Buying a condo in downtown St Petersburg #1
March 27th, 2008 categories: Downtown St Petersburg, Real Estate News
If you’re buying a condo in downtown St Petersburg Florida, there are several questions you should ask. Here’s #1:
What is the ratio of owner occupied units to the total number of units? There may not be a way to know the true number, but a good gauge is knowing how many of the units have a Homestead Exemption.
For 2007 Vinoy Place owners have homestead exemptions on 71% of the units; Parkshore Plaza on 44% of the units; 475, with a majority of units still unsold, has just 18%; Whitney Plaza, mostly unsold as well, has 0%.
Why should you care? Two reasons: one is lifestyle and common interests. Will most of the units be unoccupied most of the year? Will most of the units have renters who move every year? The other is the financability of your property if you want to sell or if you want to refinance. If lenders require 60% owner occupants, or charge higher interest rates and higher fees, or refuse to finance properties in the building, it definitely affect the marketability of your downtown condo, which will affect the value of it.
Don’t wait until after you’re under contract and asking for the condo documents - have your Realtor® find out for you while you’re in the looking process. Be a wise buyer (and a wise owner) - know how many units are owner occupied.
site looks great. i moved here from st. pete beach. it is always a lot of fun to look at photos from that area.