Miami’s vibrant Edgewater neighborhood is known for its prime real estate, abundant activities, and unmistakable style. With its proximity to Biscayne Bay, Brickell, Wynwood, and Midtown, there’s no better location to savor and experience the best that Miami has to offer.
Edgewater is a cultural and entertainment hotspot with easy access to the beaches, I-9, and Downtown. It is a prime example of Miami’s evolving neighborhoods, offering great opportunities for living, working, and playing. With so many shopping and entertainment options nearby, it’s no wonder many people choose to make Edgewater home.
Are you looking for condos or homes for sale in Edgewater, FL? This guide will cover everything you need to know about the real estate market, the best neighborhoods, and the homebuying process.
EDGEWATER, MIAMI, FL REAL ESTATE
Always primed as a residential area, Edgewater was home to early 20th-century homes and mid- and high-rise towers. As more people moved to Edgewater and as the needs of the population evolved, many of the neighborhood’s older homes were replaced by new, modern residential towers offering an upscale lifestyle.
Today, some of Edgewater’s earlier homes and buildings stand alongside recently built luxury waterfront condos along Biscayne Bay, including those still under construction. This combination of the traditional and the contemporary makes for a vibrant, diverse neighborhood that’s emerging to be one of the most sought after and urbanized communities in Miami.
Real estate trends as of April, 2024
Edgewater is considered as one of the highest priced neighborhoods in Florida and the United States, with a median real estate price of $928,671. Rental costs here are higher than in 90.9% of Florida neighborhoods, with an average of $4,149, making it a highly viable neighborhood for rental home investors.
Housing in the community consists primarily of small to medium-sized apartment complexes, high-rise residential buildings, and single-family homes. A large number of homes – mostly residential towers – were built from 2000 and later, but you will also find charming single-family homes dating back to the 1930s, as well as apartment and condo buildings built from the 1970s and onwards.
One of Miami’s last real estate projects, Edgewater drew numerous local developers. Luxury condos and apartment buildings now dot the Miami skyline, with notable developments such as Elysee Miami, Missoni Baia, Paramount Bay, Gran Paraiso, and Aria on the Bay.
THE HOMEBUYING PROCESS: A STEP-BY-STEP GUIDE
With a considerable investment at stake, it pays to be prepared for the homebuying process and know what you’re in for. Here’s a step by step guide to help keep you in the right track.
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Check your credit score
Lenders use your credit report, credit score, and financial history to determine whether you’re qualified for a house loan. These factors influence your mortgage eligibility and interest rate. Buyers with higher credit scores usually get better rates and terms, so it’s wise to understand your credit before proceeding.
Conventional loans require a FICO® score of 620. You may qualify for an FHA loan if your FICO® score is 500 or higher, but you need a 10% down payment. VA loans don’t specify credit score requirements, though lenders may have one.
Lenders typically look for a good credit history, proof of steady income, and a debt-to-income ratio below 50% when approving a mortgage. If you meet the minimum mortgage criteria, consider improving your credit score first.
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Determine how much home you can afford
Make a budget based on your income, expenses, and debt obligations. While a mortgage calculator can give you an estimate, it’s best to speak with a financial advisor or broker for a more accurate estimate. Don’t forget about property taxes, insurance, and maintenance costs. Realistic budgeting helps avoid overspending and makes the home-buying process more manageable.
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Determine your needs and preferences in a home
Finding the perfect home requires balancing what you need with what you just desire. Start by considering necessities – the number of bedrooms for your family, a safe neighborhood, and a budget you can comfortably afford. These are your non-negotiables. Wants, on the other hand, are the features that would make your life easier or more enjoyable, such as a chef’s kitchen or a large terrace with a great view. By clearly separating needs and wants, you can prioritize effectively and avoid getting caught up in features that may not be essential in the long run.
Factor in your lifestyle as well. Are you an entertainer who needs a spacious living area, or a fitness buff who craves a home gym? Consider the amenities that are important to you, whether it’s access to parks, proximity to shops, or a community pool. Finally, decide on the type of property – a single-family home for privacy, a townhouse for lower maintenance, or a condo for a more urban lifestyle. By taking all these aspects into account, you’ll be well on your way to finding a home that perfectly complements your life.
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Choose a lender and get pre-approved
Select a lender who offers competitive rates and individualized attention. When looking for a home, getting pre-approved simplifies the process by allowing you to determine your budget and strengthen your offer. It shows sellers that you’re serious and financially capable, putting you ahead in a competitive market.
Before deciding on a mortgage, it’s crucial to understand the pros and cons of each type. Here are the main options:
- Conventional loans don’t have government backing and have strict eligibility criteria. It typically requires a low minimum down payment.
- The Federal Housing Administration supports FHA loans, but it imposes strict mortgage insurance requirements.
- VA loans are only available to active or former service members and their spouses.
- Jumbo loans allow you to obtain a mortgage that’s more than the conforming limit in Miami. This is often the most suitable type of mortgage for luxury properties in the city. With a higher amount at stake, a jumbo loan requires higher credit scores and larger down payments, as well as a more stringent underwriting process.
- Condo loans can be any of the loan types mentioned above but may involve additional requirements such as the building’s proof of insurance, HOA rules and regulations, HOA budgets, and so on.
- Renovation loans allow you to include home improvement costs in your mortgage. When interest rates are low, you can borrow more money for repairs while paying less interest, making it a more cost-effective option.
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Find a real estate agent
With preapproval in hand, the next step is to enlist the expertise of a seasoned real estate agent. A skilled agent will be your trusted guide, navigating the complexities of the housing market with finesse. They understand your preferences, negotiate on your behalf, and provide invaluable insights into neighborhoods, property values, and market trends. Their guidance streamlines the home-buying process, turning what could be a daunting task into a seamless experience.
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Start your home search
Now comes the exciting part: the home search. With your budget and wish list in hand, browse online listings, visit open houses, and find neighborhoods that suit you. Prepare to make some compromises while prioritizing non-negotiables. While seeing potential homes, imagine yourself living in each one. Trust your instincts and your real estate agent’s expertise to narrow down your options.
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Make an offer
Once you’ve found the one, it’s time to make your move. Your agent will help you craft a compelling offer that balances your budget and the seller’s expectations. Set your offer price based on comparable sales, market conditions, and the property’s condition. Your agent will guide you through negotiations, representing your interests and working to reach your goals.
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Get a home inspection and a home appraisal
A thorough home inspection and appraisal are required before closing the deal. These steps ensure the property is structurally sound, free of major defects, and priced correctly. While these assessments may uncover minor issues, they provide peace of mind and an opportunity for negotiation if necessary. Hire a licensed home inspector and appraiser to maximize your investment.
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Purchase homeowner’s insurance
Homeowner’s insurance protects you and your home against unforeseen events like fire, theft, or natural disasters. Find a policy that offers comprehensive coverage at a competitive rate, taking into account the location, value, and potential risks of the home. Moreover, your lender may require proof of insurance before finalizing the mortgage.
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Do a final walkthrough
Schedule a final walkthrough of the property before closing to ensure everything is in order as stated in the contract. This is your last opportunity to inspect the house and verify that any addressed repairs or improvements have been completed. A final walkthrough will provide you with peace of mind as you begin the closing process, knowing that your property is ready for you to move in and personalize.
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Close on your new home
Upon closing day, the buyer takes ownership of the property from the seller after months of anticipation. Gather all relevant documents, including identification, proof of insurance, and closing costs funds. Your real estate agent and lender will walk you through the paperwork, answer all of your questions, and ensure that all terms are met. Once the final documents are signed and the payments are exchanged, you’ll receive the keys to your new home.
ESSENTIAL CONSIDERATIONS WHEN BUYING A HOME IN MIAMI
With so many beautiful homes for sale in Edgewater, Miami, FL, you may find it relatively easy to find the perfect property. But it’s important to be aware of the factors that may spoil your enjoyment of the home down the road. Before signing a purchase contract, make sure to know what to watch out for and what you can do to protect yourself from the potential risks of homeownership.
Here are some steps you can take:
Inquire about hurricane safety measures
Coastal regions are especially vulnerable to flooding all year, as the hurricane season lasts half the year, from June to November. If you’re buying a waterfront home, ask about previous elevations and flooding events, as sellers aren’t required to disclose such information. Find houses with strong features like concrete block construction, hurricane-resistant windows, and robust roofs. Consider homes built after 1994 with stricter building codes that boost hurricane resilience.
If you’re buying a condo, ask the condo association if they have a hurricane preparedness plan and any steps that were taken to protect the property. You may also want to inquire about If the building is old, it would help to inquire about the property’s recertification status.
Pro tip: Ask your potential neighbors about past hurricanes and flooding incidents in the area.
Check the insurance requirements
It’s preferable to have home insurance before purchasing an Edgewater property. In fact, your lender will likely require that you have one as part of the mortgage approval process. Those who live in high-risk flood zones need to purchase additional flood insurance. Request an estimate before making an offer or signing a contract. Visit Miami-Dade County’s website for flood zone maps and other relevant information.
Condos are typically covered by the condo association’s master insurance policy, which condo owners pay for as part of their regular condo association fees. However, a condo association’s master insurance policy does not cover any damages that may occur within the walls of your condo. For that, you will need an HO6 or a homeowner’s insurance policy for condos. Many condo associations and lenders require buyers to obtain HO6 insurance as part of the buying and mortgage processes.
Ask about HOA fees and restrictions
Condos or homes in developments come with significant fees. Condo fees, for instance, can significantly increase your monthly housing expenses. Some maintenance costs are covered, but past development expenses may still be your responsibility. Meanwhile, HOA fees are usually lower but cover fewer services.
Note: HOAs and condo associations in South Florida may restrict you from renting out your property, changing landscaping, or even choosing the color of your roof and paint.
Consider energy costs
Miami experiences intense heat from May to October, and you’ll most likely need to use your air conditioner regularly. A property without insulation, shade-producing trees, or an efficient air conditioning system will have high electricity bills. When looking at Edgewater, FL homes for sale, inquire about the average electricity costs and check the AC system’s age. But don’t worry, there are ways to make your energy use more efficient, even if it means spending some money upfront, such as incorporating smart technology that can help regulate energy use, using Energy Star rated appliances, and others.
POPULAR NEIGHBORHOODS IN EDGEWATER
Luxury condos in Edgewater make great investments for their excellent location, amazing amenities, potential for value appreciation or rental income, and the enviable lifestyle they offer. Here are some of the best places to look for condos for sale in the area:
- Elysee is a 57-story luxury condo development completed in 2021. It has 94 upscale residences with only two units per floor for utmost privacy and exclusivity. There are 3 to 5-bedroom layouts with optional dens, expansive floor-to-ceiling windows, gourmet kitchens, and spa-inspired bathrooms by Italian design firm ItalKraft. Moreover, each unit boasts a terrace with breathtaking vistas of the Miami Beach skyline and Biscayne Bay. Elysee is designed by renowned Parisian designer Jean-Louis Deniot.
- Biscayne Beach offers elegant bayfront living in a 51-story condo skyscraper constructed of glass, stone, and stainless steel, designed by celebrity designer Thom Filicia. The property has 399 residences and a host of amenities that include a resort-style pool, a fine-dining restaurant, a fitness center, a spa, a business center, tennis and basketball courts, and a bayside beach club.
- Missoni Baia is a collaboration between the prestigious Italian fashion label Missoni and the OKO Group. The development was led by Vladislav Doronin, Europe’s most reputable developer and designed by Paris Forino Design. The 57-story structure sits on 2.5 acres of prime waterfront land in East Edgewater, and the residences offer the ultimate in luxury living, with features such as private elevators, spacious layouts and high ceilings, spa-inspired bathrooms, gourmet kitchens with Gaggenau appliances, and spacious balconies with magnificent Biscayne Bay views. Missoni Baia is made up of timeless materials like glass walls, limestone, and Missoni signature accents that reflect the designer’s global style.
- Paraiso is an architectural marvel by Arquitectónica. This condo development includes two luxury towers, Paraiso Bay (Tower 1) and Gran Paraiso (Tower 2). The 53-story Paraiso Bay features 360 modern luxury condos with magnificent views of Biscayne Bay and the Atlantic Ocean. Gran Paraiso has luxury condos with 1-4 bedrooms, 10-foot ceilings, and elevator access with foyer entryways. Each floor has just seven units, ensuring exclusivity and ample living space.
- Aria on the Bay, located at 1770 North Bayshore Drive, offers sophisticated condo living in Edgewater. It provides tranquility and accessibility with its location just minutes from Miami’s Design District, Brickell, and South Beach’s chic shops, eateries, and nightlife.
- Onyx on the Bay is a 28-story waterfront condo building built in 2007 by BAP Development and GGM Developers with designs by Bermello, Ajamil & Partners. Onyx on the Bay has 118 units, with one to three bedrooms and a penthouse. Each unit comes with stainless steel appliances, in-unit washers and dryers, and floor-to-ceiling windows. The condo amenities include an infinity pool, a fitness center, a spa, a billiards room, a BBQ grill, and a 24-hour concierge service. Downtown Miami, Brickell, South Beach, and the airport are all nearby.
BUY YOUR DREAM EDGEWATER HOME WITH THE BERRY CARMONA TEAM
Finding your dream home in Edgewater, Miami is an exciting journey filled with endless possibilities. With its prime location, stunning waterfront views, and diverse selection of properties, Edgewater is a top choice for homebuyers.
Work with the expert Edgewater, FL real estate agents at The Berry Carmona Team and get invaluable guidance in your home-buying journey. Leveraging their years of experience, the team can help you navigate the competitive Miami market, understand your financial options, and negotiate the best deal.
Get in touch with the team today and make your dream of living in this dynamic Miami neighborhood come true. Call 305.904.4681 or send an email here to get started.