The Smith Formosa Team of Compass has closed the highest recorded sale in the history of Mr. C Residences, and the milestone was recently covered by the South Florida Business Journal.
SOLD: 2655 Bayshore Drive, Lower Penthouse Coconut Grove, Florida
The seller, a Boston sports executive, sold the Lower Penthouse at Mr. C Residences for $16,150,000, or $2,443 per square foot. It's the top price the building has seen since sales began, and it's a strong signal of what's happening in Coconut Grove's luxury market right now.
The 6,611-square-foot residence includes five bedrooms, five and a half bathrooms, a billiard room, and a large wrap-around balcony overlooking Biscayne Bay. The unit was staged by All About the Wow, led by Jennifer McCloskey and Geraldine Blakely.
We Sold This Unit Twice
This sale started long before the property ever hit the market. Our client trusted us to help secure this residence before construction even began, and we represented him again when it was time to bring the home to market. In between, he closed on the unit brand new in 2024 for $13.08 million, customizing the layout before it was built. From pre-construction to resale, it was a privilege to represent him at every stage, and the sale reflects meaningful appreciation over just two years.
What This Sale Says About Coconut Grove
Coconut Grove has become one of Miami's most sought-after addresses for buyers relocating from out of town, and this sale reflects that demand. Buyers are drawn to the neighborhood's mix of waterfront living, walkability, and a residential feel that's increasingly rare in Miami's luxury condo market.
Carole Smith and Cristina Formosa have long believed in the strength of this market, and results like this reinforce that confidence. As one of the neighborhood's most established teams, Smith Formosa continues to see strong interest from buyers relocating to the Grove from other markets.
"This building has always attracted people who know exactly what they want, and this sale proves the demand is still very much here," said Carole Smith, who lives in Coconut Grove and has represented buyers and sellers throughout the neighborhood for over 25 years. "Coconut Grove keeps delivering for the people who understand its value, and we're thrilled to have guided this closing from the very beginning to the very end."
Thinking About Selling in Coconut Grove?
If you own property in Coconut Grove and are curious what this market activity could mean for your home's value, we'd welcome the conversation. Reach out to the Smith Formosa Team at Compass to talk through your options.
Sale reported by Brian Bandell, South Florida Business Journal, July 17, 2026. Read the coverage: Record Sale at Coconut Grove Condo
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The Smith Formosa Team at Compass ranks in the top 1.5% of Realtors nationwide, with more than $1.25 billion in lifetime sales volume and over 25 years of combined experience serving Coral Gables, Coconut Grove, Pinecrest, South Miami, and Palmetto Bay.