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St Petersburg Downtown Condos Market Update 2-16-12

Downtown St Petersburg condos and waterfront

Downtown St Petersburg Condos – Market Update 2-16-12

Frank Gregoire, guru appraiser, regularly attends the URBN Pitch marketing session for real estate agents, held weekly at BayWalk. He shares his research on neighborhoods, one by one.

Recently Gregoire shared his findings on downtown condos in St Petersburg. According to URBN pitch, he reported the following:

  • 76 active downtown St Pete condo listings as of 2/16/12
  • 22 of the 76 are distress sales (short sales, preforeclosures and bank owned)
  • 130 sold downtown St Pete condos in the last 12 months
  • Number of listings is constant.
  • Median sales price is up 7% in the last quarter for downtown St Pete condos
  • 11 month supply of listings

Gregoire also stated that condos listed at over $1 Million are starting to come back on the market.

For specific information on downtown condos, please contact The Simms Team at ALVA International, Inc. real estate.

 

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Do you need that extra bedroom in your downtown St Pete condo?

 Whether you’re looking for a 2 bedroom condo or a 3 bedroom condo in downtown St Petersburg, it’s worth asking whether you need that extra bedroom. If it’s for an office you’re going to be using everyday, or a craft/game room, or for a permanent resident, you probably do need it. My question is whether you need the extra guest bedroom. Is it for a family member who only comes for one week during the year? Is it for friends who may be there a couple of weeks a year? Consider the cost of buying the extra bedroom and then the additional maintenance cost and utilities. Compare that to the cost of putting them in a hotel nearby. There are downtown St Peterburg hotels in a variety of price ranges and several Bed & Breakfast inns. Some of the hotels are right next door to a condo.

Moving down from the north? Consider whether you want to be a hotel. Close friends will probably be welcome, but a series of acquaintances perhaps won’t be. Can you easily say No to a request to visit you? 

Perhaps you don’t want a smaller condo – you may still buy a 3 bedroom condo but make it into a 1 bedroom condo with 2 offices. Think outside the box on how you really want to use the condo you’re buying. Think smaller, think larger, think repurposing. 

Would some outside input help? A brainstorming session? Helping you with these things is just one of the things that you get from The Simms Team. Contact Sharon, Tami or Rob to meet with you early in the process, when you’re starting to explore whether you even want to move to a condo. 

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Countdown at Ovation: only 4 new condos left

 

 

 

Ovation, the premiere luxury condo in downtown St Petersburg, is on the final stretch with only 4 new condos still available. The least expensive is $1,590,000. Two of the four available can still be customized with your choices (included in the price). If you want it finished your way, now’s the time to buy.

For buyer representation at Ovation, contact The Simms Team.

 

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How many condos in your building are rented?

Does it matter how many condos in your building are rented? Yes,it does. Almost all the condos in downtown St Petersburg have some renters, so the question is really “What percentage of condos in the building (or complex) are rented?”

From a value perspective, it matters because the percentage of rented units matters to a lender. If you’re buying a unit, you won’t be able to get a conventional mortgage on the property if there is a higher % of rentals than the lender will allow. If you own a unit and may be selling it, if prospective buyers can’t get a mortgage, then the number of potential buyers decreases and the value of the unit decreases.

From a lifestyle perspective, it matters because there’s a different feel to a building that is primarily owner occupied and one that is primarily renter occupied. There is no magic number. It will also affect the feel if the renters are mostly short term or whether they stay a year or more.

From another financial perspective, it matters because owners living in the building and absentee owners who are renting the unit out often have different view – and votes – on issues from building reserves to rental policies.

Your real estate agent should be able to give you a general idea of how many are rented. You can also check with the Pinellas County property appraiser and see what percentage of units have a Homestead Exemption.That’s not an exact determination, but is a gauge. Your relationship with your real estate agent shouldn’t end with the sale. Call your agent when you have questions, whether it’s about rentals in the building, changes to make to your home, or even where to find a pet psychoanalyst.

 

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Luxury Condos in downtown St Petersburg Market Update

Downtown St Petersburg condos

There are currently 17 downtown St Pete condos being marketed at over $1,000,000 that are resales, plus the last few new condos at Ovation. 14 of these luxury condos are priced between $1 million and $2 million: 400 Beach has 2; Ovation has 3; Parkshore Plaza has 3; Signature Place has 1; Vinoy Place has 3 and Florencia has 2. Most of these range from 2,750 sq ft to 3,675 sq ft with one exception at each end.

One resale luxury condo at Ovation is priced at $2,000,000; one double unit at Florencia is priced at $2,900,000 and one penthouse unit at Vinoy Place is priced at $3,200.000.

In the last year 9 downtown St Pete luxury resale condos sold at over $1,000,000, according to the My Florida Regional MLS. All but one of these sold between 1 and 2 Million dollars: 3 at Parkshore Plaza, 4 at 400 Beach, 1 at Vinoy Place, and 1 at Ovation.  Please note that these figures do not include the new condos sold at Ovation, including a double unit that sold at $4,150,000.

For more information on any of these downtown luxury condos please contact The Simms Team at ALVA International, Inc. at 238 Beach Drive NE.

 

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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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A rare foggy morning in downtown St Pete

We’re accustomed to consistent sunny mornings in St Pete. The colors and patterns of the sunrise vary, but coming down Beach Drive after the sun is up is just about the same every day.

This was a morning not long ago when fog enveloped the tops of the buildings. I wonder if people living on the top floors thought they were living in the clouds.

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Grand Bohemian St Petersburg may not keep the condos

Richard Kessler, developer of the Grand Bohemian Hotel & Residences in downtown St Petersburg, Florida, has asked the city of St Petersburg for a modification and extension on his contract with the city to buy the land at the northwest corner of 1st Ave N and 2nd St N. The request eliminates the luxury condos from the project and wants to delay construction commencement to April 30, 2009. Based on that, completion of the hotel would be  Fall 2011.

Originally designed as 82 luxury condos and 166 hotel rooms, the latest redesign had 22 luxury condominiums and 292 hotel rooms. There have not been enough presales of the condos fo close on the construction loan.

The St Petersburg City Council is scheduled to vote on the request today.

Hopefully the council will allow the extension as having the Grand Bohemian Hotel in downtown St Pete would be a wonderful addition to a beautiful downtown.

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Ovation luxury condo now at the 19th floor

Ovation at the 19th floor

Ovation, the newest luxury condominium in downtown St Petersburg, Florida, is rising every week. It’s currently at the 19th floor, heading toward its total of 27 stories. These large, luxurious residences are just two to a floor, so you get sunrise and sunset views. The top four floors are "penthouse" units, one per floor.

Completion is expected in 2009, and Ovation will be THE place to live. Located at the southwest corner of Beach Drive and 2nd Ave N (which continues out into Tampa Bay to The Pier), there’s city on one side and parks and waterfront on the other.

Just across the park is the St Petersburg Yacht Club and the St Petersburg City Marina, so you have options for keeping your boat only "a walk in the park" away.

Most of the residences are already contracted, but it’s not too late – for more information and buyer representation, contact The Simms Team of RE/MAX Metro at (727-896-1800 x 112)

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