# The Well Coconut Grove: preconstruction prices and deposits

> Source: https://bluebaybrokers.com/buildings/well-coconut-grove
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-23
> Plain-text copy of the page above for AI assistants and readers. Quote with attribution to BlueBay Brokers; each figure carries its own source and read date. Nothing here certifies that a short-term rental is legal at any address.

## The bet

The Well Coconut Grove is a funded, half-sold 194-residence wellness condominium whose developer entry, $1.5 million for 960 sf, works out to about $1,563 a foot. Coconut Grove condominiums built since 2015 closed at a median $1,839 this past year. The entry stack is priced under finished Grove stock; the four resale asks on the MLS, at a median $1,973, are not.

## Absorption and timing

How many homes close each year in this building's price band and postcode, against how many it is about to deliver. No brochure answers this, and it governs both the resale and the developer's willingness to discount.

Units delivering 194 all at once, to the same buyer pool

Closings per year 318 trailing 12 months, 33133, same band

Years of supply 0.6 this building alone

Band closes at $971/sf median of real closings, not asks

| Band, 33133 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $1.5M – $3M | 183 | $2,120,000 | $971 |
| $3M – $10M | 135 | $4,450,000 | $1,328 |

**Enough buyers, if you count condominiums**

Against every home that closed between $1.5 and $10 million in 33133 in the trailing year, 318, the 194 residences are 0.6 years of supply. But 164 of those closings were single-family houses: against the 94 condominiums alone, the building is about two years of the band's condo demand, delivered at once in late 2028. That argues for the smaller plans, where the buyer pool is widest, and for owning through the delivery window rather than flipping into it. The postcode itself sits at 6.0 months of inventory, a balanced market.

## The market it lands in

Everything for sale in 33133 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 289 homes listed across 33133

Sold, trailing year 579 recorded closings, every price

Months of supply 6.0 under 6 favours sellers, over 12 favours buyers

Asking vs sold $1,115/sf asked, against $896/sf actually paid

How to read the gap

Asking is an opinion, sold is a fact, and months of supply is your leverage. Do not compare this building to the postcode median, which mixes in stock built decades ago: the comparison that counts is the band below.

## What recent deliveries resell for

The only read-across that means anything here: condominiums in 33133 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $1,849/sf median of 30 closings this year

Movement since +14.8% across recently delivered buildings

This building asks $1,562/sf entry residences

Entry vs new stock -16% below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2024 | 10 | $1,611 |
| 2025 | 22 | $1,530 |
| 2026 | 30 | $1,849 |

Why a year can show no figure

Under 5 transactions a median is noise, so it is withheld. Recently delivered buildings are thin by nature, which is itself worth knowing before counting on a quick resale.

## The basis

What it asks per foot against what its band actually closes at. Comparing one preconstruction ask to another tells you nothing: both are price lists.

Asking $1,562–$2,077/sf From $1.5M (developer) · MLS asks $3.0M – $8.7M · 960 – 4,200 sf

Band closes at $971/sf $1.5M – $3M, trailing 12 months

Listed here today 4 median $1,973/sf

**The entry stack is priced under finished Grove**

The band cards read $971 and $1,328 a foot because they mix in houses; that is not the comparison. Grove condominiums built since 2015 (Mr. C, Vita at Grove Isle, Park Grove, Grove at Grand Bay) closed at a median $1,839 on 49 sales. The new-stock card's $1,849 is mostly Mr. C Residences closings, part of that building's own sell-out. The developer's $1,563 entry sits under both. The MLS asks, $1,762 to $2,300, sit above: those are buyers reselling contracts, priced for a premium the building has not yet earned.

## On the MLS today

4 listings at this address are Active right now, pulled 2026-10-23. Leases are excluded: a monthly rent sitting in the price column wrecks any comparison. This is what a buyer can actually transact on today, as opposed to what a price list says.

| Unit | Bd/Ba | Interior | Asking | $/sf | HOA / mo | Days |
|---|---|---|---|---|---|---|
| [404S](https://bluebaybrokers.com/listing?mls=A12003013) | 2/3 | 1,539 sf | $2,995,000 | $1,946 | $3,370 | 57 |
| [409S](https://bluebaybrokers.com/listing?mls=A12002097) | 2/3 | 1,927 sf | $3,395,000 | $1,762 | — | 78 |
| [TH 05](https://bluebaybrokers.com/listing?mls=A12001818) | 4/5 | 3,786 sf | $7,572,000 | $2,000 | $7,816 | 72 |
| [PH04](https://bluebaybrokers.com/listing?mls=A12004168) | 3/4 | 3,793 sf | $8,723,900 | $2,300 | $8,307 | 128 |

How to read this table

On new construction the MLS area is routinely the total rather than the interior, and it runs larger than the County's recorded figure, by 10 to 30 percent on the units already tested in this pipeline. Treat the $/sf column as the seller's own arithmetic and re-divide by the recorded area before comparing it with anything delivered.

## Photographs

The 24 photographs carried on MLS listing A12004168 at this address. On a building still under construction these are the developer's renders and the sales-gallery material, not the finished product.

**Photographs** © SEFMLS, displayed from the MLS under the same licence that permits display of the listing itself. Renders are the developer's own and are subject to change.

## What the deposit costs to hold

A preconstruction deposit is committed years before you hold a deed, earning nothing. That carry is a real cost of the trade and it is never in the pitch. Modelled on $1,500,000 at 4.5% simple, 26 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $150,000 | $150,000 | 26 mo | −$14,625 |
| 60 days after contract | 10% | $150,000 | $300,000 | 24 mo | −$13,500 |
| At groundbreaking | 10% | $150,000 | $450,000 | 22 mo | −$12,375 |
| At closing | 70% | $1,050,000 | $1,500,000 | 0 mo | −$0 |
| Committed before closing |  |  | $1,500,000 |  | −$40,500 |

Why this line matters more than the yield

Nothing is rented and nothing is owned meanwhile, so the whole return has to come from the gap between contract price and the market at delivery. That carry, about $40,500, is the hurdle before you break even, and deposits are generally non-refundable, so a delivery that slips extends it without your consent.

## Carry at delivery

What it costs to own before any income, on the smallest residence of 960 sf.

| HOA at $2.15/sf/month | −$24,768 |
|---|---|
| Property tax at 2.02% of $1,500,000 | −$30,300 |
| Insurance (HO-6), $3.60/sf | −$3,456 |
| Annual carry, before any income | −$58,524 |

**What to secure before you sign**

Terra has not published its deposit schedule, so the carry above uses the Miami standard 10/10/10/70, assumed. With 26 months to delivery that is about $40,500 of carry on a $1.5 million residence. Dues on the listings run $2.06 to $2.19 a foot a month as agents enter them. The leasing article is not published: ask for the condominium documents, and confirm the founding club membership the listings describe is in the contract.

## Delivery risk

| Construction financing | $410M construction loan from Tyko Capital, closed January 2026 and arranged by Walker & Dunlop: full development funding, and the largest construction loan in Coconut Grove's history. |
|---|---|
| Presold | 50% at last disclosure |
| Delivery | Q4 2028, per the developers. Vertical construction started the last week of January 2026, with the loan already in place. |
| Developer | Terra, David Martin's Miami developer, with AB Asset Management. They bought the 2.2-acre site in 2021 and delivered The Well Bay Harbor Islands, the same wellness concept, in 2026. |
| Rental policy | Rental policy not published; recorded declaration language to be read |

## Recommendation

BlueBay Brokers · The Well Coconut Grove

### Buy the developer's entry, not a resale contract

The construction risk is as low as preconstruction gets: $410 million of full funding closed, more than half sold, and a developer that just delivered the same concept in Bay Harbor. Q4 2028 is a 26-month runway.

Buy from Terra's price list, where entry sits around $1,563 a foot against $1,839 for finished Grove condominiums, and favour the smaller plans. Pass on the MLS assignments at $1,760 and up unless they negotiate to the developer's number.

## Want the rest of it?

I am Steve Gabison, a Florida broker, licence BK3411036. I wrote this page. New developments are Carolina Peña's desk at BlueBay Brokers, broker, licence BK3288753: she will send you what is behind it, in English or Spanish.

#### The full file

This page is the public read. The file adds the unit-level price list and what is actually left, the developer's land basis and what it says about room on price, the recorded rental language, and a rental underwriting on the specific line you are looking at. No charge.

#### On the purchase

Developers in this pipeline pay a cooperating broker, so having me represent you costs nothing on top of the price. I negotiate the deposit schedule, the credits and the co-broke, with the recorded comps to argue from.

#### Before anything else

The rental policy here is not published, so I will not sell you a management plan on it. I will get the recorded declaration language and tell you what is actually permitted. That has to be true before the rest matters.

## Read next

- [The Lincoln Coconut Grove, Coconut Grove, Delivering 2028](https://bluebaybrokers.com/buildings/lincoln-coconut-grove)
- [Vita at Grove Isle, Coconut Grove, Delivered 2025](https://bluebaybrokers.com/buildings/vita-grove-isle)
- [Cipriani Residences Miami, Brickell, 2027](https://bluebaybrokers.com/buildings/cipriani-residences)
- [All the new-development studies](https://bluebaybrokers.com/new-developments)
- [Developer price vs resale on six delivered Miami condos](https://bluebaybrokers.com/developer-price-vs-resale-miami)
- [What a preconstruction deposit costs to hold](https://bluebaybrokers.com/preconstruction-deposit-carry-miami)
- [Buying preconstruction in Miami as a foreign buyer](https://bluebaybrokers.com/buy-preconstruction-miami-foreign-buyer)

## Sources

- [Commercial Observer, Tyko's $410M construction loan sets record for Coconut Grove (Jan 2026)](https://commercialobserver.com/2026/01/tyko-terra-well-coconut-grove-miami/)
- [Bisnow, Terra lands Coconut Grove's largest construction loan ever (Jan 2026)](https://www.bisnow.com/news/south-florida/deal-sheet/terra-lands-coconut-groves-largest-construction-loan-ever-the-south-florida-deal-sheet-133029)
- [Florida YIMBY, The WELL Coconut Grove breaks ground at 2835 Tigertail Ave (Jan 2026)](https://floridayimby.com/2026/01/the-well-coconut-grove-breaks-ground-at-2835-tigertail-ave-miami-fl.html)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-23. Deemed reliable, not guaranteed.

**Developer data.** Unit counts, sizes, pricing and delivery dates are the developer's own and are not verified by BlueBay Brokers LLC, which does not represent the developers named here and receives no compensation from them.

**Not investment advice.** A scenario built from stated assumptions. Deposit carry uses simple interest and ignores tax. The recorded condominium documents govern every legal question raised here. Consult your own tax and legal advisers.

**Rental policy** as published by the developer and routinely amended before closing.