What will $500,000 buy in downtown St Petersburg?
April 15th, 2013 categories: Real Estate News
Downtown St Petersburg
What will half a million dollars buy in downtown St Petersburg? In the first quarter of 2013 the Multiple Listing System shows only three sales between $500,000 and $600,000. Two of these were in Signature Place, one with 1,447 sq ft sold at $540,000 and another with 1,465 sq ft sold at $565,000. One city home at Parkshore Plaza with 1,686 sq ft sold at $555,000.
There is only one downtown St Pete condo listed in the $500s – a 1,686 sq ft city home at Parkshore Plaza which is listed at $575,000.
Search downtown St Petersburg condos for sale.
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Warehouse Arts District Sweetheart Gallery Walk
February 10th, 2013 categories: Real Estate News
St Petersburg Clay Company
The Warehouse Arts District had its first Sweetheart Gallery Walk yesterday. The participating artists provided a free trolley tour of the Warehouse Arts District, which runs from 1st Avenue N to 10th Avenue S, from 16th St to 31st St in St Petersburg, Florida.
The historic Seaboard Coastline railroad station is the home of St Petersburg Clay Company. There you’ll see outdoor kilns, artists studios, a gallery and retail clay supplies. Wending back through the district, you’ll find Duncan McClellan Glass. Duncan took over an old tomato packing plant (or was it a fish processing plant?) and has made a studio, gallery, hot shop and residence. Artists are moving to St. Pete.
The Warehouse Arts District (WAD) was founded in 2012 with the goal of creating a community to attract artists from all over the country to live and create in St. Petersburg. Their motto is “Where Art is Made”. There are several arts clusters nearby with galleries and shops, but this industrial area is for noisy artists, down to the nitty gritty. The old industrial/manufacturing warehouses offer great space for large equipment. Many artists are choosing this area to work and to live.
Participating artists/venues included: Craftsman House Gallery, Nuance Galleries, Grand Central Stained Glass, Articles Gallery, St Pete Clay Company, MGA Sculpture Studio, C Glass Studio, Soft Water Studio, Duncan McClellan Glass Art Studio and Hot Shop, Zen Glass and Charlie Parker Pottery.
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A home for Christmas
December 22nd, 2012 categories: Real Estate News
It's hard to put a house under a Christmas tree but that doesn't mean it can't be a Christmas present. We think our SALE PENDING properties are indeed Christmas presents – for the sellers, for the buyers, and yes, for us, too.
Most years the St Petersburg real estate market is slow between Thanksgiving and Christmas, but not this year. The Simms Team has been out showing property every day, usually to multiple clients. We are very grateful for that. Showings … offers … contracts … closings.
A huge thank you to everyone who has chosen to work with us and to everyone who has referred us clients.
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Homes are reworking spaces
September 26th, 2012 categories: Real Estate News
Not So Big House
Reworking spaces in homes is a lesson from the National Association of Homebuilders annual show that applies to remodeling older homes as well as building new ones. Read their comments about house design for creativity and cost savings.
Formal living rooms and formal dens are being used less. Even home offices are used less as many of us tend to use tablets elsewhere in the house or outside on the patio or dock. So, more emphasis is placed on a combined activity area in homes: the kitchen, family room and eating area all as part of one large space where we can interact. An office space may be an alcove, a second pantry, or even a window seat.
All these ideas bring me back to Sarah Susanka’s series of books based on The Not So Big House. Her first book, back in 1998, was an eye opener. She advocated quality over quantity, useable space over more square footage. Charm and utility. She parlayed her first book into a series, but my favorite is still her original The Not So Big House.
What brings you happiness in a house? How can you be apart but nearby? How can views allow space to be shared?
As homeowners are more concerned than ever about expenses, from property taxes to insurance to utility costs – great design is more important than ever.
Would you like some help in finding your new home or suggestions for improving the one you have? Contact The Simms Team at ALVA International, Inc real estate.
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Insurance issues that may affect the sale of your St Petersburg home
August 6th, 2012 categories: Real Estate News
New 4 point inspection requirements
New rules from Citizens Insurance may affect the sale (or purchase) of your St Petersburg home. Starting September 1, 2012, Citizens will require a 4 point inspection for any new or renewal homeowner’s insurance policy on a home 30 or more years old – i.e., built before 1982. Many of the waterfront homes in Venetian Isles, Broadwater, Yacht Club Estates and many other areas were built in the 1970s, so will be affected.
The four “points” of the inspection are plumbing, electrical, HVAC (heating and air conditioning) and the roof. The inspection must be completed by an appropriate Florida licensed inspector and photos must accompany the report. It appears that a new 4 point inspection report will need to be done with each annual renewal. In addition to a certification that all four systems are in good working order, there are some other requirements to note: all roofs will need to have at least 3 more years of expected life; no polybutylene pipes; and if the house has single strand (aluminum branch) wiring, separate documentation of remediation must be provided and certified by a licensed electrician. Three remediation methods are allowed: 1) entire home rewired with copper; 2) connections repaired via COPALUM crimp; or 3) connections repaired via AlumiConn.
The aluminum wiring situation is similar to the knob-and-tubing situation in older homes. Most contracts will state that all systems need to be operating properly but that the seller/owner will not have to upgrade to new codes unless an item needs repair. However, if the contract is subject to financing, the lender is going to require insurance. If the buyer can’t get insurance for the home, the loan won’t be approved, so the financing clause will allow him to walk away. So, it’s better to address this issue before you put the home on the market.
Call or email The Simms Team for a copy of the new Citizens 4-point inspection report or for additional information on these inspections.
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Insuring your St Petersburg condo
July 13th, 2012 categories: Real Estate News
Generally your St Petersburg condo will have an insurance policy that covers the building as well as liability coverage for the condo. This doesn’t mean you shouldn’t get additional insurance for your St Pete condo unit.
You are responsible for the interior of your unit, from the drywall or plaster wall in. So – wall coverings are your responsibility as are floor coverings. Appliances and furniture are also yours. You can get a policy to cover these things, as well as covering you for liability. Keep in mind that if you have water damage caused by a unit above you, it’s your responsibility for that damage to your unit – another reason to have it insured.
Surprisingly, there are a lot of variables in the cost for this condo unit insurance: master building coverage, wind mitigation and energy factors, what floor the unit is located on, size of the unit, etc. Thus you can’t call and get a quote, for example, on “a unit” in Parkshore Plaza or in Bayfront Tower but you can get a quote on a specific unit. If you’re buying a condo unit, start checking on this as soon as you go to contract – don’t wait until a week before closing!
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St Petersburg real estate benefits from National Flood Insurance extension
June 30th, 2012 categories: Real Estate News
A lot of St Petersburg real estate has flood insurance and if there’s any financing, lenders require the flood insurance, so lack of flood insurance means closings with loans can’t take place (in flood zones). Over the past several years we’ve had periods when the National Flood Insurance program has not been in effect and any extensions were for short terms and we’d start all over again.
Yesterday Congress passed a bill that extends funding for the National Flood Insurance Program to September 30, 2017. It had been scheduled to expire at the end of July, in the middle of the hurricane season. It’s good to have some certainly for the next 5 years.
Read more in the Insurance Journal.
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Chinese buyers are finding Florida real estate
June 22nd, 2012 categories: Real Estate News
Chinese buyers are buying real estate in Florida. We think of the west coast of the US as being the most appealing to Chinese buyers, largely because of geographic proximity and yes, that’s true. The Chinese are also buying in New York now, and in Florida – they’re buying in Miami, Ft Myers and St Petersburg.
The Chinese are now the second-largest segment of foreign buyers of US homes, behind only the Canadians. Some of them are buying luxury homes and condos, priced between $25 Million and $50 Million. Others are buyingproperties in the $100,000 – $500,000 range. Florida is appealing because Read the rest of this entry »
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Contingencies do matter when buying or selling Condos in St Petersburg
April 13th, 2012 categories: Real Estate News
Contingencies do matter when buying or selling condos in St Petersburg. One contingency that has been the cause of contract cancellations lately is buyer review of condo documents. Here’s a sample of that clause:
This agreement is voidable by buyer…within 3 days…after…receipt…of:
- a current copy of the declaration of condominium
- articles of incorporation
- bylaws and rules of the association
- copy of the most recent year-end financial information
- frequently asked questions and answers document.
Any purported waiver of these voidability rights shall be of no effect.
One contract was cancelled by the buyer because there were inadequate reserves. Many condos have not fully funded their reserves, intending to keep the monthly fees down. However, this can lead to large assessments when work must be done and the funds aren’t there in reserve.
Another contract was cancelled by the buyer because of a restriction on rentals. The documents said only one rental per year. Within the 3 day rescission period, the buyer met with the Interview Committee and asked “What happens if I rent for a year and through no fault of mine the tenant leaves, for example if he loses his job and can’t afford the rent or if he goes bankrupt?” The firm answer was, “Then it will stay vacant. Do a better job of choosing your tenant the next time.” The buyer cancelled the contract.
Tip to sellers: you want all contingencies removed as soon as possible. Assemble all of these documents and have them ready when you get an offer on your condo. You don’t want to lose time waiting to get them all together. Note that you not only need the condo documents, but all amendments over the years.
Tip to buyers: review all the documents carefully. If you’re not comfortable doing this, have an attorney and/or accountant review them within your 3 day review period.
Tip to condo associations: Unfunded reserves can come back to bite you.
For help buying a condo or selling a condo in St Petersburg, contact The Simms Team at ALVA International, Inc.
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Cash is king when buying a home in St Petersburg Florida
February 7th, 2012 categories: Real Estate News
Today, cash is king when buying a home in St Petersburg, Florida. Historically the seller was more concerned with the amount of money he received and didn’t really care if it was a cash sale or financed, though a faster sale might have some importance to him.
If a St Pete property is priced well, it’s not uncommon to have multiple offers. The seller may well choose the cash offer rather than the highest price. Mortgage approvals are taking longer now than they used to. Preapproval letters are no longer as dependable as they used to be. Appraisals (now generally ordered through third party appraisal companies) are often coming in well below the purchase price. As a result, sellers are often opting for the offer that is all cash, especially if the sale is not going to be subject to an appraisal.
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