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Statistical update for 400 Beach condominium in downtown St Petersburg as of August 2012

Entrance to 400 Beach

400 Beach condos

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.

Search 400 Beach condos for sale

      Search Downtown St Pete luxury condos


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Downtown St Pete Condos – Market Activity week ending 5-25-12

The downtown St Pete condo supply is holding steady at 33 downtown condos listed in the MLS, ranging from $56,000 – $3 Million. Though the stats are the same as last week, the supply has changed a bit.  Five condos went to contract this week, ranging from $270,000 to $1,150,000. Four condos sold this week, ranging from $320,000 to $1,500,000. Four condos came on the market this week for sale, ranging from $360,00000 to $1,150,000.

Here are the new listings in the MLS:

$360,000  Bayfront Tower       1,279 sq ft   1 bedroom   1½ bath
1 parking space     2011 est property taxes: $5,296     Condo fee: $674/mo
13th floor    view: east (Tampa Bay)   Search Bayfront Tower  listings

$485,000  475 Condo     2,090 sq ft  3 bedrooms 2½ baths
1 parking space    2011 est property taxes: $6,676    Condo fee: $597/mo
2nd floor     view: east

  $875,000    400 Beach    2,395 sq ft     2 bedrooms 2 baths
2 parking spaces   2011 est property taxes: $11,429   Condo fee: $990/mo
23rd floor    view:  northwest corner     Search condos for sale at 400 Beach

 $1,150,000   Parkshore Plaza    3,081 sq ft   3 bedrooms 3½ baths
2 parking spaces    2011 est property taxes: $16,189   Condo fee: $1,259/mo
15th floor     view: northeast corner (Tampa Bay)    Search condos for sale at Parkshore Plaza

Search condos for sale in downtown St Petersburg

Search MLS Here

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400 Beach and Parkshore Plaza










400 Beach and Parkshore Plaza were both developed by Opus South, a year apart. The two luxury condominiums a block apart on Beach Drive have many similarities, but each has a different flavor. The common areas at Parkshore have a more traditional decor; 400 Beach is more New York contemporary. The pool at Parkshore is surrounded by the building; at 400 Beach it has a view of the water. Parkshore has a more central location and 400 Beach is built and angled a bit more to the east so has better views of the Skyway. The floor plans of the majority of the tower, 4 per floor, are similar yet have differences. Both are worth looking at if you’re in the market for a luxury condo in downtown St Petersburg.

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400 Beach Market Update 12-1-2011

400 Beach lobby

Lobby at 400 Beach







400 Beach Market Update as of 12-1-2011 shows:

Actively for sale at 400 Beach:  Condo prices for the 2 condos offered in the MLS on December 1st ranged from $1,180,000 to $1,995,000.

Sold condos at 400 Beach:  No condo sales closed in November.  11 units have sold in 2011 ranging from $640,000 to $1,300,000.

Rental condos at 400 Beach:  As of December 1st, no units were currently offered for rent.  So far this year there have been 3 rentals, ranging from $2,700 to $4,500 per month.

Call 727-898-2582 or email The Simms Team at ALVA International, Inc. for additional information on 400 Beach or to see any available 400 Beach condos for sale.


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What’s the right price for a condo in downtown St Petersburg Florida?

St Petersburg Florida skyline and condos

St Petersburg Florida skyline and condos

Finding the right price for a downtown condo in StP etersburg is an interesting process. Here are two different approaches happening right now:

SignatureP lace is a 244 unit condo that began closings last June. Approximately 100 condos had sold by the end of the year. Individual unit sales are on hold as it’s been announced that 35 units are being auctioned on March 7th. It’s an absolute auction, with a minimum bid on each of the units. Minimums range from $135,000 to $400,000+.  Once those are sold, over half of the units in the building will have been sold. We’re assuming that the auction prices will determine the sale prices on the remaining units. In the last couple of weeks thousands of people have visited Signature Place to look at the condos.

400 Beach had 18 units (out of approximately 100 since the others had already sold) that were part of a foreclosure of Opus South, which had used these units to cross collateralize another project. Speculation continued for some months after the foreclosure sale. Last week the lender announced prices on these 18 units. 10 went to contract in the last 9 days and today they raised the prices on the remaining 8 units by 10%.

This shows that there are indeed buyers out there, ready and able to buy – they just want to find the right price.

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400 Beach Market Update

400 Beach releases last 18 condos

400 Beach releases last 18 condos

400 Beach, luxury condo in downtown St Petersburg, has been the subject of speculation since Wachovia foreclosed on the 18 unsold units. We’ve had lots of questions: will they be marketed individually or as a package? What will be prices be?  Today some of those questions have answers. Wachovia has hired Smith & Associates to represent them in the sale of these units and they will be listed in the Multiple Listing Service on Monday, February 22nd. Prices will be released at that time. You can check back at this blog, or you can ask me to email you the units and prices on Monday.

This week prospective buyers who gave Letters of Intent on units in the building will have an opportunity to make a revised Letter of intent only on the unit or units they chose previously. Any not sold by Monday will be released to the public.

That’s the second big announcement; the first was that Dale Chihuly will open a 10,000 sq ft gallery on the ground floor by July 4th of this year.

Contact The Simms Team for more information.

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Update on 400 Beach luxury condos in downtown St Petersburg

400 Beach luxury condos in downtown St Pete

400 Beach luxury condos in downtown St Pete

The 18 unsold condos at 400 Beach still owned by the developer when Opus South filed for bankruptcy will be owned by the lender, Wachovia Corp, which is now part of Wells Fargo, according to a news release by the Tampa Bay Business Journal.  Redus 400 Beach LLC had the winning bid of $9 million at the October 1st auction.  The deal is expected to close by October 16 and Wachovia will still have to decide if it wants to sell the units individually or in bulk. The condos range in size from 2,395 sq ft to a 7,000 sq ft penthouse.

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400 Beach update

What’s happening at 400 Beach? What happens to the owners there? We get frequent questions about 400 Beach since the announcement of the bankruptcy filing for Opus South, the developer.

First, the only effect on the current owners (since the developer has less than 20% of the total units unsold) should be minimal if they aren’t planning to sell right away. Prices are likely to decline with the sale of these last units, which will affect the current owners trying to sell their units, and will probably have a spillover effect on the Parkshore Plaza condo sales. For those living there, they should continue to enjoy their downtown lifestyle and look forward to some new neighbors.

Second, as far as the unsold units, Smith & Associates, who has been handling sales for Opus, has been soliciting nonbinding offers on the remaining 18 condos. In fact, we have clients with an offer on one of them. We hear that there are multiple offers on some of the units, and that nearly all of the units have an offer. That said, there’s no time frame for when (or if) they’ll get a response, since that’s up to the bankruptcty court. It’s interesting that Smith has removed all but one of the condos from the MLS.

We also hear – though I missed seeing it – that the Wall St Journal had an ad for an upcoming auction – a bulk sale – of Opus South properties including 18 units in 400 Beach.

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400 Beach

400 Beach condominiumsNotes from Rob:

Had a familiar call today. Someone called and wanted to talk about downtown condos. We started by talking about Vinoy Place, which are very nice condos sitting right on Tampa Bay. Unfortunately, the units were too large for this invididual, so the subject went on to 400 Beach. As with most buyers who have been watching our market, he knew that the developer was having financial difficulties. He wanted to know if 400 Beach was a safe investment. As a Realtor, I cannot give investment advice, so I just spoke about my thoughts on the project.

Right now a buyer can put in an unsecured offer to the developer.  Then it is submitted to the bank for approval.  It is possible that some buyers will get some very good deals out of it.  What about the condo association, is it strong?  The developer still owns less than 25% of the units.  That means over 75% are owned by other homeowners who are just as concerned about keeping the condo association solvent and financially healthy.  If you are trying to buy low and flip quickly, I wouldn’t recommend this building (or any other in today’s market).  But if you plan to live in it for a few years and enjoy the great downtown St Petersburg, this could be a golden opportunity for you.

If 400 Beach is not your cup of tea, Signature Place opens next month, and Ovation follows soon after.  Lots to see and plenty to choose from.

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Downtown Condos

Notes from Rob:

Usually I sleep very well, but from 4 a.m. on this morning, I could not get downtown condos out of my mind.  Can’t explain it, maybe just because so many conversations at the office lately have been on the topic.  I keep telling clients about the great deals at Signature Place if you want to get into a stunning new building at a low cost.  The building should be finished this month and owners start closing on the units next month.  Will be nice to see some real activity in the building other than construction crews.

400 BeachThis week lots of talk about 400 Beach and the financial situation of its developer.  If you like modern and want a view of Tampa Bay, this is your chance since they are taking unsecured offers on all the units still unsold.  Don’t know what they will accept, but if you loved the $850,000 unit, you could offer $550,000 and see what they say.  No money down and no commitment…could be a great opportunity.

Vinoy PlaceThen my mind would wonder off to Vinoy Place.  I want to sell one unit that I think is special.  Had some clients that I thought were very interested…turned out the “buyer” was just showing off for his girlfriend and was in no position to buy.  Oh well, we keep trying.  But one of these days I am going to find the right buyer for the unit.  We actually had clients in it years ago, but had to sell when they moved overseas.  They still miss the unit.  On the 5th floor with great views.  The seller just lowered the price $100,000.  Someone is going to get a good deal.

Don’t know why these buildings were keeping me from sleep this morning, but they were.  One of the nice things about our office is that I can see all of these buildings from out front and when I am discussing them with clients, I can just take them outside and point to them all as I go over the pros and cons of each.  Because if you know me, you know I like to talk, and I love to talk about real estate, St Petersburg, and my family.

Spoken by Rob Johnson | Discussion: No Comments »

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