Coconut Grove Homes

Between December 2025 and January 2026, four transactions inside a one-mile stretch of Coconut Grove waterfront closed for a combined total north of $275 million. One buyer took two of them. If you want to understand why Grove pricing looks the way it does today, start there — and then look at what happened to the inland market at the same time, because the two are not telling the same story.

The four sales that repriced the Grove

Coconut Grove spent two decades as Miami’s civilised alternative — canopy, sailing clubs, walkable village, quietly expensive. Over roughly six weeks it became something else.

3585 Anchorage Way — the Banyan Ridge estate from the estate of Jonathan Lewis — closed in December 2025 for $101.5 million. It had previously been listed at $115 million.

In the same month, Jorge Mas sold a 7.3-acre parcel near the Kampong botanical garden for more than $100 million.

Then on 6 January 2026, 3085 Munroe Drive closed at $71.9 million. Roger and Sloan Barnett — Shaklee — had bought it from Jorge Mas in 2021 for $45.9 million. That is better than 60% appreciation in under five years on a 10,400-square-foot house on just under an acre, built in 2015. It works out to $6,913 per square foot, which is the highest figure the Grove waterfront has ever produced.

The buyer of record on Munroe was a trust managed through Rosewood Family Advisors — the family office associated with Google co-founder Larry Page. Traded subsequently reported Anchorage Way and Munroe together as a single $173.4 million acquisition by the same buyer.

For context on how long this has been building: Ken Griffin paid close to $107 million for 3031 and 3115 Brickell Avenue, at the northern edge of this same waterfront, back in 2022.

The part almost nobody mentions: the Grove has split in two

Here is the number that matters more than any of the headline sales. The Grove’s inland trophy ceiling has sat at roughly $2,150 per square foot for three years. Flat. In the same period the waterfront ceiling went from a large number to $6,913 per square foot.

The median across the whole neighbourhood is $1,219 per square foot in Q1 2026, up 50.5% from $810 in 2023 — but that median is being dragged upward by water. Strip the waterfront out and the picture is far more ordinary: a good inland Grove house has appreciated, but nothing like the headline suggests, and the top of that market has not moved at all since 2023.

What this means if you are buying. If you are paying a waterfront-adjacent price for an inland Grove house on the theory that the Griffin and Page transactions will pull you up with them, the data does not support you. Those buyers are not purchasing Coconut Grove. They are purchasing 200 feet of protected bayfront with deep water and privacy, which is a commodity in genuinely fixed supply. Two streets inland, you are buying a different asset in a different market, and it has been flat at the top for three years.

That is not an argument against buying inland. Inland Grove is where the neighbourhood actually is — the canopy, the schools, the village, the walk to the water. It is an argument for underwriting it as its own market rather than as a discounted version of the waterfront.

The Grove is four markets, not one

The bayfront — Munroe, Anchorage, Bay Heights, Camp Biscayne

Deep water, protected frontage, one-acre-plus lots, and effectively no new supply. This is where every record in the paragraphs above was set. Entry is nine figures on the best frontage and high seven to low eight on the rest. Nothing here trades on finishes; it trades on frontage width, water depth, and privacy from the bay.

North Grove — Banyan Ridge, the streets off South Bayshore

The most expensive non-waterfront addresses in the neighbourhood, and the closest thing to a bridge between the two markets. Larger lots, mature canopy, walkable to the village. Several of the estates here sit on land that would be subdividable anywhere else and is not here.

Center Grove — the village core

Walkability is the product. Original 1920s–1940s stock on smaller lots, heavily renovated or waiting to be. This is the segment most exposed to lot-value logic: a substantial share of the price is dirt, and buyers routinely overpay for a renovation they will demolish in seven years.

South Grove

Larger lots, deeper canopy, quieter, further from the village. Better value per square foot than anywhere else inside the Grove boundary, and the segment where a genuinely large family house is still obtainable without a nine-figure conversation.

Six things to check before you buy a house in the Grove

1. The tree ordinance. Miami’s canopy protections are real and enforced. Specimen trees can constrain footprint, driveway placement and pool siting on a lot you have already paid for. Establish what is protected before you commit to a build plan, not after.

2. Permit history on pre-1960 stock. The Grove has some of the oldest housing in the county and a long tradition of informal additions. Enclosed porches, converted garages and unpermitted guest structures surface at appraisal or resale. Pull the record.

3. Elevation, not zone. Parts of the Grove sit on the Miami Rock Ridge and are among the highest ground in coastal Miami-Dade. Parts of it are not. The difference is street-by-street and it does not follow the FEMA letter designation. Get the elevation certificate.

4. Lot value versus improvement value. On any Grove house you should be able to state, in dollars, what the dirt is worth and what the structure is worth. If the structure has a ten-year remaining life and you are paying for a recent renovation, you are paying twice.

5. Waterfront specifics. Frontage width, water depth at low tide, seawall condition and remaining life, dock permit status, and clearance to open bay. Any one of these moves value by seven figures on this stretch of water.

6. Insurance before you go hard. Roof age is the largest single variable in a Florida premium. Get the quote during the inspection period.

How I work in the Grove

I have been selling in Miami since 2002 and I will tell you when a Grove house is overpriced — including when the correct move is to buy two streets over, or to wait. The same standard I apply to condo towers in The Miami Confidential applies here: dated figures, named sources, and an honest read even when it costs me the transaction.

Related: Miami Luxury Homes — the county-wide picture · Miami Waterfront Homes · Coconut Grove neighbourhood guide