The best cities in Florida to invest in this 2020

Miami is considered one of the best cities in Florida to invest in. At Miami Riches, we show you the attractions and benefits of its different areas for you to discover where to invest in 2020.

The city of Miami is surrounded by several areas that show their style, ranging from the financial district to the district of the arts. This is our list of the 5 most popular districts to invest in the upcoming year:

Brickell

Located in downtown Miami, Brickell is South Florida's premier financial district. An urban neighborhood, adorned with luxurious buildings, offices, hotels, and a multicultural selection of cafes, restaurants, and clubs that make it the favorite place for locals, tourists, and entrepreneurs, as well as the residence of a large number of millennials.

Midtown

One of the fastest-growing areas in the city, Midtown is the perfect area for those who enjoy the balance between good living, fashion, and the arts. With its streets full of life, its surroundings breathe a cultural diversity that has enriched each of its spaces, which is why you can taste a variety of dishes and beverages, find any architectural style, trends in decoration, or simply witness their daily activities on the spot.

Wyndwood

Better known as the Wynwood Arts District, thanks to Tony Goldman, who saw the artistic potential of the area in its purest representation, graffiti. After years of exploration, in 2009, the still celebrated exhibition, Wynwood Walls, opened. Thus in 2016, Wynwood was proud to celebrate its second spring as a fashionable neighborhood of the city.

Downtown

Downtown Miami refers to the center of the city; it is one of the neighborhoods in Miami characterized by its high buildings and views of Biscayne Bay. Dazzling skyscrapers, business centers, conventions, and meeting centers with unsurpassed views of the sea make this place a jewel.

Edgewater

The Edgewater neighborhood is accompanied by its characteristic skyscrapers, modern buildings that are under development, and the strong artistic movement that is felt there by the proximity to Midtown Miami and Miami Design District. It is on the edge of the bay, which makes it an area of great interest to domestic and foreign investors who project into this neighborhood.

Edgewater Miami Condominiums

When it comes to Edgewater, revitalization is the perfect word to describe the development going on there.  Residents who want to be close to downtown along with the up and coming Design District and artsy Wynwood consider Edgewater the perfect area to live in Miami.  The fact that it sits along Biscayne Bay is the icing on the cake. 

And, even though developers are in the process of building or overhauling condominiums in the Edgewater neighborhood of Miami, there are already residential properties that are considered to be in Edgewater as they fall within the established borders of the neighborhood.  Here are a handful of established Edgewater condominiums with properties available for sale or rent:

Biscayne 21, 2121 N Bayshore Drive.  Let’s talk location.   Yes, Biscayne 21 was built in about 50 years ago but the location is absolutely a premium one.  The residences in the building are dated but the advantage of living here means bigger rooms and lots of character.  The building consists of everything from studios to three-bedroom units with list prices ranging from the upper-$100s to mid-$400s which is very affordable for most any buyer.  And, with unencumbered Bay views from many of the residences, Biscayne 21 is suddenly a very attractive prospect.  As for amenities, the condominium offers a secured entrance as well as tennis courts, swimming pool that faces the Bay, a club house, barbeque area and more.  Properties that sold in 2014 typically averaged about 75 days on the market depending on the unit and the number of bedrooms with the sale price per square foot ranging from the low to mid-$200s for one and two-bedrooms to the low-$300s for three-bedrooms.  With 192 units, there are only six units for sale at Biscayne 21 and no available rentals.  Investors should take note that recent rental rates range from about $1,500 to about $2,500 per month.

For Sale at Biscayne 21

Cite Condo, 2000 North Bayshore Drive/2001 Biscayne Boulevard.  Only 10 years old, Cite holds the cool factor with its design and location.  It features three buildings comprised of loft-style and flat-style condominium units.   The loft-style units have exposed design elements that resonate with a NYC loft residence (some with walk-up entrances) while the flat-style units have more common and contemporary design elements.  Although it is a newer building in the area (10-year old new), it has a lot of character to it.  Amenities for residents include 24-hour security and valet parking, covered parking, concierge, pool and spa, a fully-equipped state of the art fitness center, and more.  In 2014, there were 36 sales at Cite with sale prices ranging from the low-$200s ($312/square foot) for one-bedroom units to the upper-$400s ($294/square foot) for three-bedrooms.  The average number of days on the market for units at Cite was around 95 days.  Currently, there are 22 units for sale at Cite along with eight available rental properties.  Investors should note that recently rented properties have monthly rates falling between about $1,600 for one-bedrooms to about $2,600 for two bedrooms.  Currently there are eight rental units available with rates starting at $1,850 and climbing to over $3,000 for a rarely offered three-bedroom unit.

For Sale at Cite Condo

Paramount Bay, 2020 North Bayshore Drive.  Next door to Cite is the recently completed Paramount Bay Condominium.  Located just a block from Margaret Pace Park, Paramount Bay sits directly on North Bayshore facing Biscayne Bay – talk about views!  One of the most exclusive features of living here is the fact that private elevators open directly into units.  Additionally, because this is considered a luxury condominium, it features more high-end fixtures and finishes that give it a very exclusive feel.  And the views from each unit are unbelievable. There were about 40 sales at Paramount Bay in 2014 with the majority being two-bedrooms.  Sale prices for those sold last year range from the mid-$600s to mid-$700s for one-bedrooms; the mid-$700s to about $1.5 million for two-bedrooms; just under $1.2 million to almost $2 million for three-bedrooms; and, over $3 million for four-plus bedrooms and penthouse residences.  January 2015 already shows two closings.  As for current available sales, there are 30 units listed for sale.  The seven available rentals have monthly rates ranging from $4,000 to $6,000 per month for seasonal and annual rentals.

Paramount Bay Real Estate Listings

Platinum Condo, 480 NE 30^th Street.  Located adjacent to several new condominiums under construction in Edgewater, Platinum is a boutique 22-story mid-rise tower with only 119 residences comprised of a mix of lofts, one, two and three-bedroom residences ranging in size from 828 to 1,763 square feet each with floor-to ceiling windows and contemporary glass balconies. Amenities include state-of-the-art gym, lap pool, Jacuzzi, 24-hour security, valet parking and concierge services.  Platinum is located a block off the Bay and is surrounded by condominiums under construction – Icon Bay, Bay House, Biscayne Beach and Paraiso Bay just to name a few. There are currently six listings at Platinum Condo for sale with list prices ranging from the mid-$300s to upper-$400s and low-$500s for one and two-bedroom properties.  As for rentals, there are three available rentals with monthly rates starting just under $2,000 for a one-bedroom and climbing to over $2,500 for a two-bedroom residence.  Three-bedrooms rarely ever come available – sale or rent.  In 2014, there were only nine sales at Platinum Condo – sale prices from the upper-$200s to mid-$400s.  The average sale price per square foot fell between $330 and $350 per square foot with the average number of days on the market at almost 170 days for one-bedrooms and only 44 days for two-bedrooms.  The only three-bedroom unit that sold in 2014 sold for under $300 per square foot in only 114 days.

For Sale at Platinum Condo

Plenty of Opportunity to Move Here

With the construction of new condominiums continuing as part of the revitalization of Edgewater, established condominiums offer plenty of opportunity to immediately move to this cool and low-key neighborhood.  It is fairly quiet as far as tourism is concerned which makes it that much more appealing for the residents of Miami who want to be away from the crowds in the other popular areas of Miami but want to maintain a more cosmopolitan lifestyle.

Miami Real Estate Alternatives to Sold Out Icon Bay

As the real estate market heats up yet again and Miami real estate buyers are scooping up property in Midtown, Brickell, and other close neighborhoods, it seems the race is on to get in on all of the opportunities.   One of the neighborhoods on the rise is Edgewater.  Previously a run down, unsafe part of Miami, Edgewater seems to be the target for a lot of investors and developers as more and more set their sights on this up and coming part of Miami situated along Biscayne Bay.  Because of this, several condominiums are under construction or in the planning stages in addition to those built over the past several years. 

One of the most appealing characteristics of Edgewater is that it flies under the radar for most tourists heading to Miami making it ideal for those who live in Miami all year long.  That may just be one of the reasons that one of the most anticipated projects construction sold out so quickly – very early in the process.  Potential buyers still have their eyes set on Edgewater.  Even though there are no opportunities to buy at Icon Bay, there are other opportunities within a few blocks of this highly sought-after property.  Following are a few Miami real estate alternatives to sold out Icon Bay:

Bay House Condominium, 600 NE 27^th Street.  Planned for completion in Fall 2015, this MELO development is situated just a couple of blocks from Icon Bay. It features 38 floors consisting of (168) two and three-bedrooms units with panoramic Bay and city views.  Some of the highlights include seven-foot wide private terraces, energy efficient, tinted, impact resistant, floor-to-ceiling sliding glass doors and windows, “smart building” pre-wiring with fiber optics for high speed internet, data/voice cable TV access, Italian cabinetry in kitchens and bathrooms, and imported stone counter tops .  Building amenities planned include a spacious pool deck, business center, fully-equipped state of the art fitness center, 24-hour valet parking and attended security services, children’s play room, private and semi-private high-speed elevators and so much more.  List prices start in the low-$500s and climb into the upper-$800s to low-$900s. 

Moon Bay Condominium, 520 NE 29^th Street.  Built in 2007, Moon Bay sits just one block from Icon Bay also on the Bayfront.  Originally, part of Midtown, Moon Bay is a boutique condominium with only 61residences on 12 floors.  Amazingly enough there are a whopping eight floor plans for the relatively small number of units which range from 700 to just under 1,200 square feet and house one and two bedrooms.  The kitchens are large and have a European style with granite counter tops and backsplashes stainless steel appliances and sleek cabinetry.  On top of this, units are high speed internet and cable ready and have state of the art bathroom fixtures and marble vanities.  Best of all, the large balconies feature beautiful views unique to Miami.  Residents have access to a nice club room, fully-equipped fitness center, and a lanai pool deck and swimming pool with a very tropical feel.  Because it is such a small building compared to its neighbors, there are typically very few properties for sale with only two listings to date with list prices in the high-$200s to low-$300s.  It is ideal for first-time buyers and those buyers who work in close by neighborhoods but want to somewhat escape the excitement and action for which Miami is known. 

Crimson Waterfront Residence, 527, NE 27^th Street.  Another condominium under construction just a block from Icon Bay is Crimson Waterfront Residences.  Tentatively slated to be completed in early 2015, this Bayfront condominium has a very contemporary style that complements its neighbors and appeals to a broad range of buyers.  The plans call for the LEED certified building to house 90 units on 18 floors ranging in size from 829 square feet for one-bedroom units to over 2,200 square feet for upper level penthouses.   Residences are open and airy with ceiling heights between 9’4” and 11’4” and additional features like spacious terraces, lovely kitchens with glass tile backsplashes, Italian cabinetry, and high-end stainless steel appliances, spacious closets and beautiful unobstructed water views to the bay and spectacular city views.  As for building amenities, embracing the bay breezes is at the forefront with an 8th floor resort-style pool deck with panoramic views of Biscayne Bay as well as direct bay front boardwalk access and an exquisitely landscaped 20,000 square foot gated park.  Other amenities include an outdoor barbeque area, water features throughout the building, park and Bay, fully-equipped, state-of-the-art fitness center and yoga studio, private movie theatre, and so much more.  Pricing at Crimson starts in the mid to upper-$300s for one-bedroom units and climb to about $1 million for a three-bedroom penthouse.  Reservations are now underway with only 20 percent down; closing expected in late first quarter 2015. 

Star Lofts, 700 NE 25^th Street.  Star Lofts is another condominium that falls within the Edgewater neighborhood borders.  As a loft-style condominium, there are 47 units on 25 floors (up to only three units per floor) with tons of space and beautiful bay views.  Each unit the features include designer fixtures, exposed pipes, flooring and other loft-style finishes.  The kitchens are spacious and have granite counter tops, stainless steel appliances, and sleek, contemporary-styled cabinetry while the baths are fresh and modern with ceramic and marble flooring and vanities as well as stylish fixtures.  At Star Lofts, there are several listings with prices between the upper-$200s and over $2 million.  Since the beginning of the year, only two units have sold at Star Lofts.  Units tend to stay on the market longer.  It is a different kind of condominium that attracts a certain buyer but with Edgewater’s revitalization, this is definitely a condominium that deserves a second look. 

Paraiso Bay, 600 NE 31^st Street.  This is one of the most anticipated projects in the Edgewater neighborhood.  Even though construction has begun for this mega-project from the Related Group and Arquitectonica, Paraiso Bay's completion is not expected until sometime in late 2016/early 2017.  Plans show two 55-story towers with 700 units between the two buildings and only seven units per floor.  In terms of bedrooms, there are slated to be two, three, and four bedroom units plus penthouses.  Probably the most appealing feature is that each residence faces in the east-west direction so that everyone can enjoy city and bay views not to mention the gourmet kitchens and large terraces that make the amazing views that much more enticing.  Building amenities a marina for watersports and boat docking, pool side cabanas and a café, the Acqua Club, a wine cellar with tasting salon and a cigar lounge with private humidors for residents, state-of-the-art fitness center and more.  Since we featured Paraiso Bay in a blog last year, list prices have changed to start in the mid to upper-$500s. 

Real Estate on the Rise

With so many new developments coming to Edgewater, it is very evident that real estate is on the rise.  For those who missed buying at Icon Bay, don’t fret – look at these other options as well as the others that are under construction or slated to begin.  Edgewater is quickly becoming THE place to live in Miami. 

The Miami Bayfront is Booming

Miami new construction is on a roll with so many properties coming up in different parts of the city as well as the Bayfront area.  Real estate professionals often say that the Miami Bayfront is booming!  And what a great place to be…the Miami Bayfront features amazingly breathtaking views of Biscayne Bay, South Beach and the Miami skyline. 

One of the best parts of living here is being so close to Bayfront Park.  If there is not an event going on, it is just a nice place to spend some time outside getting your daily dose of Vitamin D.  A really cool event coming up next weekend is the Ultra Music Festival.  Over the three days – March 28-30, the world’s most famous DJ’s come together at one of the largest electronic music festivals in the world.  This is a fantastic event for anyone who loves music and loves to dance with several popular Miami DJs performing.  

Bayfront Park is one of the best parts of Miami.  This large park features a large amphitheater and a large park and pavilion.  In addition to simply enjoying the tropical landscaping, there are free yoga classes, a trapeze school, a huge playground and so much more. 

Miami Bayfront Real Estate

Midtown and Downtown Miami are the closest neighborhoods around Bayfront Park.  These neighborhoods are well known for their beautiful and luxury condominiums.  Several of them feature residences that look over Bayfront Park and Biscayne Bay. 

An up and coming neighborhood, Edgewater , is situated just north of Bayfront Park and is undergoing a major overhaul turning it from a rundown and avoided part of Miami into a neighborhood where people are beginning to flock.  Developers like The Related Group see the potential in Edgewater and have begun to develop major projects along the water. 

Properties Close to Bayfront Park

Whether a new condominium or one that has been around for a while, there are lots of options to living near Bayfront Park.  Several are within walking distance to the park and offer lots of amenities to make living in Miami like living on vacation all the time.  Here are some of the closest condominiums to Bayfront Park as well as others along the water that are worth mentioning.

One Miami. Located at 325 South Biscayne Boulevard, One Miami is a two-tower condominium with almost 900 residences.  It was developed by the Related Group with help in the architectural design by Arquitectonica.  Amenities include a resort-style pool, 24-hour valet and concierge, 24-hour security with gated entry, common rooms for entertaining and meetings, and so much more.  There are studios, penthouses, one bedroom, two and three bedrooms ranging in size from 507 to 3208 square feet.  List prices typically fall between the mid-$200s and the mid-$800s with units taking about 150 days to sell.  In terms of rentals, there are always units for rent with monthly rates ranging from about $1,700 for a studio to over $3,500 for a three-bedroom unit.  For those interested, there are fully furnished units as well as unfurnished available.  This is an excellent option for Miami real estate investors.   

50 Biscayne.  This Related Group condominium sits directly across from Bayfront Park and features a very creative and unique architectural style by Sieger Suarez.  Built in 2005, it is a 54-story building with 523 units all spread over the building.  It offers a three-story ground floor with retail/commercial space, a state-of-the-art fitness center, large pool and so much more.  Units feature continuous glass balconies, floor to ceiling windows, gourmet kitchens and more.  List prices at 50 Biscayne start in the low to mid-$200s and climb to about $1 million with the average number of days on the market at about 160 days.  In terms of rentals, monthly rental rates ranging from 567 to almost 2,000 square feet.   

Met 1 Miami. Situated on Biscayne Bay, Met 1 is just a few short blocks from Bayfront Park (no parking issues for the Ultra Music Festival!) and faces the point where the Miami River flows into Biscayne Bay.  This is a beautiful condominium with lots of character in its design.  It consists of 447 residences comprised of lofts, tower suites and penthouses with one to three bedrooms.  List prices for Met 1 condominium properties typically range between the low to mid-$200s and upper-$900s taking about 120 days to sell.  As for rentals, monthly rates go from about $1,700 to almost $8,000 for a larger upper-floor, three-bedroom unit.  There are lots amenities inside each unit as well as throughout the condominium. 

Edgewater

Just north of Bayfront Park and the Midtown neighborhood is Edgewater.  This up and coming neighborhood is beginning to take Miami by storm.  Developers have begun to buy up land and lay the groundwork for new condominiums as well as retail and commercial space throughout the area.  The Related Group has several major projects in the works that will give Edgewater its claim to fame. 

Paraiso Bay.  In Spanish, Paraiso means paradise and that is what Paraiso Bay is destined to be.  It will be set on five acres that will include a beautiful new park designed for the public in exchange for the city allowing one of the streets to be permanently closed off.  Paraiso Bay will consist of two 55-story towers housing approximately (345) one, two, three and four-bedroom units ranging in size from about 1,000 square feet to about 2,500 square feet.  All of the residences have gorgeous bay views as there are only a maximum of seven units on each floor lined up across the building.  While much of the building is sold out, list prices range from the upper-$300s to well over $1 million.  Rentals are yet to be determined as the property is under construction. 

Icon Bay.  Another Related Group project under construction in Edgewater is Icon Bay.  It features 40 stories with 300 units and a grand three-story lobby that will showcase the fabulous artwork that is a passion of Jorge Perez.  Each floor will house only eight units consisting of one, two and three bedroom residences with bay views.  Sizes range from slightly more than 900 square feet to over 1500 square feet (penthouses are over 2,000 square feet).  Each residence is contemporary in its design and amenities with the common areas featuring the same unique look and tons of bells and whistles.  Completion is expected in Spring 2015 with the majority of the building sold out. 

A Popular Area

With so much going on in terms of Miami real estate developments in and around Bayfront Park, it is no wonder that the park is such a popular area for major events.  It is events like the Ultra Music Festival that bring so many people to the area allowing them to see what Miami is all about and how fabulous it is to live here.  There is no place like it and nowhere else a lot of people want to be.

Paraíso Bay - se construye el Paraíso en Miami

Debido a la recuperación del mercado de bienes y raíces en Florida, distintos desarrolladores inmobiliarios se encuentran muy motivados a incentivar la construcción de nuevos condominios en la ciudad de Miami. Con varios proyectos en proceso de aprobación y otros a punto de iniciar, Paraíso Bay es uno de los proyectos más importantes de la ciudad.

Como parte del proyecto de desarrollo y mejoramiento de distritos enteros en Miami, Paraíso Bay  forma parte de los lujosos planes en el prometedor Edgewater. Con una situación privilegiada frente a la bahía, este nuevo condominio estará a sólo 15  minutos de distancia de el AeropuertoInternacional de Miami y cruzando la Tuttle Causeway se encontrará con South Beach.

En imponentes cinco acres de terreno, el complejo incluirá un hermoso parque. Serán dos torres de 55 pisos con apartamentos de uno, dos, tres y cuatro dormitorios, cuyos tamaños varían  desde unos 1.000 pies cuadrados a cerca de 2.500 pies cuadrados. Todos los apartamentos contarán con magníficas vistas a la bahía, ya que sólo habrá un máximo de siete unidades por piso.

Dentro de los servicios que Paraíso Bay ofrece a sus propietarios se encuentran ascensores privados para cada unidad, una enorme piscina estilo “laguna” que da a la Bahíade Biscayne, una zona de masajes al aire libre y un spa relajante, un gimnasio de última generación, un parque de media hectárea con parque infantil, zona de ejercicios, senderos y esculturas de artistas de la Fundación Nacional de Jóvenes Artistas, y otros servicios en la base de las dos torres… sin duda, un lugar para vivir mejor.

Para saber cómo se vive en Edgewater y el desarrollo del lugar, lee más aquí.