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Flood Insurance in St Petersburg and Pinellas County Florida

Saint Petersburg waterfront

St Petersburg waterfront

 

Many clients have been asking for an update on flood insurance here in St Petersburg and Pinellas County. Here’s what we know:

In Washington:  on Monday the US Senate voted 86-13 TO BEGIN DEBATE on delaying flood insurance rate increases for 4 years. Both the White House and House Speaker John Boehner have expressed opposition.

In St Petersburg: in one waterfront neighborhood, Broadwater, there were 3 waterfront home sales between October 1st, when the flood insurance rate increases began, and the end of 2013.  All three were cash, which means the buyers had the option of not buying flood insurance and “self-insuring”. The one waterfront sale this year in Broadwater, which we successfully marketed, closed with a conventional loan, which meant flood insurance was required. The premium for that house, built in 1973, was $914.00 (not through Citizens) – which was less than the Seller had been paying. We obtained a new quote on a Broadwater waterfront home built in 1981 and it was less than $1,000.

Call The Simms Team at (727) 898-2582 if you’d like more information on flood insurance (or email them at info@SimmsTeam.com  For representation in buying or selling a home, contact The Simms Team with Coastal Properties Group, affiliate for Christie’s International Real Estate.

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Snell Isle Waterfront Homes

In the fall of 2005 when I sold a waterfront property listed at $4,250,000 it was a record high sale – keeping in mind of course that custom homes built by their current owners never were "sold" and generally appear on the public records only at the lot price, since the construction is a contract between owner and builder. Buyers always wonder if they’ve bought too high (just as sellers wonder if they’ve bought too low).

Despite a "declining market" the past few years, 5 additional homes have sold for higher prices, two of them selling over $5 Million. One of those two, a historic property, was not a tear down, but was certainly a complete restoration – I think construction crews were working there for 2 years, but oh, what a beauty it is now.

Snell Isle currently has five waterfront homes listed over $4,000,000 with the highest price being $6,900,000 for a 7,000+ sq ft home built in 2007.

Snell Isle has curving streets, mature landscaping, and a wonderful variety of homes, some dating back to the 1920s and some currently under construction. Neighbors walk or jog along the streets before dawn and again at dusk. It’s a peaceful area with character, and yet is just 5-10 minutes from downtown St. Petersburg. Some of the homes have a view of the downtown St Pete skyline.

For information on any Snell Isle homes, Contact The Simms Team.

p.s. in this "declining market" Pinellas County recently had a record sale of a waterfront home at over $10 Million.

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Broadwater luxury waterfront homes

Broadwater and Boca Ciega BayBroadwater, a desirable waterfront community on Boca Ciega Bay in St Petersburg, Florida, has four homes currently being marketed over $1 Million. The four homes range from $1,250,000 to $1,350,000 and from 2,232 sq ft to 4,585 sq ft. The oldest was built in 1982 and the newest in 2006. Choose open water for a view or a location on a protected yacht basin if you want to keep your yacht or sailboat by your house. One luxury waterfront home sold so far in 2008 here in Broadwater, at $1,700,000.

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3 Broadwater Waterfront Homes reduce prices

Broadwater homes on the water had three price reductions this week, ranging from $17,000 to $140,000 – yes, $140,000.
3 bedroom pool home reduced from $544,900 to $528,000
3 bedroom pool home reduced from $669,900 to $529,000
3 bedroom pool home reduced from $815,000 to $789,000

Obviously there’s a difference in size, waterfront location and upgrades. There are currently 20 waterfront homes in Broadwater for sale. Most are on canals, suitable for sailboats as well as powerboats, and 3 are on open Boca Ciega Bay with views across to St. Pete Beach. There’s only one bridge between Broadwater and the Gulf of Mexico, and that’s a drawbridge. Home prices currently range from $528,000 to $1,500,000 for these waterfront homes in southwest St. Petersburg, Florida.

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