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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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Do you need that extra bedroom in your downtown St Pete condo?

 Whether you’re looking for a 2 bedroom condo or a 3 bedroom condo in downtown St Petersburg, it’s worth asking whether you need that extra bedroom. If it’s for an office you’re going to be using everyday, or a craft/game room, or for a permanent resident, you probably do need it. My question is whether you need the extra guest bedroom. Is it for a family member who only comes for one week during the year? Is it for friends who may be there a couple of weeks a year? Consider the cost of buying the extra bedroom and then the additional maintenance cost and utilities. Compare that to the cost of putting them in a hotel nearby. There are downtown St Peterburg hotels in a variety of price ranges and several Bed & Breakfast inns. Some of the hotels are right next door to a condo.

Moving down from the north? Consider whether you want to be a hotel. Close friends will probably be welcome, but a series of acquaintances perhaps won’t be. Can you easily say No to a request to visit you? 

Perhaps you don’t want a smaller condo – you may still buy a 3 bedroom condo but make it into a 1 bedroom condo with 2 offices. Think outside the box on how you really want to use the condo you’re buying. Think smaller, think larger, think repurposing. 

Would some outside input help? A brainstorming session? Helping you with these things is just one of the things that you get from The Simms Team. Contact Sharon, Tami or Rob to meet with you early in the process, when you’re starting to explore whether you even want to move to a condo. 

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400 Beach luxury condominiums in downtown St Petersburg – breaking news 4-23-09

The developer of 400 Beach, a luxury condominium in downtown St Petersburg Florida, has filed for bankruptcy. Opus South filed for Chapter 11 –  400 Beach is just one of the Opus properties. According to the St Pete Times, the company promised an “orderly wind down” of its portfolio. This is a sad conclusion for Opus, based in Atlanta, whose parent, Opus Corporation,  has been in business for 56 years. Earlier this week I posted a specific market update for 400 Beach for both sales and rentals. Opus is currently accepting “Nonbinding” offers on their remaining 18 condo units.

Opus press release
Robert Trigaux on Opus South Bankruptcy
Opus South Chapter 11 bankruptcy filing spells market exit

4/24/09  Followup article on Opus South and 400 Beach in the St Pete Times

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Urban Downtown Living in St Petersburg Florida

This blog will have periodic postings about properties, buildings and developments in downtown St. Petersburg. All around the country people are moving back to urban areas to enjoy living close to lots of amenities. They want to walk from home to shopping, restaurants, galleries, museums, movies, events. They want to regain the time they spent commuting and eliminate having to use a car every day.

Urban living is about lifestyle and activities as well as properties, so we’ll focus on all of those here. We’ll discuss what’s planned, what’s approved and what’s here. We’ll talk about places and events.

We welcome your comments to any of our blogs.

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