The Upper East Side is a very nice area, but it's probably not for everyone. My husband and I lived there several years ago and then moved a little farther north to buy our home. The area has been considered 'up and coming' for many years and it's proximity to the Wynwood Arts District, Design District and Performing Arts Center, as well as the beaches, makes it an ideal location for enjoying so much of the arts culture that Miami has to offer.
As far as Nirvana goes, there are several units considered 'distressed' (short sale/foreclosures) and many others available for sale. It may be difficult to find financing. However, the community has a swimming pools, a nice gym and plenty of residents, so it's not like a 'ghost town' feeling or anything. I think it's popular with renters who work in the area and can't afford South Beach...also, with the nearby colleges you will find plenty of students renting there.
You may also want to consider that as an 'up and coming' neighborhood it has seen its share of crime. You might like to compare it through the police dept. to other areas when making your decision. However, I would say it has great nightlife (especially restaurants), nice parks and good boutique shopping - and I'd live there myself - it just depends on your personal feelings, whether you enjoy that kind of edgy vibe or whether you prefer a more developed, traditional neighborhood.
I hope this helps. Condo fees at Nirvana run in the $350-450 for 2/2 and $150-$225 range for 1/1. You can also get some nice bay views from some of the units. Regardless, you should come check out the area - you may be pleasantly surprised. I'll be happy to provide you with more details on Nirvana and other properties in the neighborhood. Feel free to contact me!
Director - Luxury Division
Interinvestments Realty, Inc.