Signature Place
Signature Place condominiums are under construction in downtown St. Petersburg. The first condos were sold in June 2009. Between preconstruction and closing, prices were reduced 25%. At 36 stories (with 244 condos), it’s the tallest building in St Pete. It’s architecturally unique, shaped like a sail, and every tower unit has a view of Tampa Bay. Designed by Ralph Johnson, the building is truly a signature for Johnson and for developer, Joel Cantor. In 2009 88 units were sold at prices ranging from $224,250 to $1,237,500. In 2010 six units were sold from $311,600 to $575,000. Currently 41 units are being offered for auction on March 7, 2010. You can, of course, contact The Simms Team at ALVA International, Inc. Our real estate office at 238 Beach Drive NE in downtown St Petersburg is within walking distance of Signature Place.
Signature Place back on track
July 15th, 2010 Categories: Signature Place, Uncategorized
Notes from Rob.
Since the March auction, sales at the Signature Place condos in downtown St Petersburg were moving along at a brisk pace. At last count, 198 of the 244 units have been sold and another 15 were under contract. I was very happy as 5 of the sales were with clients of mine and each of them is very happy with their purchases. As sale number 6 came up, everything was put on hold due to a disagreement between the developer and the title company. Needless to say my clients and I were not happy. But I was still confident things would get resolved and I continued to show my clients the building. Of course, while on hold, new contracts could not be written. Very frustrating for clients who want to buy. Had two clients on “hold.” Luckily, last Tuesday evening I opened an email to find out everybody was happy again and signing Kumbaya together. Contracts were quickly written and closings scheduled. As of today, only 16 units are left and they are on the lower floors (one exception for $639,000) and little to no view, but a 1-bedroom, 1 1/2 bath unit with a den can be had for only $165,000. It is take it or leave it, as the developer has set the prices and will not budge, will not throw in curtains, will not pay your closing costs (I’ve tried them all). It looks like people are buying and it won’t be long before the building is sold out, which will be a great turn around for the building over the past year. If you are interested in seeing any of the last 16 units, give me a call and I’ll get you in.
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Signature Place condos selling quickly in St Petersburg Florida
April 29th, 2010 Categories: Signature Place
The Signature Place condos are selling quickly in downtown St Petersburg, Florida. The recent condo auction at Signature Place started a buzz that hasn’t stopped. At the end of 2009, approximately 100 condos out of 245 had sold and closed since the start of closings in June 2009. Right now there are only 21 tower condos left at Signature Place and 16 “city” units. We’ve also found that the Signature Place condos for rent have been renting quickly. Contact The Simms Team at ALVA International,Inc. for more information on Signature Place condos for sale or for rent.
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Signature Place Market Update 3-22-10
March 22nd, 2010 Categories: Signature Place
The recent auction at Signature Place condo in downtown St Petersburg has certainly been successful. Counting those units sold at the auction, in the last two weeks a total of 92 units have gone to contract. In addition to the 102 units Signature says have closed from sales prior to the auction, that brings the total to 194 units out of 244, which is 79.5% of the units. The remaining condos are being shown by appointment only, and all the appointments are booked days ahead. I’d say the auction at Signature Place was a definite success!
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Signature Place: Going Once, Going Twice, SOLD!
March 7th, 2010 Categories: Signature Place
Signature Place condos in downtown St Petersburg Florida
The Signature Place auction was held this afternoon and must be deemed a success. The space was Standing Room Only, all the units were sold, plus an additional 10 units that were added, and all of them sold above the minimum bid.
Depending on the floor plan, units sold from 22% to 73% over the minimum bid. Winning bids ranged from $174,000 for an 859 sq ft unit to $742,000 for a 2,319 sq ft unit. The average price per square foot also was a wide range, from $200/sf to $320/sf. Comparing the winning bids to the last asking prices, they ranged from 25% less to 53% less.
The most popular plan appeared to be the H plan, the long narrow plan in the northeast corner of the building. With 1,829 sq ft the average sale price was $515,250 which is $276/sq ft. The average price was 63% above the minimums set.
Additional units were being sold individually, at prices determined by the auction – none to be sold for less than the winning bids, adjusted by floor. This was still going on when I left, so I don’t yet know how many more sold then.
We should know prices on the remaining unsold units on Tuesday morning, when sales will be handled in the normal manner. Call your agent, or us, for more information.
The SIMMS Team at ALVA International, Inc. (727) 898-2582 at 238 Beach Drive NE in downtown St Petersburg.
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Signature Place Auction Day Checklist
March 5th, 2010 Categories: Signature Place
Signature Place condos common area overlooking Tampa Bay
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Signature Place Auction Day Checklist
____ 1. Make sure you have submitted your yellow Auction Registration card by Saturday, March 6th.
____ 2. Bring a certified check made out to yourself for $7,500.
____ 3. Bring a personal check. This should be left blank and will be used as your deposit – the difference between 10% of your successful bid and the $7,500.
____ 4. Bring photo identification: driver’s license or passport.
____ 5. Bring your preapproval letter from one of the three approved lenders, if you plan to have your contract subject to financing.
____ 6. Be at the Hilton Bayfront Hotel by noon on Sunday, March 7th. Better to be there by 11:30 am and get the order of the condos being auctioned, so you can finalize your bidding strategy.
Suggestions:
Review the Signature Place condo docs.
Review the Signature Place purchase agreement.
Preview the condos you’re interested in to check out whether flooring coverings have been installed and which colors and finishes were chosen for the kitchen, as well as checking how the floorplan “feels”, the view, and the size and shape of the balcony. (You can e-mail Rob Johnson to get a link to photos of all the units)
Attend the Signature Place Practice Auction on Saturday, March 6th, 2010 at 4:30 pm at the Hilton St Petersburg Bayfront.
ALVA International, Inc. at 238 Beach Drive NE, St Petersburg, FL 33701 will be open on Saturday, March 6th from 10 am to 4 pm. Stop by if you have any questions for The SIMMS Team.
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Signature Place auction is Sunday – get ready
March 4th, 2010 Categories: Signature Place
Signature Place condo in downtown St Petersburg Florida
Your Signature Place auction registration form (the yellow card) must be given to Signature Place by Saturday if you plan to attend the auction on Sunday. This form is in addition to the Visitor Registration you would have signed to enter Signature Place and in addition to a Broker Registration Form, if you have a real estate agent representing you.
You cannot just show up on Sunday and decide to attend the auction, even if you have your checks with you.
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Signature Place adds 6 condos to their St Petersburg auction
March 3rd, 2010 Categories: Signature Place
Signature Place pool and gardens
Signature Place has added 6 condominium units to those being auctioned on March 7th, bringing the total to 41 auction condos at Signature Place St Petersburg. The minimum bids are similar to the earlier offered units and add those in the middle and upper size ranges. The minimum bids on the additional units range from $215,000 for a 2 bedroom 2 bath unit with 1,018 sq ft to $405,000 for a 2 bedroom 2.5 bath unit with 2,319 sq ft.
Contact The SIMMS Team for additional information. We are in Signature Place several times a week, and sometimes several times a day. We have photographs of over 30 of the units so that you can see the floor finishes and cabinet selections as well as the views from the units.
You cannot just walk into the auction on March 7th. You must be preregistered. Further, if you want to retain your right to be represented (at no additional cost to you since the fee is paid by the Seller) be sure your agent is with you when you walk into the building and/or register.
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What’s the right price for a condo in downtown St Petersburg Florida?
February 26th, 2010 Categories: 400 Beach, Downtown St Petersburg, Signature Place
St Petersburg Florida skyline and condos
Finding the right price for a downtown condo in StP etersburg is an interesting process. Here are two different approaches happening right now:
SignatureP lace is a 244 unit condo that began closings last June. Approximately 100 condos had sold by the end of the year. Individual unit sales are on hold as it’s been announced that 35 units are being auctioned on March 7th. It’s an absolute auction, with a minimum bid on each of the units. Minimums range from $135,000 to $400,000+. Once those are sold, over half of the units in the building will have been sold. We’re assuming that the auction prices will determine the sale prices on the remaining units. In the last couple of weeks thousands of people have visited Signature Place to look at the condos.
400 Beach had 18 units (out of approximately 100 since the others had already sold) that were part of a foreclosure of Opus South, which had used these units to cross collateralize another project. Speculation continued for some months after the foreclosure sale. Last week the lender announced prices on these 18 units. 10 went to contract in the last 9 days and today they raised the prices on the remaining 8 units by 10%.
This shows that there are indeed buyers out there, ready and able to buy – they just want to find the right price.
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Signature Place – FAQ 2
February 25th, 2010 Categories: Signature Place
Signature Place condo in St Petersburg Florida
The Signature Place auction on March 7th of 35 condos really has downtown St Petersburg buzzing. Whenever we’re showing the units to clients and prospective buyers we find the halls busy and the elevators constantly in motion.
A frequently asked question is: “Is there a 10% buyer’s fee charged at the auction in addition to the purchase price?” No. Although that is not unusual at an auction, at the Signature Place condo auction there is no buyer’s premium charged.
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Signature Place St Petersburg FAQ 1
February 19th, 2010 Categories: Signature Place
Signature Place St Pete outside garden and pool area
There’s been a lot of buzz in St Pete since the announcement of the auction of 35 units at Signature Place. We get several calls each day, so I thought I’d start answering a few of them online.
How much are the maintenance fees.?
Maintenance fees are generally 44¢ per square foot – so, for example, a 1,200 sq ft unit would have a maintenance fee of $528/mo.
Is that figured on the air conditioned size or does it include the terraces?
It’s based on the air conditioned size of the unit.
For more information on Signature Place or on the Signature Place auction on March 7th, please contact The Simms Team, ALVA International, Inc. in downtown St. Petersburg … or stop by our office at 238 Beach Drive NE – we’re the red awning just across from the Museum of Fine Arts.
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