Seven owners at Bayshore Park, a 1960s low-rise at 2545 South Bayshore Drive, bought their condos in the early 2000s for an average of about $100,000. In early 2026 they sold to a developer joint venture for an average of $985,714 each. Their 32 neighbors had sold the summer before for an average of $661,843.
The building, its age and its location across the street from Monty's and the marina all stayed the same. The holdouts got a higher price because the buyer needed every unit. For anyone comparing older condos in Coconut Grove with similar buildings in Brickell or Coral Gables, that is the key point. On certain Grove streets, a unit's price is often set by a developer's bid for the whole site, and that bid moves with the repair bill, the number of holdouts and the zoning.
The Price Ladder at Bayshore Park
Bayshore Park took about a decade to assemble, and each round was priced differently. The Real Deal reported that Mast Capital started buying there in the mid-2010s. Its first purchase was a two-bedroom for $240,000.
| Round | Units | Reported price per unit |
|---|---|---|
| Mast's first purchase, mid-2010s | 1 | $240,000 |
| Mast's gradual buying, through the 2010s | 16 total | $261,000 to $450,000 |
| Mast and BH Group joint purchase, May–June 2025 | 32, including Mast's 16 | $661,843 average |
| Final holdouts, completed early 2026 | 7 | $985,714 average |
The partnership paid about $28 million for all 39 units, backed by a $28 million loan from BridgeInvest. The last seven owners got roughly $324,000 more per unit than the group before them, which The Real Deal read as a sign of how competitive bulk condo buying in South Florida had become.
The site now has a plan. On October 29, 2026, The Real Deal reported that Mast and BH Group will build Raffles Residences Coconut Grove there. It will be a 35-unit building designed by Brandon Haw Architecture, with prices starting at $4.5 million and four penthouses. The developers' release said sales would launch this fall. The plan replaces 39 units bought at an average of about $718,000 with 35 units that start at more than six times that figure.
A Block of Virginia Street Repriced Within a Year
At Bayshore Park, prices climbed slowly over ten years. On Virginia Street, just north of CocoWalk, a single sale repriced a building within a year.
In May 2025, a Canero Group affiliate bought all 25 units at Chateau Grove, 3265 Virginia Street, for $17.3 million. That came to about $688,000 per unit, and the purchase took six months to put together. Canero said it would rent the units at first. About a year later, The Real Deal reported that El-Ad National Properties paid $45.5 million for the same 0.9-acre property, or 2.6 times Canero's price. That works out to about $1.82 million for each of the 25 units the original owners sold for roughly $688,000.
The same report explains part of the jump. The site is zoned T4-L, which generally allows a three-story building, and the article says the property could be redeveloped under the state's Live Local Act into something taller. El-Ad said it plans to redevelop eventually but had not finalized plans. El-Ad paid $45.5 million for a 20,500-square-foot rental building whose value lies in what its 0.9 acres could become.
Next door, at the 66-unit Virginia Pointe Condominium at 3245 Virginia Street, Canero Group and 8K Capital bought 59 units for a combined $27.7 million in March 2026. That is an average of about $470,000 per unit, and the partners said they would convert the building to rentals with no immediate plans to redevelop. In June, the Coconut Grove Spotlight reported that seven of the 66 units had not been reported as acquired. Bayshore Park shows how much leverage the last owners in a building can have.
The Repair Estimate Behind the Mutiny Bid
The Mutiny is a 12-story building on South Bayshore Drive, built in 1968 as the neighborhood's first high-rise. It shows that buyout bids can fail too. BH Group offered $160 million for its 170 units, roughly $941,000 per unit on average. The Coconut Grove Spotlight reported in late August 2026 that the bid expired without the 80% owner approval it needed. It was the third attempt to buy the building in less than two years, following offers from DaGrosa Capital and Slate Property Group.
The Spotlight's account explains why. BH Group had been told to expect a special assessment of roughly $30 million for the nearly 60-year-old building, which the agent representing the buyer estimated would come to about $130,000 per unit in repair expenses. A more recent estimate came in "much less," and that weakened the case for selling. The agent representing the buyer told the Spotlight:
"We'd love to buy the property, but the offer that we made was more than what the land was really worth for us in today's market."
The Spotlight reported that BH Group is now "sitting on the sidelines" and would revive the deal if owners became interested. At the Mutiny, the offer price stayed at $160 million while the repair estimate dropped, and that drop meant fewer owners were willing to sell.
The approval threshold comes from state law. Under section 718.117 of the 2025 Florida Statutes, an optional termination plan for a residential condominium needs approval from at least 80% of the total voting interests. It cannot go forward if 5% or more of the voting interests reject it. After such a rejection, another optional termination plan cannot be considered for 24 months. In a 39-unit building like Bayshore Park, 5% is fewer than two units' worth of voting interests, which helps explain why the last few owners there had leverage.
How the Low End and the Top End Connect
In October, Miami Today described a Grove housing market ending 2026 split in two. Daniel Berman of Mint Developers called it "two speed markets racing at the same time." He said new construction at the top has strong demand and low supply, while older properties take longer to sell and give buyers room to negotiate. The same report, citing the David Siddons Group, said fewer than 400 new condo units are scheduled to enter the Grove between 2026 and 2028.
The buyouts connect these two markets. With so little new supply planned, developers look for sites, and aging low-rise buildings on large Grove parcels are among the few available. The quarterly numbers show what the new product sells for. Local analyses of MIAMI REALTORS® MLS data put the Q3 2026 Coconut Grove condo median at $1.695 million across 44 sales, and the single-family median at $3.1 million across 53 sales, up 19.2% year over year. Among recorded Q3 2026 sales of $2 million or more in ZIP 33133, 16 were condos. One of them was a $9.05 million resale at 2669 South Bayshore Drive, at $1,697 per square foot. That building stands a short walk up Bayshore Drive from the Bayshore Park site, where the final units went for under $1 million each.
Under these conditions, an older unit's resale comparables show only part of its value. The unit can also be worth something as one share of a site a developer might want. Those two values can be far apart, and which one ends up mattering depends on things a listing sheet rarely shows.
Questions to Ask About an Older Grove Building
Buyers looking at the older end of the Grove's condo stock usually learn more from the building's records than from the unit. Based on what has happened at Bayshore Park, Chateau Grove, Virginia Pointe and the Mutiny, these questions matter most:
- How many units are owned by one entity? Mast held 16 of Bayshore Park's 39 units before the joint purchase, and Canero and 8K hold 59 of Virginia Pointe's 66. Concentrated ownership changes how a termination vote is likely to go.
- What is the latest repair or special assessment estimate, and how has it changed? At the Mutiny, a lower estimate helped owners turn down a nine-figure offer.
- How is the land zoned, and what could be built there? Chateau Grove's resale price was tied to its zoning and its potential under the Live Local Act.
- Has the building received buyout offers before? The Mutiny had three in less than two years, and the developer whose offer expired said it would return if owners were interested.
This is general market information, not legal, tax or financial advice. Anyone weighing a purchase in a building that could face a termination vote should review their situation with a Florida real estate attorney and their own financial advisors.
Frequently Asked Questions
What share of owners does a Coconut Grove condo buyout need? Under the 2025 Florida Statutes, an optional termination plan for a residential condominium needs at least 80% of total voting interests and fails if 5% or more reject it. The full statute text also covers termination for economic waste or impossibility, which uses a different threshold.
Do buyout buildings always get redeveloped right away? No. Canero ran Chateau Grove as rentals before selling it, and the Virginia Pointe partners said they would convert that building to rentals with no immediate redevelopment plans.
Which new Grove condos are coming after the buyouts? Raffles Residences Coconut Grove is planned for the former Bayshore Park site. Arbor was delivered in 2026, and Four Seasons Private Residences Coconut Grove and THE WELL are estimated for 2028.
When an older Grove condo is priced in part as a share of land, the repair estimate, the ownership records and the zoning matter as much as the floor plan. Carlo Dipasquale and his team review those details before you make an offer, in English, Italian, Spanish or Portuguese. Schedule a private consultation to talk through a specific Bayshore Drive or Virginia Street building.
