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Signature Place: Going Once, Going Twice, SOLD!

Signature Place condos in downtown St Petersburg Florida

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.

Posted by Sharon Simms | Currently No Comments »

Signature Place Auction Day Checklist

Signature Place condos common area overlooking Tampa Bay

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.

Posted by Sharon Simms | Currently No Comments »

Signature Place auction is Sunday – get ready

Signature Place condo in downtown St Petersburg Florida

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.

Posted by Sharon Simms | Currently No Comments »

Signature Place adds 6 condos to their St Petersburg auction

Signature Place pool and gardens

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.

Posted by Sharon Simms | Currently No Comments »

What’s the right price for a condo in downtown St Petersburg Florida?

St Petersburg Florida skyline and condos

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.

Posted by Sharon Simms | Currently No Comments »

Signature Place – FAQ 2

Signature Place condo in St Petersburg Florida

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.

Posted by Sharon Simms | Currently No Comments »

Signature Place St Petersburg FAQ 1

Signature Place St Pete outside garden and pool area

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.

Posted by Sharon Simms | Currently No Comments »

35 condos at Signature Place to be auctioned March 7th

Signature Place condos in downtown St Petersburg

Signature Place condos in downtown St Petersburg

35 condos at Signature Place, a new condominium in downtown St Petersburg Florida, are set to be auctioned March 7th, according to the St. Pete Times. The auction is scheduled for 1 pm at the Bayfront Hilton. Initial bids range from $135,000 for an 859 sq ft 1 bedroom condo to $430,000 for a 2,400 sq ft 3 bedroom condo. – about 2/3 less than the original asking prices. It will be an absolute auction. The auction company says the auction will re-calibrate real estate prices and unite buyers and sellers.

The Signature Place sales office will be open 7 days a week – I don’t know yet what the prices will be between now and the auction.

Posted by Sharon Simms | Currently No Comments »

Signature Place condos St Petersburg Market Update 9-17-09

Signature Place condos in downtown St Petersburg Florida

Signature Place condos in downtown St Petersburg Florida

Signature Place reported 7 more sales in September, bringing the number of Signature Place condos sold in downtown St Petersburg to 59, according to the MLS statistics. 49 of the sales are in the tower and 10 are in the adjacent “lofts”.  Sale prices at Signature cover a wide range, from $224,250 for a 1 bedroom “loft” unit with 847 square feet to $1,237,500 for a 2,319 sq ft unit on the 34th floor.

The first closing were on June 24, 2009 and there are 244 condominium units in all. The current residents have a weekly “6 at 6” happy hour gathering at 6 pm on the 6th floor. At the two I attended, the residents seemed very happy with their new homes and enjoying the new comraderie with their neighbors.

Downtown St Petersburg has seen the completion and opening of two condominium projects this year – Signature Place which began closings in June and Ovation which began closings in August.  Welcome, new downtown neighbors!

Signature Place is located on 2nd Avenue S, from 1st Street to 2nd Street. For buyer representation at Signature Place, please contact The Simms Team.

Posted by Sharon Simms | Currently No Comments »

Signature Place condo sold #13

View from Signature Place

View from Signature Place

Over the past four years I have talked to many clients about downtown condos and Signature Place in particular.  Since it was finished in June 2009, I have shown a dozen clients the various floorplans and amenities available in the complex.  I’ve even had one on-site salesman defer to me as knowing more about the building.

About three weeks ago I received a call from an someone in town from Massachusetts who had visited Signature Place recently and wanted buyer representation.  We discussed the project for a while.  Then he drove over from Tampa and we looked at the building again.  He still loved it and after discussing the past sales we made an offer.  We were delighted when it was accepted.  This afternoon he closed on the sale. That’s my Sale #13 for this year.

After we were done and we were in his new home on the 15th floor looking out at Tampa Bay, seeing Progress Energy Field and the airport  I asked him, since you had already seen the building, did I, as a real estate agent, add value with your purchase.  He looked at me and smiled.  He said that because of me, he slept better and rested easy, knowing he had not overpaid for the condo and that Signature Place was the right place for him.  He had received a bottle of Cabernet Sauvignon from the developer to welcome him to his new home…he gave it to me as a thank you.  It is a nice feeling to help put someone in the right new home.

Posted by Rob Johnson | Currently 1 Comment »

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