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Downtown St Petersburg luxury condos – Market Report 7-7-09

Signature Place condominiums in downtown St Petersburg Florida

Statistics for downtown St Petersburg luxury condominiums really get skewed when you combine old and new condos.

For existing downtown luxury condos, so far in 2009 there have been 7 sales between $500,000 and $999,999 and 1 sale over $1 million. With  51 condos on the market that’s a 15.6 month supply of condos. When you break that down, though, there’s a 26 month supply of condos from$500,000 to $999,999 and a 10 year supply of condos over $1 Million.

Now – enter Signature Place. Signature Place began closing on their new condos on June 24th, and have reported 9 closings in the MLS – doubling the entire sales supply so far this year, both in total, and in units over $1 Million.

Combining new and old, inventory would drop by half, which wouldn’t be a true picture for the resale market. Keep in mind that most of the new sales went under contract 3 years ago.

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