Ten Museum Park – Picture & Video Review of an 08 Line & the Pool Deck at Ten Museum Park
Wednesday afternoon I previewed an 08 line at Ten Museum Park for someone in Dallas, Texas looking to fly into Miami next week to acquire this property. I took a bunch of pictures and some video of the unit as well as the pool deck for him. I wanted to share this with everyone as there is much interest in Ten Museum Park.
Again, the pictures of the unit are of an 08 line. The 08 line at Ten Museum Park has 898 square feet of interior space and a 143 square foot balcony. The 05 line at Ten Museum Park has 886 square feet of interior space and a 143 square foot balcony. They are both 1 bedroom/1.5 bath units. The views from the 05 line look into the building just north of Ten Museum Park called Marquis, which will be completed in 2008.
Flip through the picture slideshow below to view 19 pictures of this 08 line unit.
From the 08 line at Ten Museum Park you will see 900 Biscayne Bay directly in front of you. As you will see, you will also have views of the American Airlines Arena, street views of Biscayne Boulevard and water views of Biscayne Bay. You can also see skyline views of South Beach in the distance. The kitchens have stainless steel appliances by Sub-Zero and Bosche as well as stainless steel countertops. There is a glass-enclosed shower with body jets and rain shower in the master bath as well as a bidet and toilet. The bathroom fixtures in the master bath are from Duravit and Dornbracht. Every floor plan at Ten Museum Park has these kitchen appliances and master bath fixtures.
As you will see, the plunge pools at Ten Museum Park are functioning but the landscaping around the outer-edge of the swimming pool deck has not yet been planted. The deck furniture and cabanas are scheduled to arrive this weekend. The rain shower area has not yet been fully completed as well. Overall, everything reminded me of something out of ancient Greece. I love it!
The green land that you see across the street from Ten Museum Park is the park formerly known as Bicentennial Park. It is now known as Museum Park and has the Miami Art Museum and the Miami Science Museum collaborating to make it into one of the best parks in the nation.
By the way, there is a big price difference in an 08 line and 05 line at Ten Museum Park. This 08 line is priced at $380,000. I can get someone an 05 line on a low floor for $315K. Residences start on the 10th floor at Ten Museum Park. The water views from an 08 line are much better, however. You can even see the pool deck from the 08 line off the balcony as you will see in the pictures and video.There are a total of 6 units per floor at Ten Museum Park. The one bedroom units are staggered along the building with the large 2 bedroom units that have 20-foot lofted ceilings. The large 2 bedrooms with 1,906 to 1,949 square feet are my favorite layouts at Ten Museum Park. I can get you one of those for $850,000. The original contract holder paid $905,000 in January of 2004. It is an 02 line with 1,949 square feet.
This was probably my fourth or fifth visit to Ten Museum Park since closings began. During one visit I saw at least 6-7 different floor plans. I think I’ve pretty much seen all of the floor plans that Ten Museum Park has to offer including the Penthouse units with the rooftop plunge pools. The views from the rooftop are simply amazing.
I can’t wait until the building is 100 percent complete. It will be an amazing building! I guess there is a lot of interest in this building because when I went up today there was a group of 9 others that wanted to see other units. (Damn! I was hoping to corner the market at Ten Museum Park…LOL). I guess the word is out.
I hope the pictures and video has satisfied everyone’s curiosity. I’ve been told that the gym, which is one of the biggest that I’ve seen in a condominium building, will be completed in about 2-3 months. The Clinique La Prairie spa should be done in about 6-8 months as far as I’ve heard. The restaurant space below Ten Museum Park is still vacant and awaiting an outstanding restaurant to fill the space. There are also condo offices available for lease at the base of Ten Museum Park. From what I’ve been told, lawyers and doctors, including plastic surgeons, have been jumping at the chance to have an office with an unobstructed view of Biscayne Bay and South Beach.
Within the next couple of days I will reveal photos and video footage of a townhouse unit at 900 Biscayne Bay, so stay tuned to the best source for Miami condo news.
Okay, okay….I’ll give you a sneak peak:
South Beach Condo Index – August 2007
I finished crunching the numbers for the second installment of the South Beach Condo Index. I discovered some very good news! List prices have come down and the average price per square foot of condo units sold in the last six months in the 19 condo buildings included in the index has gone up.
In July, we discovered that the average price per square foot for units listed in the 19 condo buildings was $913.19. This figure has dropped to $892.32 per square foot for the month of August. The weighted-adjusted average was $793.99 in July versus a weight-adjusted average of $777.86 this month.
The average price per square foot of condo units sold over the previous six months went from $772.36 in July to $776.55 in August. The weight-adjusted averages went from $686.73 in July to $689.30 in August. 8 of the 19 building had in an increase in their average price per square foot over the past month, 4 remained unchanged and 7 went down.
There were a total of 18 transactions that occurred in the following 19 buildings from July 12, 2007 to August 11, 2007. Even though the 18 transactions represent twice the number of transactions that occurred in a one-month period in Brickell, I think the overall number is pretty small. This was highly expected, however, given the current condition of the market and the fact that we’re in our off-season months. It’ll be nice to see the change in the number of transactions as we enter the winter months.
There were a total 5 closings at Waverly at South Beach; 2 closings at Icon and Mirador 1000 & 1200; and 1 closing at 1500 Ocean Drive, Continuum South Tower, The Cosmopolitan, The Decoplage, The Floridian, Il’ Villagio, Murano at Portofino, Murano Grande and Yacht Club at Portofino. The rest had zero transactions during the one-month period.
The average price per square foot of condos listed at the following 19 buildings in South Beach:
Murano at Portofino – 1000 S Pointe Dr | 33139 | $953.15
Murano Grande – 400 Alton Rd | 33139 | $777.42
Portofino Tower – 300 S Pointe Dr | 33139 | $919.28
Setai South Beach – 101 20 St | 33139 | $1,688.57
Waverly at South Beach – 1330 West Ave | 33139 | $470.84
Yacht Club at Portofino – 90 Alton Rd | 33139 | $663.66
The sold-to-listed ratio has become more favorable in South Beach as a result of list prices coming down and the average price per square foot of sales going up. The sold-to-listed ratio, expressed as a percentage, went from 18.20% in July to 15.29% in August. The weight-adjusted averages went from 14.47% to 12.12% respectively. It is good to see that list prices are falling more in line with where condos are actually selling.
The sold-to-listed ratio expressed as a percentage in the following 19 buildings in South Beach:
1500 Ocean Drive – 1500 Ocean Dr | 33139 | 22.20%
Bentley Bay – 520 & 540 West Ave | 33139 | 25.49%
Bentley Beach – 101 Ocean Dr | 33139 | (2.79%)
Continuum South Tower – 100 S Pointe Dr | 33139 | 11.46%
Cosmopolitan – 110 Washington Ave | 33139 | 10.88%
Courts at South Beach – 140 Jefferson Ave | 33139 | 17.96%
Decoplage – 100 Lincoln Rd | 33139 | 17.75%
Floridian – 650 West Ave | 33139 | 6.18%
Grand Venetian – 10 Venetian Wy | 33139 | 26.23%
Icon South Beach – 450 Alton Rd | 33139 | 20.74%
Il Villagio – 1455 Ocean Dr | 33139 | 28.91%
Meridian Lofts – 2001 Meridian Ave | 33139 | 32.07%
Murano at Portofino – 1000 S Pointe Dr | 33139 | 26.44%
Murano Grande – 400 Alton Rd | 33139 | 12.52%
Portofino Tower – 300 S Pointe Dr | 33139 | (3.22%)
Setai South Beach – 101 20 St | 33139 | 15.83%
Waverly at South Beach – 1330 West Ave | 33139 | 14.25%
Yacht Club at Portofino – 90 Alton Rd | 33139 | 8.11%
That wraps things up for the August 2007 South Beach Condo Index. Next week we’ll take our third look at condos in Brickell.
Marina Blue – Closings to Begin Towards the End of September 2007
I was notified today that closings at Marina Blue are scheduled to begin towards the end of September. Marina Blue is a 60-story luxury high-rise building going up in the neighborhood known as Park West. The fantastic thing about Marina Blue is that every unit has a beautiful view of Biscayne Bay.
As closing dates approach, there are some great opportunities to own a condo at Marina Blue. As in other developments, there are investors who purchased condos at Marina Blue in hopes to flip them prior to closing. As everyone knows, the market has changed dramatically in the past two years and many of these speculators are content to accept a loss on their deposit to avoid having to close.
I received a phone call last weekend from someone who placed a one bedroom condo under contract at Marina Blue for $296,000 as a resale. The condo is on the 15th floor and has 845 square feet of interior space. He was still in his 15-day rescission period and wanted to know if I felt that he got a good price. I told him that he got a great price. In my opinion, anything under $300,000 is a solid buy at Marina Blue. The long-term prospects for that neighborhood are great. I feel that one bedroom condos at Marina Blue will easily rent for $1,700 per month.
Currently, there’s a one bedroom for sale at Marina Blue that is on the 17th floor. It is listed at $320,000. The condo has 845 square feet. I think this unit can be acquired for under $300,000.
There’s also a 2 bedroom at Marina Blue on the 9th floor that is listed for $455,000. This condo has 1,327 square feet of interior space. If you can get this condo for around $430,000 then I think that your long-term prospects are bright.
In the upcoming years, I feel that Park West will be the best condo neighborhood in all of Miami. It was developed to be Miami’s equivalent to Manhattan’s Park Avenue.
At the beginning of July, I published a post about the neighborhood of Park West and the four luxury high-rise buildings being developed in that neighborhood. The post was entitled “Pictorial & Video Review of The Fantastic Four in Miami“. Take a look at that post for more information about the Downtown Miami neighborhood of Park West and what it has to offer. You will also see some pictures and a video of Marina Blue as it stood towards the beginning of July.
Apogee South Beach: Ultra-Luxury Living at its Finest – Prices & Availability
The video above is of the construction progress at Apogee South Beach located in the neighborhood of South Beach known as South of Fifth. South of Fifth has become the most luxurious neighborhood in South Beach. Apogee is situated at the southern tip of South Beach, along South Pointe Drive at 800 South Pointe Drive. As you can see above, Apogee is almost complete. Closings for condo units at Apogee are scheduled to begin in September 2007. Apogee rises 22 stories high with only 67 private residences (4 units per floor).
Apogee South Beach will be THE ultra-luxury condo building of South Beach. Celebrities from all over have purchased residences at Apogee. When sales began at Apogee prices started at $3M. The list below will show you information pertaining to the resale units that are currently available at Apogee. Original buyers were given the option of modifying the floor plan of their residence which means that some of these units may be modified versions of the original floor plan. Apogee is known for having very large and spacious residences with top-of-the-line appliances and fixtures.
“A” Residence:
4,154 Sq Ft a/c
2,441 Sq Ft terrace
Line “04”, West corner with N, S, & W exposures
Unit 704 – $7.6M ($1,829/SF) 3BR
Unit 1104 – $7.75M ($1,866/SF) 4BR
Unit 1504 – $7.75M ($1,866/SF) 3BR
Unit 1704 – $8.2M ($1,974/SF) 4BR
Line “01”, East corner with N, S, & E exposures
Unit 901 – $5.2M ($1,252/SF) 4BR
Unit 1401 – $6.5M ($1,565/SF) 3BR
“B” Residence:
3,100 Sq Ft a/c
1,042 Sq Ft terrace
Unit 703 – $4M ($1,290/SF)
Unit 902 – $4.5M ($1,452/SF)
Unit 1203 – $4.349M ($1,403/SF)
Unit 1402 – $4.449M ($1,435/SF)
Unit 1603 – $4.9M ($1,580/SF)
Unit 1903 – $5.2M ($1,677/SF)
Take a look at level of quality that will go into the luxurious residences at Apogee South Beach:
Il Villagio Penthouse – $17,750,000 – A Look at an Ultra-Luxury Condo
Many of you may have wondered, at some time or another, what a $15M+ condo looks like in South Beach. So, let’s take a look at the two-story penthouse condo at Il Villaggio that is listed for $17,750,000. It has an amazing 5,700 square feet with 3 bedrooms, 4 full baths, 2 half baths, a 12-camera security system, private rooftop terrace with pool and Jacuzzi, 4 parking spaces and much, much more. Il Villagio is located on one of the most well-known streets in South Beach, Ocean Drive, at 1455 Ocean Drive. Two words came to mind when I saw this condo: “bad ass”! Make sure to take a look at the MLS listing for more information.
2 Bedroom Foreclosure at Carbonell in Brickell Key
There’s a 2 bedroom/2.5 bath foreclosure that just became available over the weekend at Carbonell in Brickell Key. Built in 2005, Carbonell is Brickell Key’s most recent addition. The foreclosure unit is the best priced 2 bedroom unit in the entire building by quite a lot. It is listed at $649,900. The next best priced 2 bedroom at Carbonell is listed at $799,000. It is a bank owned property. Tax records show that there was an original mortgage on the property in the amount of $700,000. At the time of repossession, the mortgage amount owed was $699,627.
The foreclosure unit has 1,558 square feet of interior space, which equates to about $417 per square foot. The next best priced 2 bedroom condo at Carbonell is listed at $544 per square foot, located on the sixth floor, or one floor above the foreclosure unit. Taking a look at the Miami Condo Index for Brickell Key in June 2007 will reveal that Carbonell had an average list price of $592.56 per square foot, while having an average sales price $473.04 per square foot over the preceding six months.
In my experience, I’ve seen banks willing to accept what might seem like a crazy offer just to get the property off of their books. This could be a great opportunity to own a 2 bedroom at Carbonell for under $600,000. This past March, a 2 bedroom/2.5 bath sold for $700,000. It was located in the same line as the foreclosure unit, exactly one floor above it.
Update: Price was reduced to $634,900 on July 26, 2007.
Opportunity to Own a 1 Bedroom in Tower 2 of the Luxurious Icon Brickell
A few days ago I received an email from a gentleman who holds a preconstruction contract for a 1 bedroom in Tower 2 of Icon Brickell. He prefers not to close on the unit and wanted me to find out if there’s any interest in his unit from someone looking to acquire a condo at Icon Brickell. Even though the market has slowed, I still think there will be interest due to the reputation that the “Icon” brand has created. The “Icon” brand has become synonymous with ultra-luxury living and the Icon Brickell development will be one of the finest in all of Brickell.
The gentleman was originally supposed to receive a contract for a 1 bedroom in Tower 1 of Icon Brickell but due to high demand that tower quickly sold out. The developer, The Related Group, did however give him a 1 bedroom in Tower 2 at the same price that he was promised a 1 bedroom unit in Tower 1. It is a G floor plan with 984 square feet of interior space and a 137 square foot terrace. The unit is located on a high floor above the 30th.
His price per square foot of $486 is pretty amazing given that units in that same line sold for slightly over $750 per square foot. I spoke with a sales representative at Icon Brickell today to get a feel for how pricing will be once resales begin. She notified me that The Related Group has no plans to launch a resale program for Icon Brickell. I asked her why and she said that resale programs are only launched for their projects when they feel that the market can absorb it. She continued to add that because the market is currently soft they don’t feel that this is the case at this time. Icon Brickell has been sold out of one bedroom units in Towers 1 and 2 for quite some time. I asked her if she could remember what a G line unit was selling for before they sold out. She told me that there was a G line unit on the 46th floor that sold for $750,000.
The gentleman who contacted me is looking to resell his 1 bedroom at Icon Brickell. His asking price is $599,000. A simultaneous closing would need to be done since the developer is not allowing contracts to be assigned at this time. Icon Brickell is scheduled to begin closings towards the end of 2008. If you or someone you know has an interest in acquiring this unit, please drop me an email or give me a call.
Check out the picture slideshow below for more renderings of the Icon Brickell project:
Pictorial & Video Review of The Fantastic Four in Miami
Today was a beautiful sunny day in Miami so I decided to revisit my favorite skyline-gazing spot at the southwestern tip of Watson Island, along with my trusty digital camcorder. It is the perfect location to view the progression of what I have dubbed The Fantastic Four, made up of, from left to right, Marina Blue, 900 Biscayne Bay, Ten Museum Park and Marquis. It may appear as though there are five developments but the smallest of the buildings is located further off of Biscayne Boulevard to the west. Wikipedia refers to these four developments as the Biscayne Wall, but to me it is far shy of a wall when you compare it to fully built-out skylines in cities such as New York City and Chicago.
The name The Fantastic Four came to mind though as each of these four developments are fantastic ultra-luxury high-rise buildings revitalizing the Downtown Miami neighborhood now known as Park West. Park West was recently developed to be Miami’s equivalent to Manhattan’s Park Avenue. In years to come it will become known as Miami’s luxury neighborhood. It is located directly west of I-395, also known as the MacArthur Causeway, which leads straight into South Beach.Museum Park, formerly known as Bicentennial Park, which is the green piece of land directly east of the The Fantastic Four, will be redeveloped by the Miami Art Museum and the Miami Museum of Science and Planetarium to be transformed into a world-renowned park. It may not seem like a lot of land from the picture above but it is actually comprised of 30-plus acres. The luxury condo buildings in Park West are walking distance to the American Airlines Arena, the newly constructed Carnival Center for the Performing Arts and Bayside Marketplace.
In future months, as closing dates approach, there will be many opportunities to buy into these four buildings at discounted prices. Condo units in these buildings, as well as the thousands of other units coming to market in Miami over the next 18 months, were heavily purchased by investors. Their plan was to flip each condo unit for a profit prior to closing, but demand dried and prices headed south. Many will end up walking away from 20 percent deposits and instead write it off on their taxes. Closings at Ten Museum Park have already begun and Marina Blue should begin theirs towards the beginning of August.
The following pictorial review will give you a closer look at each of these buildings as they appear today:
Note: Watson Island offers the best views of both the Miami and Miami Beach skylines. With the exception of Parrot Jungle and the Miami Children’s Museum, it is a wonder how this land has remained vacant for so long. Flagstone Property Group is supposed to develop a mix-used project known as Island Gardens, with hotel, restaurant and retail space as well as a a “50-slip mega-yacht marina that would accommodate yachts of up 450-feet long”. I haven’t heard of any progress in over twelve months and it doesn’t appear as though anyone has broken ground on the land that I stood on today.
