The last couple days I’ve heard a radio advertisement that advertised Miranova and mentioned that there were a handful of homes available for sale at the moment. It made me wonder how the public would perceive the ad. Would it be thought of as just a reminder of the luxurious high rise condo building that anchors the South end of Downtown Columbus or a desperate cry for help from a once glorious and now seemingly irrelevant pricey box?
Having attended the Bexley Gateway coming out party last night, pricey, luxury condos were on my mind anyway. Truth be told, I happen to love Miranova. In 2001, when people were buying into theses downtown condos, most of Columbus’ downtown condos currently on the market were but a gleam in their developer’s eyes. Miranova is, and has always been, first class. Not inexpensive by any means, but I always felt they pulled out all the stops with their 24 hour concierge, valets, car washes, refrigerated spot to put perishable mail items, great common rooms, views, storage, a signature restaurant on site and a guest suite.
You don’t get those amenities just anywhere. You’re also not paying $6,725/year in taxes for a one bedroom plus $757/month in condo fees just anywhere—granted, it’s a 1471 sq ft one bedroom with a 24 foot deck facing downtown Columbus. Luxury isn’t cheap. So back to the basic question: In this time of condos, condos, everywhere and more being built, auctioned, and reduced, can Miranova survive and prosper?
There are currently 18 units for sale in the building. Excluding units that are 2700 sq ft and larger, they have an average of 1900 sq ft and are listed at about $286/sq ft. They have a garage space per bedroom too and they’ve been on the market an average of 165 days. Realistically though, many of them have been on the market much longer, some for years now all told, especially the giant, upper level units.
Because of all the newer condo units being built in downtown Columbus, and because many of them can be had for less and could be considered better placed within downtown and because we’re not yet sure if the North Bank Condos could swiftly replace Miranova as the downtown residential high rise of choice yet, I think Miranova will continue to struggle in this market and for the foreseeable future. I think it may remain popular among older Columbus Names, among those here for a few years from out of town, and among executives at the highest levels and perhaps young people with old money, but you won’t be able to watch a ball game from your balcony.
New River South development and the new Franklin County Courthouse will help the situation, so will a bigger better, more powerful than before City Center Mall resolution.
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