The Edition Residences Miami | An Independent Review

The Edition Residences Miami in Edgewater | Is this the Best New-Construction Condo in Edgewater?

Introduction

 Welcome to our independent analysis of the newly launched Edition Residences Miami in one of the rapidly growing neighborhoods in the Urban Core, Edgewater. We have created this report to provide you with a realistic and authentic review of this new-construction project. As you read through our analysis, we hope you will gain greater insight into the Edgewater Real Estate Market and how the Edition Residences will perform against the competition.

We will share candid condo market snapshots from our in-house analytics software program, Condo Geeks. Our reports and software programs have proven to be an asset to brokering in Miami. As always, if you are looking for a personalized approach and expertise, contact our group directly to discuss this in more detail. We have more than fifteen years of experience in the Miami real estate market and access to exclusive software programs that have monitored the Miami condo market for over a decade. As we progress on Miami’s new-construction pipeline, it is critical that you have access and guidance as you make a better investment decision.

Developers Information, Floor Plans and Renderings of The Edition Residences Miami Edgewater

1. The Edition is the Perfect Addition to the Edgewater Neighborhood

The Edition is a brand cultivated around embracing a global footprint in the world’s gateway cities. As a brand that embodies the essence of “rubbing elbows with the locals,” it is an ideal addition to the predominantly residential neighborhood of Edgewater. Other areas in the Urban Core, such as Downtown Miami, which already has a significant number of hotels with more in the pipeline, will continue to embody a transient atmosphere prone to a more volatile resale market.

Edgewater is a Bayfront neighborhood undergoing significant redevelopment with a primary focus on residential living. It is surrounded by other sub-markets catering to Miami’s cultural and culinary scenes, such as Miami Design District, Wynwood, Midtown, and Brickell.

2. The Location of The Edition Residences Miami

The Edition Residences will be located at 2121 N Bayshore Drive, strategically situated on a corner lot along the Biscayne Bay and immediately North of the only Bayfront park in Edgewater, Margaret Pace Park. When we consult our clients on premier locations, we focus on the possible obstruction to the building’s view. In Edition’s case, since this is on a corner lot and directly on the Bay, it will have unobstructed views with the 800 linear feet of water frontage along the Intracoastal Waterway.

Edgewater is the closest neighborhood in the Urban Core to the Miami International Airport, approximately 15 minutes away. This Bayfront neighborhood also has three causeways that connect to Miami Beach, creating an accessible option for many residents.

3. Edgewater Miami is a Neighborhood with Significant Upside

In the last two years, more than 60 businesses have announced their expansion into Miami. Most firms have chosen to move their offices to the Urban Core, with others expanding into Coconut Grove, Miami Beach, and Aventura. Given Edgewater’s pivotal location in the Urban Core, it’s become a convenient location for employers and its employees to live and work. Edgewater is undergoing a significant redevelopment cycle, from low rises to high rises and historical sites to gastronomic experiences. Restaurateurs have also chosen to redevelop historic sites into modern-day culinary hotspots.

Other critical movements have given Edgewater a significant advantage over other neighborhoods, such as Soho House announcing their second Miami location to be in Edgewater. This announcement complements the lifestyle that the area can offer its residents. Other areas like Wynwood have seen significant redevelopment, making it more residential while housing major businesses such as Blockchain.com.

4. The Floor Plans are some of the Best in Edgewater

The Edition Residences Miami will exclusively house 185 Bayfront residences along its 55 floors. The floor plans are pretty generous, as the smallest unit will have 1,952 SF of interiors with over 400 SF of exteriors (one-bedroom plus den), and the largest will have 3,815 SF of interiors with 619 SF of exteriors (four-bedroom unit).

Residences will feature a kitchen island, gas cooktop, ten to fourteen feet in ceiling heights, and deep terraces. The average two-bedroom unit in Edgewater has about 1,142 SF of interiors, while the two-bedroom residence at The Edition has approximately 2,745 SF of interiors (almost 2.5 times the size). Specific residences will feature a den with a full en-suite bathroom, possibly as a second bedroom, home office, or additional living room.

Our Cherry-Picked Unit is: Signature Residence A

This floor plan is the SE corner unit for the building between the 10th and 39th floors. One of the more extensive floor plans as it houses three en-suite bedrooms and three and a half bathrooms over 2,745 SF of interiors and 280 SF of terrace space. One of the more critical factors of this floor plan is the layout. As you walk into the residence, you will immediately see the southern side of the building with views of Biscayne Bay and Margaret Pace Park.

When looking at new-construction residences, it’s essential to analyze the floor plans and ensure they are functional. In most corner units (as well as with general residences), the entrance is towards the back of the unit, which, if not appropriately designed, could block your view when you walk in. These residences start at $3,000,000.

For a more personalized approach and insight, contact our group so that we can provide you with a greater understanding of making a better decision.

Two southeast-facing units. Picture or floor plan 1 is a signature residence located on floors 10-39. The second floor plan is the same line, but a sky residence.

5. The Economics Make Sense for the Neighborhood

The price per square foot for the Edition Residences ranges from $870 to $1,939 per SF. The higher prices are reserved for the penthouses and the four-bedroom Sky Residence on Floors 40 to 53. An essential part of any real estate conversation is to get granular. Therefore, we will compare the Edition Residences to other buildings with similar characteristics to provide a more accurate projection of how these residences compare to others.

Sales in Similar Condos

We gathered all the sales that have closed in the last year from buildings that share similar characteristics to Edition Residences. The closed price per SF ranges from $729 to $1,598, with an average of $1,009 per square foot. Although this range is lower than the price range for Edition Residences, it’s essential to understand that the floor plans, density, location, and finishes determine the value of any condo. The majority of the newer buildings in Edgewater have more units than Edition Residences, yet offer smaller floor plans. For example, the average two-bedroom unit in Edgewater goes for approximately $843 per square foot with 1,500 SF of interiors compared to a two-bedroom unit at Edition Residences for $870 PSF with 2,331 SF of interiors (1.5x the size of the average two-bedroom unit in the neighborhood). Contact our group for specific pricing and availability on the Edition Residences.

Using our in-house analytics program, Condo Geeks, we can track how the overall condo market performs against each building. In addition to the existing condo analysis, we ran the numbers on nearby new-construction projects, denser than Edition Residences, ranging from $1,078 (one-bedroom unit) to $1,418 per square foot (four-bedroom unit). By exclusively housing only 185 Bayfront residences with more expansive floor plans, the Edition Residences resembles a more boutique living experience than other projects that plan to build 700+ residences.

Prints creen from our Condo Geeks tool. You can see here that the larger 1,900 SF+ units at similar condos like Gran Paraiso, One Paraiso, and Elysee also sell for around $1,000 per SF.

Does the Edition Residences in Miami Edgewater have any downsides?

Projects are not perfect, and the Edition Residences Miami might not work for you. The developer is planning on building two more towers. They have not finalized whether these will be residential units or high-end rentals. Too many rentals in a project are not beneficial and might, therefore, pose a red flag. Although Edgewater is seeing tremendous growth, this is Edgewater’s most expensive condo to date. Whether it is justified or not, it is something you should keep in mind.  Finally, Edgewater’s walkability is still not 100% there like it is in Brickell, but has an upside in the years to come.

If the Edition residences do not work for you, alternative Edgewater condos are: Elysee, One Paraiso or Biscayne Beach.

The Benefits of Buying Miami Pre-Construction Condos with The David Siddons Group