Property In Miami’s Edgewater Neighborhood Has Appreciated 1400% In Just Five Years

How much have property values in Edgewater gone up in the past few years?

According to the Biscayne Times, one homeowner there is now routinely being offered $3 million for his house on a 5,500 square foot lot. He purchased it a little over five years ago for $200,000, meaning the property has increased in value by 1400% (or 280% per year).

As staggering as those gains are, some properties in Wynwood and the Design District have exceeded them, although they are mostly commercial buildings.

 

 

 

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Anonymous
4 years ago

Love the development in Edgewater.. right across the bay from South Beach. Miami’s new up-town similar to Chicago.

Anonymous
4 years ago

At least Chicago’s Edgewater neighborhood retains more of its historic character, and went vertical in the 1920s. Miami’s Edgewater buildings from the previous boom are better looking than the current ones, despite the push for New Urbanism. You can’t achieve it when the street layout is based on dead ends with no public transportation, which results in massive parking garages.

Anonymous
4 years ago

That is absolutely correct.

Yet Another Anonymous
4 years ago

To be fair it’s not the homes that are appreciating, it’s the land value. The houses themselves are actually a slight nuisance.

Anonymous
4 years ago

Actually there are many nice historic homes and a few craftsman on a couple of the blocks that it is a shame to get rid of, however, Edgewater will continue to grow and become an even more complete neighborhood.

Anonymous
4 years ago

Unambitious developers and their glass boxes (Missoni Baia and Elysian) or cheap and nasty architecture (Naranza and Bentley) are a nuisance. If Edgewater was left alone and designated a historic district, it would have gentrified with appropriate redevelopment of crummy post-war buildings and restoration of pre-war historic buildings contributing to the improved value of the land. Developers would have went elsewhere to build taller condos, like all the vacant land in the Omni district.

Anonymous
4 years ago

You should really understand a little bit more about cities and zoning. If Edgewater was designated a historic district it would have been a complete failure. It is the most underdeveloped place in Miami with more potential than Brickell.

Anonymous
4 years ago

Please explain how it would be a failure. Miami21 zoning is a failure. Most Edgewater projects, along with many others throughout the city, follow absolutely none of the conditions set forth in the code. You have towers at the end of lifeless streets lined with their parking garages, once front yards with mature trees leading to the bay. With your logic, historic preservation success stories like Ocean Drive and Morningside, are “underdeveloped” and should be turned into Sunny Isles Beach, with towers on the beach and bay with their garages fronting Collins Avenue and Biscayne Boulevard respectively. The city and developers want the same for Riverside, Riverview, and Southside west of I-95 (Little Havana), because they follow 1950s and 60s logic that destroying everything and replacing it will automatically renew a neighborhood.

Anonymous
4 years ago

Completely agree with your thoughts. It seems like you are the author of other replies as well but hard to tell without a name. These comments are almost always dominated by people who think any development is great, and the bigger the better. Always looking to meet like-minded people and would like to connect on LinkedIn or Facebook or other way if possible.

Anonymous
4 years ago

I would like to remain Anonymous, but if you’re offering me job opportunities in planning, post your email and I’ll send you my resume. 🙂

If your local, I highly recommend getting involved with the Dade Heritage Trust. Currently, the Miami Marine Stadium and Little Havana are big issues, but maybe awareness for Edgewater will increase from the article and more projects.

Anonymous
4 years ago

…and telling the historic preservation planners at the city how ineffective they have been and are missing the point.

Yet Another Anonymous
4 years ago

Also to clarify, the article at first mentioned home or house in the title, not property. Then, my comment made more sense.

Anonymous
4 years ago

Edgewater wasn’t milk nor lemonade before ……at least now they are getting ride of all those junk houses , nothing historical , and building new first world construction that will make a better skyline of this beautiful city……. and the multiplier effect will take place , more and new investments will come to the area , the result in few years will be stunning……

Anonymous
4 years ago

“First world” with third world mentality. I see second world countries which conduct design competitions for the best world architects, while we get stuck with the same old Arquitectonica, Kobi Karp, and Stantec garbage. Sure a gem like One Thousand Museum comes every once and a while, but you can’t have the distinction of world class based on a couple buildings, especially when you reject the historic ones.

Anonymous
4 years ago

While this is true, do you really expect every.single.building. to be groundbreaking revolutionary works of art?????

Anonymous
4 years ago

No, but when every other building is a pile of crap, any standards are aspirations.

Eduardo
4 years ago

Absolute NON SENSE ! NOTHING is selling and developers are paying 6, 7, 10 % commission to Brokers is a huge No No sign. Take a look on how many units are for Resale on Icon Bay and the decline of the prices since they were listed.
Edgewater will NEVER be like Miami Beach, Surfside or Bal Harbour. How can you justify those price per sq ft ? Only if you are a broker looking to make a huge commission on behalf of your clients pocket.