Researching New Condo Buildings in Miami (Coral Gables, Edgewater: real estate market, renting, condos)

[tekson]

Hi all,


I am yet another northerner looking to move down to the Miami area. Specifically looking in the Brickell, Edgewater, and Downtown areas. Currently leaning towards Edgewater for bang for buck.



One of my biggest questions is where one would go in order to research buildings. Is there a website that is like a golden source for researching buildings, amenities, pros/cons, etc? Something that gives me more than just "pool, valet, etc." such as "this is a hotel building, and because of that the valet is often 20 minutes and sucks!"


Just seem to be so many options, and I'm quickly getting overwhelmed.



Thanks!

[jr8999]

https://www.miamicondoinvestments.com/condo-rankings

I am also a person who relocated from the northeast. I had planned to move to Miami for years but my job situation did not allow for it until retirement. I retired a couple years ago and moved to Coral Gables last year. During my research I used the site associated with the link above. I believe it is a good starting point but I found that more research may be needed as some of the smaller buildings may not be included.

I looked at all three areas the OP listed and then some. I believe that there is a reason that Edgewater is a good "bang for the buck". I visited there multiple times but decided to drop it from my short list at the time. While the immediate area along the bay is beautiful and suitable for walking and other outdoor activities once you get a block or two away the area has a lot to be desired. While the promise of more construction and updating has been discussed for years it is very slow to materialize. If you continue with your pursuit of Edgewater I would recommend checking out the surrounding areas to make sure it's acceptable to you.

I'm sure some of the real estate professionals will weigh in but I hope this will help you to at least get started.

[WestGuest]

IF you're renting - you need to go see the areas. The same if you're buying but google Rising Oceans Miami - I was looking for stuff at least 5 feet above sea level.

[Marc Middleton]

Originally Posted by jr8999

https://www.miamicondoinvestments.com/condo-rankings

I am also a person who relocated from the northeast. I had planned to move to Miami for years but my job situation did not allow for it until retirement. I retired a couple years ago and moved to Coral Gables last year. During my research I used the site associated with the link above. I believe it is a good starting point but I found that more research may be needed as some of the smaller buildings may not be included.

I looked at all three areas the OP listed and then some. I believe that there is a reason that Edgewater is a good "bang for the buck". I visited there multiple times but decided to drop it from my short list at the time. While the immediate area along the bay is beautiful and suitable for walking and other outdoor activities once you get a block or two away the area has a lot to be desired. While the promise of more construction and updating has been discussed for years it is very slow to materialize. If you continue with your pursuit of Edgewater I would recommend checking out the surrounding areas to make sure it's acceptable to you.

I'm sure some of the real estate professionals will weigh in but I hope this will help you to at least get started.

I have my own real estate website and it PALES in comparison to what the good folks at Condo Investments has put together over the years. Great site for data/research. Not so much for reviews - you can try review type websites like Yelp or something, but take them with a grain of salt. Only negative people post reviews of their buildings usually

If you have specific buildings you're wondering/worried about, feel free to PM me or post them here. I have lots of contacts I can put you in touch with to hear about their experiences.

[MiamiLIFE]

Originally Posted by tekson

Hi all,


I am yet another northerner looking to move down to the Miami area. Specifically looking in the Brickell, Edgewater, and Downtown areas. Currently leaning towards Edgewater for bang for buck.



One of my biggest questions is where one would go in order to research buildings. Is there a website that is like a golden source for researching buildings, amenities, pros/cons, etc? Something that gives me more than just "pool, valet, etc." such as "this is a hotel building, and because of that the valet is often 20 minutes and sucks!"


Just seem to be so many options, and I'm quickly getting overwhelmed.



Thanks!

What's your age, and what do you like to do? I moved down from NYC recently. I have spent many months down here exploring all the nabes. I ultimately settled on Edgewater. I would recommend renting first. If you're renting I would recommend Brickell or Midtown. At least you'd have walkability and you can then figure out ultimately which nabes you like the best. Good luck!

[tekson]

Originally Posted by MiamiLIFE

What's your age, and what do you like to do? I moved down from NYC recently. I have spent many months down here exploring all the nabes. I ultimately settled on Edgewater. I would recommend renting first. If you're renting I would recommend Brickell or Midtown. At least you'd have walkability and you can then figure out ultimately which nabes you like the best. Good luck!

I know I'm coming back to this pretty late - so sorry for the delay.

I'm in my early 30s, married with a toddler. I'm leaning heavily towards Edgewater, specifically near Margaret Pace Park (i.e. Aria, Quantum) and possibly downtown along the River.

[Marc Middleton]

Originally Posted by tekson

I know I'm coming back to this pretty late - so sorry for the delay.

I'm in my early 30s, married with a toddler. I'm leaning heavily towards Edgewater, specifically near Margaret Pace Park (i.e. Aria, Quantum) and possibly downtown along the River.

Margaret Pace park over downtown by 1000% - your wife will thank me later! If you had school age kids, then you'd need to go further north or west but for now, edgwater is great for a toddler and that park as well as walk to Publix. Downtown is much too hectic for a toddler, we moved immediately once my wife was pregnant with ours and were so thankful we did..

I love Pace park, played lots of beach vball there over the years in the weekend and evening leagues!

[MiamiLIFE]

Originally Posted by Marc Middleton

Margaret Pace park over downtown by 1000% - your wife will thank me later! If you had school age kids, then you'd need to go further north or west but for now, edgewater is great for a toddler and that park as well as walk to Publix. Downtown is much too hectic for a toddler, we moved immediately once my wife was pregnant with ours and were so thankful we did..

I love Pace park, played lots of beach vball there over the years in the weekend and evening leagues!

Agree on Margaret Pace Park. I recently moved from the NY area to Midtown/Edgewater. There are lots of things to do in this area. More so than in Downtown IMO. There's a Traders Joe opening soon in Midtown and in another year a Whole Foods Market Place on Biscayne will be opening as well. Main issue with this location is traffic around the 36th Street intersection. It's pretty bad. Otherwise I find this location best for my needs.

[tekson]

Appreciate the feedback. We've decided on Edgewater, specifically the Aria on the Bay building. It seems like most of the condos in that Edgewater area are super overpriced right now. Aria for example, comps average mid $500's /sq ft, but everything I'm targeting is listed at $610+. The units we're targeting have been sitting for months on the MLS, and yet still the owners don't want to negotiate even a little.

Now I need to look into my crystal ball to see if they will win or lose by waiting longer with this market. Age old question, will values come down with increasing interest rates, or will they go up with continued demand?

[elchevere]

Nothing goes up forever…even California—which has been a far more stable and rising real estate market than Miami—has had corrections nor when NYC went through rough periods (1970’s, 9-11, 2008) did it stay down forever.

Nothing wrong with renting first (even with prices high as they are now) to make sure the building and area you have your heart set on are somewhere you plan on living for at least 8-10 years before committing to a purchase.

As I stated in another thread, stocks are priced for future future activity whereas real estate is a lagging indicator--did people refinance last decade before interest rates went down?...no....it will take awhile for real estate to adjust even after the first few interest rate hikes.

Originally Posted by tekson

Appreciate the feedback. We've decided on Edgewater, specifically the Aria on the Bay building. It seems like most of the condos in that Edgewater area are super overpriced right now. Aria for example, comps average mid $500's /sq ft, but everything I'm targeting is listed at $610+. The units we're targeting have been sitting for months on the MLS, and yet still the owners don't want to negotiate even a little.

Now I need to look into my crystal ball to see if they will win or lose by waiting longer with this market. Age old question, will values come down with increasing interest rates, or will they go up with continued demand?