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Vinoy Place condos Market Update 1st quarter 2013

Vinoy Place condominiums

Vinoy Place

So far in 2013 there have been 2 condominium sales in Vinoy Place in downtown St Petersburg. A 2,600 sq ft tower unit sold for $850,000 and a 3,529 sq ft townhome sold for $1,675,000. The price per sq ft ranged from $327 to $475, with an average of $401. That’s a 22% increase in the average $/sq ft from 2012 to 2013.

There is one unit actively on the market, a 3,000 sq ft tower unit for $1,129,000. A penthouse unit with 5,359 sq ft is listed at $2,920,000 and is currently under contract.


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Vinoy Place Market Statistics 2012

Vinoy Place condominiums

Vinoy Place condos


During 2012 Vinoy Place had 12 condominium sales, ranging from $765,000 to $1,576,500, with an average sale of $1,133,042.  Units ranged from 2,600 sq ft to 4,457 sq ft. The price per square foot ranged from $300 to $372. Four of the sales were townhomes and the rest were units in the four towers.  The average price in 2012 was 30% higher than in 2011, which had 8 sales.


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Statistical update for Vinoy Place condominiums in downtown St Petersburg as of 8-19-12

View of the Vinoy Place luxury condominiums in downtown St Petersburg Florida

Vinoy Place condos

Statistical update for Vinoy Place condominiums 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. I like to analyze the changes in “just market value” for the various condos.  The average “just market value” at Vinoy Place Condominiums increased 18.4%.  At Vinoy Place that average doesn’t mean a lot, though, since different floor plans ranged from -2.3%% to +36.8%.

There are several ways to slice and dice the data.

I’ve excluded the townhomes and penthouses from the rest of the data since they are unique properties.  The townhouses increased the most of all at an average of 30.9% (though they ranged from +22.2% to +36.8%, with the largest units having the lowest increase). The penthouses increased by 7.6% on average, and were consistently between 7 and 8%. They have between 5,000 and 5,500 sq ft.

Looking at the height or floor of the units: most of the tower units from floors 5-12 increased by 20-21%. The smaller units on the first and second floor of Buildings 3 and 4 increased 18-19%. Units on the third floor has the smallest increase with an average of 2.1%, with variations from -2.3% to +9.3%. It appears view obstructions make a big difference. Fourth floor units had an average 7.4% increase, but again varied from +3% to +13.6%.

There was less variation between floor plans (6.1%) and still less by building (2.6%).

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.

Vinoy Place currently has 63% of the condos with homestead exemption. Only 1 of the 102 units has a foreclosure lien.

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 Sharon Simms of 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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