For today’s look at the Old Northeast market activity over the last five years plus 2013 year-to-date, we’re focusing on the quadrant that most people consider the “true” Old Northeast – from 1st Street east to Beach Drive NE, and from 5th Avenue N north to 22nd Avenue N. It has the largest number of homes in our analysis. We’ve purposely left out the North Shore area east of Beach Drive because it has a completely different dynamic. Now, to be sure, some folks will say that the character of the neighborhood changes south of 12th or 13th Avenue, but there has to be a limit to how much we slice and dice the data!
Just like the rest of the neighborhood, it’s clear that 2011 was the turning point for recovery. Average sale price hit bottom at $365,148, average price per square foot ($/sq ft) hit a low of $165, and from then on, both of those figures have increased continually. For the current year-to-date, average sale price is up to $531,437, and $/sq ft is at $230, both figures being higher than 2008.
Total number of sales spiked in 2012, an indication of the recovery as buyers burned through the inventory. Sales for 2013 are on a healthy pace, already 84% of last year’s total and only 7 full months into the year. Read the rest of this entry »
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The Old Northeast remains one of the most popular neighborhoods in St. Petersburg. Its charming homes, from small bungalows to grand showplaces, appeal to many who don’t care for cookie-cutter environments. Most of the neighborhood enjoys shady tree-lined streets, many of them paved in old brick, hexagon sidewalks, lovely landscaping and creative architectural styles. With the downtown waterfront park system running adjacent, it’s a place that invites its residents to get out and enjoy outdoor activities. Its proximity to downtown, bustling with entertainment and cultural activities, and its easy access to the interstate system, make it even more attractive.
Officially, the Old Northeast runs from 5th Avenue N to 30th Avenue N and from 4th Street east to the water. There are “purists” who insist that it runs only from 1st Street to the water, and stops at 22nd Ave N, often referred to as “Historic Old Northeast.” The area from 1st Street east to Coffee Pot Bayou and from 22nd Avenue to 30th Avenue has its own designation as Historic Granada Terrace, and the grid from 22nd Avenue to 30th Avenue between 1st and 4th Streets is often completely disregarded in the conversation.
We took a look at the last five years’ historical data, as well as the current year to date, to satisfy our curiosity about market trends. For the exercise, we broke the whole neighborhood into four grids as described above, and confirmed that Read the rest of this entry »
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