A two-level, live-work Miami penthouse in a building featuring custom murals hit the market for $3.65 million, just in time for the city's annual Art Basel buzz.
The unit at 250 NW 24th St. is in the 11-story Ático Wynwood, one of the first residential buildings in the Wynwood neighborhood. Wynwood is a former working-class area that's been transformed into a trendy arts district over the past decade.
Seller Brad Carlson was part of the development team for the building in 2015 but wants to sell now to focus on his other residences, according to listing agent Frank Navarro of Douglas Elliman.
Navarro said he is counting on the listing catching the attention of prospective buyers attending Art Basel Miami Beach at the Miami Beach Convention Center this weekend. The prestigious art fair is the showcase of Miami Art Week that also includes satellite fairs and exhibitions across the region.
"It's about getting the right person when they're in town," Navarro told Homes.com.
In the 1960s, Cuban immigrants made Wynwood an industrial hub that later went dark before artists slowly started turning the neighborhood into a "cultural hot zone" featuring art galleries, museums, restaurants, shops and residences, according to Homes.com.
Wynwood is pedestrian-friendly
The neighborhood now boasts some of the best walkability in South Florida, said Chris Montgomery, senior market analyst for Homes.com.
"It has earned its 'cool factor' in recent years, following the revitalization of the arts and entertainment scene, which catalyzed the neighborhood's post-pandemic boom," Montgomery said.
While Miami's luxury housing market generally remains strong, the broader market has cooled recently.
Even though the Wynwood penthouse isn't subject to Florida's new condo safety law, Miami condo listings have soared recently as more owners try to sell and avoid costly repairs and rising fees spawned by the measure.
Legislators enacted the law following the 2021 collapse of the 12-story Champlain Towers South in Surfside, Florida. The legislation requires associations in older buildings to complete inspections and finance reserves for repairs, potentially pricing out some existing residents.
Meanwhile, foreign buyers are driving Miami-Dade County's growth, but in-migration has slumped to the lowest level since the pandemic, according to Montgomery. That's a result of the Trump administration's immigration policy and ultimately could result in fewer home sales across the region, he said.
Still, Navarro said he expects robust demand for Wynwood properties despite any market challenges.
The Ático Wynwood penthouse features 2,821 square feet of indoor space, including three bedrooms and 3.5 bathrooms, plus about 2,500 square feet of outdoor space, the listing shows.
Estimated annual taxes top $21,000, while the monthly homeowner association fees are $3,343, according to the listing. The seller paid $1.23 million for the property in 2015, public records show.
A multicolored canopy covers the rooftop that also has a bar, outdoor shower, lounges and dining areas, a privacy hedge and views of the contemporary neighborhood.
"It's fantastic for entertaining and holding events," Navarro said. "It's a lifestyle, living in Wynwood."