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Vinoy Place condo Market Update 4-23-13

Vinoy Place pool area

Vinoy Place pool area


Vinoy Place Market Update 4-23-13

The Vinoy Place condos have had two sales so far this year, one at $850,000 and one at $1,675,000.  The average price per square foot is $401, an increase of 22% over last year’s average $/sf of $328.   The average sale this year is $1,262,500, an increase of 13% over last year’s average sale of $1,133,042.  One penthouse, listed at $2,920,000 is under contract. There are two active listings, one at $975,000 and one at $1,129,000.

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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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Market Update for Downtown St Petersburg condos July 2012

Tower at the Renaissance Vinoy Resort

Landmark tower at The Vinoy


Market Update for downtown St Petersburg condos through July 2012:

On August 1st, 23 downtown St Petersburg condos were listed in the MLS, slightly over 1% of the 2,000+ condominium units in downtown St Pete. This is the same number as last month, but not all the same units! 24 condos sold in downtown St Pete during July 2012, so you can see that we have about a one month supply of condos for sale.  The sold condos ranged from $55,000 for one at Flori de Leon to $1,440,000 for a townhome at Vinoy Place. The average sale price during July was $492,792.

The 23 condos available on August 1st range from $69,900 for a 707 sq ft unit at Flori de Leon to $3 Million for a penthouse at Vinoy Place. The average price is $938,229. A breakdown of prices on the available condos follows:   Read the rest of this entry »

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Parking for downtown St Pete condo residents and guests

 Parking is one of the questions to ask about a downtown St Petersburg condo you may be considering. Resident parking in some of the older buildings such as Bayfront Tower and Townview have just one space per unit. Actually historic buildings such as Flori de Leon, Detroit Hotel and the Snell Arcade have no parking at all. Newer buildings, such as Parkshore Plaza and 400 Beach, generally have two covered spaces for each unit. Vinoy Place not only has two covered parking spaces per condo but has several spaces allocated for guest parking. 

For those condos that do not have any guest parking spaces, it’s helpful to know that downtown residents are able to get parking permits from the City of St Pete for street parking in downtown. These permits allow them not only to park free, but to ignore the time limits on parking. These permits do limit which spaces are available to each resident and the permit is good for only the downtown district of the residence. There are four. The cost is $15 per calendar year.

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Vinoy Place Market Update as of 12-1-2011

Here’s the November 2011 market update for Vinoy Place:

According to the My Florida Regional MLS, there were 5 condos for sale in Vinoy Place as of December 1st, ranging in price from $1,195,000 to $3,200,000.


There were no Vinoy Place closings in November. There have been 7 Vinoy sales this year from $415,000 to $1,275,000.

As of December 1st, no Vinoy Place condos for rent were in the MLS. There has been one rental this year, for $3,800 per month.

Call 727-898-2582 or email The Simms Team at ALVA International, Inc. for more information on Vinoy Place or to see any available condos for sale in Vinoy Place.

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400 Beach

400 Beach condominiumsNotes from Rob:

Had a familiar call today. Someone called and wanted to talk about downtown condos. We started by talking about Vinoy Place, which are very nice condos sitting right on Tampa Bay. Unfortunately, the units were too large for this invididual, so the subject went on to 400 Beach. As with most buyers who have been watching our market, he knew that the developer was having financial difficulties. He wanted to know if 400 Beach was a safe investment. As a Realtor, I cannot give investment advice, so I just spoke about my thoughts on the project.

Right now a buyer can put in an unsecured offer to the developer.  Then it is submitted to the bank for approval.  It is possible that some buyers will get some very good deals out of it.  What about the condo association, is it strong?  The developer still owns less than 25% of the units.  That means over 75% are owned by other homeowners who are just as concerned about keeping the condo association solvent and financially healthy.  If you are trying to buy low and flip quickly, I wouldn’t recommend this building (or any other in today’s market).  But if you plan to live in it for a few years and enjoy the great downtown St Petersburg, this could be a golden opportunity for you.

If 400 Beach is not your cup of tea, Signature Place opens next month, and Ovation follows soon after.  Lots to see and plenty to choose from.

Spoken by Rob Johnson | Discussion: No Comments »

Vinoy Place Condos For Sale 1-08-2007

Another condo at Vinoy Place came on the market yesterday, making a total of 9 condo residences offered for sale in the Multiple Listing Service. The newest is one of the lower, smaller units in Tower 3 – it’s a 2 bedroom 1.5 bath unit with 1,670 sq ft – at $785,000 it’s the only Vinoy Place condo priced under $1,000,000.

The available 9 units range from $785,000 to $2,799,000 for a 4,326 sq ft townhouse.

Vinoy Place is the only downtown luxury condominium that has a view of the downtown St Petersburg skyline as well as views of the Vinoy Basin and Tampa Bay.

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Pinellas County Florida has record condo sale

Pinellas County had its first closed condo sale over $4 Million. JMC Communities sold one of its Residences at Sandpearl Resort on Clearwater Beach earlier this month for $4,400,000. To my knowledge this is the most expensive condo sale in Pinellas County. I know of 5 condo sales in the $3 Millions. It’s interesting to note that 3 of the 5 most expensive condo sales were in JMC Community Developments. Two sold this year on Clearwater Beach, another in the Residences at Sandpearl Resort and one just to the south in Mandalay Beach Club. The third sold in 2005 in the Grande on Sand Key, just south of Clearwater Beach.

The two other condo sales over $3,000,000 were in downtown St. Petersburg – one last December in Parkshore Plaza for $3,750,000 and one in 2005 in Vinoy Place for $3,400,000. I’m aware of at least one pre-construction condo contract over $5 Million, also in downtown St. Petersburg in the Grand Bohemian – but it’s closings that are proof of the pudding.

Spoken by Sharon Simms | Discussion: No Comments »

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