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Statistical update for Cloister of Beach Drive condominium in downtown St Petersburg as of August 2012

Statistical update for Cloister of Beach Drive condominium in downtown St Petersburg as of August 2012:

Cloisters on Beach Drive

The Cloisters

Each year in August the Pinellas County Property Appraiser’s Office sends out TRIM notices of the value of properties as of January 1, 2012, which is the basis for 2012 property taxes. It’s interesting to analyze the changes in “just market value” for the various condos. The average “just market value” at Cloister of Beach Drive condominium increased 3.1%. Individual units ranged from -9.1% to +6.9%.

The four units that dropped in value are the A and B units on the second and third floor, which have restricted watere views and decreased from 2.9% to 9.1% in value. Exclusing these units:

The A units, on the south side with 1,675 sq ft, increased an average of 5.5%

The B units, facing directly east with 2,600 sq ft, increased an average of 0.6%

The C units, facing north with 2,065 sq ft, increased an average of 5.6%

The two penthouse units, with 5,100 sq ft each, increased an average of 2.75%

As we’re seeing with most of the downtown condos, the larger units are not increasing in Just Market Value as much as the smaller units. Nationally the trend is toward smaller homes. Builders are responding to this and building smaller homes than a few years ago.

Keep in mind that these values are now “old” since they don’t reflect any sales in 2012. Contact The Simms Team to learn more about how values have changed this year.

69% of the condos at Cloister of Beach Drive have a homestead exemption. None of the condos have foreclosure liens. One condo currently under contract is a short sale.

If you’d like more details on these statistics, contact Sharon Simmsof The Simms Team at ALVA International, Inc real estate or contact the Pinellas County Property Appraiser. The Simms Team is nearby at 238 Beach Drive NE, across from the Museum of Fine Arts.

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