Friday, February 28, 2014

Edgewater: Miami’s Newest Up and Coming Neighborhood

Situated in a prime location along Biscayne Bay is one of the latest up and coming areas of Miami – Edgewater.  Formerly a dilapidated neighborhood, Edgewater was avoided as it was dilapidated and run down. 

All that has changed.  It is in revitalization mode as developers target it with new Miami condominiums, retail and more.  The location is ideal because it is surrounded by other cool up and coming neighborhoods like the Design District, Brickell, Wynwood and others.  In fact, its location is said to be at “the intersection of funky and trendy,” in a Miami Herald article earlier this year. 

If you are curious as to exactly where funky and trendy meet, Edgewater is bound by NE 17th Street (north); Tuttle Causeway at 36th Street (south); Biscayne Bay (east); and, the railroad or Biscayne Boulevard (west).  Just a drive through Edgewater and you will see it bursting with real estate projects from some of the most successful developers in the country and, even the world. 

There are a few major projects in Edgewater under way that we think are worth mentioning. Not only do they add to the Miami skyline, they bring a lot to the entire neighborhood.   Following are several major projects:

Icon Bay, 460 NE 28th Street
Icon Bay, a new condominium being developed by Icon Bay, is under construction with completion targeted around spring 2015.  With construction well underway, this building is going to be beautiful with its zigzag design on the exterior and contemporary interior.  Icon Bay is going to be a 40-story condominium eight units on each floor.  Ranging in size from 900 to over 2,000 square feet, each residence will have unbelievable panoramic views and luxurious details.  Additionally, the plans show a water park and all the community amenities that come with Related Group projects.  The building is practically sold out and is a sign that the Edgewater is a neighborhood to watch and a project that definitely indicates the market is turned.    

Paraiso Bay, 600 NE 31st Street
The Related Group definitely sees the potential in the Edgewater neighborhood.  You can see that simply because they are on the move here with multiple projects.  Another one is Paraiso Bay.  While construction is expected to start soon, recent reports have indicated that Paraiso Bay’s plans are becoming bigger with two new towers being added.  There will be 790 residences in the original two towers with only seven units on each floor.  The residences comprise one, two, three and four-bedroom units ranging in size from about 1,000 square feet to about 2,500 square feet each with spectacular bay views.  Each floor will contain a maximum of seven units that look to be lined across the building.  Along with the beautiful condominium, Jorge Perez permanently closed off 31 Street at the Bay in return for adding a park with playground equipment, lots of green space and more.  To buy at Paraiso Bay, potential buyers can expect to pay between the mid-$500s and over $1.1 million for units that range in size from just over 1,000 square feet to well over 2,100 square feet.  Food for thought is that David Guetta has secured a penthouse in Paraiso Bay…just sayin’. 

Biscayne Beach, 711 NE 29th Street
A third project to be built along the Bay in Edgewater is Biscayne Beach.  Set to begin construction in April (just got a thumbs up from Miami’s planning department), Biscayne Beach is a 51-story bay front high-rise condominium with 399 units being developed by Eastview Development and GTIS Partners.  Remember Thom Filicia from Queer Eye for the Straight Guy?  He will design the interiors.  As the first condominium with a manmade beach club directly on Biscayne Bay, it will offer one, two, three and four-bedroom options in addition to penthouses with private rooftop garden terraces.  Inside each residence, there will be floor-to-ceiling windows, large balconies and beautiful Biscayne Bay, Miami Beach and city views.  List prices range from the mid-$400s to well over $1 million for units with sizes between almost 900 square feet and over 2,100 square feet (penthouse prices available upon request).

A Growing Neighborhood in Miami
It is easy to see that Edgewater is exploding with all of the condominium construction underway.  Carlos Rosso, President of Condo Development at the Related Group, was quoted in a Miami Herald article to say “Edgewater’s layout works well for high-rise condos” as it sits in a prime area of Miami with Biscayne Boulevard running parallel to the Bay is the major thoroughfare of Biscayne Boulevard with shops and restaurants.” He went on to say “it’s an attractive area.  It’s got good bones.” In the real estate industry, that means it has good structure and placement which is definitely true as it is so close to the Design District, Midtown and the Wynwood Arts District. We are so excited to watch Edgewater turn into one of Miami’s best neighborhoods.  It is simply a great place to live!

Tuesday, February 11, 2014

Life in the Wynwood Arts District

One of the coolest areas in all of Miami is the Wynwood Arts District.  Established by a group of art dealers and artists, this neighborhood was originally created as an arts association as it tended to be the area where artists congregated and worked.  Since then, Wynwood has grown into a thriving neighborhood.   

Prior to its popularity, the Wynwood Arts District was a neglected warehouse district filled with deserted and run down industrial buildings.  Developers saw the potential and decided to design a full-fledged arts district that appealed to residents and visitors who wanted a neighborhood with hip restaurants and bars as well as art galleries, studios and unique retail shops. 

Today, Wynwood has morphed into one of the largest, well-known arts districts in the country.  It is a common sight to see people meandering through art galleries and museums or dining at many of the excellent restaurants dotting the neighborhood. 
Highlights of Wynwood
There are so many highlights in Wynwood with the most obvious being the art galleries, studios and museums.  At these venues, well-known artists from around the world show some of their best artwork as do up and coming artists.  Additionally, there is a wonderful display of street art installed throughout the area. In fact, the street art displayed is one of the largest in the world. 

On top of the art influence, there are great restaurants in Wynwood like the Wynwood Kitchen and Bar, Jimmy’z Kitchen, Joey’s, and others.  People from all over Miami-Dade flock to Wynwood for all it has to offer. 

One of the most popular highlights is a venue called the Wynwood Walls.  Created by Miami real estate innovator, Tony Goldman, the Wynwood Walls is another major art influence in the area.  Created in 2009, it is a complex of graffiti and murals by renowned street artists. The adjacent Wynwood Doors opened a year later with 176 feet of roll-up storefront gates painted on both sides to reveal a portrait gallery.

A very popular event is the community Art Walk held every second Saturday of each month.  Galleries, art studios, alternative spaces and showrooms showcase art and other works while providing music and refreshments.  The Second Saturday Art Walk also ushered in the Art Basel Fair. 

Location of the Wynwood Arts District
Located just north of Downtown, the Wynwood Arts District is adjacent to another up and coming neighborhood, Edgewater.  Its borders are North 36th Street on the north, North 20th Street on the south, I-95 to the west and NE 1st Avenue on the east.  The location of Wynwood is ideal as it is just south of another neighborhood on the rise – the Design District and north of the Performing Arts Center and the Downtown area. 

Wynwood Arts District Real Estate
Wynwood borders the Midtown area of Miami as well so when searching properties, the two neighborhoods are often intermingled especially with condominiums and multi-family properties.  Wynwood Arts District real estate offers a mix of single family homes and multi-family dwellings throughout the neighborhood.  

Because it is a revitalized neighborhood, many of the properties have either undergone or need to undergo renovations and upgrades.  This is such a cool area of Miami for residents who like a creative, relaxed atmosphere.  It accommodates many buyers from first-timers to those who love to fix up homes and have an eclectic taste. 

Single family homes in the Wynwood Arts District are, for the most part, in need of TLC – well, a little more than that.  Depending on the location of the property and the size of the lot, it is not uncommon for buyers to seek properties where they can demolish the structure and build up the property with a multi-family structure or even new construction single family home. 

As for multi-family structures, most of the condominiums are boutique buildings with loft-style units. Parc Lofts and Wynwood Lofts are two very popular buildings with loft-style residences.  A glimpse into a Wynwood loft shows large open spaces with exposed pipes and beams as well as hardwood or concrete floors.  They have a lot of character and are typically within walking distance to the galleries, restaurants and retail shops. 

In terms of statistics, the overall median sale price typically falls in the mid-$300s depending on the timing.  The entire range of list prices falls from under $200K to the millions.  But, because of the growing popularity, list and sale prices are destined to increase. 

Wynwood’s Influence
Wynwood’s influence on the arts community is very evident with its stellar reputation all over the world.  Its growing popularity is resulting in significant growth and it becoming the part of Miami real estate where residents who want arts, culture and a diverse atmosphere in which to live.  Even though it is new and different, Wynwood is definitely an influential part of Miami in which businesses are destined for tremendous success. 

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