Statistical update for Vinoy Place condominiums in downtown St Petersburg as of 8-19-12
August 30th, 2012 categories: Market Updates, Vinoy Place
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.
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Statistical Update: Parkshore Plaza luxury condo in downtown St Petersburg, Florida
August 21st, 2012 categories: Market Updates, Parkshore Plaza
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
August 3rd, 2012 categories: Downtown St Petersburg Condos, Market Updates
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
July 2nd, 2012 categories: Downtown St Petersburg Condos, Market Updates
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
July 1st, 2012 categories: Condo Rentals, Downtown St Petersburg Condos, Market Updates
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
June 1st, 2012 categories: Downtown St Petersburg Condos, Market Updates
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
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Contact The Simms Team for buyer representation on these listings.
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Downtown St Pete Condos – Market Activity week ending 5-25-12
May 25th, 2012 categories: 400 Beach, Bayfront Tower, Downtown St Petersburg Condos, Market Updates, Parkshore Plaza
The downtown St Pete condo supply is holding steady at 33 downtown condos listed in the MLS, ranging from $56,000 – $3 Million. Though the stats are the same as last week, the supply has changed a bit. Five condos went to contract this week, ranging from $270,000 to $1,150,000. Four condos sold this week, ranging from $320,000 to $1,500,000. Four condos came on the market this week for sale, ranging from $360,00000 to $1,150,000.
Here are the new listings in the MLS:
$360,000 Bayfront Tower 1,279 sq ft 1 bedroom 1½ bath
1 parking space 2011 est property taxes: $5,296 Condo fee: $674/mo
13th floor view: east (Tampa Bay) Search Bayfront Tower listings
$485,000 475 Condo 2,090 sq ft 3 bedrooms 2½ baths
1 parking space 2011 est property taxes: $6,676 Condo fee: $597/mo
2nd floor view: east
$875,000 400 Beach 2,395 sq ft 2 bedrooms 2 baths
2 parking spaces 2011 est property taxes: $11,429 Condo fee: $990/mo
23rd floor view: northwest corner Search condos for sale at 400 Beach
$1,150,000 Parkshore Plaza 3,081 sq ft 3 bedrooms 3½ baths
2 parking spaces 2011 est property taxes: $16,189 Condo fee: $1,259/mo
15th floor view: northeast corner (Tampa Bay) Search condos for sale at Parkshore Plaza
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St Petersburg Waterfront Neighborhoods: Broadwater Market Update
February 6th, 2012 categories: Broadwater, Market Updates, Waterfront homes in St Petersburg
A popular waterfront neighborhood in St Petersburg is Broadwater, located in southwest St Petersburg on Boca Ciega Bay, west of I-275 and north of the Maximo Marina Channel. Most of the homes are on sailboat water. Broadwater residents like the convenient location, 15 minutes from downtown St Petersburg and 15 minutes from the beaches. They also like the boating location: getting from Broadwater to the Gulf of Mexico is easy and fast and there are dozens of restaurants nearby where you can dock your boat.
Broadwater Market Update for January 2012:
Five Broadwater waterfront homes were on the market at the end of January, ranging in price from $475,000 to $3,500,000. Three Broadwater waterfront homes sold (closed) during the month of January, ranging from $300,000 to $380,000.
Two waterfront homes in Maximo Moorings, south of the Maximo Channel, are on the market, ranging in price from $490,000 to 495,000.
For more information on
- Waterfront homes for sale
- Waterfront homes that sold recently
- Buying a waterfront home
- Selling a waterfront home
please call 727-898-2582 or email The Simms Team at ALVA International, Inc.
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Is this a good time to downsize in St Petersburg Florida?
February 1st, 2012 categories: Downtown St Petersburg, Market Updates, Real Estate Tips
Yes, it’s a good time to downsize in St. Petersburg Florida. True, you won’t be able to sell your current home for as high a price as you could have in 2006-2007. I think it will be a long time before we see those prices again, and your cost of getting there may be much more than the difference in sales prices. You also should consider how the value of what you’re purchasing will change. 60% of buyers in the US are considering downsizing. If the demand is for smaller homes, the cost of those should rise faster than for larger homes.
Often downsizing means downpricing as well. If you’re going to spend only a portion of the proceeds from selling your current home, then you’ll have the difference to invest, save for a rainy day, or use for vacations or living expenses. Sometimes downsizing means decreasing the size of your home but increasing the amenities. In that case, you wouldn’t gain any cash, and may even spend more money on your new home.
There are still advantages to going smaller: your utility costs should decrease (you may even get a greener home that’s more efficient); your maintenance costs should decrease. If you also downsize your “stuff” you’ll have less to clean and maintain. It can be refreshing to clean out and live with less. You can increase your free time.
If you’re moving from a house to a condo, you no longer need to coordinate everything that needs to be done around your house and yard. You may save money because of group discounts on things like cable and internet. Common areas may provide activity space that you didn’t have or need before, such as a billiard room, a gym, library or card room.
If you’re thinking about downsizing but concerned about current property prices, let’s talk about your options. Call us or email us to set up a time to talk about it.
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Market Changing?
December 23rd, 2011 categories: Buyer Tips, Market Updates
Home with Multiple Offers
Notes from Rob
After hearing for five years that the real estate market is turning around, I’m not going to be the one to say the good times are back for home owners looking to sell their homes, but I will tell you that recent experiences are good news for them.
In the past two weeks I have made three offers for buyers at or above the list price on homes, none of which were bargain priced, bank-owned properties and we did not get any them to contract. We were out bid on each. In one case, we offered above the sale Read the rest of this entry »
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