MIAMI—With condo prices in Miami's urban core rising, value-driven buyers are looking a little further north—to East Edgewater, a waterfront neighborhood just above Downtown Miami. East Edgewater remained largely overlooked during Miami's most recent building boom, but the district's land availability, combined with unobstructed water views is turning heads.

Case in point: Melo Group's 165-unit Bay House, one of the newest luxury condos planned for East Edgewater. The project is 50% reserved just three months after launching. Melo reports most of the reservations are coming from foreign buyers looking for quality—and lower prices than what Brickell and Miami Beach have to offer.

“We knew there was a demand for luxury condos in East Edgewater because of its waterfront setting and proximity to downtown, but the velocity of pre-sales reserved at Bay House has exceeded our expectations,” says Carlos Melo, a principal of Melo. “Melo Group has been developing in this neighborhood for more than a decade, and we have witnessed the area mature into a thriving residential district and destination in its own right.”