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Statistical Update Florencia luxury condo in downtown St Petersburg Florida

Florencia condo in downtown St Petersburg

Florencia condo

Statistical Update for Florencia luxury condominium in downtown St Petersburg, Florida, as of 8-19-12.  Each year in August the Pinellas County Appraiser’s Office updates property records, reflecting changes in the just market value of a property and reflecting homestead exemptions for the current year. It’s interesting to analyze those statistics.

There are 47 residential property owners in the Florencia – four of them have combined units and one is a penthouse.  Changes in Just Market Value range from an increase of 5.8% to a decrease of 8.6%. The average change for the building is -0.7%.  According to the property appraiser, the reason for the difference within a condo is based on different sizes, views, and locations.  For the Florencia, the changes are based on sales in other downtown condos, as there have been no sales in 2011 or 2012 at Florencia.

83% of the Florencia units have homestead exemption. This doesn’t mean that the remaining 17% are rentals because some owners have multiple residences and have their tax home elsewhere.  There are no pending foreclosure liens at Florencia. 68% of the current owners are the original purchasers. Florencia was completed in 2000.

Notices of Proposed Property Tax (TRIM Notices) are mailed out from the property appraiser each August. Property owners have 25 days from the mailing of this notice to file a petition with the Value Adjustment Board. Note that only the value is at issue now as the tax/millage rates have not been set by the municipalities and other taxing bodies.

Keep in mind that although these figures are just now available, it’s really “old news” as this reflects values as of January 1, 2012. Please contact us for information concerning this year’s sales and trends.

If you would like more details on these statistics, contact Sharon Simms or The Simms Team at ALVA International, Inc real estate or contact the Pinellas County Property Appraiser.

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