Miami's Coconut Grove grows from Birkenstocks to Billionaires

Peacocks amble down the side streets. The vegetation has an overgrown, jungle-like quality. Hippies once camped out here in vacant lots and public parks. And Coconut Grove—Miami’s groovy, Birkenstock-loving village—is now commanding some of the highest prices in the city, competing with slicker neighbors like Miami Beach.

With tight inventory and a spate of ambitious condo projects, the Grove has attracted a number of high profile residents in recent years, including actor Christian Slater, mega-developer Jorge Pérez, Miami Heat coach Erik Spoelstra and health care tycoon Mike Fernandez, according to public records and real-estate agents.

Prices for some units in Park Grove’s under-construction towers are expected to top $1,900 a square foot—a city of Miami record. Coconut Grove’s priciest home, a historic estate listed for $47.5 million, is likely to be torn down as the value really lies in its 6.9 acres, agents say.