Ten Museum Park Revisited

March 7, 2008 by Lucas Lechuga

Ten Museum Park Miami

Ten Museum Park was one of the first major condo buildings in Miami to hit the market within the past year. Closings began at Ten Museum Park, almost nine months ago, on June 14, 2007. I thought this would be a great opportunity to revisit Ten Museum Park to see what type of activity its seen since then.

As of today, according to public records, Ten Museum Park has been able to close exactly 75 percent, or 150, of its 200 total units since closings began in June 2007. It’s been a long and winding road to reach 150 closed units. I wonder how long it will take to close out the last 50.

Let’s take a look at the active listings for sale at Ten Museum Park. There are currently 63 active listings in the building at this time.

  • 1 Bedroom units (868 square feet)
    • 05 line (9 listings) – $355,000-$475,000
    • 08 line (10 listings) – $358,000-$560,000
  • 2 Bedroom units (1,239 square feet)
    • 06 line (9 listings) – $458,000-$680,000
    • 07 line (6 listings) – $440,000-$690,000
  • 2 Bedroom units (1,949 square feet)
    • 02 line (8 listings) – $785,000-$1,495,000
    • 03 line (7 listings) – $798,000-$995,000
  • 2 Bedroom units (1,906 square feet)
    • 01 line (6 listings) – $895,000-$1,350,000
    • 04 line (6 listings) – $895,000-$1,385,000
  • 4 Bedroom units (4,500 square feet)
    • Penthouses (2 listings) – $3,200,000-$3,400,000

Ten Museum Park Miami

There hasn’t been much resale activity since Ten Museum Park began closings. There’s been a total of 3 closed sales in the MLS since that time.

  • Unit 1105 sold for $295,000 on January 3, 2008
  • Unit 3408 sold for $350,000 on January 25, 2008
  • Penthouse 4203, with 4,000 square feet, sold for $2,200,000 on January 31, 2008

Activity seems to have picked up a little, however, as there are currently 4 pending sales at Ten Museum Park.

  • Unit 1107 was listed for $455,000 and went pending on January 30, 2008
  • Unit 3706 was listed for $475,000 and went pending on February 2, 2008
  • Unit 2704 was listed for $748,900 and went pending on February 7, 2008
  • Unit 1901 was listed for $975,000 and went pending on February 2, 2008

I haven’t been to Ten Museum Park within the past three weeks but I have heard that the fitness center is finally under way. I’ve also heard that work has begun on the Clinique La Prairie Spa and that it should be completed in about six months. I think everyone would agree that these amenities are long overdue. I know of 3 buyers who have been patiently waiting for this work to get done. I’m sure there are many other buyers patiently waiting as well.

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92 Comments on "Ten Museum Park Revisited"


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Anonymous
Mike K
8 years 6 months ago
Let’s play with these numbers: 150 units sold with 63 current active listings leaves us with 87 units currently owned and POSSIBLY OCCUPIED. If we assume every one of those 87units are occupied, we have a occupancy rate of 43.5 Percent. Here is the most likely reality: Of those 87units currently owned, several are probably also listed “by owner” for private sale. Most are probably owned by wealthy foreigners and remain unoccupied most of the year. Driving by Ten Museum at night and you rarely see more than handful of lights on. I would assume the actual number of units… Read more »
Anonymous
BFG
8 years 6 months ago

So, 113 (50 unsold + 63 resales) out of 200 of the units are for sale (57% of the building).

As far as prices holding steady in this building, that doesn’t look good.

Anonymous
Brautigan
8 years 6 months ago

$400/sq ft to live in a half-empty building in a declining market with 10 years of inventory in a city with declining wages, increasing unemployment, no amenities within walking distance, decreasing population and ridiculous insurance rates!!!!

Where do I sign !?!?

Anonymous
8 years 6 months ago

Looks really expensive – there’s got to be cheaper developments out there – if you are looking for biggest bang for the buck – check out this project by Red N Development Group: http://www.condo.com/Community/UserBlogPost.aspx?ID=1567

Anonymous
8 years 6 months ago

Tough sell…………

Anonymous
8 years 6 months ago

Personally unless its a steal I wouldn’t want to buy anywhere in Miami, but Looks like 10 Museum Park is the place to bet if Downtown Miami, . So — BFG — what do you think about Flamingo now that the North Tower is Canceled? Lucas perhaps we should write another post…so me and BFG could settle this once and for all! =)

Anonymous
jcrimes
8 years 6 months ago

the amazing thing is that none of the sellers are really serious about selling their units. the proof is in the pricing. when the market is currently down and will be going further south for the foreseeable future, i’d think a practical selling strategy would be to predict, in rough terms, what the sales price would be in six months. that’s the price that will draw interested buyers today. pricing near the competition for units that have no material difference other than floor level just won’t get it done in this market.

Anonymous
brian
8 years 6 months ago

Mike-
The MLS had an addtional 20 or units for rent a few weeks ago. These were not double counted (for sale and rent). For rent only.

So you can add around 67 to the For Sale to get about 87 units empty.

Plus, some of those rented.

So in reality, only about 20-30 people actually bought and moved in out of 200 units.

Anonymous
8 years 6 months ago

To: Mr Flamingo – are you sure North is cancelled? The latest article I read only mentioned trouble with the stalled closing date

and is 2br really a deal for a 420K in a building which was built 1960’s? (They asked 540K for 2br where I live in North – I wouldn’t even pay 340 for it as you can rent for less than 2000 a month)

Anonymous
Jeremy
8 years 6 months ago

From the street.com today, Miami the worst condo market in 30 years…

Miami

Miami remains the weakest market, reporting a double-digit annual decline of 17.5%. “Miami-Dade is currently going through the worst condominium bust cycle that Florida has seen since 1975,” says economist Hank Fishkind of Fishkind & Associates.

http://www.thestreet.com/story/10406744/2/how-home-prices-fared-in-20-markets-in-2007.html

Anonymous
Generalmagic
8 years 6 months ago

Margus,

I am 99% sure they cancelled the north tower at The Flamingo!

Anonymous
8 years 6 months ago

MArgus and Generalmagic…

Yes they cancelled sales of the Flamingo North Tower last week, and do not plan on selling the Center tower either. I lieve there, and it is quite an interesting community with 1/3 being owned by latin families and the other 2/3 being young professionals who like to party.

Anonymous
BFG
8 years 6 months ago

“BFG — what do you think about Flamingo now that the North Tower is Canceled?”

What do you mean? How does that change anything for better or worse? The developer is essentially admitting that nobody wants those things, and they’re calling it quits.

I think exactly what I thought before: that those units were vastly overpriced and that most people that bought them are going to wish they hadn’t.

Anonymous
8 years 6 months ago

Party on!

Jeremy – great article, thnx – “Home prices fell 15% in San Diego between December 2006 and December 2007. Only 31% of San Diego households can afford to buy a home here” & “Only 20% of San Francisco residents can afford to buy a home here”

Makes you wonder what % people who live here can afford to buy a condo in Miami…

Anonymous
Generalmagic
8 years 6 months ago

Flamingo…..big trouble. People in the south tower paid way to much for a building built in 1960.

Anonymous
8 years 6 months ago
I think it will eventually get converted once the market turns, its highly unlikely it will stay all rentals. Perhaps it will be another developer that might take over or they might just cut back on the fantasy courtyard they had in mind. BFG(what’s with that name anyway): the developer like most sellers thought that their product is worth more than market value. That is the REAL reason why it didn’t sell… There is still lots of demand. I just sold the other one bedroom short sale, today. Margus: of course but South Tower Rents are a lot higher than… Read more »
Anonymous
Generalmagic
8 years 6 months ago

Mr. Flamingo,

Your dreaming! It wasn’t because of the fantasy courtyard the the Flamingo did not convert to a condo for all three towers. Come on now! That property will not be entirely converted. Just wait. Prices are going to plummet because people either overpaid or they thought they could flip. Just wait my friend.

Anonymous
brian
8 years 6 months ago

They allow weekly rentals at the Flamingo? No wonder its like a Howard Johnson hotel on the weekends.

I see several south tower units listed below what they paid in Oct 2006. Even if they can get asking price (doubtful), some of those sellers are losing $60,000 to $70,000 after commissions after only 18 months.

Anonymous
BFG
8 years 6 months ago
Mr. Flamingo said: “BFG(what’s with that name anyway): the developer like most sellers thought that their product is worth more than market value. That is the REAL reason why it didn’t sell… There is still lots of demand.” Aren’t you and I basically saying the same thing? When I said “nobody wanted them”, I obviously meant that nobody wanted to pay those prices for them – not that the condos had zero demand at any price. The conversion company couldn’t make the deal work at the true market value (a much lower price), and wisely abandoned the project. My assertion… Read more »
Anonymous
Drew
8 years 6 months ago

I wonder if the BangBus.com guys are still filming pornos in the Flamingo…and I wonder if the Flamingo’s condo docs specifically forbid xxx business enterprises on condominium premises.

I know some people paid $250K+ for 680sf studios in that south tower. Now that’s a poor investment.

Anonymous
8 years 6 months ago

Drew,

You can’t isolate Flamingo because it isn’t the only building in which Bangbus is shooting. Google “Parc Lofts videos” and click on the second link. Parc Lofts is an industrial loft building in the Arts District of Miami.

Anonymous
BFG
8 years 6 months ago

I didn’t realize Miami was moving up in the porn industry.

Maybe that will be enough to get us through this recession. Ass Parade and the BangBus should provide a nice infusion of porn dollars into the economy, as well as provide jobs for these “young professionals” that these condos were supposed to be built for.

Anonymous
8 years 6 months ago

I heard rumors of porn being shot at Parc Lofts about a year ago from the concierge. Looks like he was right. At the time, I thought he was just being overly excited about a few good looking women venturing into the building from time to time. Guess that wasn’t the case.

I’ve also heard the same thing about the Floridian and the Waverly, but I haven’t been able to confirm anything.

Anonymous
8 years 6 months ago

BFG-
FYI in the blog-o-sphere the annon. commentors are the least respected. They are usually the “bubbleheads” that come in and predict the world IS GOING TO END because prices retreat 20 or 30%.

Who cares? Let em retreat. It’s where they should’ve been all along. Big deal. Why is everyone picking at a wound HOPING to make it worse and loving the blood that flows from it.

Lucas, I wonder what will happen with all your commentors in a few years?

Anonymous
8 years 6 months ago

Hey the Bangbus guy Christoper Hinson just bought the Bee Gee’s home on upper North Bay Road for like $16M.

His ex-wife is a realtor with a super-annoying voice.

1-800-lucaslechuga.com

Anonymous
Mr Waverly
8 years 6 months ago
I thought they shot porn in all the buildings. Lights, camera, actions. I was showing a unit at Icon a few months ago and knocked on the door because we heard someone inside. A head popped out of the door and told us we could not show. I had a pushy agent with me who demanded we see the unit. We were told “10 minutes please.” Upon entering we were told we could not go into “that bedroom.” There were lights and productions equipment set up in the living room and multiple voices behind that closed door. Not bad, the… Read more »
Anonymous
Buyer Tom
8 years 6 months ago

Kevin – “bubbleheads” seem a bit derogatory coming from a Realtor®. Just kidding. The housing bubble is obviously real and we are experiencing it. I have found the most people that post here are not overly pessimistic about the state of the real estate market…..it’s pretty darn bad and the excesses are being ringed out. I have no desire to make it worse and exercising caution in this environment is prudent given the amount of money it takes to buy a home. Financial ruin is a very bad thing for people to have to go through.

Anonymous
Buyer Tom
8 years 6 months ago

I just went to that website…..oh my gosh, I didn’t know they really had film in that camera!!!!!!!!

LOL

Anonymous
Buyer Tom
8 years 6 months ago

Actually, I wouldn’t be surprised if a bunch of Realtors® aren’t in those films….business is pretty slow right now…..

Anonymous
8 years 6 months ago

Did anyone today read the front page of “USA Today” or the “Financial Times” today?

Kevin, Jenna called me tonight about some porn shoot tomorrow at Apogee South Beach. Is it true that there’s gonna be a porn shoot there tomorrow? If not, let me know, so I can call Ms. Jameson to let her know that her shoot is canceled so I can take her out on the town.

Anonymous
Buyer Tom
8 years 6 months ago

True story – was in a nude jacuzzi with Jenna in Jamica…. no joke.

Anonymous
8 years 6 months ago

Buyer Tom,

How long did it take her to realize that you weren’t part of the shoot?

Anonymous
8 years 6 months ago
Buyer Tom Sorry, guy. The bubble burst in 4/2005. It blew open AND you missed it. This is just the messy aftermath. All analysis goes back to 4/2005. Can you believe you missed it? The thing that you live for the most and have look forward to with such great anticipation. IT ALREADY happened. We’ve been in the midst of the BURST bubble for almost THREE years. Where have you been? What are you gonna do? You won’t risk financial ruin, Buyer Tom. You SAY you are going to rent. You will be the beneficiary of all this. Rent, rent,… Read more »
Anonymous
Buyer Tom
8 years 6 months ago
No I wasn’t in a shoot in Jamaica. My earlier post about being on the web was a joke but the Jenna in Jamaica wasn’t a joke. It was at Hedonism III, no video cameras there at the time but she was teaching two other girls how to take in water and then expel the water, quite a talent I must say. Anyway she was nice. I didn’t know who she was but a buddy did who later got to have some private time with her. Was interesting, but being with a porn star isn’t really my thing. Another time,… Read more »
Anonymous
Buyer Tom
8 years 6 months ago
Kevin – a purchase wouldn’t ruin me, but there are a lot people out there that have been financially ruined, and that is unfortunate. I’m one of the financial freaks who spends maybe 10%-15% of my income…..I’m not much of a frivolous spender anyway….I’m not cheap or anything like that, I just have always been a saver and just buy cars, homes, without debt unless the money is cheap. Made my first million (net worth, AFTER taxes) at 25 while in graduate school, multimillionaire at 30, etc. sold another business in 2006. I’m sure if I was married, I’d would… Read more »
Anonymous
Buyer Tom
8 years 6 months ago

Kevin®, learn to type the ®…. LOL Hey, if you have any good deals in a fun area in South Beach, let me know I might be interested.

Anonymous
8 years 6 months ago

Buyer Tom
You know I don’t do rentals! I’d do porn first.

Anonymous
8 years 6 months ago

LMAO

Where are the auditions?

Anonymous
8 years 6 months ago

Are auditions in the center or south tower of Flamingo?

Anonymous
8 years 6 months ago

Poor Juan.
That Flamingo just sux.

Anonymous
8 years 6 months ago

Lucas,

I took a tour of Marina Blue again yesterday. I think it definitely has some advantages compared to other buildings in the area. Expect closings to be higher than you expect. :)

Anonymous
8 years 6 months ago

Oh Lucas is being challenged!

Getting popcorn and parked!
BLOG WAR!

Anonymous
8 years 6 months ago

That’s good news that they’ll be able to close 65% versus 60%.

Anonymous
8 years 6 months ago

just my opinion….don’t sue me over it

by the way….I haven’t been served yet

Anonymous
8 years 6 months ago

Lucas,
Why were you wrong. Are you admitting you were wrong?

This is SHOCKING.

Buyer Tom?
Julian?
Cyrus?
BFG?

Shocking.

Anonymous
8 years 6 months ago

If anyone cares, they have super-fresh raspberries that the old Publix on Dade Blvd.

Anonymous
8 years 6 months ago

Kevin,

Who cares about that when they have LA Fitness at Mary Brickell Village.

Anonymous
8 years 6 months ago

uR dRiNkIn’ THE Related’s kool aid

Anonymous
Buyer Tom
8 years 6 months ago

Are they really “super-fresh”?

Anonymous
8 years 6 months ago

amazing. I love framboise.

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