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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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Downtown St Petersburg rental market

Downtown St Petersburg including Vinoy Place condominiums

Downtown St Petersburg

The downtown St Petersburg rental market currently has very few choices for prospective annual renters. For short term vacation rentals there is generally nothing available – almost all of the downtown St Petersburg condos have a minimum one year rental period. Those few exceptions that allow shorter rentals limit the number of times a year the unit can be rented (one at Parkshore Plaza, three at Signature Place, for example). So, unless an owner is Read the rest of this entry »

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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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Downtown St Petersburg Condo Rentals Market Update 8-1-2012

Downtown St Pete from Ovation

Downtown St Petersburg condo rentals are still in scarce supply.  There are 40% more than a month ago, but since that’s only an increase from 6 to 10, that isn’t much choice available. The ten condos listed for rent in the MLS range from $1,100 per month to $4,700 per month.  The $1,100/month condo is a 2 bedroom 1 bath unit at The  Beacon with 997 sq ft. The $4,700/month condo is a 3 bedroom 3½ bath unit at 400 Beach with 3,072 sq ft.  The average rent is $2,656/month.

Only 1 of the 10 condo units offered for rent will allow a pet. In many cases, this is a condo rule; in other cases, it’s the owner’s preference.

During July, 8 condo units were leased, ranging from $1,000/month at The Beacon to $4,000/month at 400 Beach.

Here’s what’s available on August 1, 2012: Read the rest of this entry »

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Downtown St Petersburg Condo Rentals Market Update 7-1-2012

Signature Place in downtown St Petersburg

Signature Place

 

Downtown St Petersburg condo rentals are in ever shorter supply. There are only 6 downtown St Pete condo units listed for rent in the mid-Florida MLS, ranging in price from $2,200/month to $4,000/month. The average rent is $3,100/month. One is a 3 bedroom townhouse, the others are all 2 bedroom units. The condos range from 1,420 sq ft to 2,203 sq ft.

Two of the rental units will allow a pet.Three of the rental units will allow rentals for less than a year.

During June, 7 condo units rented, ranging from $1,200/month at Flori de Leon to $4,500/month at Signature Place.

Here are details on what’s currently available:  Read the rest of this entry »

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Downtown St Pete Condos – Market Activity week ending 6-1-12

The downtown St Pete condo supply has increased by 3 condos to  36 downtown condos listed in the MLS, still  ranging from $56,000 – $3 Million.   Five condos went to contract this week (same number as last week), ranging from $315,000 to $850,000. Seven condos sold this week, ranging from $79,900 to $1,050,000. Seven condos came on the market this week for sale, ranging from $85,000 to $1,150,000. Three of them are already under contract (yes, the market is moving rapidly).

Here are the four new listings in the MLS that are still available:

$85,000  The Beacon   798 sq ft   1 bedroom 1 bath    Short Sale.
1 parking space   2011 est property taxes: $1,236   Condo fee: $485/mo
4th floor.

$139,900   Bayboro Tower   660 sq ft   1 bedroom 1 bath
No parking space    2011 est property taxes: $983   Condo fee: $288/month
4th floor

$353,500  Bayfront Tower    1,925 sq ft   2 bedroom + den  2 baths   Bank Owned.

1 parking space     2011 est property taxes: $6,482    Condo fee: $983/mo
12th floor    view: west   Search Bayfront Tower  listings

 $559,000  Signature Place   1,465 sq ft   2 bedrooms  2½ baths

2 parking spaces    2011 est property taxes: $6,542   Condo fee: $841/mo
21st floor    view: northwest corner  some water view to the east

Search Signature Place listings

Search condos for sale in downtown St Petersburg

Search MLS Here

Contact The Simms Team for buyer representation on these listings.

 

 

 

 

 

 

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Signature Place condos Market Update 12-1-2011

12-1-11 Market Update for Signature Place condos in downtown St Petersburg Florida:

According to the My Florida Regional MLS there were 6 condos actively for sale at Signature Place on December 1st, ranging in price from $250,000 to $335,000.

Check   SIGNATURE PLACE CONDOS FOR SALE   here.

There were 3 condos sold at Signature Place during November 2011, ranging in price from $250,000 to $335,000. This brings the total sales for 2011 to 15 condos, priced from $200,000 to $785,000.  Read the rest of this entry »

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Signature Place St Pete prices are rising

Signature Place St Petersburg

Signature Place St Petersburg

Signature Place St Petersburg prices are rising. There have been 9 sales this year in Signature Place in downtown St Pete. One, in January, was the last developer sale. The other 8 are resales, all of which sold for more than they were purchased for. The increase in sale price runs from 5% to 25%.  In the highest increase, we represented the buyers when they bought last October, and represented them in the sale in April for 25% more than they had paid.  As we’ve often said, it’s a case of Supply and Demand.  Only two units are currently listed for sale – one at $489,900 and the other at $1,328,000.

For more information  on Signature Place and other downtown St Petersburg condos, contact The Simms Team at ALVA International, Inc.  We’re across from the Museum of Fine Arts under the red awning that says REAL ESTATE.

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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 »

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