Building facts
- Address
- 725 NE 22nd Street
- Neighborhood
- Edgewater
- Year built
- 2006
- Floors
- 20
- Residences
- 78
- Status
- Completed
- Developer
- Cardinal Development
- Architect
- Kobi Karp
- Pricing
- Starting at $725,000
Verified 17 August 2026Miami-Dade County Property Appraiser1 source
New Wave — photography to follow
Key Takeaways
- New Wave is small — 76 residences, with no commercial folios at all. That scarcity is the building’s defining feature.
- 2026 has already produced seven qualified sales, against one in all of 2025 — the only building in this group where volume rose rather than fell.
- Price per square foot rose with it, from $579 to $696 — the highest level recorded here since 2023.
- Homes run 850 to 2,250 square feet, median 950 — 50 one-bedrooms, 25 two-bedrooms and a single three-bedroom.
- The 2026 median assessed value is $404,512.
- Every figure here rests on a very small sample. In a 76-unit building, three sales is a normal year — treat all of it with appropriate caution.
New Wave, by the numbers
Developer: Cardinal Development · Architect: Kobi Karp · Starting at $725,000. Source: the building record on this site.
725 NE 22nd Street, Miami, Florida | Neighborhood: Edgewater
A genuinely small building in a neighbourhood of towers
Counted against the Miami-Dade County Property Appraiser record on 17 August 2026, New Wave returns 76 folios, all of them residential — no commercial units, no storage or parking folios registered separately, no hotel component.
Edgewater is defined by towers of several hundred units each. A 76-home building is a different proposition entirely: a smaller association, fewer competing listings when you sell, and none of the mixed-use complexity that comes with retail and hotel operators inside the same structure.
The mix is 50 one-bedrooms, 25 two-bedrooms and one three-bedroom, with heated area from 850 to 2,250 square feet, median 950. Note the floor: there is nothing below 850 square feet here, so even the one-bedrooms are generously sized by neighbourhood standards.
The one building where 2026 went the other way
Qualified sales from the county record — arm’s-length only.
| Year | Qualified sales | Median price | Median $/sq ft |
|---|---|---|---|
| 2023 | 3 | $850,000 | $659 |
| 2024 | 3 | $550,000 | $579 |
| 2025 | 1 | $810,000 | $579 |
| 2026 to date | 7 | $975,000 | $696 |
Across every building I have measured this way, the pattern has been the same: volume down, price per foot down. New Wave is the exception on both counts. Seven qualified sales so far in 2026 against one in the whole of 2025, at $696 per square foot — the highest figure in the four-year record — and a $975,000 median.
Something is drawing buyers to this building specifically at a time when the neighbourhood’s larger towers are seeing the opposite.
Why you should not over-read these numbers
I want to be straight about the limits here, because it would be easy to oversell this.
The samples are tiny. Three sales, three sales, one sale, seven sales. In a 76-unit building, a normal year is a handful of transactions, so a single unusual sale moves the median hard. The 2025 row is one home — it is not a market reading, it is a single data point.
Seven sales in a partial year is a real change in tempo and worth noting. But the honest version is: the direction is encouraging and the sample is too small to call a trend. Another two quarters at this rate would make it one.
Who this building suits
This suits a buyer who wants Edgewater without living in a 600-unit tower — a smaller association, generously sized one-bedrooms, and no retail or hotel operating downstairs.
The scarcity cuts both ways. With 76 homes and historically two to three sales a year, inventory appears rarely. If you want in, you may wait; if you own here and want out, you have very little competition, which the 2026 figures may be reflecting.
If you are selling, this is the rare case where the recent record is an asset. Just be prepared for a buyer to point out, correctly, how few transactions it rests on.
New Wave Edgewater — Frequently Asked Questions
How many units are in New Wave?
The Miami-Dade County Property Appraiser records 76 folios at 725 NE 22nd Street, all of them residential. There are no commercial condominium folios in the building.
Are prices rising at New Wave?
On the county record, 2026 has produced seven qualified sales at a median of $975,000 and $696 per square foot — up from one sale at $579 per square foot in 2025, and the highest per-foot figure in the four-year record. The sample is small, so treat the direction as encouraging rather than established.
What size are the residences at New Wave?
Heated area runs from 850 to 2,250 square feet with a median of 950. The mix is 50 one-bedrooms, 25 two-bedrooms and one three-bedroom — there are no studios and nothing below 850 square feet.
Why does New Wave trade so rarely?
It is a small building. With 76 homes and historically two to three qualified sales a year, inventory simply appears less often than in the surrounding towers, which hold several hundred units each.
Is New Wave a good investment?
The recent record is the most encouraging of any building I have measured this way, but it rests on very small samples — seven sales in a partial year, against one the year before. The building’s real appeal is scarcity and a smaller association, not a proven price trend.
Does New Wave have retail or a hotel in it?
No. All 76 folios on the county record are residential, so unlike several larger buildings nearby there is no commercial or hotel operation inside the association.
Sources and further reading
Interested in selling in New Wave?
Learn more about selling your condo in New Wave with Josh Stein.
Edgewater Condo & Loft Buildings
Edgewater runs along Biscayne Bay between the Venetian Causeway and the Julia Tuttle. Every building below is covered in this series, with its own county sales record:
- 1800 Biscayne Plaza
- 1800 Club
- Aria on the Bay
- Bay House
- Biscayne Beach
- Blue Condominium
- Cite on the Bay
- City 24
- Edgewater Lofts
- Elysee Miami
- Gallery Art Condominium
- Gran Paraiso
- Icon Bay
- Moon Bay
- One Paraiso
- Onyx on the Bay
- Opera Tower
- Paraiso Bay
- Paramount Bay
- Platinum Condo
- Quantum on the Bay
- The Crimson
- The Grand Condos Miami
- Uptown Lofts
Thinking about New Wave?
I have sold South Florida property since 2002, more than $1 billion of it. Ask me for the recorded declaration, what has genuinely closed, or a straight answer on whether this building fits what you are after.
Josh Stein · Florida real estate sales associate, license SL3057661 · (305) 695-8257 · hello@joshsteinrealtor.comRelated coverage
Part of Miami Luxury Condos.