Coconut Grove is located in the state of Florida and has the distinction of having built the first hotel in South Florida. At the time of its construction, that is, in 1882, it was known as the Bay View Inn. Later its name was changed to the Peacock Inn. The City of Coconut Grove, also known as Cocoanut Grove, is located in the City of Miami in Miami Dade County. Located to the west of Biscayne Bay, this entire city falls under the single zip code of 33133. Median home prices range from $600,000 to $1,700,000.
This city has witnessed various stages of development during its appreciably long history. Of all these stages of development, the first took place in 1825, shortly after the opening of the lighthouse, operated by John Dubose, in Cape Florida. The next phase of development made its presence felt in this then picturesque city in the second half of the 19th century. This period, especially the 1870s, saw a large influx of people into Coconut Grove. The people who came here during were mainly a mix of British and American immigrants from the Northeast. But from that time on there has been a lot of development in this city.
Today this city happens to be one of the most popular cities not only in the state of Florida, but also in the United States. As its name suggests, this city also has a touch of Caribbean life. And this becomes more evident during the Goombay Festival, which transforms this city into an atmosphere that is completely reminiscent of the Caribbean lands. Shopping is one of the main attractions of this Florida city. Food is another specialty of this city, which is also sometimes called simply “Grove”. Due to the concentration of a large number of food outlets in this city, the Grove is also known as the Food Court of Miami. On top of all this, an annual arts festival held here is another big draw for the crowds. The Vizcaya Museum, Cocowalk, Monty Trainer’s Playhouse are a must-see on a visit to this city.
A holistic combination of all the factors mentioned above has made this city highly attractive to real estate hunters and real estate dealers alike. As it stands, the real estate market is experiencing a massive boom of late. This corner of the country has not been an exception to this trend. A large number of people flock to this city with the intention of making this city their home. With an active nightlife, especially after this city was annexed to the city of Miami, this city has become a dream destination for many. Home prices have already passed the $175,000 mark. And the number of vacant farms that are available for sale is also declining at a very fast rate. And if Coconut Grove keeps up this pace of growth, it will soon overtake some of its more illustrious counterparts. The nightlife in this city is second only to South Beach.
Coconut Grove Real Estate is coming back from the last few boom years and is expected to pick up again in 2009. Coconut Grove Real Estate is slow after two fantastic boom years. Some great communities in Coconut are Fairhaven, Terranium, and Utopia. Condominium subdivisions include Beacon Harbour, Cloisters on the Bay, Grovenor House. Luxury hotel complexes include the Ritz-Carlton and the Sonesta Bayfront Hotel. Coconut Grove Real Estate is an excellent investment opportunity as inventory levels continue to increase.