ELLE Residences Miami: What Edgewater Resale Comparables Reveal

ELLE Residences Miami is a new-construction project, so it can seem out of place in a resale guide. It is not. Any buyer weighing a 180-unit tower in Edgewater is also weighing the existing condos a few blocks away, and the prices at which those units actually close are the most honest reference point available. According to The Real Deal's May 29, 2024 report, republished on the project's official press page, the tower is planned at 25 stories and 180 units at 3618 Northeast Fifth Avenue, with Vertical Developments leading the project and Elle making its first move into residential real estate.

For someone relocating a work life to Miami, the question is practical rather than speculative. Do you want a finished, furnished home in a new building, or an established unit in a building with a track record of closings? Resale comparables do not answer that for you, but they show what each choice costs per square foot and how much negotiating room a buyer may reasonably expect. This article uses the Edgewater resale market as the yardstick and treats ELLE Residences Miami as the item being measured.

Edgewater's numbers are easy to misread because they depend on which tier you look at. According to a Q1 2026 Greater Downtown Miami luxury condo report cited by broker Pasquale Pisana, Edgewater led the area in year-over-year sales growth and recorded the highest price per square foot in Greater Downtown, at $978. Strong activity and softer pricing can coexist, and they appear to here.

A second view comes from Susan Trevisa's analysis of a Q1 2026 Miami luxury market group study, which reports that top-tier Edgewater resale pricing peaked between 2022 and 2023 at roughly $1,500 to $1,600 per square foot and has since moved closer to $1,100 per square foot for comparable units. Miami Real Group's Q2 2026 report describes about 13 months of supply and places established waterfront resale at roughly $800 to $1,100-plus per square foot, with older legacy resale buildings lower. Taken together, the sources describe a market where buyers have choices, and where sellers who anchor to peak pricing tend to sit on the market.

Blue Bay Brokers' ELLE Residences page, which does not carry a clear date, makes the most direct comparison. It reports that the two one-bedrooms then listed for resale were asking well above the median per-foot price of Edgewater condos built since 2023, and it frames the difference as a brand premium that a buyer should negotiate. Because that page is undated, treat its figures as a prompt for your own current comp search rather than a fixed benchmark. Miami Residential's ELLE page likewise lists a small number of resale units, so the sample is thin and asking prices are not closing prices.

The structural point holds regardless. A low entry ticket is not the same as a low cost per square foot, because compact units can carry a high per-foot figure even when the total price looks approachable. Compare ELLE listings against the resale ranges above on a per-foot basis and against the actual closed sales in newer Edgewater buildings, not against neighborhood averages. The gap between a branded, furnished new tower and an older, larger waterfront unit is the premium you are deciding whether to pay.

What ELLE sells is a particular kind of home. Arquinaut, the project's concept and design firm, describes 180 turnkey condominiums with two floors of amenities, including a gym, outdoor fitness lawn, spa and salon, a summer kitchen, a rooftop theater and a resort-style pool with cabanas. New Construction Condo Miami's project sheet adds a double-height lobby, 24-hour concierge and security, a café and restaurant, valet, high-speed WiFi and a Maison Club with a library, listening room and lounge. The official press coverage notes interiors by The One Atelier and architecture by Behar Font & Partners.

Established Edgewater resale offers something different. Miami Real Group's Q2 2026 report points to high-floor, large-format waterfront units in post-2000 buildings, and Jose Munoz's 2026 market report cites larger-format towers with full spa and fitness programs and boutique buildings with only a few residences per floor. If you want square footage, a second bedroom that works as a true office, or an unobstructed bay orientation, resale often delivers more space per dollar. If you want to arrive with a suitcase and a laptop and have the home finished and furnished, ELLE is built around that idea.

Working from home changes how you evaluate a condo. Floor plan matters more than a lobby photo, because a compact unit that doubles as an office, dining area and living room will feel different on a Tuesday than on a weekend visit. The shared spaces matter as well. A library, lounge and high-speed WiFi, as listed in the project's amenity information, may offer a change of scene from your own desk, but confirm what is actually open to residents and when once the building is operating.

Location is the other half. According to Elle Decor's June 4, 2024 coverage, the site is within a few minutes' walk of the Miami Design District, and Arquinaut places it minutes from both the Design District and Miami Beach. Edgewater resale buildings further south offer different trade-offs, including more direct waterfront exposure in some cases. Visit each at the hours you would actually be home, and listen for traffic noise, since ELLE's site fronts I-195 according to The Real Deal's May 2024 report.

Start with closed sales, not asking prices. Pull the last several closings in Edgewater buildings completed since 2023, then in the larger established towers, and compute price per square foot for each. Compare those with the per-foot price of any ELLE unit you are considering, resale or otherwise. Pisana's analysis and Miami Real Group's Q2 2026 report both suggest that buyers in Edgewater currently have room to be patient, so allow time for the comparison.

Next, confirm what is verifiable. The developer has not publicly confirmed how many ELLE residences have sold, according to Blue Bay Brokers' building page, and delivery timing appears in broker listings rather than being firmly established in the official press materials we reviewed. Ask for current documentation on timing, building rules and any ownership costs in writing before relying on a broker summary. Where you can, tour a completed Edgewater building the same week you review ELLE's sales gallery, so you compare an actual home against a rendering. For a market-specific comp review, you can contact Denis Smykalov at Wolsen Developments.