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Nearly 550 New Coconut Grove Condo Units In Development Pipeline During This Cycle

More Than 325 New Coconut Grove Condo Units Under Construction Or Recently Completed Since 2011

DOWNTOWN MIAMI (Sept. 8, 2017) - Developers have announced - and continue to proceed with plans for - nearly 550 new condo units in Miami's Coconut Grove neighborhood of South Florida, according to a Condo Vultures® Realty report based on the latest data from consultancy CraneSpotters.com.

Coconut Grove ranks as the 14th most active coastal condo development market in the tricounty region of Miami-Dade, Broward and Palm Beach, representing about 1.1 percent of the more than 47,725 new South Florida units announced since this current real estate cycle began in 2011, according to the CraneSpotters.com data as of Sept. 5, 2017. 

It is worth noting, no units that had originally been planned as new condos in Coconut Grove have been removed from the CraneSpotters.com statistics based on the respective developers revising their announced strategies. Overall, more than 8,800 units have been shelved in various South Florida coastal markets during this cycle. 

The revised South Florida projects are now being tracked outside of the CraneSpotters.com Preconstruction Condo Projects Database under one of three categories: rental, on hold or canceled.

The decision not to revise - or shelve - any of the original new condo development plans in the Coconut Grove neighborhood comes at a time when that market has about a 14-month supply of units available for purchase at the end of this year’s South Florida Summer Buying Season, according to a recent CondoVulturesRealty.com report.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

As South Florida nears the end of the sixth year of this current real estate cycle, it is unclear if all of the new condo units announced - and still active - in the Coconut Grove market will ultimately be built. 

Currently, the new development pipeline in Coconut Grove breaks down as follows: 

- 194 units proposed or seeking governmental approval;

- 26 units planned or secured governmental approval;

- 206 units under construction;

- And 122 units completed since 2011.   

Based on the statistics, the Coconut Grove new condo market will increase by at least 328 units during this cycle. 

It is unclear if the new condo units - some of which are expected to be available for rent - will impact lease prices in the Coconut Grove market given that an unknown number of new apartment units are also being built in the area.  

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach. 

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