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Old Northeast Market Update – Part 3

Southeast Quadrant of Old Northeast Neighborhood

Old Northeast Quadrant 2

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.Southeast Quadrant of Old Northeast Neighborhood

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 »

Spoken by Tami Simms | Discussion: No Comments »

A home for Christmas

It's hard to put a house under a Christmas tree but that doesn't mean it can't be a Christmas present. We think our SALE PENDING properties are indeed Christmas presents – for the sellers, for the buyers, and yes, for us, too.

Most years the St Petersburg real estate market is slow between Thanksgiving and Christmas, but not this year. The Simms Team has been out showing property every day, usually to multiple clients. We are very grateful for that. Showings … offers … contracts … closings.

A huge thank you to everyone who has chosen to work with us and to everyone who has referred us clients.

 

Spoken by Sharon Simms | Discussion: No Comments »

St Petersburg Waterfront Neighborhoods: Broadwater Market Update

 A popular waterfront neighborhood in St Petersburg is Broadwater, located in southwest St Petersburg on Boca Ciega Bay, west of I-275 and north of the Maximo Marina Channel. Most of the homes are on sailboat water. Broadwater residents like the convenient location, 15 minutes from downtown St Petersburg and 15 minutes from the beaches. They also like the boating location: getting from Broadwater to the Gulf of Mexico is easy and fast and there are dozens of restaurants nearby where you can dock your boat.

Broadwater Market Update for January 2012:

Five Broadwater waterfront homes were on the market at the end of January, ranging in price from $475,000 to $3,500,000. Three Broadwater waterfront homes sold (closed) during the month of January, ranging from $300,000 to $380,000.

Two waterfront homes in Maximo Moorings, south of the Maximo Channel, are on the market, ranging in price from $490,000 to 495,000.

For more information on

  • Waterfront homes for sale
  • Waterfront homes that sold recently
  • Buying a waterfront home
  • Selling a waterfront home

please call 727-898-2582 or email The Simms Team at ALVA International, Inc.

 

 

Spoken by Sharon Simms | Discussion: No Comments »

Signature Place

Signature Place condos

Signature Place condos

Notes from Rob:

A lot has happened to Signature Place since pre-construction sales started in 2006.  Initial sales went very well, despite the market as it was starting to turn down.  But by the time the building was completed in 2009 the market was down significantly and many of the buyers were questioning their investment.  The developer then significantly dropped their  prices for everyone in a hope to lure new buyers and keep the existing ones in check.  That helped with some, but not others.  Financing had tightened, especially for investors. By the beginning of 2010, about 80 Signature Place units had been sold of the 244 total.    At that point the lenders wanted something to happen and in March an auction was held and 60 units were quickly sold.  Since then sales have remained steady.  As of yesterday, there are about 20 units under contract, and only 9 left for purchase with prices ranging from $185,000 to $1,044,000 (for the small penthouse).  Soon they should be able to finally say the building was sold out.  It was not as quick as they had hoped, but in today’s real estate market, selling out a condo building with 244 units in just over a year after completion is a success story.  The developer actually raised the prices on 2 of the remaining 9 units at Signature Place, citing supply and demand.  If you have liked the project and were waiting to see what happens, your chance to get in at the beginning is almost over.  If you are interested in seeing any of the units still available, give us a call at ALVA International, 727-898-2582.

Spoken by Rob Johnson | Discussion: No Comments »

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