My Prediction for Ten Museum Park
August 31, 2007 by Lucas Lechuga
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. I know, I know...the Miami condo market is in a rut. But that's just my point. The east-facing units at Ten Museum Park are not condo units. They are lofts with 20-foot ceilings. Of all the high-rise developments in Miami, both existing and under construction, only Ten Museum Park can rightfully call themselves an ultra-luxury loft building.
Of the 200 units at Ten Museum Park, 73 of them have 20-foot ceilings with floor-to-ceiling windows. 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 at Ten Museum Park will be nonexistent. The discounted loft units will be long gone by the end of September.
The amount of demand for units at Ten Museum Park has surprised even me, a big advocate of the development. The loft units at Ten Museum Park are truly something unique for Miami. They offer loft living combined with true luxury and gorgeous unobstructed water views, all residing in a neighborhood that, in my opinion, will be the best in Miami within the next five years.
Parc Lofts is a loft building in its truest form, but it is an industrial loft with minimal water views from higher floors, and offers no luxury. I'm a huge fan of that development as well though because it offers something very unique to the Miami market. Star Lofts, which will begin closings shortly, offers lots of luxury but resides in a neighborhood that does not even come close to the neighborhood of Park West. The prices are much higher as well. I think we'll see a large percentage of defaulted units there. Infinity at Brickell isn't quite as luxurious, nor does it have the unobstructed water views that the east-facing lofts at Ten Museum Park can offer, but it is probably the closest loft development to Ten Museum Park that offers the kwan: views, luxury, neighborhood and best investment dollars too.
Much of the luxury at Ten Museum Park lies in what it has to offer above other Miami developments. Primarily, it has the Clinique La Prairie spa which is based in Switzerland. By many, it is considered the best spa in the entire world. People from all over the world have been flying to Switzerland to enjoy the lavish spa treatments for which Clinique La Prairie is well known. Some of those treatments promise to slow down the aging process. The Clinique La Prairie spa at Ten Museum Park will be the first U.S. spa with their name associated.
Secondly, Michael Capponi's name is associated with Ten Museum Park. For those not local to Miami, the Michael Capponi name is synonymous with the abbreviation V.I.P. He can get you into any party, any restaurant and any event that is well attended. Residents at Ten Museum Park will be able to count on Michael Capponi to get them V.I.P. accommodations to any social gathering that is worth attending.
I think those two aspects alone rise Ten Museum Park to the forefront of all other Miami developments. However, Ten Museum Park is also a boutique building with only 200 total units. Most other developments in Miami have well over 400 total units. There are only 6 units per floor at Ten Museum Park. The east-facing units share one bank with two elevators with one another. The units residing on the west side of the building share a bank with two elevators which accommodates four units. This is another good reason to be on the east side of the building.
The “valet-only” parking is going to hold this building back. Buyers in those expensive east facing units dont want valet their $100k+ cars each and every time they enter/leave the building.
From what I’ve been told, the “valet-only” parking situation comes from the city, not the developer. It makes sense though because there is definitely a big need for parking in the area at night because of the Performing Arts Center, American Airlines Arena, the night clubs three blocks away and Bayside Marketplace. Ten Museum Park will be equipped with online valet service. You can sign into the residents-only website to request your car from valet so it is ready when you step outside. Residents will also have their own valet level located on the third floor from which they can… Read more »
It probably came from the City because they did not design the parking deck to handle self parking. A similar thing happened to Bentley Bay in South Beach.
If the newly built deck does not have wide enough lanes, very tight demensions that are unsafe, or enough parking spaces per the zoning code (per retail, office use, and residential at Ten Museum), then they are forced to valet.
Well, what if you have 2 cars… how many spaces allowed per unit?
The picture on this page of TM unit… what size unit is it taken from? And do you have more pictures of a finished unit like above?
Thx,
CEO911,
All one bedroom units get 1 valet parking space while all two bedroom units receive 2.
The unit in the picture above is 1,906 square feet. The photo was taken from the 39th floor I believe. I don’t have any other pictures of finished units at this time.
Hi Lucas, My name is Juliet E. Gold with Majestic Properties in Miami. I was actually the on site agent for the developer of 10MP and I sold over half of the units in the building. I believe in everything that you said in your prediction of the building, the loft units are truly a unique product. In my opinion we will never see another building such as 10MP in Miami as it is just too expensive to build. Whomever is able to close on their loft units and hold them for a few years will end up making a… Read more »
I think you are living in a parrallel reality…ten museum park IS a bait and switch. Its not what was marketed and that is the primary reason for the high levels of cancellations. The buildout cut corners at every step and units are not appraising out because of it. Finishes are abismal and its clear that the developer tried to save $50 million + rather than deliver the product that he sold and represented…the units you are referring to (the o1 and o4’s) will be selling for $500 to 600K at best as opposed to the million+ that they were… Read more »
There have been several 01 units that have closed for over $1M. As of a few weeks ago, the building was still awaiting getting their TCO on the highest floors.
In light of eye-opening statements by “unreal-estate // Sep 8, 2007 at 2:03 am”… what are the scenarios for those who buy at TM, if the building faces bankruptcy??? Are owners protected in these cases??? … thx
You aren’t in jeopardy of losing your condo, if that is what you are asking. The developer may go into bankruptcy but the entire building won’t be taken away. The bank would get back any units that do not close.
By the way, unit 2104 closed for $1.2M; unit 1201 for $1.1M; unit 1001 for $995,000; and 3501 for $995,000.
Have to agree with unreal-estate on this one. I think any investment in condos or (most) residential real estate in this market is a BIG mistake and an endeavor that will result in eventual devaluation of property and loss of wealth. Too many economic indicators against the market, too many fraudulent realtors, investors, developers, and appraisers highly invested in their own opportunistic greed; no viable source of capital from consumers, and a dwindling interest in US-based real estate from international markets. Let’s get real here folks – start using common sense and some basic economic data – a SIGNIFICANT negative… Read more »
So now it’s past thanksgiving, anymore news on closings? Bldg sems deserted. The lobby is a real disappointment. Have you paid out on your bet of east facing apts closing below $450 a sq foot? If bldg goes to bankruptsy, what happens to the bldg services. Also, what is planned for that gas station next door? and the lovely pawn shop behind it?
I’ve loved and observed this building since I first saw its website several years ago. It is a great Miami favorite of mine. I did not know, however, that parking is valet only. This is a genuine downside that would preclude me from living at TMP unless we were to switch to disposable cars. Which, come to think of it, may very well suit a snowbird: keep your real cars up north, and have just little fashion accesories down here, such as Smarts or Minis. Another thing that concerns me is the gas station. Is there such a thing as… Read more »
Hi Lucas
We’re overseas prospective condo purchasers just starting to look at what’s available. We liked One Miami until we saw the 2+2 units with the 20′ ceilings at TMP.
With the benefit of hindsight, do you have the same opinion of this development as you did last year when you wrote your this blog?