Once known as a bohemian enclave, Miami’s leafy Coconut Grove neighborhood is quickly transforming into a billionaire’s playground thanks to a string of megasales in the area. Unlike hot spots like Miami Beach and Indian Creek, the Grove—with its massive banyan trees, winding streets and small gated communities—was little known to people outside Miami until recently. “Most people hadn’t heard of it unless they were local,” said real-estate agent Danny Hertzberg of Coldwell Banker Realty. “Now the secret is out in a big way.” Since late December, Google co-founder Larry Page has spent $188.4 million on three properties in Coconut Grove, while businessman Jorge Mas, a co-owner of professional soccer team Inter Miami, flipped a vacant waterfront lot for around $100 million, according to people familiar with the deal. Both of those properties are within a few miles of a waterfront estate billionaire Ken Griffin purchased in 2022 for $106.875 million, a Miami record. Locals are now competing with out-of-town buyers for homes, real-estate agents said, and housing prices in Coconut Grove—especially for waterfront property—have surged. The median single-family home sale price in Coconut Grove was $2.35 million in the fourth quarter of 2025, more than doubling from $995,000 in the same period of 2019, according to data from real-estate appraisal firm Miller Samuel. “A $10 million home is now a $50 million home,” said Jill Balli of ONE Sotheby’s International Realty. Read on for a closer look at how the neighborhood evolved.