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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.



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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.

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