Downtown St Petersburg Condo Market Update for June 2010
July 2nd, 2010 categories: Market Updates
Downtown St Petersburg skyline
Downtown St Petersburg Condo Market Update for June 2010
Only 7 downtown St Petersburg condos sold during the month of June 2010. Three of these were new condos, one at Ovation for just over $2 Million, and 2 at Signature Place in the $300s. The remaining four were resale condos, ranging from $85,000 for one at The Madison to $202,000, also at The Madison.
During June there were 11 condos downtown that went to contract, all of them resales. They show a wider spread of price ranges than sales for the month: 7 of them were under $250,000, ranging from $58,900 to $229,000; one in the $600s at Florencia, two in the $800s at Vinoy Place and 400 Beach, and one over $1 Million at 400 Beach.
There are 85 resale condos currently on the market:
35 under $250,000
24 between $250,000 and $500,000
12 between $500,000 and $1 Million
13 between $1 Million and $2 Million
1 between $3 Million and $4 Million (a luxury penthouse)
For specifics on what’s available in new construction, contact The Simms Team at ALVA International, Inc.
| Discussion: No Comments »
Signature Place condos St Petersburg Market Update 9-17-09
September 17th, 2009 categories: Signature Place
Signature Place condos in downtown St Petersburg Florida
Signature Place reported 7 more sales in September, bringing the number of Signature Place condos sold in downtown St Petersburg to 59, according to the MLS statistics. 49 of the sales are in the tower and 10 are in the adjacent “lofts”. Sale prices at Signature cover a wide range, from $224,250 for a 1 bedroom “loft” unit with 847 square feet to $1,237,500 for a 2,319 sq ft unit on the 34th floor.
The first closing were on June 24, 2009 and there are 244 condominium units in all. The current residents have a weekly “6 at 6″ happy hour gathering at 6 pm on the 6th floor. At the two I attended, the residents seemed very happy with their new homes and enjoying the new comraderie with their neighbors.
Downtown St Petersburg has seen the completion and opening of two condominium projects this year – Signature Place which began closings in June and Ovation which began closings in August. Welcome, new downtown neighbors!
Signature Place is located on 2nd Avenue S, from 1st Street to 2nd Street. For buyer representation at Signature Place, please contact The Simms Team.
| Discussion: No Comments »
Signature Place condo sold #13
September 13th, 2009 categories: Signature Place
View from Signature Place
Over the past four years I have talked to many clients about downtown condos and Signature Place in particular. Since it was finished in June 2009, I have shown a dozen clients the various floorplans and amenities available in the complex. I’ve even had one on-site salesman defer to me as knowing more about the building.
About three weeks ago I received a call from an someone in town from Massachusetts who had visited Signature Place recently and wanted buyer representation. We discussed the project for a while. Then he drove over from Tampa and we looked at the building again. He still loved it and after discussing the past sales we made an offer. We were delighted when it was accepted. This afternoon he closed on the sale. That’s my Sale #13 for this year.
After we were done and we were in his new home on the 15th floor looking out at Tampa Bay, seeing Progress Energy Field and the airport I asked him, since you had already seen the building, did I, as a real estate agent, add value with your purchase. He looked at me and smiled. He said that because of me, he slept better and rested easy, knowing he had not overpaid for the condo and that Signature Place was the right place for him. He had received a bottle of Cabernet Sauvignon from the developer to welcome him to his new home…he gave it to me as a thank you. It is a nice feeling to help put someone in the right new home.
| Discussion: 1 Comment »
400 Beach
May 24th, 2009 categories: 400 Beach
Notes from Rob:
Had a familiar call today. Someone called and wanted to talk about downtown condos. We started by talking about Vinoy Place, which are very nice condos sitting right on Tampa Bay. Unfortunately, the units were too large for this invididual, so the subject went on to 400 Beach. As with most buyers who have been watching our market, he knew that the developer was having financial difficulties. He wanted to know if 400 Beach was a safe investment. As a Realtor, I cannot give investment advice, so I just spoke about my thoughts on the project.
Right now a buyer can put in an unsecured offer to the developer. Then it is submitted to the bank for approval. It is possible that some buyers will get some very good deals out of it. What about the condo association, is it strong? The developer still owns less than 25% of the units. That means over 75% are owned by other homeowners who are just as concerned about keeping the condo association solvent and financially healthy. If you are trying to buy low and flip quickly, I wouldn’t recommend this building (or any other in today’s market). But if you plan to live in it for a few years and enjoy the great downtown St Petersburg, this could be a golden opportunity for you.
If 400 Beach is not your cup of tea, Signature Place opens next month, and Ovation follows soon after. Lots to see and plenty to choose from.
| Discussion: No Comments »
Downtown Condos
May 8th, 2009 categories: 400 Beach, Downtown St Petersburg, Real Estate News, Signature Place, Vinoy Place
Notes from Rob:
Usually I sleep very well, but from 4 a.m. on this morning, I could not get downtown condos out of my mind. Can’t explain it, maybe just because so many conversations at the office lately have been on the topic. I keep telling clients about the great deals at Signature Place if you want to get into a stunning new building at a low cost. The building should be finished this month and owners start closing on the units next month. Will be nice to see some real activity in the building other than construction crews.
This week lots of talk about 400 Beach and the financial situation of its developer. If you like modern and want a view of Tampa Bay, this is your chance since they are taking unsecured offers on all the units still unsold. Don’t know what they will accept, but if you loved the $850,000 unit, you could offer $550,000 and see what they say. No money down and no commitment…could be a great opportunity.
Then my mind would wonder off to Vinoy Place. I want to sell one unit that I think is special. Had some clients that I thought were very interested…turned out the “buyer” was just showing off for his girlfriend and was in no position to buy. Oh well, we keep trying. But one of these days I am going to find the right buyer for the unit. We actually had clients in it years ago, but had to sell when they moved overseas. They still miss the unit. On the 5th floor with great views. The seller just lowered the price $100,000. Someone is going to get a good deal.
Don’t know why these buildings were keeping me from sleep this morning, but they were. One of the nice things about our office is that I can see all of these buildings from out front and when I am discussing them with clients, I can just take them outside and point to them all as I go over the pros and cons of each. Because if you know me, you know I like to talk, and I love to talk about real estate, St Petersburg, and my family.
| Discussion: No Comments »
Million Dollar Condo Sales in downtown St Petersburg Florida
April 15th, 2009 categories: Real Estate News
So far this year only 1 downtown St Petersburg condo has sold at over $1 Million – a developer’s unit that sold this month for $1,200,000. To be fair – there was one more that sold at nearly $1 Million – a Parkshore Plaza resale condo that sold at $999,000. There are currently 29 condos on the market above $1 Million and 4 under contract.
Looking at the $1 Million+ condo market in Pinellas County, Florida, there are 203 units on the market, 14 under contract, and 8 sold.
“Under contract” doesn’t mean that it WILL sell, or that it will sell soon. Some are condos under construction and others are short sales, which are subject to bank approval.
| Discussion: No Comments »
Signature Place developer provides “significant” reductions
February 10th, 2009 categories: Real Estate News
Joel Cantor, developer of Signature Place in downtown St Petersburg Florida recently said thatGulf Atlantic Communities, Inc wanted to reward people who put their money up nearly three years ago by giving them a “significant” reduction on their pre-construction prices. This is a reflection of a readjustment to the market.
Kudos to Joel Cantor and Gulf Atlantic for recognizing the reality of the current marketplace and giving credits to those who believed in him at the start of the project. So many developers discount the unsold units, at significant detriment to early purchasers.
The percentage of these discounts has not yet been disclosed. The 36 story architecturally significant condo is expected to welcome its first residents within weeks.
| Discussion: No Comments »
Downtown St Petersburg Condos – Market Report August 1, 2008
August 2nd, 2008 categories: Downtown St Petersburg, Market Updates
There are currently 181 downtown St Petersburg condos listed for sale. This is about average for the year, with monthly inventory ranging from 171 to 187 units. 13 units sold during July but more relevant is the number going to contract during July, which was 6. At the rate of sales during July, that is a 2.5 year supply. The $250,000 – $500,000 range has the most choices, with 28.7% of the units.
The majority of the sold condos were new: 3 sales in 400 Beach and 4 sales at The Sage make up 54% of the sales. In resales, Bayfront Tower had 4 of the sales and Bayboro Tower had 2 of them. Condos going to contract in July had twice as many resales (4) as new sales (2); all of the resale contracts during July were under $250,000; both of the new contract were in The Sage. There were no contracts over $1,000,000 during July 2008.
| Discussion: No Comments »
400 Beach – Luxury Downtown Condo – St Petersburg FL
February 25th, 2008 categories: 400 Beach
400 Beach is the latest luxury condo to open along Beach Drive in downtown St. Petersburg. Closings began in December 2007 and the first residents moved in. Closings of the developer units are continuing. So far, 30 of the 93 units have closed.
There are currently 15 units on the market, ranging from $749,000 to $5,500,000. Five of the 15 units are developer owned. Four units are offered for annual lease, ranging from $4,000/month to $5,500/month. For those who are curious – the cost per square foot ranged from $344 to $581, with an average of $421/sq ft.
Shops and restaurants will line Beach Drive and 4th Avenue North on the sidewalk level – there are posters in the windows but none have yet opened. Above these are “city” homes. Then the recreation level – the pool deck overlooks the park and waterfront.
| Discussion: No Comments »
; ?>/images/MatoChiclet.gif)
