Keeping a watchful eye in the local markets is one of the most fundamental roles I’ve kept since I started this site. I originally started The Miami Observer as a tool I’d use to interact with my clients online. Nevertheless, it didn’t take me long to realize that I could use the site so others in the community could also read about the market and also reach out to me if they ever needed to speak with an agent.
In today’s market post, we’re covering the Park West Miami condos, one of the fastest growing areas of Downtown. On a personal note, it’s one of my favorite neighborhoods to live in, and to buy a condo. All of the developments in this area feature stunning finishes, phenomenal amenities and amazing city and water views.
The post will cover the area in its entirety and mention the numbers seen so far in 2017. In addition, I will also break down the four main developments (Marina Blue, 900 Biscayne, Ten Museum Park, and Marquis) and share about what’s currently for sale.
About Park West Miami
Located on Biscayne Blvd between 6th and 12th St, Park West Miami condos are situated in what I personally consider to be the center core of Downtown Miami. The area offers a plethora of shopping and entertainment destinations just a short distance from the developments themselves. Some of these destinations include:
- The American Airlines Arena, home of the Miami Heat and dozens of yearly concerts and performances.
- The Perez Art Museum Miami (PAMM) and the recently opened Phillip and Patricia Frost Museum of Science on Museum Park
- Moments away from Bayside Marketplace
- Just a few blocks from Miami’s 24 hour club district on NE 11th St, home to renowned nightlife venues such as Club Space, Heart, and E11ven Miami.
In addition, Park West Miami condos also feature no less than three Metromover stations close by for easy access to other parts of Downtown Miami. Having quick access to the Metromover is priceless in Downtown Miami. It’s a free, and easy to use transportation service thathelps avoid the hassle of parking and traffic during peak hours.
The Numbers So Far In 2017 (All Condo Buildings)
For Sale: 181, starting from $365,000 – $5,500,000
Pending: 14 units (All buildings included as of 06/19/2017)
Closed Sales: 34 sales (All buildings included as of 06/19/2017)
For Sale: 56 | Click here to view
Pending: 2 | Click here to view
Closed Sales: 9 | Click here to view
Marina Blue currently offers the most affordable starter units out of all the Park West Miami condos for sale with water views. At this time, the most affordable unit in Marina Blue and neighborhood is #2011. It is a 1/1.5 with 845 SF that’s available for $365k.
One extraordinary unit that’s also available for sale is #5112. This stunning corner penthouse features renovations with no expenses spared. Hands down, It is arguably one of the best units for sale in Park West.
Arquitectonica’s distinctive style can be clearly seen in the way this building was designed. Marina Blue’s most distinctive feature continues to be its floor to ceiling windows. In addition, the water and city views are outstanding, and can be seen from virtually any unit and floor plan.
900 Biscayne Bay
For Sale: 69 | Click here to view
Pending: 7 | Click here to view
Closed Sales: 14 | Click here to view
900 Biscayne Bay has outperformed every other development in the area since early 2017. The building has been very active, with 14 closed sales between $355k and $2.1 million and seven more units currently under contract. With 9 out the 14 deals that closed having at least one price reduction, these sales were, in my opinion, the ones whose owners understood the current market and made the changes needed in order to sell.
From the list of units that’s currently for sale, the one I can recommend with no reservations is PH#5109, which is currently listed by the EWM Miami Beach office. This fabulous unit has been renovated from top to bottom and features an incredible, 1400+ SF terrace that spans across the entire residence. Furthermore, the views of the city and the water are breathtaking at any given time of the day.
Amazing listing, without a doubt.
Ten Museum Park
For Sale: 13 | Click here to view
Pending: 4 | Click here to view
Closed Sales: 8 | Click here to view
Ten Museum Park stands out among its neighbors thanks to its boutique design and minimalist floor plans. Currently, it is arguably the most private building in Park West, with only 200 units in total.
Although having so few units, 8 sales in the past 6 months and 4 pending sales is remarkable. For this reason and with only 13 units currently for sale, Ten Museum Park in Miami is the building that’s showing the most stability between supply and demand.
Unit #2203, priced at $949k, is the first unit I would recommend to someone looking in Ten Museum Park. Beyond the crappy pictures attached on the link, you will find a spectacular apartment with 20ft ceilings and spectacular views.
Also included are two valet parking spaces to sweeten the deal just a tad more.
For Sale: 43 | Click here to view
Closed Sales: 3 | Click here to view
At 679 ft tall and a total of 63 floors, the Marquis condo is currently the 4th tallest building in Miami and in the State of Florida. Units here begin at a higher premium compared to its neighbors but also with much bigger floor plans.
The starting unit for sale in Marquis is currently #2906. This condo unit is a one bedroom plus den with 1,695 SF, and available for sale for $600,000.
In Conclusion: Park West Miami Condos Update
With a grand total of 34 condo sales and 14 more on the pipeline, this surge of sales are the result of the adjustments and price reductions that began to take place since 2016. For all intents and purposes, Miami is still in a buyer’s market across most price points. Nevertheless, these numbers among the condos in Park West are a sign of great improvement.
Overall, the amount of inventory has decreased significantly and the area’s absorption rate has increased and could continue to do if the current batch of listings continue to be priced and marketed accordingly.
For any further details or for any questions on Park West Miami please contact me directly.
We are dedicated to providing the best information about Miami Real Estate. Call us today at 305-305-3885 or send us a message here if you’re interested in buying or selling in the area. Our local knowledge of the market and experience will enable us to provide you with the best possible results.
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