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Signature Place Market Update for 1st quarter 2013

Signature Place lobby

Signature Place lobby

 

2013 is starting out as aa good year for sales in Signature Place in downtown St Petersburg. There have been 7 sales, about the same rate as sales in 2012.  Sales in 2013 have ranged from $390,000 to $625,000.  Price per square foot has ranged from $285 to $433.  None of the large units have sold in the first quarter, so there haven’t been enough sales to make overall conclusions. Well priced units are selling within days if not hours and multiple offers are not unusual.

Signature Place is one of the newest condominiums in downtown St Petersburg and is a very contemporary building with many amenities. For many people, the contemporary feel is more important than the small size of most units and the many angled walls and columns.

SEARCH FOR CONDOS FOR SALE IN SIGNATURE PLACE

SEARCH FOR CONDOS FOR SALE IN DOWNTOWN ST PETERSBURG

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Signature Place Market Update for 2012

Signature Place condominium in downtown St Petersburg

Signature Place

2012 was a good year for sales in Signature Place in downtown St Petersburg. There were 28 sales, an increase of 75% over 2011.  The average sale price was $580,382, an increase of 41% over the average 2011 sale price. Looking at other criteria, the lowest sale price in 2012 was $320,000, an increase of 60% over the previous year. The high sale price in 2012 was $1,050,000, an increase of 33% over the previous year. The average price per square foot was $353 in 2012, an increase of 30% over 2011.  The units sold in 2012 ranged from 1,007 sq ft to 4,177 sq ft for an average of 1,638 sq ft. 64% of the sales were under 1,500 sq ft.

Looking at historical figures, the average Signature Place sale price in 2009 when the building was completed and first began sales, was $474,154 – so 2012 showed an increase of 22% above that.  The average Signature Place sale price in 2010 (the year of the big auction) was $371,641 – so 2012 showed an increase of 56% compared to 2010.

Signature Place is one of the newest condominiums in downtown St Petersburg and is a very contemporary building with many amenities.

SEARCH FOR CONDOS FOR SALE IN SIGNATURE PLACE

SEARCH FOR CONDOS FOR SALE IN DOWNTOWN ST PETERSBURG

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Statistical update for Signature Place in downtown St Petersburg

Signature Place condos in downtown St Petersburg

Signature Place

Statistical update for Signature Place 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. The Just Market Value of Signature Place condos went up an average of 16.8% with a range for individual units from 0.2% to 31.7%. The average increase in the tower was 16.6%, in the east lofts 11.4% and in the west lofts 22.7%  There was more of a relationship based on size that on unit stacks:

Less than 1,000 sq ft    +25.8%
1,000 – 1,500 sq ft         +16.8%
1,500 – 2,000 sq ft         +14.5%
2,000-2,600 sq ft          +9.9%
4,000-5,000 sq ft          +0.2%
Over 5,000 sq ft              +7.5%

With only 2 units over 4,000 sq ft, the statistics on those are informational rather than statistically significant. In general, the smaller downtown St Pete condo units increased at a higher rate than larger units, so Signature Place follows in that trend.

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.

43% of the assessed condos at Signature Place have a Homestead Exemption.  According to public records, none of the condos have liens filed against them.

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  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 Signature Place

Search for luxury condos in downtown St Pete

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Signature Place back on track

Notes from Rob.

Since the March auction, sales at the Signature Place condos in downtown St Petersburg were moving along at a brisk pace.  At last count, 198 of the 244 units have been sold and another 15 were under contract.  I was very happy as 5 of the sales were with clients of mine and each of them is very happy with their purchases.  As sale number 6 came up, everything was put on hold due to a disagreement between the developer and the title company.  Needless to say my clients and I were not happy.  But I was still confident things would get resolved and I continued to show my clients the building.  Of course, while on hold, new contracts could not be written.  Very frustrating for clients who want to buy.  Had two clients on “hold.”  Luckily, last Tuesday evening I opened an email to find out everybody was happy again and signing Kumbaya together.  Contracts were quickly written and closings scheduled.  As of today, only 16 units are left and they are on the lower floors (one exception for $639,000) and little to no view, but a 1-bedroom, 1 1/2 bath unit with a den can be had for only $165,000.  It is take it or leave it, as the developer has set the prices and will not budge, will not throw in curtains, will not pay your closing costs (I’ve tried them all).  It looks like people are buying and it won’t be long before the building is sold out, which will be a great turn around for the building over the past year.  If you are interested in seeing any of the last 16 units, give me a call and I’ll get you in.

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Signature Place condos selling quickly in St Petersburg Florida

The Signature Place condos are selling quickly in downtown St Petersburg, Florida. The recent condo auction at Signature Place started a buzz that hasn’t stopped. At the end of 2009, approximately 100 condos out of 245 had sold and closed since the start of closings in June 2009. Right now there are only 21 tower condos left at Signature Place and 16 “city” units. We’ve also found that the Signature Place condos for rent have been renting quickly. Contact The Simms Team at ALVA International,Inc. for more information on Signature Place condos for sale or for rent.

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Signature Place Market Update 3-22-10

The recent auction at Signature Place condo in downtown St Petersburg has certainly been successful. Counting those units sold at the auction, in the last two weeks a total of 92 units have gone to contract. In addition to the 102 units Signature says have closed from sales prior to the auction, that brings the total to 194 units out of 244, which is 79.5% of the units. The remaining condos are being shown by appointment only, and all the appointments are booked days ahead. I’d say the auction at Signature Place was a definite success!

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Signature Place condos St Petersburg Market Update 9-17-09

Signature Place condos in downtown St Petersburg Florida

Signature Place condos in downtown St Petersburg Florida

Signature Place reported 7 more sales in September, bringing the number of Signature Place condos sold in downtown St Petersburg to 59, according to the MLS statistics. 49 of the sales are in the tower and 10 are in the adjacent “lofts”.  Sale prices at Signature cover a wide range, from $224,250 for a 1 bedroom “loft” unit with 847 square feet to $1,237,500 for a 2,319 sq ft unit on the 34th floor.

The first closing were on June 24, 2009 and there are 244 condominium units in all. The current residents have a weekly “6 at 6” happy hour gathering at 6 pm on the 6th floor. At the two I attended, the residents seemed very happy with their new homes and enjoying the new comraderie with their neighbors.

Downtown St Petersburg has seen the completion and opening of two condominium projects this year – Signature Place which began closings in June and Ovation which began closings in August.  Welcome, new downtown neighbors!

Signature Place is located on 2nd Avenue S, from 1st Street to 2nd Street. For buyer representation at Signature Place, please contact The Simms Team.

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