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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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Downtown St Petersburg Condo Market Update for June 2010

Downtown St Petersburg skyline

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.

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Million Dollar Condo Sales in downtown St Petersburg Florida

Luxury condos in downtown St Petersburg Florida

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.

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Downtown St Petersburg Condos – Market Report August 1, 2008

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.

Spoken by Sharon Simms | Discussion: No Comments »

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