August is a good time to get a statistical update for 400 Beach and other downtown St Petersburg condos. Each year in August the Pinellas County Property Appraiser’s Office updates property records, reflecting changes in the “just market value” of a property and showing homestead exemptions for the current year. It’s interesting to analyze those statistics.
There are 93 residential properties at 400 Beach. 53 of them have a homestead exemption on their property, which is 57% of the total. This doesn’t mean that the remaining 43% are rentals since some owners claim their primary residence in another state or country.
The annual change in “just market value” for a unit is up 14.7% but the range is from +3.9% to +21.6%, so the average really doesn’t tell us a lot, especially at 400 Beach. Keep in mind that although these figures are just recently 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.
Here are the averages by type of unit:
- Unit 01 (2,203 sf): +21.3%
- Unit 02 (2,397 sf): +18.1%
- Unit 03 (2,873 – 3,072 sf): +13.1%
- Unit 04 (3,086 – 3,306 sq ft): +11.9%
- Unit 05 (3,976 sf): +8.3%
- Unit 06 (4,263 sq ft): +5.6%
- City homes (1,470 sf – 2,414 sf) +3.9% to +21.6% (no relationship to size of the unit)
- Penthouse (6,860 sf): +19.5%
According to the Pinellas County Property Appraiser the difference in Just Market Values in the same condo building are based on different sizes, views and locations.
Notices of Proposed Property Tax (TRIM notices) are mailed out by 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, so it’s possible some of these values will be adjusted.
If you would like more details on these statistics, contact Sharon Simms of The Simms Team at ALVA International, Inc real estate or contact the Pinellas County Property Appraiser. We’re right around the corner at 238 Beach Drive NE.