Coconut Grove Condos: Where Buyers Have Leverage, by Price and Age

Coconut Grove's condo market is split, but not quite along the line developers describe. As of October 13, 2026, Own.Miami's MLS data show the most resale inventory relative to sales above $3 million and in towers built since 2015, while developers are presold on the new projects still under construction. For buyers, leverage depends on whether you are buying from a developer or from an owner.

What developers and brokers are saying

In a Miami Today report on October 7, Mint Developers CEO Daniel Berman described "two speed markets racing at the same time": at the top end of new construction, "the demand is strong and the supply is low," while the lower end is "a buyer's market" because homes take longer to sell. The David Siddons Group counts fewer than 400 new condo units scheduled to reach the Grove from 2026 through 2028.

Presales back up the new-construction half of that view. The developers of Four Seasons Private Residences Coconut Grove told Commercial Observer in January 2026 that the 70-unit tower was over 50 percent presold, and Allen Morris told The Real Deal in December 2025 that the condo component of Ziggurat, priced from $3.5 million to $15 million, was more than 50 percent sold.

Resale leverage by price band

Own.Miami counted 236 MLS condo closings in Coconut Grove in the 12 months to October 13, 2026, and 198 active listings. Split by price:

| Price band | Closed, 12 months | Active | Months of supply | Sale to original ask | Actives with a price cut | |---|---|---|---|---|---| | Under $1M | 112 | 70 | 7.5 | 92.7% | 43% | | $1M to $3M | 77 | 62 | 9.7 | 92.5% | 34% | | $3M and up | 47 | 66 | 16.9 | 91.6% | 26% |

Resale above $3 million has more than twice the months of supply of the under-$1 million band. Sellers at the lower end are the ones already cutting: 43% of active listings under $1 million have reduced their price, against 26% above $3 million. Across all three bands, closed sales landed at about 92% of the original asking price.

Resale leverage by building age

| Year built | Closed, 12 months | Active | Months of supply | Median days on market | Median sold $/sqft | |---|---|---|---|---|---| | Before 1990 | 75 | 54 | 8.6 | 88 | $618 | | 1990 to 2014 | 95 | 63 | 8.0 | 64 | $821 | | 2015 and later | 66 | 81 | 14.7 | 83 | $1,736 |

Newer towers, such as Mr. C, carry the deepest resale inventory, at 14.7 months. Older buildings like Gables Waterway Towers, built in 1969, sell for roughly a third of the newer towers' price per square foot and sit in a band with 8.6 months of supply, though their median listing took 88 days to sell. The middle-aged stock, built from 1990 to 2014, moves fastest at a median of 64 days and holds the tightest supply.

Why it matters for buyers and owners

The tight segment is developer inventory. County deed records show 29 new-construction condo closings in the Grove from October 2025 through September 2026, at a median of $1,822,080, and the coming pipeline is small. Buyers who want a new tower should expect little room to negotiate with a developer that is already half sold.

In resale, the picture flips. A buyer looking at a $3 million-plus unit in a recent tower is facing more than a year of supply and can negotiate accordingly. Owners selling under $1 million face the least competing inventory, yet many have already cut, so pricing at the market on day one matters more than waiting for a buyer. Sellers of large new units should read the 16.9 months of supply above $3 million as the competition they price against, alongside the presold towers that will deliver from 2028.