Tuesday, October 21, 2014

Affordable Coconut Grove Condominiums

Coconut Grove has always been known for its exclusive gated communities that are home to enormous waterfront estates.  But, there are also a lot of affordable Coconut Grove condominiums that are perfect for first-time buyers and investors as well as those who want to downsize or have a second home in sunny Florida.  Here are a few of Coconut Grove’s nicest and most affordable condominiums that are located in the heart of the Grove’s business district – in the middle of everything.

Grove Paradise, 3200-3218 West Trade Avenue, Coconut Grove.  For buyers who are all about location, this is a hot pick.  Grove Paradise is an enclave of two-story condominium units in a private, gated community located just blocks from Highway 1 that travels into Downtown Miami and Coral Gables as well as a short drive to the University of Miami and the Coconut Grove rail station. Perfect investments for first-time buyers, Grove Paradise properties feature two bedrooms and two baths along with nice-sized kitchens and bedrooms and lovely back patio areas fenced-in for privacy.  Built in 1981, most units can use a little TLC and modern updating.  Investors can look to Grove Paradise as long-term leases are allowed.  Although there are no units currently listed for rent, monthly rental rates in the area fall between about $1,800 and $3,000.  With list prices ranging from the mid-$200s to about $300K, Grove Paradise is a smart and affordable buy.

South 27 Lofts, 3001 South 27th Avenue, Coconut Grove.  Talk about a boutique condominium!  This is an exclusive address in Coconut Grove that appeals to those who want convenience and a very chic atmosphere.  South 27 Lofts features only 30 units in the entire four-story building along with a fitness center, a roof-top terrace, swimming pool and nice lobby.  Ideally located in the heart of the Grove, South 27 Lofts is just a short walk or drive from Dinner Key Marina, CocoWalk, Monty’s, and, most importantly, the Fresh Market.  Each loft-style residence offers a modern kitchen with stainless steel appliances, granite counter tops and custom cabinetry.  Each residence also has large bedrooms and a nice balcony or terrace with lovely city views.  South 27 Lofts list prices typically range from about $300K to the low to mid-$400s for one and two-bedroom residences.  Investors interested in South 27 Lofts can expect to lease units up to twice a year with monthly rental rates falling between about $2,000 to $3,000. 

Lofts at Mayfair, 3339 Virginia Street Coconut Grove.  Built in 2007, the Lofts at Mayfair condominium is a low-rise, five-story condominium with a total of (99) one and two-bedroom units.  The condominium is ideally located in the heart of Coconut Grove close to everything from the Dinner Key, oceanfront parks and Fresh Market.  With square feet ranging from almost 700 to about 1,100 square feet, units at the Loft at Mayfair have a classic loft-style feel to them with exposed concrete floors, high ceilings, terraces and second floor lofts as well as modern kitchens with stainless steel appliances, granite counter tops, and contemporary custom cabinets.  Community amenities include a large pool, fitness center and spa.  The Lofts at Mayfair feature list prices that range from the upper-$200s to mid-$400s.  This is a great option for first-time buyers and those who want a vacation home in sunny Florida. 

Grove Square Condo, 2801 Florida Avenue, Coconut Grove.  Just like the other area condominiums, Grove Square is a low-rise building with only four stories and (92) one and two-bedroom units of which 12 are two-story townhouse residences.  Centrally located in the heart of the Grove, Grove Square is just blocks from CocoWalk and the other popular stops that make this condominium such a sought-after address.  Some of the highlights of living here include a pool, fitness center and beautiful lobby.  Each residence offers owners updated kitchens, open and airy loft-style interiors and modern fixtures and finishes.  List prices broadly fall within the low to upper-$200s with annual leases allowed.  Properties at Grove Square appeal to a broad range of buyers making it a very sought-after condominium where listings sell and rent very quickly. 

Affordable Options

It is very nice to realize that Coconut Grove has affordable options for a broader range of real estate buyers who have a desire to live or own investments in the Grove.  From condominiums that start in the low-$200s to single-family homes starting in the low-$300s all centrally located in the heart of the Grove, more buyers can give Coconut Grove real estate more consideration.  

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