Ten Museum Park Penthouse Sells for $250 Per Square Foot

November 13, 2009 by Lucas Lechuga

Ten Museum Park penthouse

A 5 bedroom + den/6.5 bath, three-story penthouse sold for $250 per square foot at Ten Museum Park on November 6, 2009.  The penthouse, with 20-foot ceilings, has 5,394 square feet of interior, 1,779 square feet of terrace and a private dipping pool on the roof.  Prices have come down considerably at Ten Museum Park within the past 18 months.  About a year and a half ago, a 3 bedroom/4.5 bath penthouse at Ten Museum Park sold for $622 per square foot.  Although it was one of the first to be completed during this past condo boom, unsold developer inventory at Ten Museum Park still remains.  I recently received an email stating the developer was looking to let all remaining lofts go for $300 per square foot.  It’s going to be difficult to justify that amount when a penthouse just sold for $250 per square foot.

penthouse kitchen

rooftop dipping pool

penthouse view

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76 Comments on "Ten Museum Park Penthouse Sells for $250 Per Square Foot"


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Anonymous
6 years 10 months ago

Just curious, what was this unit offered at? Was it one of those “$700 sq/ft… But Ok, we’ll take $250.”

Anonymous
NC
6 years 10 months ago

Now THAT’S a deal.

Anonymous
Renter Tom
6 years 10 months ago

Cooooool. I like it! Great refrigerator(s) too. Looks like a deal to me.

Anonymous
6 years 10 months ago

JL,

Asking price was $1,895,000. It sold for $1,350,000.

Anonymous
southbeachsand
6 years 10 months ago

Developer is CRAZY if they want $300/sf in a bulk sale in that building. Needs to cut that price in half.

Anonymous
Condoswindler
6 years 10 months ago

Big deal think about how long this unit has been on the market??? How much the building lost in maintenence that the developer had to cover…the monies it took to finish unit as it was first offered as designer ready-you can clearly see there is tile, window treatments as well as a Kitchen Island which again not in original plan…so a loss of $500 k for three years on the market, in these conditions is NO BARGAIN-so certainly $300.00 is a joke think $200 or lower and you will have no inventory left after sitting sooo long….

Anonymous
AJ
6 years 10 months ago
It’s going to be difficult to justify that amount when a penthouse just sold for $250 per square foot-Lucas The larger the area, the lesser per sf. It is the first maxim in RE. A studio per sf rate is higher than a 2/2 or 3/3 per sf. Anyway, TMP is afflicted with a location disease. It has the worst grounds around it among all the Park West buildings. Isn’t it not too long ago, many disaffected TMP owners started a blog to fight the developer? I heard the HOA is the worst of all buildings. Can anyone say how… Read more »
Anonymous
SwissLuxury.Com
6 years 10 months ago
Great buy! Just goes to show that you should make an offer even if you or your agent feel it is extremely low, you never know what can happen……As a neighbor (We bought at MARQUIS) it is nice to see these buildings get actual residents (We look down on their private pool and we prefer to see blue water not filthy green neglected areas) and the $700-1,000 PSF days are over, even in “luxury” buildings so the quicker develpoers, banks and even individual owners that bought at the wrong time get real in terms or price the better off Miami… Read more »
Anonymous
6 years 10 months ago

AJ,

That maxim does not hold true for penthouse units. Under normal conditions, penthouses sell for the highest price per square foot. Your book probably didn’t mention that. If you compare studios, 1 bedrooms, 2 bedrooms and 3 bedrooms that aren’t true penthouses then the studios will sell for the highest price per square foot. When you throw in penthouses, however, the situation changes.

Anonymous
AJ
6 years 10 months ago

Lucas, Good to know. Thats why you sell RE and I sell a good time!

Swiss Luxury, Congratulations on your Marquis purchase. You are a quiet warrior I might say for closing a big deal without making a big deal. Can you share more info about your new Marquis flat? Have you started living there yet? How is life in Marquis in general?

Anonymous
6 years 10 months ago

“20-foot ceilings” “private dipping pool on the roof”

AJ, that’s all you need to see to know why you can’t compare Non-PH units to PH units (as long as they have the true PH perks)

Anonymous
6 years 10 months ago

As Condoswindler mentioned, this unit appears to be finished out. Custom closets too?

A finished out PH unit ( we are talking 5,394 sq ft of interior to finish out) with “20-foot ceilings” and a “private dipping pool on the roof” at $250 sq/ft versus an unfinished “normal” loft at $300 sq/ft.

Let me think about this one….

Anonymous
6 years 10 months ago

It appears the predicted upswing in distressed sales/foreclosures in the high end is really starting to play out. The median may or might not move much, but something tells me the “great” $1mill deal a year from now is going to make this look average.

$500K is the new $million 8 )

Anonymous
SwissLuxury.Com
6 years 10 months ago
Good Eveing All! We are in the process of building out our unit at MARQUIS on the 60th floor and won’t be able to move in until late December or early January……This is a place that we expect to live in for awhile so we are going the extra mile in terms of interior buildout (drop ceilings, motorized shades, custom Italian doors, new lighting design, limestone, HD audio video, smart home tech, security, etc)….it is NOT an investment per se except in terms of lifestyle…..It was a hard decision to make on whether to close or not as I was… Read more »
Anonymous
Miami2009
6 years 10 months ago

Swiss congrats on your purchase. You did good!

I actually toured Ten Museum a few times and actually like the building. Prices early on were way too high. Since this PH sold for $250/sq-ft I would expect all other units to sell for less, especially the west facing 2 bed room units. Although I have shifted my focus to the beach, I may have to look into this building again…Interesting.

Anonymous
Pedro
6 years 10 months ago
Museum Park is a great building. Its an alternative to the large buildings that have 300+ units. This is a boutique building with very unique floor plans that cannot be matched. Its definitely not for everyone, but for those who enjoy living in a smaller building and dont mind living in a more creative floor plan, its the best alternative in Miami. I toured a few units a couple of months back and fell in love with some of the layouts and the ways some of the units had been decorated. At below $250psf I think this is a great… Read more »
Anonymous
Richard
6 years 10 months ago

Kinda blows when your penthouse dip pool can be viewed from nearby neighbors. Swiss sounds like a deserving candidate for a “life is good” tee shirt.

Anonymous
Renter Tom
6 years 10 months ago
SwissLuxury.Com congrats…..sounds nice especially since you bought it to LIVE IN!!! If you have no plans on selling in the next ten years (which obviously you don’t intend to sell) you’ll enjoy it and hopefully if you used financing you got a historically low rate. I still haven’t found “the unit” that I want yet. I review the condo buildings once I find a condo candidate…. I had found one that was a possibility, but not as the main house, and it had already been under contract (was listed for over a year and the recent price reduction attracted attention… Read more »
Anonymous
Joe
6 years 10 months ago

Maybe I’m just a lazy bastard but I don’t see the logic or appeal of these 2- and 3-story penthouse units with the huge staircases. I’d much rather have the whole primary living space on one floor, with maybe the guest rooms upstairs or something like that.

Otherwise, this looks like a nice unit. Assuming the HOA isn’t a disaster, $1.3 million for over 5,000 (interior) sq. feet seems like a nice deal for the long term.

Anonymous
6 years 10 months ago
I showed this property to two of my clients two weeks ago and I had to say this was one of the best properties in Miami. It had some very impressive features and the roof top pool was a great feature. However the floorplan was a bit tricky and the tax record shows this apartment at 4327 sq ft which is a problem with the miami-dade county tax record. Both of my clients didn’t think this condo was 5300 sq ft. They also didn’t think it was 4327 sq ft. But it was somewhere in between. Nonetheless what the final… Read more »
Anonymous
FHA
6 years 10 months ago
ok. let’s face it…TMP seems to be a cool building, with not so many units, bla bla bla.. however, it seems line no one pays attention to the neighborhood! Just leave biscayne blvd and you have over 100 homeless people right behind your building at any time of the day. Not to mention the area is filthy and in need of complete reno. Biscayne blvd is looking cool, but how can you possibly pay all this money to live around homeless people? after all, you do not live grounded in your luxury condo. As someone posted above, the residents at… Read more »
Anonymous
Joe
6 years 10 months ago
Careful, FHA. I’ve been making that same point all year and been bashed as a “SoFi elitist” because of it. LOL. It simply boggles the mind that people plunk down six and seven figures for allegedly “luxury” units in downtown Miami, and pay tens of thousands of dollars per year in property taxes, when they have homeless people and/or drug addicts roaming the streets outside their front door. If property taxes are meant to pay for services, then it seems something is way out of whack in huge parts of the downtown Miami condo market. Miami-Dade is taxing people like… Read more »
Anonymous
6 years 10 months ago

rather buy a house

Anonymous
Renter Tom
6 years 10 months ago

FHA and Joe – The solution to the homeless/addict problem is simple……in one word RICKSHAW! Just has Kramer and Newman… :-)

Anonymous
FHA
6 years 10 months ago
Thank you..some people with good sense here. Please do not get me wrong..the buildings are great and biscayne looks a lot better. I just think that unfortunately people have forgotten the number one word in RE: LOCATION! What’s the point in leaving in a high-end building surrounded by misery? Downtown views are great as well as the buildings ! But do you stay 247 locked in? Do you live on a view? Maybe people who have never had a waterview are bedazzled by the water when the get into these units, but if you have ever had one, you know… Read more »
Anonymous
Isabel
6 years 10 months ago

How can the spa there ever be expected to survive with this kind of limited access?

http://www.nbcmiami.com/around-town/archive/Meet-the-Never-Opening-Clinique-La-Prairie-Spa-.html

Anonymous
6 years 10 months ago

depends on your time frame, if you believe the area will be much improved i 3-5 years maybe its worth it,
i seem to see alot more homeless and druggies in south beach been to starbucks ???

in the best real estate deals were in the worst areas like the east villiage

bought for almost zero later worth million

with all the areas to choose from at depressed prices (soon to be 20 % lower)

why the facination with biscayne

Anonymous
FHA
6 years 10 months ago

drew299

not saying you won’t see homeless in sobe..however, the number is not the same at all..you don’t see a swarm of homeless people right at your door.if you live in one of these buildings looking west, you pay to live in a cool building looking at a shanty town..I know what happended to NYC, but the prices are not a bargain at all considering what they are still asking
I do agree with you on the biscayne issue
I guess people are drawn by the great views and cool buildings and forget what comes with them

Anonymous
Wild Bill
6 years 10 months ago

I’ve said it a million times. Park West does not have a crime problem, view for yourselves.
http://spotcrime.com/fl/miami

Anonymous
6 years 10 months ago

Be careful about the spotcrime map, that particular map is focusing in a very particular location they call “Miami”. You can’t make any inferences to SouthBeach and other areas visible on the map (ie. like North Miami) with light spotcrime activity because those are errors.

ie. They mean to only show their limited crime data for “Miami” but they are making errors showing some crime points outside of “Miami”

None of what you see on the map is comprehensive though, just a sampling of the crime that is reported.

Anonymous
AJ
6 years 10 months ago
Swiss, Congratulations on your 3BR skyflat. Lots of luck too. Good you quit Laguna Beach. I was at Laguna and Huntington Beaches a couple of months ago and didn’t like it at all. Ofcourse nothing will look good after you see them through the eyes that are used to seeing the most beautiful city in the World – Miami. Samir, If your estimate is correct and the flat is 4327 sq ft instead of 5300 sq ft., then the price per sf will be well over $300/sf. This is a game most owners play. For eg., while I was looking… Read more »
Anonymous
AJ
6 years 10 months ago
Lucas, Unlike regular flats in a particular line, PH sq footage is very confusing and unique and very differently interpreted as it has no other peers and no similar comparative. Even the original architect who drew the pre-con plans may give a different figure if asked about the present area under A/C. If the sq footage of this unit is indeed interpretable in different ways, then you may want to either yank this post’s headline or issue a disclaimer regarding the same. After all, the price per sf of this unit may not be $250 at all. You don’t want… Read more »
Anonymous
6 years 10 months ago

AJ,

Lucas is just relaying what the seller posted as the sq footage so it’s the seller’s problem.

We talked about this topic a while back if I remember, about measuring sq footage correctly. ie. on the inside wall of drywall versus in the middle of the wall, etc.

PS. Did you ever measure your condo?

Anonymous
Miami2009
6 years 10 months ago

Homeless population is certainly an issue in Park West. The back of all the four buildings is lined with homeless people. Does anyone know if they ever moved Camillus House?

Anonymous
AJ
6 years 10 months ago
JL, I did not measure my condo. But from what I heard, In 1800 it is the area under the A/C (actual carpet area) and not including half the walls and some common elements. But the most important thing is that when they said my flat is 1222 sf, it does feel like 1222 sf. In fact my flat feels larger than some 1300 sf flats I have seen. So I never doubted that I got shortchanged on my Sq footage. But 2 of Samirs clients thought that the PH in TMP does not feel like it is 5300 sf.… Read more »
Anonymous
AJ
6 years 10 months ago
Miami2009, That is not true. When did you see homeless people “lined up” behind those buildings? I always drive through the second avenue and also go to the cluster of clubs behind these buildings. I have not seen any bums like you described. May be one or two in the 11th st station or park west station or the freedom tower station of the metro mover. There are more bums in SOBE than anywhere else I have seen in America. Usually I ignore when anonymous guys talk shit about Downtown locations with out knowing the diff between their arse to… Read more »
Anonymous
Joe
6 years 10 months ago

AJ has a remarkable ability to see things others don’t see, and to not see things others do see.

As for the square footage issue, how the hell is it possible that the architect wouldn’t know the exact square footage of a unit? That makes no sense. Square footage isn’t “up for interpretation” any more than 2+2 is up for interpretation.

Anonymous
southbeachsand
6 years 10 months ago

In related news….a man near 2nd Avenue was shot and killed last night behind. Great timing.

Anonymous
southbeachsand
6 years 10 months ago

behind 10 Museum and 1800 Club. Just a short walk away.

Anonymous
AJ
6 years 10 months ago
Joe, Its easy for you to talk. But you never go the extra mile. You’ve been excruciatingly agonizing over the past year+ about looking to buy. But all I can see is more talk and less action. There are deals out there even better than when the market is going to bottom out. But some people just belong to the NATO (No Action, Talk Only) group who just like to talk. DJ, Swiss found their pad of choice for a price of their liking and they bought it with less fanfare. Now we have all these talkers supposedly with a… Read more »
Anonymous
Drew
6 years 10 months ago
The only way to measure TRUE sf is to hire an engineer to provide an independent report. Usually the architects are in bed with the developers so the developer calls the shots on sf measurement, directing the architects to use fuzzy math to make units appear larger than they are. Most Fla condo marketing materials contain a disclaimer that sf for marketing purposes may differ from sf for purposes of determining common element allocation. So the developer’s brochure may state that a unit is, i.e. 3000sf but if you check the condo docs it may in fact be only 2700sf… Read more »
Anonymous
Dover
6 years 10 months ago
“I’m going to go out on a limb and say that the east-facing units at Ten Museum Park will be selling 10-15 percent above where they are now by year’s end. You will see that in future months there will be a premium paid for these units versus other units, not only in this building, but other buildings throughout Miami as well. I’ve already seen a lot of demand for these units in the past two months as some have been discounted due to original buyers not wanting to close. I think by the end of October the discounted units… Read more »
Anonymous
elvis in miami
6 years 10 months ago
if the advertised sq ft is different from the county records then there is an issue. I have seen this on places that I have placed offers on and pointed this out while looking at ‘approved’ floorplans and a recent appraisal that showed much larger sq ft than actually existed (order of 600 sq ft). A tape measure goes a long way in verifying stuff. For example the condo I live in has a rounded balcony. This creates rooms that have one side with an arc. The floor plans outline something like 11×17, but in reality the 11 is the… Read more »
Anonymous
AJ
6 years 10 months ago

Drew 41 and Elvis 43, totally concur.
I also believe this units true sf must be closer to what the county records show, which is 4327. We can safely say that this unit sold for $312/sf and not $254/sf.

Anonymous
Joe
6 years 10 months ago
AJ — I’m not sure what you meant by “go the extra mile” in #40 above. If you’re implying that only people who have bought condos this year in Miami are entitled to voice an opinion here, that seems quite dumb. I’m very happy for the people who found units this year, but to suggest all aspects of the Miami market have hit bottom is silly (and since all aspects of the market *haven’t* bottomed out, a lot of us remain on the sidelines). And unless you’ve become a full-time Miami resident in the past few months and I missed… Read more »
Anonymous
FHA
6 years 10 months ago

AJ,

I FULLY RESPECT YOUR DECISION TO STAND BY AN AREA YOU APPRECIATE YOURSELF, BUT SAYING THAT GENERALLY THERE ARE 1 0R 2 HOMELESS PEOPLE BEHIND THESE BUILDINGS IS INSANE. EITHER EVERYONE ELSE IN MIAMI IS DELUSIONAL OR YOU NEED YOUR EYES CHECKED. ON SATURDAY AFTERNOON, THERE WERE OVER 200 HOMELESS PEOPLE BEHIND THE MARQUIS-MB CORRIDOR IN JUST ONE OR TWO BOCKS.I DROVE THERE MYSELF. JUST FYI.

Anonymous
Miami2009
6 years 10 months ago

AJ,
Actually I have seen more bums behind the Park West buildings, Marina, Ten, Marquis, 900 than Pace Park to be quite honest. I am not really knocking downtown but you can’t tell me that you have only seen 1 or 2 homeless in that area. My question was regarding Camillus House, has it been moved?

Oh and yes, I have shifted my purchase plans to the beach but not because of the bums, but because prices have been coming down.

Anonymous
AJ
6 years 10 months ago
Joe, Do not misquote me. I never said Miami bottomed out. We could bottom out sometime next spring or autumn. But What I said was that there are deals out there, which are better than what you might get when the market eventually bottoms out. It is a big fallacy that you are going to get a better price when the market hits bottom than you would right now. For eg. The Emerald unit that went under contract for around $110K and even this PH in TMP which sold for $312/sf will not get any better, pricing wise when the… Read more »
Anonymous
AJ
6 years 10 months ago
Miami 2009, Wish you luck in your search. Looks like you might be changing your handle yet once again 2008 to 2009 to Miami2010 though! But its all good if you can get your dream flat for the price you are comfortable with. Well, first time home buyers still get a $8000 credit which is nothing to sneeze at and the existing owners if they had not owned a home in the past 3 years will get $6500 credit until April. That should be a good incentive to buy especially in the 1 BR segment as the percentage discount the… Read more »
Anonymous
southbeachsand
6 years 10 months ago

AJ
You’re completely lying if you think only 1-2 homeless people are in this area.

Use Google Street maps and go up and down the streets. I found at least 50 bums in 1-2 minutes just now. One block behind 10 Museum Park. The pictures don’t lie.

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