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Plaza on Fifth Market Update

The Plaza on Fifth, or Walker-Whitney Plaza, is located at 226 Fifth Avenue N in downtown St Petersburg. It was completed in 2007 and has 56 units in a 13 story building. It’s “New York style” with up to 6 units per floor.  It’s too stark for my taste, but fortunately everyone doesn’t have the same tastes. There is some open space on the top floor that is common area, but there is no pool or fitness center. It also seems that the corridors do not have air conditioning.

Since The Plaza was completed last year, public records show that only 18 of the 56 units have been sold – which means the developer still owns 68% of the units. None of the sold units are showing that they have a homestead filed, so it appears that none of the units are owned occupied as primary residences. Potential purchasers should check with their lender to be sure that the lender will finance units in the building at “standard” interest rates.

Some of the purchased units are available for rent, from $1,500 to $1,950 per month.
5 units are listed in the Multiple Listing service, ranging from $369,000 to $650,000.

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