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

Statistical update for Cloister of Beach Drive condominium in downtown St Petersburg as of August 2012:

Cloisters on Beach Drive

The Cloisters

Each year in August the Pinellas County Property Appraiser’s Office sends out TRIM notices of the value of properties as of January 1, 2012, which is the basis for 2012 property taxes. It’s interesting to analyze the changes in “just market value” for the various condos. The average “just market value” at Cloister of Beach Drive condominium increased 3.1%. Individual units ranged from -9.1% to +6.9%.

The four units that dropped in value are the A and B units on the second and third floor, which have restricted watere views and decreased from 2.9% to 9.1% in value. Exclusing these units:

The A units, on the south side with 1,675 sq ft, increased an average of 5.5%

The B units, facing directly east with 2,600 sq ft, increased an average of 0.6%

The C units, facing north with 2,065 sq ft, increased an average of 5.6%

The two penthouse units, with 5,100 sq ft each, increased an average of 2.75%

As we’re seeing with most of the downtown condos, the larger units are not increasing in Just Market Value as much as the smaller units. Nationally the trend is toward smaller homes. Builders are responding to this and building smaller homes than a few years ago.

Keep in mind that these values are now “old” since they don’t reflect any sales in 2012. Contact The Simms Team to learn more about how values have changed this year.

69% of the condos at Cloister of Beach Drive have a homestead exemption. None of the condos have foreclosure liens. One condo currently under contract is a short sale.

If you’d like more details on these statistics, contact Sharon Simmsof The Simms Team at ALVA International, Inc real estate or contact the Pinellas County Property Appraiser. The Simms Team is nearby at 238 Beach Drive NE, across from the Museum of Fine Arts.

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Statistical update for Signature Place in downtown St Petersburg

Signature Place condos in downtown St Petersburg

Signature Place

Statistical update for Signature Place condominium in downtown St Petersburg as of 8-19-12:

Each year in August the Pinellas County Property Appraiser’s Office sends out TRIM notices of the value of properties as of January 1, 2012, which is the basis for 2012 property taxes. The Just Market Value of Signature Place condos went up an average of 16.8% with a range for individual units from 0.2% to 31.7%. The average increase in the tower was 16.6%, in the east lofts 11.4% and in the west lofts 22.7%  There was more of a relationship based on size that on unit stacks:

Less than 1,000 sq ft    +25.8%
1,000 – 1,500 sq ft         +16.8%
1,500 – 2,000 sq ft         +14.5%
2,000-2,600 sq ft          +9.9%
4,000-5,000 sq ft          +0.2%
Over 5,000 sq ft              +7.5%

With only 2 units over 4,000 sq ft, the statistics on those are informational rather than statistically significant. In general, the smaller downtown St Pete condo units increased at a higher rate than larger units, so Signature Place follows in that trend.

Keep in mind that these values are now “old” since they don’t reflect any sales in 2012. Contact The Simms Team to learn more about how values have changed this year.

43% of the assessed condos at Signature Place have a Homestead Exemption.  According to public records, none of the condos have liens filed against them.

TRIM notices have been mailed out and owners have 25 days from the mailing to file a petition with the Value Adjustment Board. The exact deadline is printed on the bottom right of the TRIM notice.  Only the value is at issue now as the tax/millage rates have not been finalized.

If you’d like more details on these statistics, contact  The Simms Team at ALVA International, Inc real estate or contact the Pinellas County Property Appraiser. The Simms Team is nearby at 238 Beach Drive NE, across from the Museum of Fine Arts.

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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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Statistical update for Ovation condominium in downtown St Petersburg as of 8-19-12

Entrance to Ovation luxury condos in downtown St Petersburg Florida

Entrance to Ovation luxury condos

Statistical update for Ovation condominium in downtown St Petersburg as of 8-19-12:

Each year in August the Pinellas County Property Appraiser’s Office sends out TRIM notices of the value of properties as of January 1, 2012, which is the basis for 2012 property taxes. Several units weren’t yet assessed then in Ovation, so the statistics are not for the entire building. The average “just market value” at Ovation condominium decreased 4.9% – or excluding the penthouses, decreased 4.3%   Individual units ranged from -18.8% for a penthouse  to +4.5% for a city home. Following the national trend toward smaller homes, the two units under 2,500 sq ft were the only one to increase Just Market Value. On most of the floors, there was no Just Market Value difference between the 02 south units and the 01 north units. On the 14th and 15th floors, the north units had a higher value, on the 23rd and 24th floors, the south units had a higher value.

Keep in mind that these values are now “old” since they don’t reflect any sales in 2012. Contact The Simms Team to learn more about how values have changed this year.

49% of the assessed condos at Ovation are homesteaded.  None of the condos have foreclosure liens. Six units have been resold, three of them because the owners bought larger units in the building.

TRIM notices have been mailed out and owners have 25 days from the mailing to file a petition with the Value Adjustment Board. The exact deadline is printed on the bottom right of the TRIM notice.  Only the value is at issue now as the tax/millage rates have not been finalized.

If you’d like more details on these statistics, contact Sharon Simmsof The Simms Team at ALVA International, Inc real estate or contact the Pinellas County Property Appraiser. The Simms Team is nearby at 238 Beach Drive NE, across from the Museum of Fine Arts.

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Statistical update for Vinoy Place condominiums in downtown St Petersburg as of 8-19-12

View of the Vinoy Place luxury condominiums in downtown St Petersburg Florida

Vinoy Place condos

Statistical update for Vinoy Place condominiums in downtown St Petersburg as of 8-19-12:

Each year in August the Pinellas County Property Appraiser’s Office sends out TRIM notices of the value of properties as of January 1, 2012, which is the basis for 2012 property taxes. I like to analyze the changes in “just market value” for the various condos.  The average “just market value” at Vinoy Place Condominiums increased 18.4%.  At Vinoy Place that average doesn’t mean a lot, though, since different floor plans ranged from -2.3%% to +36.8%.

There are several ways to slice and dice the data.

I’ve excluded the townhomes and penthouses from the rest of the data since they are unique properties.  The townhouses increased the most of all at an average of 30.9% (though they ranged from +22.2% to +36.8%, with the largest units having the lowest increase). The penthouses increased by 7.6% on average, and were consistently between 7 and 8%. They have between 5,000 and 5,500 sq ft.

Looking at the height or floor of the units: most of the tower units from floors 5-12 increased by 20-21%. The smaller units on the first and second floor of Buildings 3 and 4 increased 18-19%. Units on the third floor has the smallest increase with an average of 2.1%, with variations from -2.3% to +9.3%. It appears view obstructions make a big difference. Fourth floor units had an average 7.4% increase, but again varied from +3% to +13.6%.

There was less variation between floor plans (6.1%) and still less by building (2.6%).

Keep in mind that these values are now “old” since they don’t reflect any sales in 2012. Contact The Simms Team to learn more about how values have changed this year.

Vinoy Place currently has 63% of the condos with homestead exemption. Only 1 of the 102 units has a foreclosure lien.

TRIM notices have been mailed out and owners have 25 days from the mailing to file a petition with the Value Adjustment Board. The exact deadline is printed on the bottom right of the TRIM notice.  Only the value is at issue now as the tax/millage rates have not been finalized.

If you’d 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. The Simms Team is nearby at 238 Beach Drive NE, across from the Museum of Fine Arts.

Search for Vinoy Place Condos for sale

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Statistical Update: Parkshore Plaza luxury condo in downtown St Petersburg, Florida

Parkshore Plaza in downtown St Petersburg

Parkshore Plaza

Statistical update for Parkshore Plaza condominium in downtown St Petersburg as of 8-19-12.

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 116 residential properties at Parkshore Plaza. 63 of them have a homestead exemption on their property, which is 54% of the total. This doesn’t mean that the remaining 46% are rentals since some owners claim their primary residence in another state.

The annual change in “just market value” for a unit is down 0.44% but since the range is from +6.6% to -13.7% the average really doesn’t tell us a lot, especially in Parkshore. Keep in mind that although these figures are just now 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:  +2.8%
  • Unit 02:  -2.4%  (this would be -2.1% if you exclude the one unit that dropped 10.6% in JMV)
  • Unit 03:  -2.4%  (this would be -2.1% if you exclude the one unit that dropped 10.6% in JMV)  In all but one case the JMV of the 02 and 03 on the same floor was equal.
  • Unit 04:  +0.9%  (an interesting note: the  average JMV on floors 4-15 went up 2.3% and on floors 16-27 dropped 0.4%)
  • Double 01-02 unit:  up 0.4%
  • Penthouses: up 0.8% (ranges from +0.5% to +1.6%)
  • Townhomes on 1st St N:   +4.5% (except for the corner unit which is +6.6%)
  • City homes:  -1.4%  (units less than 2,500 sq ft went up 3.8% and units larger than 2,500 sq ft went down 11.7%)

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. Note that only the value is at issue now as the tax/millage rates have not been set yet.

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.

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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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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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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

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Contact The Simms Team for buyer representation on these listings.

 

 

 

 

 

 

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