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Downtown St Petersburg rental market

Downtown St Petersburg including Vinoy Place condominiums

Downtown St Petersburg

The downtown St Petersburg rental market currently has very few choices for prospective annual renters. For short term vacation rentals there is generally nothing available – almost all of the downtown St Petersburg condos have a minimum one year rental period. Those few exceptions that allow shorter rentals limit the number of times a year the unit can be rented (one at Parkshore Plaza, three at Signature Place, for example). So, unless an owner is Read the rest of this entry »

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Declining Inventory of homes for sale in St Petersburg Florida

We’ve been talking about the declining real estate inventory of homes for sale  in many of the local St Petersburg neighborhoods. Here are some statistics as of September 1, 2012:

Single family homes for sale in St Petersburg:  863 homes for sale, 1,036 homes under contract – so 20% more homes are under contract than available.

Downtown St Petersburg condos: 25 condos for sale, 30 condos under contract. Again, 20% more under contract than available.

This doesn’t apply to all neighborhoods, of course. In Broadwater, for example, there are 10 waterfront homes for sale compared to 2 waterfront homes under contract.

We at The Simms Team didn’t have a summer slowdown – all three of us have been busy selling homes and condos all summer.

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Statistical update for Ovation condominium in downtown St Petersburg as of 8-19-12

Entrance to Ovation luxury condos in downtown St Petersburg Florida

Entrance to Ovation luxury condos

Statistical update for Ovation 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. Several units weren’t yet assessed then in Ovation, so the statistics are not for the entire building. The average “just market value” at Ovation condominium decreased 4.9% – or excluding the penthouses, decreased 4.3%   Individual units ranged from -18.8% for a penthouse  to +4.5% for a city home. Following the national trend toward smaller homes, the two units under 2,500 sq ft were the only one to increase Just Market Value. On most of the floors, there was no Just Market Value difference between the 02 south units and the 01 north units. On the 14th and 15th floors, the north units had a higher value, on the 23rd and 24th floors, the south units had a higher value.

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.

49% of the assessed condos at Ovation are homesteaded.  None of the condos have foreclosure liens. Six units have been resold, three of them because the owners bought larger units in the building.

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 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 Ovation

Search for luxury condos in downtown St Pete

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Statistical update for Vinoy Place condominiums in downtown St Petersburg as of 8-19-12

View of the Vinoy Place luxury condominiums in downtown St Petersburg Florida

Vinoy Place condos

Statistical update for Vinoy Place condominiums 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. I like to analyze the changes in “just market value” for the various condos.  The average “just market value” at Vinoy Place Condominiums increased 18.4%.  At Vinoy Place that average doesn’t mean a lot, though, since different floor plans ranged from -2.3%% to +36.8%.

There are several ways to slice and dice the data.

I’ve excluded the townhomes and penthouses from the rest of the data since they are unique properties.  The townhouses increased the most of all at an average of 30.9% (though they ranged from +22.2% to +36.8%, with the largest units having the lowest increase). The penthouses increased by 7.6% on average, and were consistently between 7 and 8%. They have between 5,000 and 5,500 sq ft.

Looking at the height or floor of the units: most of the tower units from floors 5-12 increased by 20-21%. The smaller units on the first and second floor of Buildings 3 and 4 increased 18-19%. Units on the third floor has the smallest increase with an average of 2.1%, with variations from -2.3% to +9.3%. It appears view obstructions make a big difference. Fourth floor units had an average 7.4% increase, but again varied from +3% to +13.6%.

There was less variation between floor plans (6.1%) and still less by building (2.6%).

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.

Vinoy Place currently has 63% of the condos with homestead exemption. Only 1 of the 102 units has a foreclosure lien.

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 for Vinoy Place Condos for sale

Search for downtown St Petersburg luxury condos for sale

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Statistical Update Florencia luxury condo in downtown St Petersburg Florida

Florencia condo in downtown St Petersburg

Florencia condo

Statistical Update for Florencia luxury condominium in downtown St Petersburg, Florida, as of 8-19-12.  Each year in August the Pinellas County Appraiser’s Office updates property records, reflecting changes in the just market value of a property and reflecting homestead exemptions for the current year. It’s interesting to analyze those statistics.

There are 47 residential property owners in the Florencia – four of them have combined units and one is a penthouse.  Changes in Just Market Value range from an increase of 5.8% to a decrease of 8.6%. The average change for the building is -0.7%.  According to the property appraiser, the reason for the difference within a condo is based on different sizes, views, and locations.  For the Florencia, the changes are based on sales in other downtown condos, as there have been no sales in 2011 or 2012 at Florencia.

83% of the Florencia units have homestead exemption. This doesn’t mean that the remaining 17% are rentals because some owners have multiple residences and have their Read the rest of this entry »

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Downtown St Pete Condos – market activity this week

View of downtown St Petersburg skyline from the Pier

Downtown St Petersburg

 

 

 

 

 

 

 

Downtown St Pete condos are still in short supply. There are only 33 downtown condos listed in the MLS, ranging from $56,000 – $3 Million.  Three condos went to contract this week, all 1 bedrooms, ranging from $238,000 to $389,000. Two condos sold this week, one at $1,495,000 and the other at $1,500,000. There are four condos available for sale that came on the market this week, ranging from $254,900 to $489,900.

$254,900  McNulty Lofts        1,026 sq ft   1 bedroom   1 bath
1 parking space     2011 est property taxes: $3,240     Condo fee: $349/mo
11th floor    view: west    Search McNulty Lofts listings

$315,000  Bayfront Tower    1,180 sq ft   1 bedroom   1½ baths
1 parking space    2011 est property taxes: $4,149     Condo fee: $550/mo
18th floor   view: west    Search Bayfront Tower listings

$350,000  Straub Court    1,931 sq ft    3 bedrooms   3 baths
2 car garage     2011 est property taxes: $4,280     HOA  fee: $235/mo
Townhome   3 stories

$489,900   Huntington    1,725 sq ft    3 bedrooms  2½ baths
2 car garage    2011 est property taxes: $3,720    HOA fee: $275/mo
Townhome:  2 stories
Search MLS Here

 

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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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Vinoy Place Market Update as of 12-1-2011

Here’s the November 2011 market update for Vinoy Place:

According to the My Florida Regional MLS, there were 5 condos for sale in Vinoy Place as of December 1st, ranging in price from $1,195,000 to $3,200,000.

Check VINOY PLACE CONDOS FOR SALE here.

There were no Vinoy Place closings in November. There have been 7 Vinoy sales this year from $415,000 to $1,275,000.

As of December 1st, no Vinoy Place condos for rent were in the MLS. There has been one rental this year, for $3,800 per month.

Call 727-898-2582 or email The Simms Team at ALVA International, Inc. for more information on Vinoy Place or to see any available condos for sale in Vinoy Place.

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Parkshore Plaza Market Update as of 12-1-11

Here’s November’s market update on Parkshore Plaza:

As of December 1st, there were 6 condos for sale at Parkshore Plaza in the MLS ranging from $849,900 to $1,275,000. There were no closings in November. In 2011 there have been 15 sales ranging at Parkshore from $285,000 to $1,275,000.

Check PARKSHORE PLAZA CONDOS FOR SALE here.

As of December 1st  there were 2 condos available for rent from $3,500/mo to $4,500/mo. There have been 7 condos rented so far this year, ranging from $2,800 to $4,000 per month.

Call or email The Simms Team at ALVA International, Inc. for additional information on Parkshore Plaza or to see any available Parkshore condos for sale.

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Signature Place condos Market Update 12-1-2011

12-1-11 Market Update for Signature Place condos in downtown St Petersburg Florida:

According to the My Florida Regional MLS there were 6 condos actively for sale at Signature Place on December 1st, ranging in price from $250,000 to $335,000.

Check   SIGNATURE PLACE CONDOS FOR SALE   here.

There were 3 condos sold at Signature Place during November 2011, ranging in price from $250,000 to $335,000. This brings the total sales for 2011 to 15 condos, priced from $200,000 to $785,000.  Read the rest of this entry »

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