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Still a sellers’ market for downtown St Pete condos

Compared to a year ago, we started 2014 with 55 downtown St Pete condos on the market, more than twice the number from a year before. However, downtown condos were selling at the rate of 24 per month during 2013 so that’s still only a 2.3 month supply of condos. A six month supply is considered a balanced market, so it’s still a seller’s market.

Active

<100K

.100-199K.

.200-299K,

.300-499K.

.500-999K.

.1-2 Mil. 

.2+ Mil.

Total

1/1/14

3

13

6

15

8

7

3

55

1/1/13

0

1

0

7

7

2

2

19

Downtown St Pete condos are listed from $60,000 to $2,499,000. As the table shows condos are available in a wide range of prices. For more information on any of the condos available, please call The Simms Team at (727) 898-2582  (or email them at info@SimmsTeam.com). For representation in buying or selling a condo, contact The Simms Team with Coastal Properties Group, affiliate for Christie’s International Real Estate.

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Downtown St Pete Condos: How much per square foot?

View of downtown St Petersburg Florida

Downtown St Petersburg

 

When looking at condos in downtown St Petersburg, buyers often ask how much per square foot they are selling for. Obviously location, condition and view have a significant impact on this. We can still look at averages, though. The two condominiums with average prices over $400/sq ft are Ovation and Florencia, both built by JMC Communities. So far this year, here is how it looks:

Over $400/sq ft:  Ovation and Florencia
$300-$400/sq ft:  Signature Place, Vinoy Place, Cloisters and 400 Beach
$250-$300/sq ft:  Parkshore Plaza, 475, Bayfront Tower and McNulty Lofts
$200-$250/sq ft: Huntington, Hotel Detroit, Madison, Townview, Snell Arcade and the Sage
$150-$200/sq ft:  Walker Whitney Plaza and Bayboro Tower
Under $150/sq ft:  the Beacon and Flori de Leon

Some condos stay close to an average, others have a wide range. At 400 Beach, for example, prices this year have ranged from $282/sq ft to $650/sq ft.

Appraisers don’t value a property by price/sq ft and neither should you. It IS interesting to know, though and a question that’s often asked.

DOWNTOWN CONDOS FOR SALE

 

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Rowland Place condos now selling

Front elevation of Rowland Place condominiums

Rowland Place condos

Rowland Place, a proposed condo in downtown St Petersburg. is now accepting contracts. This newest condo developed by JMC Communities is located on 4th Avenue NE, just off Beach Drive in downtown St Petersburg, Florida. These new condos will range from 1,567 sq ft to 2,153 sq ft with prices from $494,000 to $834,000. Plans call for 20 condominium units in a 6 story building. Covered parking and garages (2 per unit) are on the ground level, and the 5 floors above each have 4 condominiums. Spacious balconies typically have 126 or 140 sq ft, with larger ones on the first living level.  Read the rest of this entry »

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Vinoy Place condo Market Update 4-23-13

Vinoy Place pool area

Vinoy Place pool area

 

Vinoy Place Market Update 4-23-13

The Vinoy Place condos have had two sales so far this year, one at $850,000 and one at $1,675,000.  The average price per square foot is $401, an increase of 22% over last year’s average $/sf of $328.   The average sale this year is $1,262,500, an increase of 13% over last year’s average sale of $1,133,042.  One penthouse, listed at $2,920,000 is under contract. There are two active listings, one at $975,000 and one at $1,129,000.

Search for VINOY PLACE listings here.

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Statistical update for Cloister of Beach Drive condominium in downtown St Petersburg as of August 2012

Statistical update for Cloister of Beach Drive condominium in downtown St Petersburg as of August 2012:

Cloisters on Beach Drive

The Cloisters

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 Cloister of Beach Drive condominium increased 3.1%. Individual units ranged from -9.1% to +6.9%.

The four units that dropped in value are the A and B units on the second and third floor, which have restricted watere views and decreased from 2.9% to 9.1% in value. Exclusing these units:

The A units, on the south side with 1,675 sq ft, increased an average of 5.5%

The B units, facing directly east with 2,600 sq ft, increased an average of 0.6%

The C units, facing north with 2,065 sq ft, increased an average of 5.6%

The two penthouse units, with 5,100 sq ft each, increased an average of 2.75%

As we’re seeing with most of the downtown condos, the larger units are not increasing in Just Market Value as much as the smaller units. Nationally the trend is toward smaller homes. Builders are responding to this and building smaller homes than a few years ago.

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.

69% of the condos at Cloister of Beach Drive have a homestead exemption. None of the condos have foreclosure liens. One condo currently under contract is a short sale.

If you’d like more details on these statistics, contact Sharon Simmsof 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.

Search for condos at Cloister of Beach Drive condominiums

Search for condos in downtown St Petersburg

 

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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.

Search Bayfront Tower Condos

Search Downtown St Pete Condos

 

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Market Update for Downtown St Petersburg condos July 2012

Tower at the Renaissance Vinoy Resort

Landmark tower at The Vinoy

 

Market Update for downtown St Petersburg condos through July 2012:

On August 1st, 23 downtown St Petersburg condos were listed in the MLS, slightly over 1% of the 2,000+ condominium units in downtown St Pete. This is the same number as last month, but not all the same units! 24 condos sold in downtown St Pete during July 2012, so you can see that we have about a one month supply of condos for sale.  The sold condos ranged from $55,000 for one at Flori de Leon to $1,440,000 for a townhome at Vinoy Place. The average sale price during July was $492,792.

The 23 condos available on August 1st range from $69,900 for a 707 sq ft unit at Flori de Leon to $3 Million for a penthouse at Vinoy Place. The average price is $938,229. A breakdown of prices on the available condos follows:   Read the rest of this entry »

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Market Update for Downtown St Petersburg condos through June 2012

Downtown St Petersburg Florida from the waterfront

Vibrant downtown St Petersburg

 

Market Update for downtown St Petersburg condos through June 2012:

Of over 2,000 condominium units in downtown St Petersburg, as on July 1st, only 23 are currently listed for sale in the My Florida Regional MLS – slightly over 1%. Since 22 condos went to contract during June 2012, this is approximately a one month supply!

The 23 actively listed condos for sale in downtown St Pete range from $59,900 – $3 Million, with an average price of $941,374.  These have been on the market for 2 to 308 days. 2 of these are bank owned condos and there are no actively listed short sales.

22 downtown St Pete condos went to contract during June, ranging from $46,500 to $1,890,000 with an average listed price of $392,772.  4 of these were short sales and 2 were bank owned properties, for a total of 27% of those going to contract being distress sales.

16 downtown St Petersburg condos sold (closed) during June 2012, ranging in price from $79,900 to $1,050,000 with an average sale price of $538,369.  None of these June sales were distress sales.

It’s a hot market in downtown St Pete with prices rising due to high demand. For buyer representation or seller representation, talk to The Simms Team at ALVA International – the office with the red awning on Beach Drive.

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Downtown St Petersburg Condo Rentals Market Update 7-1-2012

Signature Place in downtown St Petersburg

Signature Place

 

Downtown St Petersburg condo rentals are in ever shorter supply. There are only 6 downtown St Pete condo units listed for rent in the mid-Florida MLS, ranging in price from $2,200/month to $4,000/month. The average rent is $3,100/month. One is a 3 bedroom townhouse, the others are all 2 bedroom units. The condos range from 1,420 sq ft to 2,203 sq ft.

Two of the rental units will allow a pet.Three of the rental units will allow rentals for less than a year.

During June, 7 condo units rented, ranging from $1,200/month at Flori de Leon to $4,500/month at Signature Place.

Here are details on what’s currently available:  Read the rest of this entry »

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St Petersburg Downtown Condos Market Update 2-16-12

Downtown St Petersburg condos and waterfront

Downtown St Petersburg Condos – Market Update 2-16-12

Frank Gregoire, guru appraiser, regularly attends the URBN Pitch marketing session for real estate agents, held weekly at BayWalk. He shares his research on neighborhoods, one by one.

Recently Gregoire shared his findings on downtown condos in St Petersburg. According to URBN pitch, he reported the following:

  • 76 active downtown St Pete condo listings as of 2/16/12
  • 22 of the 76 are distress sales (short sales, preforeclosures and bank owned)
  • 130 sold downtown St Pete condos in the last 12 months
  • Number of listings is constant.
  • Median sales price is up 7% in the last quarter for downtown St Pete condos
  • 11 month supply of listings

Gregoire also stated that condos listed at over $1 Million are starting to come back on the market.

For specific information on downtown condos, please contact The Simms Team at ALVA International, Inc. real estate.

 

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