Miami Herald Finally Realizes That Developers Realized That Hipsters Think Edgewater Is a Cool Place to Live

Categories: Unreal Estate

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..."?

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6 comments
internetinternet
internetinternet

Gentrification is a term used by condominium developers to sell units to unsuspecting foreigners who are unaware of the historical problems of a neighborhood.  Good luck living in any Miami neighborhood that has a history of problems.  Economy turns you are back to square one. 

cpchester
cpchester

Biscayne Blvd is such an inhospitable place to spend any time it just ruins Edgewater for me as a potential place to live. It could be a great main street if it had on-street parking, more crosswalks, maybe a bike lane, especially in MiMo district. Instead, it's a car sewer where people crash into bus stops and businesses can't meet their potential. Walking on Biscayne makes you feel like a termite. 

mworley
mworley

I really don't think that's entirely accurate. The rental prices in Edgewater, in post-2000 buildings (which dominate the area), hover around 1400-1800 for a one bedroom. This is a standard price for downtown, Brickell and Midtown. It's also considerably higher than other areas around Miami. Most of the people that live in the buildings are young, under the age of 40. I don't see a tremendous amount of younger people living in the older buildings, at least the ones between 17th and 25th. 

Edgewater development has a lot of promise; it will increase the gentrification (which will hurt a lot of people who have lived in older buildings for a long time, now forced out by an increase in rent), but that's going to happen as long as Miami continues to blossom. Furthermore, an increase in luxury condos will increase competition for rental companies looking for tenants. This will lead to a stabilization, or perhaps even a decrease, in rental prices for post-2000 condos. 

Ultimately, Miami is going through a renaissance. It's now uttered in the same sentences as Boston, SanFran, New York and DC. But it's still CONSIDERABLY cheaper than those other markets. 

mm2kay
mm2kay

That bubble it's growing again. 

Kenia West
Kenia West

Frrrack the herald. Read news times, its hip~

JoseDuran
JoseDuran moderator communitymanager

@mworley I have lived in Edgewater for the past 5 years. All the old buildings and houses are FULL of young hipsters and professionals who can't yet afford a $1,400 a month rent, and who admittedly pushed out the Latin American immigrants who used to live there before.

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