Author Archive
St Petersburg Real Estate Market Report August 2010 – Preliminary
September 1st, 2010 categories: Market Updates
St Petersburg Real Estate Market Report August 2010 – Preliminary
Most monthly property reports don’t come out for a couple more weeks – some that cover larger areas don’t come out for a couple of months, which always gives you old news. This St Petersburg real estate market report is considered preliminary because not all statistics have yet been reported to the Multiple Listing Service. The Pinellas Realtor Organization will wait til approximately the 5th of the month before compiling statistics, so those figures will vary somewhat from these. For that matter, statistics done at 3 pm may be different from those done at 2 pm because additional transactions have been entered into the MLS. So – take these figures as timely, but preliminary.
Single Family Homes in St. Petersburg:
In August 2010 there were 172 single family homes sold in St. Petersburg. This compares with 239 homes sold in August 2009, a drop of 28%. It’s more relevant to compare figures with the same month a year ago as to last month as that takes seasonal differences into account. The average St Petersburg sale price for a single family home in August 2010 was $125,866, down 21% from the average home sale price for the same area in August 2009. There were 2,190 single family homes actively on the market in St Pete at the end of August 2010 – indicating a 13 month supply of homes. The average listed home is $261,359 and has been on the market in the current listing for 145 days. Prices range from $8,500 to $7,500,000.
Condos, villas and townhomes in St Petersburg
In August 2010 there were 75 condos sold in St. Petersburg. This compares with 80 condos sold in August 2009, a drop of only 6%. The average sale price for a condo in St Petersburg during August 2010 was $138,762, down 25% from the average sale price in August 2009. There were 1,154 condos actively on the market in St Pete at the end of August 2010 – indicating a price drop of 25% over the last year. There is a 15 month supply of condos. The average condo listed in the MLS in St Petersburg is $176,831 and has been on the market for 152 days in the current listing. Prices range from $15,000 to $3,500,000.
To discuss buying or selling a property in St Petersburg, you can reach The Simms Team at ALVA International, Inc. real estate in downtown St. Petersburg at (727) 898-2582 or see The Simms Team website at http://www.ssimms.com
| Discussion: No Comments »
Demand for Large Homes is Declining in Pinellas County
August 23rd, 2010 categories: Market Updates
The demand for large homes in declining in Pinellas County, just as it is across the country. Trulia did a survey and found that only 9% of the people surveyed said their ideal home (not even affordable, but ideal) was over 3,200 sq ft. There was an interesting articles I read this week on CNBC.com: ‘Death of the ‘McMansion’: Era of Huge Homes is Over.
Buyers are more concerned with ongoing costs and ask about the maintenance costs, the property taxes, the insurance, the utility costs. They no longer want to pay each month for space that they use infrequently or use for storage. Drastic price reductions bring the purchase price within the range of more buyers, but often these buyers can’t afford the operating costs for that larger home. More buyers are concerned with practicality, with “greenness”; they’re more concerned about quality than size.
In the last six months, 299 homes over 3,000 sq ft sold in Pinellas County, down from 446 in the same period five years ago. Here’s how size correlates with time on the market here in Pinellas County:
Single family homes over 3,000 sq ft: 18 month supply
Single family homes over 4,000 sq ft: 31 month supply
Single family homes over 5,000 sq ft: 53 month supply
Single family homes over 7,500 sq ft: 216 month supply
Single family homes over 10,000 sq ft: ??? None sold in the last six months
The number of homes sold in the last six months compared to the same six month period five years ago in 2005:
- Over 3,000 sq ft: down 33%
- Over 5,000 sq ft: down 50%
- Over 7,500 sq ft: down 75%
There are currently 897 single family homes on the market in Pinellas County that are over 3,000 sq ft. If you ARE looking for a large home, there are some great values out there now.
| Discussion: No Comments »
St Petersburg Sunrise
August 19th, 2010 categories: Lifestyle
St Petersburg Sunrise on a Broadwater canal
This St Petersburg sunrise was spectacular. The sun reflecting from the clouds looked like flowing gold on the canal this morning. When I passed this early this morning, I had to back up and take a photo. Not a bad capture for an iPhone! This was taken looking west, which shows that reflections can be beautiful, too.
| Discussion: No Comments »
St. Petersburg’s Beach Drive is ‘Best Place to Be’
August 18th, 2010 categories: Downtown St Petersburg
St. Petersburg’s Beach Drive is ‘best place to be’ reads a headline in this morning’s St Petersburg Times. And they’re right!
Beach Drive in downtown St Petersburg is pedestrian friendly
An empty Beach Drive Optical shop was the trigger for us to open our own real estate office, ALVA International, Inc. on Beach Drive. We’re right in the middle of restaurants, shops and museums (and about 2,000 condo units in downtown St Pete, many of which are right on Beach Drive) and where many of our current and potential clients stroll by. Early dogwalkers, people heading out for a morning latte or espresso, shoppers, those strolling to lunch, or to the museums exhibits. The Museum of Fine Arts, which has thrived and on Beach Drive for years, is right across from our office. Straub Park has art shows and concerts and music and movies. Boats anchor in the Vinoy Basin.
We love being able to walk to lunch or to get an afternoon gelato. We love seeing the many weekend activities that are going on in the parks. We enjoy the exhibits at the museums and galleries that surround us.
In spring and fall, when the weather is balmy and wonderful, we enjoy sitting outside our office and watching the world go by, talking to passersby and yes, even working, since our iPads and iPhones keep us connected outside the office.
If you haven’t been to downtown to Beach Drive lately, make a point of coming to see all that’s going on. And if you’d like – stop in to see The Simms Team at ALVA International!
| Discussion: No Comments »
Sunset from our dock
August 11th, 2010 categories: Lifestyle
Sunset over Boca Ciega Bay
Lately sunset has been about 8:15 pm (getting a minute earlier every night) so I get the chance to get home and watch it. Generally by then the afternoon rains have passed as well. The sunset itself is generally worth seeing, but I enjoy watching the changing colors and patterns in the sky after the sun has disappeared under the horizon.
Our boat, anchored between the tie poles to the left of the dock, would have blocked half of the view and most of the water. So – I’m glad we recently sold it! The newer, smaller one will be on the lift “behind” the dock so it won’t block the view (and won’t need monthly bottom cleaning). Hooray!
This photo was taken with my new iPhone 4G – not bad for a cellphone photo!
| Discussion: 1 Comment »
Want an Apple Store at Baywalk in downtown St Petersburg?
July 13th, 2010 categories: Downtown St Petersburg
an Apple Store would be great at Baywalk St Petersburg
Want an Apple Store at Baywalk in downtown St Petersburg? Hal Freedman has suggested this, according to i love the burg.
“he’s learned from connections at the computer giant that they would consider the location if there was an “outpouring of support” from the community, City and BayWalk”
so add your support to the ilovetheburg post and better yet, email Apple as well!
| Discussion: No Comments »
Downtown St Petersburg Condo Market Update for June 2010
July 2nd, 2010 categories: Market Updates
Downtown St Petersburg skyline
Downtown St Petersburg Condo Market Update for June 2010
Only 7 downtown St Petersburg condos sold during the month of June 2010. Three of these were new condos, one at Ovation for just over $2 Million, and 2 at Signature Place in the $300s. The remaining four were resale condos, ranging from $85,000 for one at The Madison to $202,000, also at The Madison.
During June there were 11 condos downtown that went to contract, all of them resales. They show a wider spread of price ranges than sales for the month: 7 of them were under $250,000, ranging from $58,900 to $229,000; one in the $600s at Florencia, two in the $800s at Vinoy Place and 400 Beach, and one over $1 Million at 400 Beach.
There are 85 resale condos currently on the market:
35 under $250,000
24 between $250,000 and $500,000
12 between $500,000 and $1 Million
13 between $1 Million and $2 Million
1 between $3 Million and $4 Million (a luxury penthouse)
For specifics on what’s available in new construction, contact The Simms Team at ALVA International, Inc.
| Discussion: No Comments »
Flood insurance extended again – short term
July 1st, 2010 categories: Real Estate News
Flood insurance has been extended again – short term. Both the Senate and the House have extended flood insurance to September 30, 2010 and made it retroactive to May 31 and it’s now waiting for the President’s signature. Note that this extension doesn’t even run through the end of the hurricane season this year.
| Discussion: No Comments »
Congress still hasn’t renewed flood insurance
June 28th, 2010 categories: Real Estate News
Congress still hasn’t reauthorized flood insurance through their NFIP National Flood Insurance Program, which has been in limbo since May 31st. Flood insurance seems to be held hostage as an add-on for other bills in Congress. Meanwhile, real estate closings are affected as well as flood insurance renewals. Lenders MAY close loans based on the receipt of a completed flood insurance application and funds for a year’s premium, but that’s only one of their options.
| Discussion: No Comments »
Simms Team is Splattered for Chihuli
June 7th, 2010 categories: Miscellany
Simms Team splattered for Chihuly
The Simms Team is now splattered for Chihuli! Following the Morean Arts Center’s shoe painting event, ilovetheburg has been splattering photos. So – now The Simms Team is splattered in anticipation of the new Chihuly Collection opening in July just a block and a half from us. We’re using this splattered photo on our ALVA International facebook page for the next month or so.
Welcome, Chihuly!
| Discussion: No Comments »
; ?>/images/MatoChiclet.gif)
