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Downtown St Pete Condo Rentals 3-6-12

Aerial view of Downtown St Petersburg Florida

Downtown St Petersburg Florida

Downtown St Petersburg Condo Rentals Market Update 3-6-12

Today there are only 13 condo rentals in the Multiple Listing Service for downtown condos, ranging from $900/month for a 1 bedroom unit at The Beacon to $5,500 for a city home at 400 Beach Drive.

Here’s what’s available:

  • 400 Beach Drive:  1 at $5,500/month
  • The Beacon: 3 from $900/month to $1,800/month
  • Flori de Leon: 2 from $1,200/month to $2,500/month (55+)
  • The Madison: 2 from $1,600/month to $1,650/month
  • Parkshore Plaza: 1 at $4,200/month
  • Signature Place: 3 from $2,700/month to $3,900/month
  • Snell Arcade: 1 at $1,800/month

There have been 9 condos leased since the beginning of the year, ranging from $850/month for a 1 bedroom condo at Bay Villas to $5,500/month for a townhouse at Vinoy Place.

  • Bay Villas: 1 at $850/month
  • Bayfront Tower: 2 from $2,700/month to $3,000/month
  • 400 Beach: 1 at$4,500/month
  • Parkshore Plaza: 1 at $2,445/month
  • Signature Place: 1 at $4,000/month
  • Townview: 1 at $1,100/month
  • Vinoy Place: 1 at $5,500/month
  • Walker Whitney: 1 at  $1,995/month

Rents are increasing due to supply and demand: there are very few downtown St Pete condos available for rent.

Spoken by Sharon Simms | Discussion: No Comments »

How many condos in your building are rented?

Does it matter how many condos in your building are rented? Yes,it does. Almost all the condos in downtown St Petersburg have some renters, so the question is really “What percentage of condos in the building (or complex) are rented?”

From a value perspective, it matters because the percentage of rented units matters to a lender. If you’re buying a unit, you won’t be able to get a conventional mortgage on the property if there is a higher % of rentals than the lender will allow. If you own a unit and may be selling it, if prospective buyers can’t get a mortgage, then the number of potential buyers decreases and the value of the unit decreases.

From a lifestyle perspective, it matters because there’s a different feel to a building that is primarily owner occupied and one that is primarily renter occupied. There is no magic number. It will also affect the feel if the renters are mostly short term or whether they stay a year or more.

From another financial perspective, it matters because owners living in the building and absentee owners who are renting the unit out often have different view – and votes – on issues from building reserves to rental policies.

Your real estate agent should be able to give you a general idea of how many are rented. You can also check with the Pinellas County property appraiser and see what percentage of units have a Homestead Exemption.That’s not an exact determination, but is a gauge. Your relationship with your real estate agent shouldn’t end with the sale. Call your agent when you have questions, whether it’s about rentals in the building, changes to make to your home, or even where to find a pet psychoanalyst.

 

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Downtown St Petersburg Condo Rentals

Notes from Rob:

Have been spending more and more of my time helping people find downtown rentals and it has its ups and downs. The up side is that you are helping people find a place to live and as with most real estate agents, if you take care of them now, then when they are ready to buy, they will remember you as the agent they want to work with. The negatives are that many listing agents/owners give such a poor fee that in many cases you actually lose money (time and gas expenses) to show the rental clients the many available properties.

It is a good time to rent if you are an owner of a downtown condo as the inventory is very low right now, especially in the high end units. While rental prices dipped in 2008 and 2009, as you could get a 3,000 square foot unit for as low as $3,000 a month, the prices have been rising as the inventory gets scarce and today you are looking at closer to $4,000 a month for the same front unit at Parkshore, 400 Beach or the Vinoy. And if you find one you like, grab it, as they are not staying on the market for long.

Spoken by Rob Johnson | Discussion: No Comments »

Downtown St Petersburg Condo Rentals – Market Report October 2008

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Downtown St Petersburg condo rentals as of November 1, 2008 ranged from $750/month for a small 1 bedroom unit at either Bay Villas or Flori de Leon (age 55 and older) to $5,000/month for a 3 bedroom unit at Parkshore Plaza. There were 45 units available, a decrease from a month earlier. Most of these are annual rentals. According to the Pinellas Realtor Organization, these were available: Read the rest of this entry »

Spoken by Sharon Simms | Discussion: No Comments »

Downtown St Petersburg Condo Rentals – Market Report September 1, 2008

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Downtown St. Petersburg Condo Rental Report for August 2008

 

Downtown St Petersburg condo rentals as of September 1, 2008 ranged from $700 for a small 1 bedroom unit to $5,500 for a 3,000 sq ft 3 bedroom unit. There are 51 units available, a 10% increase over July. A one year minimum rental period is typical; a few allow pets; a few are age restricted. All of Read the rest of this entry »

Spoken by Sharon Simms | Discussion: No Comments »

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