Biggest Penthouse in MiMo District Wants $1.275 Million

Gridics Staff February 24, 2016 Development Pipeline, Listings
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According to the broker, and to the fact that the MiMo District just doesn't have very many penthouses, this four bedroom, three bath penthouse at the '70s-era Flats at Morningside is the largest penthouse in the MiMo District, and it's on the market for $1.275 million. The MiMo Historic District is a long, thin commercial corridor extending along Biscayne Boulevard, next to other, mostly residential historic districts of the area, like Morningside, Belle Meade, etc. The 3,232 square foot unit looks out over historic Morningside toward unobstructed bay views, and includes a very large living room, sauna, rooftop terrace with cabana, hot tub, and Astroturf, and 100 feet of floor-to-ceiling windows.

Looking at previous sales in the building$394 per square foot, Penthouse #3 is priced higher than any unit that has sold since 2008, when a 577 square foot studio sold for $400 a foot as the last real estate boom was about to crash. That's not to say there are ever many sales in the building of 37 units, where only a few close a year, and just one did last year. Its unusual location, surrounded by mostly single family homes that are decades older than it to the east and west, also could make doing comps somewhat difficult. The unit is priced, however, slightly under the average price per square foot of every property on the market in a half mile radius. It's probably priced to compete with the upcoming Boulevard 57 project across Biscayne Boulevard, with similarities including private rooftop terraces, and very similar views. Penthouses over there go for up to $2.7 million, with views that are partially obstructed by this place.

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