Amid the vibrant energy of Miami, Edgewater emerges as a beacon for savvy real estate enthusiasts. This neighborhood has stunning bayfront views. It also has an eclectic mix of culture and convenience. It is carving out a reputation as one of Miami's most sought-after destinations.
The modern condos lining Biscayne Bay might draw you. The promise of a secure investment brimming with potential may attract you. Edgewater beckons.
Securing financing can be a pivotal step on your journey to owning a piece of this urban oasis. Navigating through funding options requires insight—an understanding not just of numbers, but also of market trends, local developments, and lending intricacies.
This guide will serve as your compass through the myriad paths available in real estate financing.
At Bennett Capital Partners Mortgage Brokerage, we tailor solutions to turn condo dreams into reality. Our expertise paves the way for easy applications and informed decisions..
Read on to unlock the door to your new waterfront lifestyle.
Key Takeaways
✅ Edgewater Miami is a hot spot for condo investments, As of January 2024, the median listing home price in Edgewater was $904.9K, with a median listing home price per square foot of $804
✅ Financing options vary from Fannie Mae and Freddie Mac mortgages to non-QM loans and private lending, suitable for different buyer needs.
✅ A good credit score can unlock better mortgage terms. A range of tailored loan programs cater to first-time buyers, investors, and foreign nationals.
✅ Lenders prefer warrantable condos. They allow for lower down payments. Non-warrantable condos have stricter financing conditions due to higher lender risk.
✅ Buyers in Edgewater can access bridge loans for quick closings. After the acquisition, they can refinance into fixed-rate mortgages with lower rates.
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Understanding Edgewater Miami Condo Market
Understanding Edgewater's dynamic condo market is key for investors and homebuyers. This picturesque enclave offers unique investment opportunities that reflect Miami's flourishing urban tapestry.
Insight into its diversity, trends, and economic vitality helps shape a strategic path to successful real estate ventures. The region has vibrant shores.
Why Edgewater Stands Out in Miami's Real Estate Market
Edgewater glows as a gem in Miami's real estate market. It has stunning vistas and a strategic location. Nestled between Wynwood, the Design District, Downtown Miami, and South Beach. Residents get the best of city life without the chaos.
Life in Edgewater isn't just about pretty sights and homes. It's also about convenience and fun. You'll find Margaret Pace Park packed with sports courts and a dog-friendly vibe right at your doorstep.
Want more? The neighborhood buzzes with cafes and shops. It's close to cultural hotspots, like arts and entertainment districts. And let’s not forget: this area keeps growing – fast! More people want to live here every year which could mean good news if you're looking to invest or find a new home.
Location and Lifestyle
Living in Edgewater means waking up to views of Biscayne Bay. The Miami skyline is in the background. This neighborhood is a mix of modern luxury and laid-back vibes, right on the water's edge.
You can stroll along scenic paths, have a picnic at Margaret Pace Park, or go paddleboarding on a sunny day. The area is rich with cafes, boutiques, and art galleries that give it a unique charm.
Residents enjoy top-notch amenities without leaving their buildings. Think rooftop pools and private gyms. Plus, you're just minutes away from Miami Beach. You're also close to the Design District for all your shopping needs.
You can easy access downtown offices via Metromover or Biscayne Blvd. Living here makes getting around stress-free. It's not just about pretty views. It's also about convenience and quality of life. These are appealing to homebuyers and investors alike.
Edgewater Demographics
Edgewater is a melting pot of Miami flair. Young professionals mix with families and retirees. Skyscrapers sit next to cozy homes, echoing the diverse crowd that walks the streets.
This neighborhood buzzes with energy from artists, business people, and educators alike. Its vibrant community comes alive. Residents enjoy Margaret Pace Park amenities, like tennis courts and outdoor fitness areas.
People looking for condos for sale in Edgewater find neighbors who share their passions for culture and convenience. The area thrives with a spirit of growth. It draws in those who crave waterfront living close to Wynwood's famous street art or Downtown Miami's hustle.
You have many options for condo units. They are suitable for all lifestyles. You can choose a high-rise unit at Elysee Miami or a more intimate setting at Aria on the Bay.
Current Market Trends in Edgewater
Prices in Edgewater Miami are on the rise. Condos here have a strong appeal, leading to increased demand. Buyers and investors find value in this bustling area for its growth potential.
As of January 2024, the median listing home price in Edgewater was $904.9K, with a median listing home price per square foot of $804. Many people want to live near popular spots like Margaret Pace Park.
Real estate listings move quickly due to high interest. On average, prices per square foot have reached $672 over the past year. This points to a competitive environment. With 33 buildings offering condos, there are many choices. For example, Missoni Baia has luxurious finishes. Gran Paraiso has waterfront views.
Investors see strong rental yields. More people are looking for homes in Edgewater, Miami's vibrant community.
"Living in Edgewater has been a dream come true. The views, the community, and the convenience are unmatched. I couldn't have found my perfect home without the guidance of the experts at Bennett Capital Partners." - Michael T., Proud Condo Owner"
Popular Edgewater Condo Developments
Edgewater is a premier destination in Miami's dynamic real estate market. It boasts various condo developments catering to the most discerning tastes. Luxurious high-rises grace the skyline. Boutique buildings offer intimate living experiences. Each development in Edgewater is designed with sophistication and comfort in mind.
Residents can enjoy a plethora of amenities. These include state-of-the-art fitness centers and sprawling rooftop terraces. They also feature serene infinity pools and private marinas. These are all set against stunning Biscayne Bay and the Atlantic Ocean.
Our interactive condo map below showcases the best of Edgewater's condo developments. It offers detailed insights into each property. Edgewater has something to fit every preference and lifestyle.
Edgewater Miami Condo Projects
Elysee
Address: 788 NE 23 St Miami, FL 33137
12 Month Sale Range: $2,660,000 - $5,500,000
Developer: Two Roads Development
Built: 2021
Missoni Baia
Address: 700 NE 26 Ter Miami FL 33137
12 Month Sale Range: $550,000 - $2,705,900
Developer: OKO Group, OB Group, Cain International
Built: 2023
Gran Paraiso
Address: 480 NE 31 St Miami FL 33137
12 Month Sale Range: $640,000 - $4,200,000
Developer: Related Group
Built: 2018
One Paraiso
Address: 3131 NE 7 Ave Miami FL 33137
12 Month Sale Range: $695,000 - $3,950,000
Developer: Related Group
Built: 2018
Paraiso Bay
Address: 650 NE 32 St Miami FL 33137
12 Month Sale Range: $625,000 - $3,450,000
Developer: Related Group
Built: 2018
Biscayne Beach
Address: 2900 NE 7 Ave Miami FL 33137
12 Month Sale Range: $630,000 - $2,950,000
Developer: Eastview Development & GTIS Partners
Built: 2017
Paramount Bay
Address: 2020 N Bayshore Dr Miami FL 33137
12 Month Sale Range: $900,000 - $2,150,000
Developer: Royal Palm Communities
Built: 2010
Icon Bay
Address: 460 NE 28 St Miami FL 33137
12 Month Sale Range: $365,000 - $2,180,000
Developer: The Related Group
Built: 2015
Onyx on the Bay
Address: 665 NE 25 St Miami FL 33137
12 Month Sale Range: $565,000 - $1,200,000
Developer: BAP Development & GGM Developers
Built: 2007
Aria on the Bay
Address: 488 NE 18 St Miami FL 33132
12 Month Sale Range: $440,000 - $5,500,000
Developer: Melo Group
Built: 2018
New Wave
Address: 725 NE 22 St Miami FL 33137
12 Month Sale Range: $560,000 - $940,000
Developer: Cardinal Development
Built: 2006
1800 Club
Address: 1800 N Bayshore Dr Miami FL 33132
12 Month Sale Range: $415,000 - $1,200,000
Developer: BCOM, Inc.
Built: 2007
The Crimson
Address: 601 NE 27 St Miami FL 33137
12 Month Sale Range: $430,000 - $824,500
Developer: Mckafka Development Group
Built: 2015
Quantum on the Bay
Address: 1900 Bayshore Dr Miami FL 33132
12 Month Sale Range: $350,000 - $1,100,000
Developer: Terra Group
Built: 2008
Blue Condominium
Address: 601 NE 36 St Miami FL 33137
12 Month Sale Range: $470,000 - $1,265,000
Developer: Hyperion Development
Built: 2005
Paraiso Bayviews
Address: 501 NE 31 St Miami FL 33137
12 Month Sale Range: $445,000 - $810,000
Developer: Related Group
Built: 2018
Star Lofts
Address: 700 NE 25 St Miami FL 33137
12 Month Sale Range: $675,000 - $810,000
Developer: Sunborne Development
Built: 2007
Bay House
Address: 600 NE 27 St Miami FL 33137
12 Month Sale Range: $740,000 - $2,250,000
Developer: Melo Group
Built: 2015
Charter Club
Address: 600 NE 36 St Miami FL 33137
12 Month Sale Range: $320,000 - $750,000
Developer: N/A
Built: 1973
Cite on the Bay East
Address: 2000 N Bayshore Dr Miami FL 33137
12 Month Sale Range: $355,000 - $785,000
Developer: MCZ / Centrum
Built: 2004
Moon Bay
Address: 520 NE 29 St Miami FL 33137
12 Month Sale Range: $385,000 - $505,000
Developer: Cervera Real Estate Group
Built: 2007
26 Edgewater
Address: 321 NE 26 St Miami FL 33137
12 Month Sale Range: $345,000 - $460,000
Developer: Stripey Real Estate Development
Built: 2018
Emilia Edgewater
Address: 481 NE 29th St Miami FL 33137
12 Month Sale Range: $500,000 - $550,000
Developer: Massimo Nicastro
Built: 2019
Opera Tower
Address: 1750 N Bayshore Dr Miami FL 33132
12 Month Sale Range: $272,000 - $650,000
Developer: Florida East Coast Realty
Built: 2007
23 Biscayne Bay
Address: 601 NE 23 St Miami FL 33137
12 Month Sale Range: $380,000 - $520,000
Developer: Melo Group
Built: 2012
Platinum Condominium
Address: 480 NE 30 St Miami FL 33137
12 Month Sale Range: $465,000 - $700,000
Developer: Maysville Inc. & A.R. Development Group Inc.
Built: 2006
Gallery Art Condos
Address: 333 NE 24 St Miami FL 33137
12 Month Sale Range: $375,000 - $609,000
Developer: N/A
Built: 2008
City 24
Address: 350 NE 24 St. Miami FL 33137
12 Month Sale Range: $365,000 - $520,000
Developer: PanTerra Developments
Built: 2007
Cite on the Bay West
Address: 2001 Biscayne Blvd Miami FL 33137
12 Month Sale Range: $350,000 - $575,000
Developer: MCZ / Centrum
Built: 2004
Edgewater Lofts
Address: 2200 NE 4 Ave Miami FL 33137
12 Month Sale Range: $360,000
Developer: UNICO Developers
Built: 2008
1800 Biscayne Plaza
Address: 275 NE 18 ST Miami FL 33132
12 Month Sale Range: $640,000 - $270,000
Developer: Biscayne & 18 Plaza Corp + Melo Group
Built: 2005
Uptown Lofts
Address: 2275 Biscayne Blvd Miami FL 33137
12 Month Sale Range: $377,500 - $500,000
Developer: Cobalt Development
Built: 2005
The Yorker
Address: 444 NE 30 St Miami FL 33137
12 Month Sale Range: $331,700 - $730,000
Developer: N/A
Built: 2005
We can help you with a condo project review by working with one of our trusted lenders. If you're interested, please reach out to us at Bennett Capital Partners Mortgage, and we'll guide you through the process to ensure you make the best choice for your new condo.
📞 Give us a call: 1-800-457-9057
Why Invest in Edgewater Miami Condos
Investing in Edgewater Miami condos offers a unique opportunity. It's within the city's vibrant real estate landscape. It marries luxury living with sound financial prospects. Edgewater stands as an attractive investment hub. This is because of its strategic location. It has a burgeoning market potential and compelling reasons for long-term value creation.
Close Proximity to Amenities
Living in Edgewater, Miami means you're never far from what you need. Imagine walking to cozy coffee shops, trendy boutiques, and top-rated restaurants anytime. Grocery stores are a simple stroll away for your daily needs.
Banks dot the neighborhood, making errands easy and quick.
Margaret Pace Park offers a spot for sports or relaxing with friends and pets. You'll find gyms, yoga studios, and green spaces just around the corner. The Miami Trolley covers Edgewater too. It connects you to Brickell Financial District and beyond without needing a car.
It's all about convenience here. Shopping, dining out, and catching public transport are always within reach!
Investment Security and Long-term Value
Edgewater Miami condos are a smart choice for solid investment security. They also offer long-term value. The area has strong historical appreciation trends. This proves its resilience in the real estate market.
Buyers and investors trust Edgewater because it continually demonstrates growth and stability. Luxurious developments and positive market data make investing here like planting seeds in fertile ground.
The demand for living spaces in Edgewater keeps rising. It's not just about today's worth; it’s also about tomorrow's gains. Properties here have a track record of increasing in value over time.
This makes Edgewater an attractive spot for those looking to secure their financial future. They want to use real estate investments.
High Rental Yield
Investors find Edgewater Miami condos very attractive for making money through rent. The area's growth and location near hot spots like Wynwood and South Beach make these properties in high demand for renting.
Many new condos are being built. Investors have lots of choices to buy a property that tenants will love.
High rental returns come from picking the right spot in Miami, and Edgewater fits the bill. Condos here bring in strong rent. They're close to work, fun places, and important travel spots, such as Miami International Airport.
People wanting to live in Edgewater create a steady flow of renters. They are willing to pay well for the lifestyle offered by developments such as Icon Bay or Paramount Bay.
Growing Demand And Potential For Appreciation
People want to live in Edgewater Miami because it's a rising neighborhood. Luxurious condos, shops, and restaurants are everywhere. The area's beauty draws folks in. They see Biscayne Bay and nearby trendy spots like Midtown and the Design District.
This makes condos here likely to increase in value.
Buyers notice how busy Edgewater is becoming. More people moving in means more need for homes. Real estate experts think demand will keep increasing, which can also make condo prices climb.
People investing money here could see their property worth more later on thanks to this strong market trend.
Warrantable Vs Non-Warrantable Condos In Edgewater
Warrantable condos meet specific requirements set by Fannie Mae or Freddie Mac. Lenders prefer them because they can sell the loan after closing. This makes getting a mortgage easier and often cheaper for buyers.
These condos must have adequate insurance and enough budget reserves. Most units must be owner-occupied or second homes.
Non-warrantable condos don't follow these rules. They might have too many renters or one person owns a larger percentage of the units. Other factors may include ongoing litigation and deferred maintenance.
Buyers should check condo status early to avoid surprises during financing.
Financing Options for Edgewater Miami Condos
Securing the right financing for an Edgewater Miami condo hinges on navigating a diverse landscape. It includes mortgage products and requirements. This section discusses funding options tailored to align with both your financial portfolio. It also tailors funding options to the unique traits of this vibrant real estate market. It ensures that your investment meets immediate needs and positions you for future growth.
Understanding Loan-to-Value (LTV) Ratios and Down Payment Requirements
LTV ratios measure the percentage of a property's value you're trying to borrow. Banks use this number to decide if they'll give you a loan and how much interest to charge. If you want an Edgewater Miami condo, your LTV ratio must be on point.
A lower LTV means you're asking for less money than the condo's price, which looks good to lenders.
Down payments are key too. They show lenders you're serious about this investment. The more cash you put down, the less you need to borrow. That brings your LTV ratio down, and you can get better loan terms.
For many loans, 20% is a solid down payment amount – it’s like having strong roots in the ground before building up! However, some loans allow first-time buyers or special cases to put down less cash upfront. Always check which options fit your situation.
The Role of Credit Scores in Securing Financing
Your credit score is like a key that unlocks financing options for buying an Edgewater Miami condo. It's crucial because lenders look at it to decide if they'll give you a loan, how much, and at what interest rate.
A high score means you're seen as less risky, which could lead to better loan terms like lower interest rates.
Lenders use your credit score to set the rules of your mortgage deal. Getting a loan can be tougher and more expensive if your score is low. You might face higher down payments or get asked for extra proof that you can repay the loan.
Keeping a good credit history helps make buying property smoother and cheaper for you in the long run.
Best Mortgage Programs For Edgewater
Edgewater Miami condos attract many buyers. Knowing the right mortgage program can make a huge difference.
"Working with Bennett Capital Partners transformed my condo buying experience in Edgewater. Their expertise and personalized service made finding the perfect waterfront property a breeze." - Alexa R., New Homeowner Edgewater, Miami
📞 Give Us A Call Today 1-800-457-9057
Edgewater Condo Financing Case Studies
In our case studies section, we delve into real-world scenarios. Diverse buyers have successfully navigated the financial landscape of Edgewater Miami condos. These stories highlight the practical applications of the financing strategies and mortgage solutions discussed. They offer insights into how various challenges were overcome to secure dream homes in this vibrant market. The people in the stories range from international investors to first-time homebuyers.
Case Study 1: Foreign National Buying New Construction Penthouse Condo
A foreign national set eyes on a stunning new construction penthouse condo in Edgewater, Miami. This buyer wanted the breathtaking views and luxury living this area offers. They faced hurdles, though, especially with financing.
It's not so easy for foreign buyers to get loans from U.S. banks. Mortgage programs that work well for citizens are often out of reach.
This client was determined to make the dream happen. Working with savvy real estate agents and experienced loan officers was key. Together they explored multiple lending sources until they found one that fit just right. They found a private lender who understood their unique needs and long-term financial goals.
With knowledge about local market trends—including condo association fees—they crafted a smooth path forward to secure their slice of Miami luxury without delay.
Case Study 2: First-Time Homebuyer Buying a Warrantable Condo with 5% Down
A young teacher decided to buy her first home in Edgewater, Miami. She chose a warrantable condo for its investment security and ability to use low down payment options. After looking at her finances and credit score, she realized she could afford a 5% down payment.
This was exciting for her because it meant she didn't need to save as much money upfront.
She reached out to Bennett Capital Partners for advice on mortgages. They showed her how different mortgage programs worked. With their help, she found a great Fannie Mae mortgage with good terms that fit her budget.
The process went smoothly from there, and soon the keys were in her hands!
Case Study 3: Bridge Loan to Close in 5 Days After a Turn Down
Time was ticking for a buyer interested in an Edgewater Miami condo. They needed to close fast but got turned down at the last minute by their lender. This could have been the end, but they reached out for a bridge loan instead.
With determination and the right help, this buyer secured the funds within just 5 days.
Bridge loans are short-term solutions that fill the gap between financing woes and closing deals. The Edgewater case shows how crucial it is to have a plan B. Fast action and knowledge of quick-turnaround funding saved this deal from falling through.
It proves you can overcome hurdles in real estate if you work with experienced pros who know how to navigate tough situations.
How Bennett Capital Partners Mortgage Brokerage can Help
Financing an Edgewater Miami condo can be daunting. However, Bennett Capital Partners Mortgage Brokerage is poised to facilitate this journey. They have expert knowledge of condo financing. They are ready to offer tailored mortgage solutions. These solutions streamline the application process and align with your unique financial scenario.
Expertise in Condo Financing
Bennett Capital Partners Mortgage Brokerage stands out for its deep knowledge in condo financing. With more than two decades of experience, they know the ins and outs of Miami's real estate market.
They work with top financial institutions to find the right mortgage for each client. Whether you're looking at a cozy Bay Harbor Islands apartment or a high-rise in Edgewater, they've got you covered.
Clients trust Bennett Capital Partners for their personalized service. They do more than just hand out loans; they guide you through each step. You get tailored mortgage solutions that fit your needs, whether you are buying your first home or investing in property on Fisher Island.
Their team makes sure applying for a loan is easy and stress-free, even if it's your very first time.
Tailored Mortgage Solutions
Every buyer is unique, and so are their mortgage needs. At Bennett Capital Partners, experts create mortgage solutions that fit just right for each client's situation. Whether you're a first-time homebuyer or an experienced real estate investor, these custom plans meet your specific financial goals.
The company draws from over 20 years of experience to design mortgages. They work perfectly for your condo purchase in Edgewater, Miami.
The process starts with understanding your budget, lifestyle, and long-term investment plans. Loan officers then sift through various financing options with different institutions to find the best rates and terms for you.
They take care of the details like loan-to-value ratios and credit score impact—so you don't have to worry about them. With personalized attention throughout the application process, securing funding becomes more straightforward.
Hassle-free Application Process
Bennett Capital Partners Mortgage Brokerage knows you want a smooth application process. They cut the stress and paperwork for homebuyers, real estate investors, and realtors. Their experienced team walks you through each step, ensuring it's clear and simple.
You get personalized service from start to finish.
With over 20 years of experience, they match you with the right mortgage option fast. You won't feel lost or confused about what to do next. Bennett Capital makes financing your Edgewater Miami condo easier than ever.
Conclusion
As you consider an Edgewater Miami condo, remember the range of financing options available. With expert guidance from mortgage professionals, finding a loan that fits is easier than ever.
Reach out to us at Bennett Capital Partners Mortgage Brokerage for personalized support. Email or call today to start your journey towards owning a piece of Miami's vibrant real estate scene.
Your ideal condo awaits; the right funding plan will bring it within reach!
"Securing my investment property in Edgewater was seamless with Bennett Capital Partners. Their market knowledge and dedication to finding the best financing option made all the difference. I highly recommend them to anyone looking to buy in Miami." - Samantha P., Real Estate Investor"
FAQs
What is a multiple listing service (MLS) and how does it help in funding Edgewater Miami condos?
A multiple listing service, or MLS, lists lots of properties for sale—like those in Edgewater Miami. People can use this info to compare prices and find affordable condos.
Can real estate brokers in Miami help me secure financing?
Yes, real estate brokers know all about buying property in places like Coconut Grove and the Upper Eastside. They have tips on loans and can guide you through the process. Its best to reach out to Bennett Capital Partners Mortgage who can help with all financing aspects.
What are some popular condos for sale in Edgewater, Miami?
Some popular condos for sale in Edgewater, Miami include Paraiso, Missoni Baia, Biscayne Beach, Elysee, Aria on the Bay, Gran Paraiso, One Paraiso, Elysee Miami, Icon Bay, Edition Residences, Paramount Bay, and Quantum on the Bay.
How can I find homes for sale in Edgewater, Miami?
You can find homes for sale in Edgewater, Miami by working with a real estate agent who specializes in the area. You can also browse online real estate listings and visit local open houses.
What makes Edgewater Real Estate a sought-after location?
Edgewater Real Estate is a sought-after location due to its waterfront properties and proximity to Biscayne Bay. It also offers stunning views, a vibrant community, and access to amenities and attractions in Miami.
Can Edgewater condos be used for purposes other than residential living?
Edgewater condos may not be used for any purpose other than to identify properties consumers may be interested in purchasing. It's important to adhere to zoning regulations and residential usage guidelines.
Philip Bennett
Philip is the owner and principal mortgage broker at Bennett Capital Partners, Business NMLS# 2046828. He earned his degree in Accounting and Finance from Binghamton University and holds a Master's Degree in Finance from NOVA Southeastern University. With over 20 years of experience in the mortgage industry, Philip has been a leader in his field and has personally originated over $2 billion in residential and commercial mortgages.
Learn more about Philip Bennett's background and experience on our Founder's page. Whether you're a first-time homebuyer or a seasoned real estate investor, our team is here to help you achieve your real estate goals. Please don't wait any longer; contact us today to help us find the right mortgage for your needs.
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