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Downtown St Petersburg Condos Market Update for September 2007

Market Update –

Downtown StPete Condos

At the end of September there were 185 downtown St Petersburg condos listed in the MLS, according to the Pinellas Realtor Organization. During the first nine months of 2007 there were 102 downtown condos that sold. This indicates a 16 month supply of condos – excluding new ones that may come onto the market. This isn’t constant across all price ranges and I’ll get to that later.

Both 475  and the (Whitney) Plaza on Fifth have started closing on some of their units. With an unknown number of available units from these developers and investor “flips” as well as The Sage, when it comes online, we’ll have even more choices for buyers. 400 Beach is also coming right along – it’s been interesting to watch as each color is added to the exterior. It will be great when the sidewalk is finished and we can use it instead of detouring.

57% of the downtown St Pete condo listings are less than $500,000; 24% are between $500,000 and $999,999; and 19% are listed at $1,000,000 or more. Under $500,000 there is a 12 month supply; $500,000-$999,999 there is a 26 month supply; over $1,000,000 there is a 63 month supply.  80% of the downtown condo sales this year have been less than $500,000.

September was particularly slow, with only three condos going to contract, and only three downtown condos closing. The average sales price was 95% of the listed price (at the time of sale, of course).

We’ve had several luxury buyers this year interested in buying downtown, but they have not yet been able to sell their existing homes. It’s become a game of dominos.

Nationally and globally, the rich are getting richer, and there are more of them. Even some billionaires missed out on making Forbes’ list of the 400 most wealthy. Appreciation on high end luxury homes has been greater than entry level luxury, which has been more affected by the economy. For an interesting and entertaining book, read Robert Frank’s Richistan.

Tami and I recently returned from attending the Who’s Who in International Real Estate annual conference which was held in Vancouver. Seattle and Vancouver have beautiful waterfronts, and were enjoyable places to visit, but we were both glad to get back to St. Pete – which, in our opinion, has the best waterfront of all!

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