Downtown St Pete: From Grayl’s to The Birchwood Inn
May 14th, 2012 categories: Downtown St Petersburg
Grayl's Hotel downtown St Pete
Downtown St Pete is changing daily. One such change is the renovation of Grayl’s Hotel by Chuck Prather to The Birchwood Inn. Renovation hardly describes the changes as this photo shows – not even all of the shell remains.
Intending to retain the original style as well as the exterior walls, Prather plans to add a new fourth floor with 8,000 sq ft for events and meetings and a fifth floor open-air bar and lounge with a rooftop deck. The goal is to finish and reopen on November 15th – if they do, I’ll plan to have my birthday dinner there!
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Luxury Home Sales in St Petersburg, Tierra Verde and Belleair
April 14th, 2012 categories: Luxury Properties, Market Reports, Property Sales
In the last year, there have been three luxury home sales over $5 Million in St Petersburg, Tierra Verde and Belleair, all in Pinellas County, Florida. This is just 3/100 of 1% of all single family home sales in Pinellas County. No condos sold over $5 Million in the last twelve months in Pinellas County.
The most recent sale is a waterfront home in Belleaire that sold this week for $6.2 Million. This is Hulk Hogan’s home with 17,145 sq ft. It was listed in 2006 for $25 million.
In December 2011 a waterfront home in Tierra Verde sold for $5.5 Million. It had 8,105 sq ft.
The highest sale in the last year was on Snell Isle. With 12,411 sq ft, it sold for $9 Million.
Looking at all residential sales in Pinellas County over the last year:
15,294 properties sold
2/100 of 1% (3) sold for over $5 Million
9/10 of 1% (142) sold for over $1 Million
5% (759) sold for over $500,000.
All of these statistics are from the My Florida Regional MLS and therefore do not include any sales that did not use the MLS.
All 3 of these luxury home sales were waterfront properties. Two of them, the ones on Snell Isle and Tierra Verde, were built by Windstar Homes. All of them were on lots of 1 acre to 1.5 acres. All were purchased for cash.
If you’d like help buying or selling a luxury home or condo, please contact The Simms Team at ALVA International, Inc. We’re a small boutique real estate company on Beach Drive in downtown St Petersburg.
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Contingencies do matter when buying or selling Condos in St Petersburg
April 13th, 2012 categories: Real Estate News
Contingencies do matter when buying or selling condos in St Petersburg. One contingency that has been the cause of contract cancellations lately is buyer review of condo documents. Here’s a sample of that clause:
This agreement is voidable by buyer…within 3 days…after…receipt…of:
- a current copy of the declaration of condominium
- articles of incorporation
- bylaws and rules of the association
- copy of the most recent year-end financial information
- frequently asked questions and answers document.
Any purported waiver of these voidability rights shall be of no effect.
One contract was cancelled by the buyer because there were inadequate reserves. Many condos have not fully funded their reserves, intending to keep the monthly fees down. However, this can lead to large assessments when work must be done and the funds aren’t there in reserve.
Another contract was cancelled by the buyer because of a restriction on rentals. The documents said only one rental per year. Within the 3 day rescission period, the buyer met with the Interview Committee and asked “What happens if I rent for a year and through no fault of mine the tenant leaves, for example if he loses his job and can’t afford the rent or if he goes bankrupt?” The firm answer was, “Then it will stay vacant. Do a better job of choosing your tenant the next time.” The buyer cancelled the contract.
Tip to sellers: you want all contingencies removed as soon as possible. Assemble all of these documents and have them ready when you get an offer on your condo. You don’t want to lose time waiting to get them all together. Note that you not only need the condo documents, but all amendments over the years.
Tip to buyers: review all the documents carefully. If you’re not comfortable doing this, have an attorney and/or accountant review them within your 3 day review period.
Tip to condo associations: Unfunded reserves can come back to bite you.
For help buying a condo or selling a condo in St Petersburg, contact The Simms Team at ALVA International, Inc.
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Downtown St Petersburg Condos Rental Market Report April 1, 2012
April 11th, 2012 categories: Downtown St Petersburg Condos
Downtown St Petersburg Waterfront View
Downtown St Petersburg Condos Rental Market Report as of April 1, 2012
There were only 13 condo units availablefor rent in downtown St Petersburg on the first of April 2012, ranging in price from $900 to $5,000/month. The number of available units has decreased significantly over the last 2 years – a year ago there were 26 to choose from and two years ago there were 29.
The decreasing inventory in rentals and sales means higher prices, the usual response to Supply and Demand. The market is hyper local, though, and whether prices are going up or down will depend on the specific building. For more information on a particular condominium, contact The Simms Team at ALVA International, Inc. (727) 341-8400.
Most leases are for a minimum of one year. Some condos will allow a shorter rental but only allow one rental per year. The exception to this is Signature Place, which has a minimum rental period of one month and allows 3 rentals per year.
During March 2012 there were 9 condos leased, which indicates a supply of less than 6 weeks. Year to date 19 downtown St Petersburg condos have leased, ranging in price from $850/month to $5,500 per month.
Note: These statistics are taken from the My Florida Regional MLS, which does not include all rental transactions that take place. For this report, “downtown” is defined at the area from 5th Avenue N to 5th Avenue S, from 4th St to Tampa Bay, including both sides of the border streets.
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St Pete one of top 10 US cities for Cycling
March 26th, 2012 categories: Downtown St Petersburg, Lifestyle
Along the Pinellas Trail
St Petersburg has been named one of the top 10 cities for cycling in the United States. St Pete has relatively flat terrain and cycling infrastructure that includes 35 miles of bike trails and 75 miles of on-street bike lanes. The Pinellas Trail extends 47 miles from downtown St Petersburg to Tarpon Springs along an abandoned railroad right of way, through parks and along coastal areas and waterways.
A bike sharing program is set to launch in St Petersburg on July 4, 2012. It will start with 500 bikes. There are several bicycle clubs in St Petersburg for those preferring groups and scheduled rides.
See Huffington Post article on St Petersburg as one of the 10 best American cities for cycling .
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St Pete Beach named #1 beach destination in US
March 9th, 2012 categories: Beach Living
Sugary-white sand at St Pete Beach
TripAdvisor named St Pete Beach the top beach destination in the United States and also named it #5 on the list of top beach destinations in the world!
In 2005 Dr Beach named Ft DeSoto Park beach, just south of St Pete Beach as America’s best beach that year.
The Don ce Sar Hotel recently finished a $7 Million renovation, upgrading both rooms and common areas. The fountain is gone, as well as the tropical decor of the lobby and restaurants. The hotel is geared now toward younger guests and has a “cleaner, sleeker, hippier look”.
The Tradewinds Island Grand just finished a $20 million renovation of its rooms, moving from a “casual Florida” look to a more upscale look. The Tradewinds Sandpiper is in the midst of a $3 million renovation which will capitalize on being a Guy Harvey Outpost.
Looking for soft, white sand? St Pete Beach is the place to go. Walk along the curving beach from Upham Beach on the north to Pass-a-Grille Beach on the south.
For those of you in downtown St Pete, you can take the trolley from downtown St Pete to St Pete Beach. Great for residents and visitors alike.
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Downtown St Pete Condo Rentals 3-6-12
March 6th, 2012 categories: Downtown St Petersburg Condos
Downtown St Petersburg Florida
Downtown St Petersburg Condo Rentals Market Update 3-6-12
Today there are only 13 condo rentals in the Multiple Listing Service for downtown condos, ranging from $900/month for a 1 bedroom unit at The Beacon to $5,500 for a city home at 400 Beach Drive.
Here’s what’s available:
- 400 Beach Drive: 1 at $5,500/month
- The Beacon: 3 from $900/month to $1,800/month
- Flori de Leon: 2 from $1,200/month to $2,500/month (55+)
- The Madison: 2 from $1,600/month to $1,650/month
- Parkshore Plaza: 1 at $4,200/month
- Signature Place: 3 from $2,700/month to $3,900/month
- Snell Arcade: 1 at $1,800/month
There have been 9 condos leased since the beginning of the year, ranging from $850/month for a 1 bedroom condo at Bay Villas to $5,500/month for a townhouse at Vinoy Place.
- Bay Villas: 1 at $850/month
- Bayfront Tower: 2 from $2,700/month to $3,000/month
- 400 Beach: 1 at$4,500/month
- Parkshore Plaza: 1 at $2,445/month
- Signature Place: 1 at $4,000/month
- Townview: 1 at $1,100/month
- Vinoy Place: 1 at $5,500/month
- Walker Whitney: 1 at $1,995/month
Rents are increasing due to supply and demand: there are very few downtown St Pete condos available for rent.
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St Petersburg Downtown Condos Market Update 2-16-12
March 2nd, 2012 categories: Downtown Condos, Downtown St Petersburg
Downtown St Petersburg Condos – Market Update 2-16-12
Frank Gregoire, guru appraiser, regularly attends the URBN Pitch marketing session for real estate agents, held weekly at BayWalk. He shares his research on neighborhoods, one by one.
Recently Gregoire shared his findings on downtown condos in St Petersburg. According to URBN pitch, he reported the following:
- 76 active downtown St Pete condo listings as of 2/16/12
- 22 of the 76 are distress sales (short sales, preforeclosures and bank owned)
- 130 sold downtown St Pete condos in the last 12 months
- Number of listings is constant.
- Median sales price is up 7% in the last quarter for downtown St Pete condos
- 11 month supply of listings
Gregoire also stated that condos listed at over $1 Million are starting to come back on the market.
For specific information on downtown condos, please contact The Simms Team at ALVA International, Inc. real estate.
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Comparing St Pete area Condos: Pools
March 1st, 2012 categories: Buying a condo, Downtown St Petersburg Condos
Whether you’re comparing downtown St Petersburg condos or beachfront condos, there are many questions to ask. More importantly, ask questions deeper!
It’s obvious in most cases to ask if the condo has a pool. Many people want that amenity. Others wouldn’t use it and don’t want the expense in their maintenance fee.
There are deeper questions to ask, though:
- Is the pool heated? To what temperature is the pool heated? Is it heated only when the air temperature is within a certain range, or certain months of the year? How is it heated? Some of the downtown St Pete condos have converted to geothermal heating, for efficiency and cost savings.
- What’s the pool size and depth? For competitive swimmer, having a regulation lap length may be important. Are there separate areas for lap swimmers and people just relaxing and having fun?
- What about children? Do they need to be accompanied by adults? Are there only certain times that children can use the pool?
- What are the pool hours? This can be important not only for your use, if you plan to swim early in the morning or late in the evening, but for your enjoyment. If your condo is directly above or beside the pool, what are the noise implications?
- Can the pool be reserved for private parties? Can you bring food and drinks to the pool? Are there any restrictions on bringing friends or houseguests to the pool?
Please understand that some of these answers are fixed – ie., the size of the pool – but others are Rules and Regulations that may be changed.
Your real estate agent should be able to get this information for you. If you aren’t currently working with a real estate agent, ask The Simms Team at ALVA International real estate to help.
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French and Creignou to represent United States in 2012 Paralympics
February 29th, 2012 categories: Lifestyle
Congratulations to Jen French and Jean Paul Breignou, both from St Petersburg, who will be representing the United States in sailing in the 2012 Paralympic Games in London. Jen is a Salty Sister at the St Petersburg Yacht Club.
Jen suffered a spinal cord injury in a snowboarding accident and needs to be lifted into the sailboat by a harness; Jean Paul is blind. Together they make a formidable team.
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