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2012 Market Update: Bayfront Tower condo in downtown St Petersburg, Florida

Bayfront Tower

Bayfront Tower condominiums

 

In 2012 there were 24 condominiums in Bayfront Tower condfo that sold, ranging from $220,000 to $750,000. The average price was $448,104. Prices per square foot ranged from $114 to $319, with an average of 198.  In 2011 there were 17 sales, ranging from $165,000 to $750,000 with an average price of $356,182.  Prices per square foot ranged from $123 to $243. So the average price increased by 26% from 2011 to 2012.  Of the 22 sales, there was one short sale and one foreclosure sale. for just over 8% of total sales. A variety of floor plans sold during the year, ranging from 1,146 sq ft to 3,336 sq ft. Of 13 basic floor plans, 12 of them sold last year. Two double units sold as well. The most popular units were the 02 on the water side and the 11 on the city side, each with 4 sales during 2012.

Check BAYFRONT TOWER CONDOS FOR SALE here.

Call or email The Simms Team at ALVA International, Inc. for additional information or to see any of these condos.

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Vinoy Place Market Statistics 2012

Vinoy Place condominiums

Vinoy Place condos

 

During 2012 Vinoy Place had 12 condominium sales, ranging from $765,000 to $1,576,500, with an average sale of $1,133,042.  Units ranged from 2,600 sq ft to 4,457 sq ft. The price per square foot ranged from $300 to $372. Four of the sales were townhomes and the rest were units in the four towers.  The average price in 2012 was 30% higher than in 2011, which had 8 sales.

Check VINOY PLACE CONDOS FOR SALE  here.

Search downtown St Petersburg condos for sale.

 

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Downtown St Petersburg rental market

Downtown St Petersburg including Vinoy Place condominiums

Downtown St Petersburg

The downtown St Petersburg rental market currently has very few choices for prospective annual renters. For short term vacation rentals there is generally nothing available – almost all of the downtown St Petersburg condos have a minimum one year rental period. Those few exceptions that allow shorter rentals limit the number of times a year the unit can be rented (one at Parkshore Plaza, three at Signature Place, for example). So, unless an owner is Read the rest of this entry »

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Declining Inventory of homes for sale in St Petersburg Florida

We’ve been talking about the declining real estate inventory of homes for sale  in many of the local St Petersburg neighborhoods. Here are some statistics as of September 1, 2012:

Single family homes for sale in St Petersburg:  863 homes for sale, 1,036 homes under contract – so 20% more homes are under contract than available.

Downtown St Petersburg condos: 25 condos for sale, 30 condos under contract. Again, 20% more under contract than available.

This doesn’t apply to all neighborhoods, of course. In Broadwater, for example, there are 10 waterfront homes for sale compared to 2 waterfront homes under contract.

We at The Simms Team didn’t have a summer slowdown – all three of us have been busy selling homes and condos all summer.

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Market Update for Downtown St Petersburg condos July 2012

Tower at the Renaissance Vinoy Resort

Landmark tower at The Vinoy

 

Market Update for downtown St Petersburg condos through July 2012:

On August 1st, 23 downtown St Petersburg condos were listed in the MLS, slightly over 1% of the 2,000+ condominium units in downtown St Pete. This is the same number as last month, but not all the same units! 24 condos sold in downtown St Pete during July 2012, so you can see that we have about a one month supply of condos for sale.  The sold condos ranged from $55,000 for one at Flori de Leon to $1,440,000 for a townhome at Vinoy Place. The average sale price during July was $492,792.

The 23 condos available on August 1st range from $69,900 for a 707 sq ft unit at Flori de Leon to $3 Million for a penthouse at Vinoy Place. The average price is $938,229. A breakdown of prices on the available condos follows:   Read the rest of this entry »

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Downtown St Petersburg Condo Rentals Market Update 8-1-2012

Downtown St Pete from Ovation

Downtown St Petersburg condo rentals are still in scarce supply.  There are 40% more than a month ago, but since that’s only an increase from 6 to 10, that isn’t much choice available. The ten condos listed for rent in the MLS range from $1,100 per month to $4,700 per month.  The $1,100/month condo is a 2 bedroom 1 bath unit at The  Beacon with 997 sq ft. The $4,700/month condo is a 3 bedroom 3½ bath unit at 400 Beach with 3,072 sq ft.  The average rent is $2,656/month.

Only 1 of the 10 condo units offered for rent will allow a pet. In many cases, this is a condo rule; in other cases, it’s the owner’s preference.

During July, 8 condo units were leased, ranging from $1,000/month at The Beacon to $4,000/month at 400 Beach.

Here’s what’s available on August 1, 2012: Read the rest of this entry »

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Market Update for Downtown St Petersburg condos through June 2012

Downtown St Petersburg Florida from the waterfront

Vibrant downtown St Petersburg

 

Market Update for downtown St Petersburg condos through June 2012:

Of over 2,000 condominium units in downtown St Petersburg, as on July 1st, only 23 are currently listed for sale in the My Florida Regional MLS – slightly over 1%. Since 22 condos went to contract during June 2012, this is approximately a one month supply!

The 23 actively listed condos for sale in downtown St Pete range from $59,900 – $3 Million, with an average price of $941,374.  These have been on the market for 2 to 308 days. 2 of these are bank owned condos and there are no actively listed short sales.

22 downtown St Pete condos went to contract during June, ranging from $46,500 to $1,890,000 with an average listed price of $392,772.  4 of these were short sales and 2 were bank owned properties, for a total of 27% of those going to contract being distress sales.

16 downtown St Petersburg condos sold (closed) during June 2012, ranging in price from $79,900 to $1,050,000 with an average sale price of $538,369.  None of these June sales were distress sales.

It’s a hot market in downtown St Pete with prices rising due to high demand. For buyer representation or seller representation, talk to The Simms Team at ALVA International – the office with the red awning on Beach Drive.

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Downtown St Petersburg Condo Rentals Market Update 7-1-2012

Signature Place in downtown St Petersburg

Signature Place

 

Downtown St Petersburg condo rentals are in ever shorter supply. There are only 6 downtown St Pete condo units listed for rent in the mid-Florida MLS, ranging in price from $2,200/month to $4,000/month. The average rent is $3,100/month. One is a 3 bedroom townhouse, the others are all 2 bedroom units. The condos range from 1,420 sq ft to 2,203 sq ft.

Two of the rental units will allow a pet.Three of the rental units will allow rentals for less than a year.

During June, 7 condo units rented, ranging from $1,200/month at Flori de Leon to $4,500/month at Signature Place.

Here are details on what’s currently available:  Read the rest of this entry »

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How are downtown St Petersburg condos affected by distress sales?

Downtown St Petersburg view out to the Pier

Townview and the Pier

Downtown St Petersburg condos are increasingly less affected by distress sales. In June 2012 none of the sales were distress sales.  Of the downtown condos currently on the market, only 2 are bank owned properties and none are short sales.

Of the 22 downtown condos that went to contract during June, 4 are short sales and 2 are bank owned properties, for a total of 27%.  If we look at condos currently under contract, 17 out of 40 are distress sales (42.5%). Keep in mind that these short sales may stay “under contract” for months due to the slow processing of short sales by the lenders – so, some of these properties went to contract months ago. Therefore those percentages are “old news” rather than the current trend. As these get approved, they will show up in the sales figures.

Bank owned properties generally are able to close much faster than short sales. Some lenders have made significant improvements in the time for their short sale approval process, others are slower than ever. With a bank owned property you’ll usually know in 1-2 weeks or less whether you have an approved contract; with a short sale it may be months before you know if your offer is acceptable, and then you have to see if the owner will accept the terms offered by the lender. So, prepare for lots of uncertainties with a short sale.

Should you target a short sale property in downtown St Pete? Not necessarily. Sometimes you can get a better price from a motivated seller, with less hassle. Work with your Realtor® to evaluate the property and the market.
If you aren’t currently represented, contact The Simms Team at ALVA International, Inc real estate for help in buying or selling a downtown St Petersburg condo.

The above figures are taken from My Florida Regional MLS.

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Downtown St Pete Condos – Market Activity week ending 6-1-12

The downtown St Pete condo supply has increased by 3 condos to  36 downtown condos listed in the MLS, still  ranging from $56,000 – $3 Million.   Five condos went to contract this week (same number as last week), ranging from $315,000 to $850,000. Seven condos sold this week, ranging from $79,900 to $1,050,000. Seven condos came on the market this week for sale, ranging from $85,000 to $1,150,000. Three of them are already under contract (yes, the market is moving rapidly).

Here are the four new listings in the MLS that are still available:

$85,000  The Beacon   798 sq ft   1 bedroom 1 bath    Short Sale.
1 parking space   2011 est property taxes: $1,236   Condo fee: $485/mo
4th floor.

$139,900   Bayboro Tower   660 sq ft   1 bedroom 1 bath
No parking space    2011 est property taxes: $983   Condo fee: $288/month
4th floor

$353,500  Bayfront Tower    1,925 sq ft   2 bedroom + den  2 baths   Bank Owned.

1 parking space     2011 est property taxes: $6,482    Condo fee: $983/mo
12th floor    view: west   Search Bayfront Tower  listings

 $559,000  Signature Place   1,465 sq ft   2 bedrooms  2½ baths

2 parking spaces    2011 est property taxes: $6,542   Condo fee: $841/mo
21st floor    view: northwest corner  some water view to the east

Search Signature Place listings

Search condos for sale in downtown St Petersburg

Search MLS Here

Contact The Simms Team for buyer representation on these listings.

 

 

 

 

 

 

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