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Old Northeast Market Update – Conclusion

Northeast Quadrant of Old Northeast

Old Northeast Quadrant 4

For today’s final installment in the Old Northeast Market Analysis series, we’re looking at the quadrant that contains Historic Granada Terrace, from 22nd Avenue N north to 30th Avenue N and from 1st Street east to Coffee Pot Bayou. It’s a very small sample, to be sure, and very distinctive in style. Many of the homes are of the Mediterranean style, and historic guidelines ensure that new homes and additions/remodels stay true to the character of the neighborhood. The eastern border of the quadrant has sidewalks running alongside the water, ideal for jogging, walking and just enjoying the views, including lots of birds and sometimes a manatee.Old Northeast Quadrant 4 Chart 1

In addition to being a very small data sample, there’s also a big disparity in the homes – you’ll find some blocks with the large, distinctive Spanish homes we referenced above, and some blocks with small 1950’s block homes. This makes the data very hard to interpret, especially averages. For example, in 2008, the average price of 4 closed sales was $701,250, compared with the average price of 2 closed sales in 2009 at $192,500. There are only a few clear pictures we can glean. Read the rest of this entry »

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Old Northeast Market Update – Part 4

Northwest Quadrant of Old Northeast Neighborhood

Old Northeast Quadrant 3

Continuing with our week-long series of analyzing the last five and a half years of housing data for the Old Northeast neighborhood, today we’re focusing on the section that is often overlooked, from 22nd Avenue N north to 30th Avenue N, and from 4th Street N east to 1st Street N. Despite that fact that many don’t consider it to be part of the Old Northeast, it has many of the same characteristics, including brick streets lined by shady trees, charming architecture and a very walkable feel. Although it’s not as close to the parks along North Shore Drive, it is extremely close to Coffee Pot Bayou, with sidewalks along the water, a lovely park and playground, and a public boat launch. And although it’s a little further from downtown St. Petersburg, it’s very close to grocery and shopping centers.

This segment is smaller and has far fewer homes than the neighborhood south of 22nd Avenue N, so it’s important to remember that as we look at the data. Many of the lots here are larger than those in the southwestern quadrant, so the additional land value impacts price per square foot ($/sq ft). As in the other parts of the neighborhood, 2011 seems to have been the turning point in the market, with a marked increase in total number of sales. The most significant difference between this and the other quadrants isOld Northeast Northwest Quadrant that average sale price is still nearly $100,000 lower than in 2008 (currently $287,929 versus $383,500 in 2008). Oddly though, the average number of sales and $/sq ft is nearly identical to 2008 which would indicate that fewer of the larger homes in this quadrant have sold recently.

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Old Northeast Market Update – Part 3

Southeast Quadrant of Old Northeast Neighborhood

Old Northeast Quadrant 2

For today’s look at the Old Northeast market activity over the last five years plus 2013 year-to-date, we’re focusing on the quadrant that most people consider the “true” Old Northeast – from 1st Street east to Beach Drive NE, and from 5th Avenue N north to 22nd Avenue N.  It has the largest number of homes in our analysis. We’ve purposely left out the North Shore area east of Beach Drive because it has a completely different dynamic. Now, to be sure, some folks will say that the character of the neighborhood changes south of 12th or 13th Avenue, but there has to be a limit to how much we slice and dice the data!

Just like the rest of the neighborhood, it’s clear that 2011 was the turning point for recovery. Average sale price hit bottom at $365,148, average price per square foot ($/sq ft) hit a low of $165, and from then on, both of those figures have increased continually. For the current year-to-date, average sale price is up to $531,437, and $/sq ft is at $230, both figures being higher than 2008.Southeast Quadrant of Old Northeast Neighborhood

Total number of sales spiked in 2012, an indication of the recovery as buyers burned through the inventory. Sales for 2013 are on a healthy pace, already 84% of last year’s total and only 7 full months into the year. Read the rest of this entry »

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Old Northeast Market Update – Part 2

Southwest Quadrant of Old Northeast

Old Northeast Quadrant 1

As we said in yesterday’s introductory post, the Old Northeast neighborhood has very distinct sections. To start with our individual analyses, we’re looking at the area from 4th Street N east to 1st Street N, and from 5th Avenue N north to 22nd Avenue N. It’s not the “sexiest” part of the neighborhood, but it’s often where you can get “more bang for your buck.”

The homes in this area tend to be a bit smaller, with a vast majority being the cute bungalow style. Particularly as you get closer to busy 4th Street, there are not as many homes that have been remodeled as in other parts of the neighborhood, which contributes to a lower average sale price (currently $327,359 for 2013 year-to-date, 29% lower than the Old Northeast as a whole, and 38% lower than the quadrant east of 1st Street).  Read the rest of this entry »

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Bayfront Tower Market Update 2013 1st Quarter

Bayfront Tower Condominiums

Bayfront Tower condominiums

 

Sales at Bayfront Tower have been brisker in the first quarter of 2013 than in the last several years (the last year with the current rate of sales was 2004). There have been 7 sales in 2013, ranging from $320,000 to $721,000. Price per square foot ranged from $261 to $328, with an average of $282/sq ft, an increase of 42% over last year. Size of units that sold this year ranged from 1,146 sq ft for a 1 bedroom unit to 2,200 sq ft for a 3 bedroom unit.

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Broadwater waterfront homes Market Update 2-1-2013

Broadwater waterfront home sold

Broadwater Waterfront Home Sold

Broadwater waterfront home sales in St Petersburg Florida were off to a good start in January, with 3 waterfront homes sold:
3 bedroom 2 bath pool home 1,693 sq ft sold for $415,000
3 bedroom 2 bath pool home 2,200 sq ft sold for $440,000
3 bedroom 3 bath pool home 2,587 sq ft sold for $625,000   (built in 1980, vaulted ceilings, fireplace, remodeled)

There are 4 waterfront homes actively on the market in Broadwater, ranging from $389,900 to $650,000.

As for Broadwater nonwaterfront homes, there was one sale in January, a short sale for $292,500 with 4 bedrooms 2 baths a pool and 1,984 sq ft. There is one active listing, a 2 bedroom 2 bath pool home with 1,498 sq ft, offered for $225,000.

Call or email Sharon to represent you in the sale or purchase of a waterfront home in Broadwater – she’s been selling there for 20+ years and living there for over 18 years.  Sharon knows Broadwater!

SEARCH FOR BROADWATER WATERFRONT HOMES

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Signature Place Market Update for 2012

Signature Place condominium in downtown St Petersburg

Signature Place

2012 was a good year for sales in Signature Place in downtown St Petersburg. There were 28 sales, an increase of 75% over 2011.  The average sale price was $580,382, an increase of 41% over the average 2011 sale price. Looking at other criteria, the lowest sale price in 2012 was $320,000, an increase of 60% over the previous year. The high sale price in 2012 was $1,050,000, an increase of 33% over the previous year. The average price per square foot was $353 in 2012, an increase of 30% over 2011.  The units sold in 2012 ranged from 1,007 sq ft to 4,177 sq ft for an average of 1,638 sq ft. 64% of the sales were under 1,500 sq ft.

Looking at historical figures, the average Signature Place sale price in 2009 when the building was completed and first began sales, was $474,154 – so 2012 showed an increase of 22% above that.  The average Signature Place sale price in 2010 (the year of the big auction) was $371,641 – so 2012 showed an increase of 56% compared to 2010.

Signature Place is one of the newest condominiums in downtown St Petersburg and is a very contemporary building with many amenities.

SEARCH FOR CONDOS FOR SALE IN SIGNATURE PLACE

SEARCH FOR CONDOS FOR SALE IN DOWNTOWN ST PETERSBURG

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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.

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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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