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Broadwater market update – August 2008 – St Petersburg, Florida

Market Update for Broadwater

       St. Petersburg, Florida …  September 9, 2008

 

August was a slow month in Broadwater. There were no sales.

 

One home went to contract in August. It’s a 10 year old 3 bedroom waterfront pool home with 4,585 sq ft, listed at $1 Million. It was originally listed mid-March of 2007 at $2 Million.

 

No listings expired and one was withdrawn from the market after 28 days on the market. It was a 3 bedroom nonwaterfront pool home with 2,154 sq ft, listed at $279,900, nearly 14% less than its purchase price in late 2005.

 

At the end of August there were 17 waterfront homes for sale in Broadwater, ranging from $440,500 (a short sale) to $1,300,000. There have been There have been 8 waterfront sales in Broadwater this year, ranging from $300,000 (a foreclosure sale with only 30 ft of waterfront) to $1,700,000 (a home that had been under contract for over a year).  At the end of August there were 2 nonwaterfront homes for sale in Broadwater, ranging from $289,000 to $649,900. There have been 2 nonwaterfront sales in Broadwater this year, from $152,000 to $350,000.

 

The peak of the market in Pinellas County was October 2005. The median price dropped 33% to a low in April 2008. Median price for the four months since then has been above that low point. So -from March 2002 to Nov 2005 the median price rose by 76%. From Nov 2005 to April 2008 the median price dropped by 33%.

 

The media headlines like to portray doom and gloom, because that sells newspapers.  Next month when they get around to reporting what hapened in August, I’ll bet the headline will say that the median price has dropped 20% from August of last year. That’s true – but it’s the negative side of the picture. What they probably won’t tell you is that the lowest price point for Pinellas County was in April and that prices each month since then have been higher than April.

 

Sharon Simms – the Voice of Broadwater Real Estate.

RE/MAX Metro, St Petersburg, Florida

 

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