Source: Flickr user miamism
The Miami, Florida, area has become one of the hottest real estate markets in the nation, and Miami's homes are one main reason. Many people dream of living right next to the water, and Miami offers the enviable combo of a coastal location, tropical climate and reasonable cost of living. One of the best Miami neighborhoods for achieving this dream is Edgewater, a beachside and predominantly residential area just blocks away from downtown Miami. Real estate values in Edgewater are on the rise thanks to a growing population, new development and the neighborhood's safety and convenience. Movoto Real Estate can help you find the right homes for sale in Miami, FL, when you're ready to make a move.
Source: calgarysrealestate.ca
People started flocking to Edgewater in 2000, and this influx of new residents coincided with the development of new Edgewater real estate. A lot of these newer residences are buildings comprised of apartment and condo units, with a good number of them being high-rise structures. Still, you can find some smaller buildings with available properties, like this one-bedroom just blocks from the beach, that are perfect if you prefer a more-intimate environment.
As Edgewater's population increased, so did its housing prices. Real estate statistics show that in 2004, the median home price here was $150,000. Over the next couple years, it rose significantly, reaching a high of about $410,000 in 2006. After the market downturn caused prices to fall to just over $150,000 between 2009 and 2011, the market recovered and prices rose again starting in 2012, reaching $300,000 that year. As of November 2015, the median home price in Edgewater is just under $400,000, representing nearly a full recovery in housing values from the economic downtown of 2008.
Currently, median sale prices in Edgewater outpace the rest of Miami homes by 50.7 percent. Plus, smaller homes in Edgewater sell for higher costs. In mid-2015, the average price per square foot for homes in Edgewater and neighboring Wynwood was 99.4 percent higher than homes in the rest of the city.
Edgewater is a relatively quiet and safe part of town. The crime rate here is 23 percent lower than all of Miami. Combine that safety with easy walking access to businesses, entertainment and shops, and you can see why real estate market trends are positive in Edgewater.
About 12 miles to the southwest is the University of Miami. You can get to and from the school using the Metrorail, which connects many of the communities near downtown Miami, including Edgewater, to southwestern and northern suburbs.
In Edgewater, you have choices when it comes to food and shopping, including Target, Sports Authority and Marshalls. You can feed your mind, too, at several art museums, plus the O Cinema, where you can catch indie films. If you're into live music or theater, stop by the Adrienne Arsht Center or Knight Concert Hall. For active living, enjoy Stearns Park and Albert Pallot Park right next to the water, Roberto Clemente Park or Biscayne Park.
Real estate values in the Miami, Florida, area are lower than you may expect given the city's waterside location, and some of the best all-around deals on Miami homes are in the Edgewater community. To find the right Edgewater real estate for you, contact your local Movoto agent today.
