Progress Marches on in Downtown Miami
These days, it seems as though changes in Downtown Miami are happening overnight. In some cases, they do. While out walking my dogs tonight, I noticed two significant changes that I hadn’t noticed just the night before. (1) The Downtown Miami Pawn Shop has been obliterated. In fact, with the exception of some support beams and small overhang from what remains of the gas station, the development site of One Thousand Museum is free of all standing structures. (2) Miami Worldcenter banners are now wrapped around various fenced off lots marking the parameter of the development site for The Mall at Miami Worldcenter. One of the images on the banner shows a rendering of the upcoming Paramount Miami Worldcenter which is slated to break ground in the second quarter of 2015. It is a very exciting time for this burgeoning neighborhood. Three years from now, in many respects, Downtown Miami will be unrecognizable.
Ten Museum Park Pet Policy Change
At a recent board meeting, the Residential Board of Directors for Ten Museum Park voted and passed to overturn the pet policy. Once again, renters will be permitted to have a maximum of two pets per unit with a combined total weight not to exceed 100 pounds. All unit owners and renters will required to fill out a pet registration form, submit a photo of their pet(s), and remit a non-refundable $50 pet fee per pet. The policy change will go into effect starting December 19, 2014.
In my opinion, this is great news for unit owners in the building, especially for investors. There have been so many times that I have had to turn away prospective renters from Ten Museum Park simply because they have a pet. Up until around August 2013, Ten Museum Park had been a pet-friendly building and a favorite among pet owners due to its open floor plans. The change should increase rental demand for units at Ten Museum Park, which should in turn have a positive impact on rental prices. As it stands, rental inventory is low in the building. Currently, there are just 6 units available for rent at Ten Museum Park of 200 total units. With the newly opened, $40M Museum Park right across the street, I am sure Ten Museum Park will once again be a favorite among dog owners.
Just Listed – Unit 2402 at Ten Museum Park – Asking $969,000
I am pleased to introduce my newest listing at Ten Museum Park – unit 2402 – a beautiful 2 bedroom, 2.5 bath, bi-level loft with over 1,800 interior square feet and a private balcony overlooking the newly opened Museum Park. The property features soaring 20-foot ceilings with floor-to-ceiling glass windows; stainless steel appliances by Sub-Zero, Miele, and Bosch; a Terrazzo-topped custom kitchen island; utility room with full-size washer and dryer; a full glass-enclosed shower with rainfall shower head; and direct, unobstructed views of the Atlantic Ocean, Biscayne Bay, and Miami Beach skyline.
As of this posting, unit 2402 is the best priced unit in the building among those that offer a direct water view. As you may recall, I recently listed and sold unit 1802 – a 2 bedroom located six floors directly below unit 2402. That one received multiple offers and went under contract within 7 days. With peak season right around the corner, I am confident that interest in this property will be equally as great.
Below, you will find additional photographs of unit 2402 at Ten Museum Park. If you or someone you know have an interest in viewing this property in person, please contact me via email at [email protected] or on my cell phone at 786-247-6332.
Paramount Miami Worldcenter – Now Accepting Reservations!
The moment has finally arrived – reservations for condos at Paramount Miami Worldcenter are now being accepted. In this initial offering, the developer is releasing just 60 of the tower’s 470 total units. Each residence at Paramount Miami Worldcenter will have 10-foot ceilings, a private elevator, and either 11-foot or 14-foot deep terraces. To give you sense for the size of the terrace space, they are as large or larger than most master bedrooms in Miami. The floor plans are huge! The smallest 1 bedroom condo has 1,294 interior square feet; the smallest 2 bedroom condo has 1,690 interior square feet; and the smallest 3 bedroom condo has 2,320 interior square feet. Paramount Miami Worldcenter reminds me of something out of Las Vegas mixed with Time Square. I will have the renderings within the next couple of days. Be ready to be impressed. This development is truly remarkable. Contact me for additional details.
Paramount Miami Worldcenter will rise 700 feet and include 466 total residences comprised of the following mix of units:
- 1 bedroom + den/2 bath (ranging from 1,294 interior square feet to 1,386 interior square feet) – starting at $690,000
- 2 bedroom + den/3 bath (ranging from 1,630 interior square feet to 1,753 interior square feet) – starting at $980,000
- 3 bedroom + den/4 bath (ranging from 2,320 interior square feet to 2,376 interior square feet) – starting at $1,400,000
- Villas (will be released at a later date – located on the 9th floor; private swimming pool and rooftop Jacuzzi; approximately 3,000 interior square feet) – TBD
- Penthouses (will be released at a later date – located on floors 46 through 54) – TBD
Below is the Paramount Miami Worldcenter building floor plan key for condos located on floors 11-45:
Below are the floor plans for condos at Paramount Miami Worldcenter. They are displayed in order starting with the 01 line and ending with the 12 line. Take note of the size of the terraces (AKA “outdoor living rooms”).
Amenities at Paramount Miami Worldcenter will include the following:
- 9th Floor Amenities
- Recreation Lounge
- Outdoor Lounge
- State-of-the-art Fitness Center
- Boxing Studio
- Aerobics Area
- Treatment Rooms
- Hair/Nail Bar
- Outdoor Bath Gardens
- Kids Play Room
- Video Game Play Room
- Social Lounge (Pool Table, etc.)
- Karaoke/Jam Room
- Recording Studio
- 10th Floor Amenities
- Resort-style Pools with In-pool Cabanas
- Walking Paths
- Picnic/BBQ Areas
- Yacht Skyview Deck amenities located at the very top of Paramount Miami Worldcenter
- Skyview Lounge
- Pool
- Bar
- Yoga Deck
Deposit schedule for Paramount Miami Worldcenter is as follows:
- 10% at reservation – NOW
- 10% at contract (1st quarter of 2015)
- 10% at groundbreaking (2nd quarter of 2015)
- 10% at 8th floor (4th quarter of 2015)
- 10% at top-off
- 50% at closing (Summer 2018)
Paramount Miami Worldcenter development team:
- Developer – Daniel Kodsi, Art Falcone, and Nitin Motwani
- Architect – Elkus Manfredi Architects
- Interior Design – ID & Design International
The following videos provide an overview of the Miami Worldcenter Master Plan which includes not only Paramount Miami Worldcenter but also The Mall at Miami Worldcenter:
Miami Luxury Homes See 11.5 Percent Price Increase in Q3
With an 11.5% increase year-over-year in the third quarter of 2014, luxury home prices in Miami ranked 7th out of 33 key global cities tracked in the Knight Frank Prime Global Cities Index. As should be expected, within the past 6 and 3 months, prices for luxury real estate in Miami saw a decline of 3.6% and 4.1% respectively. The third quarter, which includes the months July through September, is typically the slowest quarter for Miami real estate. This price trend should reverse itself over the next two quarters as the weather in other parts of the world becomes progressively colder. In my opinion, all eyes should be on the figures for the first quarter of 2015. Q1 tends to be the best performing quarter for Miami luxury real estate and should provide an indication as to where prices may head. Any signs of weakness in Q1 could spell trouble for luxury home prices throughout 2015 and 2016.
