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Old Northeast Market Update – Conclusion

Northeast Quadrant of Old Northeast

Old Northeast Quadrant 4

For today’s final installment in the Old Northeast Market Analysis series, we’re looking at the quadrant that contains Historic Granada Terrace, from 22nd Avenue N north to 30th Avenue N and from 1st Street east to Coffee Pot Bayou. It’s a very small sample, to be sure, and very distinctive in style. Many of the homes are of the Mediterranean style, and historic guidelines ensure that new homes and additions/remodels stay true to the character of the neighborhood. The eastern border of the quadrant has sidewalks running alongside the water, ideal for jogging, walking and just enjoying the views, including lots of birds and sometimes a manatee.Old Northeast Quadrant 4 Chart 1

In addition to being a very small data sample, there’s also a big disparity in the homes – you’ll find some blocks with the large, distinctive Spanish homes we referenced above, and some blocks with small 1950’s block homes. This makes the data very hard to interpret, especially averages. For example, in 2008, the average price of 4 closed sales was $701,250, compared with the average price of 2 closed sales in 2009 at $192,500. There are only a few clear pictures we can glean. Read the rest of this entry »

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Old Northeast Market Update – Part 4

Northwest Quadrant of Old Northeast Neighborhood

Old Northeast Quadrant 3

Continuing with our week-long series of analyzing the last five and a half years of housing data for the Old Northeast neighborhood, today we’re focusing on the section that is often overlooked, from 22nd Avenue N north to 30th Avenue N, and from 4th Street N east to 1st Street N. Despite that fact that many don’t consider it to be part of the Old Northeast, it has many of the same characteristics, including brick streets lined by shady trees, charming architecture and a very walkable feel. Although it’s not as close to the parks along North Shore Drive, it is extremely close to Coffee Pot Bayou, with sidewalks along the water, a lovely park and playground, and a public boat launch. And although it’s a little further from downtown St. Petersburg, it’s very close to grocery and shopping centers.

This segment is smaller and has far fewer homes than the neighborhood south of 22nd Avenue N, so it’s important to remember that as we look at the data. Many of the lots here are larger than those in the southwestern quadrant, so the additional land value impacts price per square foot ($/sq ft). As in the other parts of the neighborhood, 2011 seems to have been the turning point in the market, with a marked increase in total number of sales. The most significant difference between this and the other quadrants isOld Northeast Northwest Quadrant that average sale price is still nearly $100,000 lower than in 2008 (currently $287,929 versus $383,500 in 2008). Oddly though, the average number of sales and $/sq ft is nearly identical to 2008 which would indicate that fewer of the larger homes in this quadrant have sold recently.

Read the rest of this entry »

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