Miami Herald Finally Realizes That Developers Realized That Hipsters Think Edgewater Is a Cool Place to Live
However, things are getting better. The crackhead couple who lived below me whose noisy fights almost inevitably spilled out into the street were evicted last year. No one messes with my car anymore. I haven't heard the guy who lives in the building behind me drunkingly yell at no one in particular for a while. The guy who lives in the building to the south has decided to shut his blinds and no longer attempts to make eye contact with me while I'm outside smoking a cigarette while he's masturbating. Family members from Boca and Naples are no longer terrified of visiting and staying the night.
Admittedly, by the time I moved here, change was already well underway, and it's not like crazy things don't happen in areas of neighborhoods like South Beach. But apparently both the character of the neighborhood and generally economic conditions have improved enough that developers have decided to move into Edgewater en masse.
The Herald identified nine high-rises in the area that are either recently completed, under construction, or planned. It points out that "the average sales price of condos built since 2003 soared to $454,317 in the first quarter of 2013 from $236,649 in 2009, at the depths of the downturn."
One developer says, "Edgewater has become one of the hippest, most chic places to live, driven by its proximity to the Design District and Midtown. It's a place people want to be." (Sure, if you consider Latin Café 2000 and that nice little Peruvian restaurant chic.)
So the Herald's thesis on "real estate explosion" is pretty solid. What the paper doesn't mention, however, are the long-term effects of another building boom. Is Miami's economy creating enough jobs for people to be able to move into more luxury high-rises? (It's not.) How long can the real estate market be healthily buoyed by the foreign investors currently snapping up most of the condo units? What will become of the Cocodorm? To where exactly do current residents both pre- and mid-gentrification move as rents, even on older buildings, increase? In 15 years, will the Herald be declaring a gentrified Overtown Miami's hip new neighborhood when Related Group breaks ground on Icon Innercity? Or will it be at least 25 years and a few more real-estate busts before that ever happens?
Will the Herald ever write about real-estate trends that aren't de facto PR pieces for developers?
Of course, why would we expect such questions to be answered by an article whose lead sentence is "Driving the streets of Edgewater recently, Martin Melo eased the accelerator of his Porsche Panamera..."?