Market Updates
Florencia Condo Market Update St Petersburg Florida 2-8-10
February 8th, 2010 categories: Florencia, Market Updates
The Florencia Condo in downtown Saint Petersburg
The Florencia, a luxury condominium in downtown St. Petersburg Florida has quality construction by JMC Development. It was built in 2000 and 67% of the current owners are the original purchasers, so not many condos come available. 90% of the owners have their homestead here so the Florencia is a very stable condo community Each year 0 to 3 condos sell. In 2009 there was only one sale for $725,000. There are currently two Florencia condos offered for sale, one on the 4th floor at $675,000 and one on the 7th floor for $825,000. Both of them are the Marsala floor plan with 2,730 sq ft and two balconies. The Florencia has a prime location on Beach Drive, convenient to the waterfront, parks, restaurants, shops, museums and more. It has a Walk Score of 98 out of a possible 100.
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Banyan Bay in St Petersburg is on the upswing.
December 5th, 2009 categories: Market Updates, Properties, Team News
Notes from Rob:
Rob’s Sale #14 – Banyan Bay in St Petersburg.
For the second time in the past year I sold a home to the parents of someone I recently sold a home to. It is always nice when a clients refers you to a friend, and an even better compliment when they recommend you to their family. Banyan Bay has been an interesting story. I remember visiting the development when they were building it and was amazed at the prices they were asking ($500,000 to $900,000). They were all sold (many to investors) and the developer did well. Then of course the market changed and the next thing you know we have a bunch of short sales and bank-owned properties. When I showed some units last year, there were 13 on the market. Luckily, the banks lowered the prices to today’s market reality and there are only two left on the market today. Our clients have bought three units in Banyan Bay this year and all are very happy and love the community.
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Pinellas County Florida – good news for the market in November 2009
December 4th, 2009 categories: Market Updates
The number of homes in Pinellas County going to contract in November 2009 is way up from a year ago – 70% more homes went to contract and 67% more condos went to contract. For single family homes, the median price has dropped from $150,000 to $146,000 and the average has dropped from $200,000 to $191,000. Condos have dropped more – the median has dropped from $137,000 to $113,000 and the average has dropped from $227,000 to $164,000. Back to the good news – the supply of single family homes has dropped from 20 months to 11 months; condo supply has decreased from 29 months to 18 months.
So – more buyers are recognizing the opportunities with the lower prices and are buying, but they’re very value conscious.
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Broadwater homes Market Update 7-16-09
July 16th, 2009 categories: Broadwater, Market Updates
Sales of Broadwater waterfront homes are picking up – the sixth sale just closed, and there are currently 5 waterfront homes under contract. Prices continue to be low, with nearly half of the sales being short sales. Sale prices range from $275,000 for a bank foreclosure to $410,000 for our listing on 46th Ave S. The listing prices on the homes under contract range from $450,000 to $499,000 for canal homes and $675,000 for a home on open water.
There are currently 14 waterfront homes listed, 10 of which are in the Multiple Listing Service. There is one short sale at $345,000; one pool home at $499,000, with all the others ranging from $550,000 to $1,250,000.
Off the water, there are 6 homes listed for sale from $240,000 to $500,000. One sold this year at $262,000.
For help in buying or selling Broadwater homes, call The Simms Team at ALVA International, Inc. We’ve participated in 163 Broadwater home sales.
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Downtown St Petersburg Condo Rentals Market Report April 2009
May 4th, 2009 categories: Market Updates
Downtown St Petersburg condo rentals – Market Update – April 2009
At the end of April 2009 there were 44 condos offered for rent in the MLS in downtown St Petem according to the MLS , slightly less than the 46 a month before. They range from $750/month for a 1 bedroom unit to $4,800/month for a 3 bedroom unit, showing a decrease from last month.
13 condos rented during April, ranging from $850/month to $3,300/month. The majority were 1 bedroom units. There is currently a 2 month supply of 1 bedroom units, a 3.5 month supply of 3 bedroom units, and a 13 month supply of 2 bedroom units. Condos with the most available units for rent are Bayfront Tower, the Madison, McNulty Station and Parkshore Plaza, with 6 each, and 400 Beach with 5 units offered for rent.
The average rental condo in downtown St Petersburg offered for rent is 1,644 sf at $2,304/month. The average condo rented during April had 1,291 sq ft and rented for $1,569. Just as in condos for sale, it’s the lower prices that are moving.
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400 Beach luxury condominiums in downtown St Petersburg – breaking news 4-23-09
April 23rd, 2009 categories: 400 Beach, Market Updates
The developer of 400 Beach, a luxury condominium in downtown St Petersburg Florida, has filed for bankruptcy. Opus South filed for Chapter 11 - 400 Beach is just one of the Opus properties. According to the St Pete Times, the company promised an “orderly wind down” of its portfolio. This is a sad conclusion for Opus, based in Atlanta, whose parent, Opus Corporation, has been in business for 56 years. Earlier this week I posted a specific market update for 400 Beach for both sales and rentals. Opus is currently accepting “Nonbinding” offers on their remaining 18 condo units.
Opus press release
Robert Trigaux on Opus South Bankruptcy
Opus South Chapter 11 bankruptcy filing spells market exit
4/24/09 Followup article on Opus South and 400 Beach in the St Pete Times
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Multiple offers coming back in St Petersburg Florida
April 22nd, 2009 categories: Market Updates
Here in St Petersburg we’ve personally seen multiple offers lately, primarily on short sales or foreclosures. Julie Holt, owner of Anclote Title Services, was at our office this afternoon for a closing, and stated that in the last month she’s seen 6 closings that had multiple offers and sold over list price. It’s been a few years since this was common but there’s a difference – last time it was in a seller’s market and now it’s in a buyer’s market. The properties getting multiple offers are those that are perceived as Great Bargains! Not just bargains, or good bargains, but great ones. It’s all about PRICE.
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Parkshore Plaza Market Update 4-21-09 Luxury condominiums downtown St Petersburg Florida
April 21st, 2009 categories: Downtown St Petersburg, Market Updates, Parkshore Plaza
Parkshore Plaza currently has 19 condos in the Multiple Listing System of Pinellas County actively for sale, ranging from $435,000 for a 1,421 sq ft townhouse facing 1st St to $1,850,000 for a double unit with 5,465 sq ft. This is approximately 16% of the total units. All of the developer units have been sold.
4 units in Parkshore Plaza have contracts pending, with list prices from $448,500 to $1,295,000.
So far this year there have been 3 sales, ranging from $500,000 to $999,000.
5 units are currently offered for rent in Parkshore Plaza through the MLS, ranging from $3,500/month to $5,250/month. So far this year 5 have been rented, from $3,000/mo to $4,200/month, according to the MLS. There are a total of 17 units that have been rented, and two of the five available for rent do not show a prior rental – indicating that about 15% of the units at Parkshore Plaza are leased.
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400 Beach luxury condo in downtown St Petersburg Florida – Market Update 4-20-09
April 20th, 2009 categories: 400 Beach, Market Updates
400 Beach, a luxury condo in downtown St Petersburg, Florida, has 93 units on 29 stories. Closings began in December 2007 and the developer still has 18 unsold condo units, just under 20%.
The Multiple Listing Service shows 26 condos currently on the market (28%) which includes only 8 of the developer’s 18 units, so there are potentially 36 condos available, which is 39% of the total. Current prices range from $749,000 to $3,900,000.
So far in 2009 only one condo has closed at 400 Beach, selling for $1,200,000. It had 3,306 sq ft, which is $363/sq ft.
There are currently 5 condos for rent in the MLS, ranging from $3,500/month to $5,000/month. Two of these units are also offered for sale, probably a “whichever comes first” scenario. During the last year, the Pinellas Realtor Organization Multiple Listing Service shows 12 condos were leased at 400 Beach, ranging from $3,000/month to $5,000/month. Five of these were rented in 2009 from $3,000/month to $4,000/month.
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Downtown St Petersburg Condo Rentals Market Report March 2009
April 1st, 2009 categories: Condo Rentals, Downtown St Petersburg, Market Updates
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Downtown St Petersburg condo rentals – Market Update -March 2009
As of the end of March 2009, there are 46 condos in downtown St Petersburg Florida offered for rent through the Multiple Listing Service, ranging from $800/month for a 1 bedroom unit to $5,250/month for a 3 bedroom unit. Only 11 were rented during March, ranging from $795/month to $3,750/month. There is currently a 4.2 month supply of condos listed for rent. This ranged from a 1.8 month supply for 2 bedroom units to a 9.5 month supply of 3 bedroom units.
Condos with the most units available for rent are 400 Beach and McNulty Station, with 6 units each, followed by Parkshore Plaza, the Madison, and Bayfront Towers, with 5 condos each. One unusual offering is a furnished 3 bedroom condo at the Florencia, offered for a six month rental at $3,000/month.
The “average” rental condo in downtown St Petersburg Florida currently on the market has 1,752 sq ft and is offered for $2,433/month. The “average” condo actually rented during March 2009 in downtown St Petersburg has 1,590 sq ft and was leased for $2,122/month. The average time on the market was 226 days.
For details, go to … Read the rest of this entry »
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