Edgewater is the New South of Fifth Condo Investment District of Miami
The South of Fifth neighborhood in Miami Beach wasn’t always the lucrative real estate market that is today. It was once run-down and difficult for buyers and sellers, since the low market value and underdeveloped neighborhood drastically reduced any appeal for homeowners, real estate developers, and everyone else with a hand in the real estate market.
Today, however, the South of Fifth is one of the most desirable locations to live or rent property in the world. Luxury condominiums, luxury apartments, and luxury homes dot the South of Fifth--or “SoFi”--neighborhood, which features access to the beach and easy access to many of Miami’s hottest destinations. The value of residences in South of Fifth has only increased over the past 20 years. For instance, residences at Apogee cost an average $2,500 per square foot today--with luxury penthouses reaching up to (and over!) $4,000 per square foot. Compare that to just about $1,000 per square foot when Apogee launched in 2004.
Edgewater: Premium Investments in SoFi
Edgewater is a waterfront neighborhood that is just north of the downtown Miami area. Edgewater holds the distinction of being in the crossroads of Miami's hottest destinations--including luxury shopping districts, fine dining, art museums, theaters, and so much more.
Today, Edgewater is considered one of the newest and best districts to invest in within the South of Fifth neighborhood and even Miami as a whole. But it wasn’t always desirable. By the year 2000, the Edgewater district had become neglected; but not every wrote off Edgewater as yet another district left to rot.
Major Miami developers saw the potential in Edgewater, and acted accordingly. Since 2011 alone, 10 different pre-construction developments have been launched in Edgewater. This makes the area one of the speediest neighborhood developments in the general Miami area; more than half of these developments are already finished, with the rest expected by the end of 2018.
How desirable is Edgewater, exactly? The demand in Edgewater is so high that multiple luxury projects have been launched and, in most cases, are quickly filling up. For instance, the Elysee Miami starts at $1.5 million, for instance, while Missoni Baia starts at $2 million dollars; both of these launched a year ago and have already made significant process in sales.
The Edgewater Difference
What is making Edgewater so high in demand is that the luxury residential offerings available in Edgewater are actually significantly less expensive than comparable luxury residences in the greater Miami area or even around the world. For instance, the average luxury waterfront residence in Edgewater is about $700-800 per square foot; whereas the average square foot for comparable living in the rest of the SoFi neighborhood is $2,800.
And it's not just Florida or American buyers who are attracted to Edgewater: buyers from around the world, including Brazil, Mexico, France, and even Turkey, are snapping up property in Edgewater.
When it comes to premium luxury living that is a solid investment for real estate developers and people looking to invest in a new residence alike, Edgewater is the best option in the entire South of Fifth neighborhood.
Contact us today if you’d like to learn more about Miami Real Estate or are looking to buy or sell. Miami Real Estate Official are local specialist and part of the number 1 agency in Miami Dade and South Florida whom have helped numerous clients with real estate needs accomplish their real estate goals.