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Ten Museum Park Condo - Real Estate Market Report for April 2016

Ines Hegedus-Garcia
ines@miamism.com

Ten Museum Park - Downtown MiamiAs your Downtown Miami Real Estate Specialists, we present to you our Ten Museum Park Real Estate Market Report for the month of April 2016.  Call us if you are considering buying or selling at Ten Museum Park.

Ten Museum Park – current Listings

There are currently 25 Ten Museum Park residences for sale: (compared to 30 in February) Ten Museum Park Site Plan

  • Highest Priced Listing – $2,095,000 $2,025,000 $1,950,000 for PH4607 – 3 bedroom/3.5 bathroom west facing penthouse with 2,566 SF.
  • Lowest Priced Listing – $339,000 – residence 1805– 791 sq.ft. – 1 bedroom / 1.5 bathrooms

Ten Museum Park Condo – pending sales

There are currently 3 properties under contract at Ten Museum Park. (compared to 2 in February)

  • Residence 1501, has been under contract since October of 2015 and has not closed yet. It was listed for $1,026,000 in May and reduced to $989,000 in August. It has 1,946 sq.ft. of living space, 2 bedrooms / 2.5 bathrooms and 2 parking spaces.
  • Residence 2002, listed for $959,000 in February, reduced to $975,000 on March 4th and again to $930,000 on march 15th, went under contract on May 12.  It has 2 bedrooms / 2.5 bathrooms and 1,949 SF.
  • Residence 4106, listed for $585,000 in November of 2015, reduced to $565,000 in January, again in February to $539,713 and went under contract on May 17.  It has 2 bedrooms / 2.5 bathrooms and 1,123 SF.

Ten Museum Park Condo – April 2016 Sales

Here are the sales at Ten Museum Park this year:

  • 2 sales in January
  • 1 sale in February
  • 0 sales in March
  • 1 sale in April

The Ten Museum Park sale in the month of April was the following:

  • Residence 1106 – 1,123 SF of living space, 2 bedrooms / 2.5 bathrooms.  Originally listed for $550,000 in October of 2014 with several price reductions and and selling for $440,000 ($392/SF)

The median sales price for the first 4 months of 2016 is $472,500 and the average price per square foot for first 4 months is $429. Compared to 2015’s average of $470. The median listing price is $569,000 and remains low because most of the available inventory at Ten Museum are for west facing, non-loft units.  High inventory and low sales represent the overall market in Downtown Miami and Brickell.  We are not seeing a drop in pricing yet, but condos are taking a lot longer to sell.  Even if prices drop a bit, most sellers will still make a profit from the time they purchased. For example, PH4607, which is listed for  sale at $1,950,000 and for rent at $11,000 per month, was purchased for $1,212,500 in 2008.  Even if they do a drastic reduction to $1.5 million, seller will still make a profit from their 2008 purchase.

Ten Museum Park – Building Features

Ten Museum Park is a boutique, luxury condo development located at 1040 Biscayne Boulevard in Downtown Miami, directly across the street from the newly opened Museum Park and The Miami Airlines Arena.

  • 200 total units – each with 10-foot or 20-foot floor-to-ceiling glass windows
  • 50-story development
  • completed in 2007
  • Developer: Covin Development
  • Architect: Chad Oppenheim
  • Amenities include:  a full-service spa with steam room, snow room, and treatment rooms; state-of-the-art fitness center; spin studio/yoga room with class offerings; 24-hour, full-service concierge; pool deck with resistance and plunge pools, lounge chairs, and hot tub; 24-hour valet parking; and on-site building management.
  • pet-friendly for both owners and renters (up to two pets with a maximum combined weight of 100 pounds)

 

PLEASE CALL US FOR A LISTING PRESENTATION The Miamism Sales Team specialized in Ten Museum Park and can represent you in the sale or purchase of a condo. For a complimentary market report, please email TenMuseum@miamism.com or visit miamismValue.com Condo Name:  Ten Museum Park Architecture:  Chad Oppenheim Developer: Covin Development Location:  1040 Biscayne Boulevard, Miami, FL 33132 Contact:  tenmuseum@miamism.com


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