Miami Real Estate Learning Center

Is buying a condo in Edgewater a good deal?

Miami is one of the fastest growing city in the US. The neighborhood to watch out this time is called Edgewater. Itís an area with great potential. Architects and developers have used their creativity to place it on the map. A few years back South of Fifth experienced the same revival thanks to visionaries. Nowadays, SoFi is a luxury niche with waterfront condos like as the Yacht Club at Portofino , the Apogee , the Murano Grande . In 2004, when the Apogee was launched, the prices were around $1,000/sqft which was at the time very high, now the average is $2,500/sqft.

Thirteen years later and 2 miles away from South Beach, on the other side of the bay another Sofi is growing. Itís nestled in between the Mac Arthur causeway and the Julia Tuttle, on the water and 10 minutes away from the airport. To the west you will encounter Wynwood and Midtown, vibrant areas full of art galleries and restaurants. To the south, Downtown Miami and Brickell and to the north the Design District which features high-end boutiques.

How Edgewater evolved in the last years? In the 30ís East Edgewater was a prosperous area but in the 80ís it declined. In the first years of 2000, new skyscrapers emerged such as the Quantum on the Bay . Nowadays, more than 10 projects have been launched in this area. Developers saw in the neighborhood a Garden of Eden. Pre-constructions like as Crimson , as Paraiso Bay , as the Icon Bay and Bay House which were launched in 2011 are completed. Other five projects are expected to be delivered by the end of this year adding 1,500 condos to the market. The demand for Edgewater luxury condos has been steady so developers have decided to offer additional high end luxury products such as the Elysee and the Missoni Baia .

Buyers from all over the world are flocking to Edgewater. Latin Americans, French, Italians and Turkish are amongst the top buyers. Ecuador, Peru, China and Singapore are also emerging countries with investors who believe in Edgewater. Bottom line, Edgewater is perfectly located in Miami and itís the only area where you can purchase waterfront luxury condos at competitive prices. In Edgewater the ultra luxury average price is $700-800/sqft while in Sofi itís $2,805/sqft. Buyers see the opportunity of buying a luxury condo at a competitive price. Why donít you take advantage of this chance too?