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Statistical Update: Bayfront Tower condo in downtown St Petersburg, Florida

Bayfront Tower Condo in downtown St Petersburg, Florida

Bayfront Tower Condo

Statistical update for Bayfront Tower 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. It’s interesting to analyze the changes in “just market value” for the various condos.  The average “just market value” at Bayfront Tower Condo decreased 4.4%.  That average doesn’t mean a lot, though, since different floor plans ranged from +0.4% to -14.4%. Here’s the average change in Just Market Value by plan:

  • 01    -1.2%
  • 02    -7.4%
  • 03     -1.9%
  • 04    -5.7%
  • 05    -6.4%
  • 06   -5.7%
  • 07    -0.9%
  • 08    -3.5%
  • 09    +0.4%
  • 10    -4.6%
  • 11    -4.4%
  • 12    -2.9%
  • 14    -4.2%
  • double units    -14.4%

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.

Nationally the trend is toward smaller homes. Builders are responding to this and building smaller homes than a few years ago. The changes at Bayfront Tower reflect that as well. The smaller units did not decrease in value as much as the larger units. The just market value of the double units had twice the decline of any of the other units.

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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