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Signature Place Resales

Signature Place St Petersburg

Signature Place St Petersburg

Notes from Rob

In January the developer sold the last of the original units in the building to make Signature Place sold out. The newspaper claimed that had happened last year, but the honest answer is that the last unit closed this year. Now we can discuss resales. As we talk about resales, we need to look at them as BA and AA. For those who bought before the Auction in March 2010, it will take much longer for them to sell at a price near what they bought for. Of the three resales from units originally bought in 2009, the resales in 2010 after the auction was considerably lower than their purchase prices (about 28% lower). However, there have now been six resales for units purchased at or after the auction. The have all sold between 10 to 25% above their purchase prices. Of course, the lower the purchase price, the higher the rate of return. Great for the owners, but tough on buyers who want to get into the building. Right now there is only one unit for sale in the building, which is on the 27th floor for $489,000. If you are interested in becoming my 14th sale in the building, give me a call!

Spoken by Rob Johnson | Discussion: No Comments »

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.

Spoken by Sharon Simms | Discussion: No Comments »

Signature Place: Going Once, Going Twice, SOLD!

Signature Place condos in downtown St Petersburg Florida

Signature Place condos in downtown St Petersburg Florida

The Signature Place auction was held this afternoon and must be deemed a success. The space was Standing Room Only, all the units were sold, plus an additional 10 units that were added, and all of them sold above the minimum bid.

Depending on the floor plan, units sold from 22% to 73% over the minimum bid. Winning bids ranged from $174,000 for an 859 sq ft unit to $742,000 for a 2,319 sq ft unit. The average price per square foot also was a wide range, from $200/sf to $320/sf. Comparing the winning bids to the last asking prices, they ranged from 25% less to 53% less.

The most popular plan appeared to be the H plan, the long narrow plan in the northeast corner of the building. With 1,829 sq ft the average sale price was $515,250 which is $276/sq ft. The average price was 63% above the minimums set.

Additional units were being sold individually, at prices determined by the auction – none to be sold for less than the winning bids, adjusted by floor. This was still going on when I left, so I don’t yet know how many more sold then.

We should know prices on the remaining unsold units on Tuesday morning, when sales will be handled in the normal manner. Call your agent, or us, for more information.

The SIMMS Team at ALVA International, Inc. (727) 898-2582 at 238 Beach Drive NE in downtown St Petersburg.

Spoken by Sharon Simms | Discussion: No Comments »

Signature Place Auction Day Checklist

Signature Place condos common area overlooking Tampa Bay

Signature Place condos common area overlooking Tampa Bay

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Signature Place Auction Day Checklist

____  1.  Make sure you have submitted your yellow Auction Registration card by Saturday, March 6th.

____  2.  Bring a certified check made out to yourself for $7,500.

____  3.  Bring a personal check. This should be left blank and will be used as your deposit – the difference between 10% of your successful bid and the $7,500.

____  4.  Bring photo identification: driver’s license or passport.

____  5.  Bring your preapproval letter from one of the three approved lenders, if you plan to have your contract subject to financing.

____  6.  Be at the Hilton Bayfront Hotel by noon on Sunday, March 7th.  Better to be there by 11:30 am and get the order of the condos being auctioned, so you can finalize your bidding strategy.

Suggestions:

Review the Signature Place  condo docs.

Review the Signature Place purchase agreement.

Preview the condos you’re interested in to check out whether flooring coverings have been installed and which colors and finishes were chosen for the kitchen, as well as checking how the floorplan “feels”, the view, and the size and shape of the balcony.  (You can e-mail Rob Johnson to get a link to photos of all the units)

Attend the Signature Place Practice Auction on Saturday, March 6th, 2010 at 4:30 pm at the Hilton St Petersburg Bayfront.

ALVA International, Inc. at 238 Beach Drive NE, St Petersburg, FL 33701 will be open on Saturday, March 6th from 10 am to 4 pm.  Stop by if you have any questions for The SIMMS Team.

Spoken by Sharon Simms | Discussion: No Comments »

Signature Place auction is Sunday – get ready

Signature Place condo in downtown St Petersburg Florida

Signature Place condo in downtown St Petersburg Florida

Your Signature Place auction registration form (the yellow card) must be given to Signature Place by Saturday if you plan to attend the auction on Sunday.  This form is in addition to the Visitor Registration you would have signed to enter Signature Place and in addition to a Broker Registration Form, if you have a real estate agent representing you.

You cannot just show up on Sunday and decide to attend the auction, even if you have your checks with you.

Spoken by Sharon Simms | Discussion: No Comments »

Signature Place adds 6 condos to their St Petersburg auction

Signature Place pool and gardens

Signature Place pool and gardens

Signature Place has added 6 condominium units to those being auctioned on March 7th, bringing the total to 41 auction condos at Signature Place St Petersburg. The minimum bids are similar to the earlier offered units and add those in the middle and upper size ranges. The minimum bids on the additional units range from $215,000 for a 2 bedroom 2 bath unit with 1,018 sq ft to $405,000 for a 2 bedroom 2.5 bath unit with 2,319 sq ft.

Contact The SIMMS Team for additional information. We are in Signature Place several times a week, and sometimes several times a day. We have photographs of over 30 of the units so that you can see the floor finishes and cabinet selections as well as the views from the units.

You cannot just walk into the auction on March 7th. You must be preregistered.  Further,  if you want to retain your right to be represented (at no additional cost to you since the fee is paid by the Seller) be sure your agent is with you when you walk into the building and/or register.

Spoken by Sharon Simms | Discussion: No Comments »

Signature Place St Petersburg FAQ 1

Signature Place St Pete outside garden and pool area

Signature Place St Pete outside garden and pool area

There’s been a lot of buzz in St Pete since the announcement of the auction of 35 units at Signature Place. We get several calls each day, so I thought I’d start answering a few of them online.

How much are the maintenance fees.?

Maintenance fees are generally 44¢ per square foot – so, for example, a 1,200 sq ft unit would have a maintenance fee of $528/mo.

Is that figured on the air conditioned size or does it include the terraces?

It’s based on the air conditioned size of the unit.

For more information on Signature Place or on the Signature Place auction on March 7th, please contact The Simms Team, ALVA International, Inc. in downtown St. Petersburg … or stop by our office at 238 Beach Drive NE – we’re the red awning just across from the Museum of Fine Arts.

Spoken by Sharon Simms | Discussion: No Comments »

35 condos at Signature Place to be auctioned March 7th

Signature Place condos in downtown St Petersburg

Signature Place condos in downtown St Petersburg

35 condos at Signature Place, a new condominium in downtown St Petersburg Florida, are set to be auctioned March 7th, according to the St. Pete Times. The auction is scheduled for 1 pm at the Bayfront Hilton. Initial bids range from $135,000 for an 859 sq ft 1 bedroom condo to $430,000 for a 2,400 sq ft 3 bedroom condo. – about 2/3 less than the original asking prices. It will be an absolute auction. The auction company says the auction will re-calibrate real estate prices and unite buyers and sellers.

The Signature Place sales office will be open 7 days a week – I don’t know yet what the prices will be between now and the auction.

Spoken by Sharon Simms | Discussion: No Comments »

Huge price reductions at Signature Place

Signature Place St Petersburg Florida

Signature Place announced to their contracted condo purchasers late this week that Signature would be reducing the price on all its units by 25%. That’s a HUGE reduction. Starting Monday, Signature will reduce its unsold units by the same percentage.  Signature has arrangements with 3 lenders, but buyers are not restricted to these. Closing are expected to be in June, staggered all through the month. The units already have their Certificates of Occupancy, but don’t expect to get in the building before late May as Joel Cantor wants to have everything perfect when people see it. Signature has two models available in the west building now, so that you can see the quality of the finishes and how things come together. As always, we recommend that you be represented by a qualified real estate agent – it doesn’t cost you any more than going directly to the developer. Of course The Simms Team of ALVA International, Inc. will be happy to help you.

Robert Trigaux on Signature Place
Reality repricing on Signature Place

Spoken by Sharon Simms | Discussion: No Comments »

Signature Place sky garden in St Petersburg Florida

Signature Place sky gardenSignature Place condominiums in St Petersburg Florida have their certificates of occupancy but teams are finishing out their punch lists, and the development team doesn’t want anyone in the building until it’s perfect. We may not be able to enter their sky garden from their condo units, but we can see the progress from adjacent buildings. The pool is in and cabanas are going in poolside. The water wall is finished, and is occasionally turned on during the day. Closings at Signature Place are scheduled for June 2009.

Spoken by Sharon Simms | Discussion: No Comments »

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