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Luxury Condos in downtown St Petersburg Market Update

Downtown St Petersburg condos

There are currently 17 downtown St Pete condos being marketed at over $1,000,000 that are resales, plus the last few new condos at Ovation. 14 of these luxury condos are priced between $1 million and $2 million: 400 Beach has 2; Ovation has 3; Parkshore Plaza has 3; Signature Place has 1; Vinoy Place has 3 and Florencia has 2. Most of these range from 2,750 sq ft to 3,675 sq ft with one exception at each end.

One resale luxury condo at Ovation is priced at $2,000,000; one double unit at Florencia is priced at $2,900,000 and one penthouse unit at Vinoy Place is priced at $3,200.000.

In the last year 9 downtown St Pete luxury resale condos sold at over $1,000,000, according to the My Florida Regional MLS. All but one of these sold between 1 and 2 Million dollars: 3 at Parkshore Plaza, 4 at 400 Beach, 1 at Vinoy Place, and 1 at Ovation.  Please note that these figures do not include the new condos sold at Ovation, including a double unit that sold at $4,150,000.

For more information on any of these downtown luxury condos please contact The Simms Team at ALVA International, Inc. at 238 Beach Drive NE.


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Most expensive condo sale in Pinellas County 2011

It’s always interesting to see where and what were the most expensive sales in a year. The highest condo sale in 2011 in Pinellas County sold for over $4,000,000. It wasn’t on the Gulf of Mexico, it was in downtown St Petersburg in the Ovation condo. There were also sales at Ovation in 2010 that were over $4,000,000. All of the larger units and penthouses have sold. The developer has 5 units left, starting at $1,590,000. There are also a few resales available.

Contact The Simms Team at ALVA International for more information and for Buyer Representation.


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Penthouse sold for $40 Million

A penthouse sold for $40 Million in New York City – a record $10,259/sq ft. The 3,899 sq ft penthouse is on the 41st floor of 15 Central Park West, developed by Zeckendorf.

In Pinellas County, the record sale is under $5 Million for a condo.  Five units have sold for over $4 Million – all of them were build by JMC Communities. Two are in Sandpearl on Clearwater Beach and three are in Ovation in downtown St Petersburg. All of them have over 5,000 sq ft.

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Ovation Penthouse Sale

Ovation luxury condos in downtown St Petersburg Florida

Ovation luxury condos in downtown St Petersburg Florida

To cap off 2009, buyers closed on a penthouse at Ovation for $4,200,000.  This was the highest sale price for a condo in 2009, according to the Pinellas Realtor Organization. Kudos to JMC and to the buyers of the Ovation penthouse. It’s interesting that the next two highest condo sales in 2009, between $3 Million and $4 Million, were also JMC construction, at the Sandpearl on Clearwater Beach.

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O Wave sculpture by Ovation condos St Petersburg

O Wave sculpture by Ovation luxury condos in downtown St Pete

O Wave sculpture by Ovation luxury condos in downtown St Pete

Last Friday this new glass and steel sculpture was unveiled. It’s in front of the Ovation luxury condos on the sidewalk at the corner of Beach Drive and 2nd Avenue N in downtown St Petersburg.  JMC Communities commissioned this piece by Gordon Huether of Napa, California.
I love looking at this as I walk or drive by (and I go a block out of my way each evening to drive by it) to see the beautiful changing colors in the overlapping glass panels that resemble the scales of a fish. I’m not a fan of contemporary art but this piece is appealing.
The wave is reflecting the blues with some pinks and purples, but when you look at the reflection on the sidewalk you see reds and oranges.
I like to think of downtown St Petersburg as The QuARTer because of all the art downtown – from museums and galleries to sidewalk sculptures and chalk poetry.  It’s all about the quality of life, isn’t it?
Thanks, JMC, for another wonderful addition to downtown St Pete.

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400 Beach

400 Beach condominiumsNotes 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.

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Ovation luxury condo now at the 19th floor

Ovation at the 19th floor

Ovation, the newest luxury condominium in downtown St Petersburg, Florida, is rising every week. It’s currently at the 19th floor, heading toward its total of 27 stories. These large, luxurious residences are just two to a floor, so you get sunrise and sunset views. The top four floors are "penthouse" units, one per floor.

Completion is expected in 2009, and Ovation will be THE place to live. Located at the southwest corner of Beach Drive and 2nd Ave N (which continues out into Tampa Bay to The Pier), there’s city on one side and parks and waterfront on the other.

Just across the park is the St Petersburg Yacht Club and the St Petersburg City Marina, so you have options for keeping your boat only "a walk in the park" away.

Most of the residences are already contracted, but it’s not too late – for more information and buyer representation, contact The Simms Team of RE/MAX Metro at (727-896-1800 x 112)

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St. Petersburg Developer increasing Ovation Condo Prices as of March 12, 2007

JMC Communities, the builder of this 27 story luxury highrise on Beach Drive in downtown St. Petersburg, has announced that as of March 12, 2007 the prices will be increasing by $100,000 per unit, and the decorator allowance offered to early purchasers will also be reduced. This was to be expected, since the groundbreaking took place last month. There are a total of 42 condo units and 3 city homes, as well as retail space along the street. From this prime location at the corner of Beach Drive and 2nd Avenue North, there is convenience to walk to shops, restaurants, museums, a variety of movies and theater, as well as fabulous views of the park, The Pier, the marinas and waterfront, and open Tampa Bay. Contact us now for additional information.

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