2017 continues to be a very interesting year for the Park West neighborhood of Downtown Miami. Nevertheless, the year has been an interesting one for all across South Florida to say the least.
Everything from pricing adjustments to hurricane disasters have shaped our attitudes and outlook of the tropical metropolis we all call home. With everything that has happened in our lives, the year has felt like a tale of two different years. One side of 2017 moved at a frenetic pace, with each week sprinting towards the other. Meanwhile, another feels so convoluted that events that happened just a few months back fade into what seems like a distant memory.
With its gleaming high rise towers filled with condos facing the bay, Park West has remained a staple in Downtown Miami’s real estate market. Its walkability to world class venues such as PAMM and the AAA, along with dozens of restaurants and nightlife nearby, it personifies the vibrant energy that reflects its status as one of Downtown’s newest neighborhoods. The charts below should help provide an idea on what to expect over the next upcoming months in Miami..
For Sale Vs Sold: Park West Miami
Months Of Inventory
Closed Sales (As Of 11/06/2017): 39
| Unit # | Subdivision/Complex | List Price | Sale Price | #Beds | #FBaths | #HBaths | SF | |
|---|---|---|---|---|---|---|---|---|
| #PH6301 | Marquis | 3,745,000 | 3,500,000 | 3 | 3 | 1 | 3831 | |
| #PH6101 | 900 Biscayne Bay | 2,490,000 | 2,100,000 | 4 | 4 | 1 | 3493 | |
| #3602 | Ten Museum Park | 1,149,000 | 950,000 | 2 | 2 | 1 | 1802 | |
| #4206 | Ten Museum Park | 1,080,000 | 940,000 | 2 | 2 | 1 | 2573 | |
| #4901 | 900 Biscayne Bay | 939,000 | 862,500 | 2 | 3 | 1 | 1796 | |
| #5002 | 900 Biscayne Bay | 899,500 | 860,000 | 3 | 3 | 1575 | ||
| #2801 | 900 Biscayne Bay | 855,000 | 800,000 | 2 | 3 | 1 | 1796 | |
| #2402 | 900 Biscayne Bay | 839,000 | 750,000 | 3 | 3 | 0 | 1712 | |
| #5102 | 900 Biscayne Bay | 815,000 | 800,000 | 3 | 3 | 1712 | ||
| #2401 | 900 Biscayne Bay | 800,000 | 700,000 | 3 | 4 | 0 | 1796 | |
| #3302 | 900 Biscayne Bay | 795,000 | 729,000 | 3 | 3 | 0 | 1575 | |
| #3809 | 900 Biscayne Bay | 789,000 | 730,000 | 2 | 3 | 1712 | ||
| #2902 | 900 Biscayne Bay | 770,000 | 729,000 | 3 | 3 | 1575 | ||
| #TH903 | 900 Biscayne Bay | 769,000 | 700,000 | 3 | 3 | 1694 | ||
| #4308 | Marina Blue | 755,000 | 695,000 | 2 | 2 | 1 | 1334 | |
| #5304 | Marina Blue | 745,000 | 715,000 | 2 | 2 | 1 | 1663 | |
| #5303 | Marquis | 699,000 | 662,500 | 2 | 2 | 1 | 1498 | |
| #5102 | Marquis | 699,000 | 675,000 | 2 | 2 | 1557 | ||
| #1609 | Marina Blue | 659,000 | 595,000 | 2 | 2 | 1 | 1323 | |
| #3804 | Marquis | 650,000 | 630,000 | 2 | 2 | 1 | 1477 | |
| #3008 | 900 Biscayne Bay | 619,800 | 607,000 | 2 | 3 | 0 | 1576 | |
| #2308 | 900 Biscayne Bay | 598,900 | 590,000 | 2 | 3 | 0 | 1579 | |
| #4805 | Marina Blue | 585,000 | 520,000 | 2 | 2 | 1322 | ||
| #5005 | 900 Biscayne Bay | 575,000 | 505,000 | 1 | 2 | 929 | ||
| #3005 | Marina Blue | 550,000 | 500,000 | 2 | 2 | 1322 | ||
| #5112 | 900 Biscayne Bay | 549,900 | 520,000 | 2 | 2 | 1 | 1237 | |
| #2512 | 900 Biscayne Bay | 499,900 | 490,000 | 2 | 2 | 1 | 1237 | |
| #3605 | 900 Biscayne Bay | 485,990 | 430,000 | 1 | 2 | 929 | ||
| #4005 | 900 Biscayne Bay | 485,000 | 445,000 | 1 | 2 | 929 | ||
| #812 | Marina Blue | 479,000 | 441,000 | 2 | 2 | 0 | 1327 | |
| #3905 | 900 Biscayne Bay | 469,999 | 445,000 | 1 | 2 | 0 | 929 | |
| #4310 | 900 Biscayne Bay | 439,000 | 410,000 | 2 | 2 | 0 | 1140 | |
| #2303 | 900 Biscayne Bay | 430,000 | 395,000 | 1 | 2 | 0 | 912 | |
| #2106 | Ten Museum Park | 429,500 | 407,000 | 2 | 2 | 1 | 1123 | |
| #4604 | 900 Biscayne Bay | 420,000 | 405,000 | 1 | 2 | 0 | 938 | |
| #3507 | Marina Blue | 398,888 | 385,000 | 1 | 1 | 1 | 833 | |
| #3008 | Ten Museum Park | 380,000 | 320,000 | 1 | 1 | 1 | 850 | |
| #2808 | Ten Museum Park | 330,000 | 320,000 | 1 | 1 | 1 | 808 | |
| #2608 | Ten Museum Park | 319,000 | 319,000 | 1 | 1 | 1 | 850 |
Click here for more details. The link includes more details on each sale.
Additional Remarks:
- As I mentioned on my last Park West report earlier this year, the neighborhood continues to be a buyer’s market. However, a great deal of improvement continues to be a recurring theme in this report, with a level of closes sales and activity that remains highly consistent. Much of this continues to be a result of more Sellers continuing to price their properties in accordance to our current market.
- Please note that I omitted the overall $/SF chart for all four high rises combined on purpose. The reason I chose to omit it is simple: Each of the four buildings is unmistakably unique from one another despite the fact that each one stands within the same city blocks of Biscayne Blvd between 8th and 11th Street. In order to be more precise, the $/SF of each one should be reviewed individually, especially for purposes related to more accurate pricing. Please contact me directly for those figures.
- Finally, with only two of the 39 properties having closed in the $1M and above range, the highest concentration of supply continues to lay on the luxury market of Park West. At the time that I wrote this report, there are over 42 properties for sale in Park West priced at $1,000,000 or above.
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