public schools include Coral Gables Preparatory Academy, Coral Gables High School, and Ponce de Leon Middle School. Charter schools include Somerset Academy and Coral Gables Preparatory Academy. ## Architecture and Housing Options: Coconut Grove, Miami vs Coral Gables ###### The Fairchild in Coconut Grove Coconut Grove is an architectural blend of old and new, with a wide range of housing options, including new luxury high rise condo developments, older boutique condos, mid-century and Caribbean-style bungalows, as well as opulent waterfront mansions, with the occasional historic building thrown in. And being that it is small, many of these options will have ample green space and/or a park nearby. ###### Padua Condo Deering Bay in Coral Gables Coral Gables is by a much more single-family city, and is characterized by Old Spanish and Mediterranean architecture that the city tries to maintain with design guidelines. Here you'll find elegant mansions and estates, manicured single-family homes, townhouses, and the occasional mid-rise condo tower and some newer condo developments sprouting up and offering different types of residential units from townhouses to penthouses. ## Cost of Living: Coconut Grove, Miami vs Coral Gables Of the two areas, Coconut Grove is slightly more expensive, drawing higher-profile investors to higher-priced properties, including many new luxury condo buildings. Average residential listings in Coconut Grover currently range around $1,278,068, or about $569 per square foot, while higher-priced condo listings can run as high as $20,000,000 or $1,987 per square foot (at the time of this posting). By contrast, the current average listing price for condos in Coral Gables is around $538,586, or $364 per square foot, with a high listing price of $8,995,000, or $1,052 per square foot. Because Coconut Grove's geography is more surrounded by water, you can expect to pay a slight premium for this. Still, the Grove and the Gables are typically better priced on a per square foot basis than other popular neighborhoods, like South Beach or Downtown Miami. ## Should I Move to Coconut Grove or Coral Gables? Coconut Grove and Coral Gables are close neighbors that share many similarities but somehow retain two distinct flavors. Coconut Grove, with its Caribbean village flavor, attracts more quirky bohemian types and self-made entrepreneurs, as well as many families who seek a relaxed, tropical lifestyle. Coral Gables, known for its understated elegance, also appeals to families and to those who value local arts and culture, but with a more curated community feel. Although both locations provide access to the outdoors, Coconut Grove is more woodsy, while Coral Gables feels more manicured. ## The Best Miami Neighborhoods to Live in: Neighborhood Comparisons If you’d like to learn more about Miami’s most popular neighborhoods and want to see some of our other Miami neighborhood comparisons check out these links: * Edgewater vs South Beach * South Beach vs Miami Beach * Edgewater vs Downtown Miami * The Miami Beaches: South vs Mid-Beach vs North Beach * Brickell vs South Beach * Brickell vs Brickell Key As you get to know Miami, you'll get to know the subtle personality of each neighborhood. As locals who know the area, we’re happy to help you learn about Miami's diverse neighborhoods and help you determine which neighborhood would be most ideal for you. Just reach out anytime via text, chat, email, or our favorite, give us a call! **LET'S GET SOCIAL!** Connect with us on Instagram and Youtube.