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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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Broadwater Waterfront Home Sales

Three waterfront home sales in June brought the total for 2013 to 12 waterfront sales so far this year in Broadwater, a desirable waterfront neighborhood in southwest St Petersburg on Boca Ciega Bay. Included in these was one on the open bay that sold for $720,000, the highest sale so far this year. Sales have ranged from $285,000 for a 2 bedroom fixer-upper to $720,000. The average price is $465,667, up 3.7% from last year's average price. There are currently six waterfront homes on the market ranging from $369,000 to $2,600,000.

Five non-waterfront homes in Broadwater have sold this year ranging from $192,500 to $310,500 with an average of $251,800.

VIEW BROADWATER WATERFRONT HOMES FOR SALE

 

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Broadwater waterfront homes Market Update 2-1-2013

Broadwater waterfront home sold

Broadwater Waterfront Home Sold

Broadwater waterfront home sales in St Petersburg Florida were off to a good start in January, with 3 waterfront homes sold:
3 bedroom 2 bath pool home 1,693 sq ft sold for $415,000
3 bedroom 2 bath pool home 2,200 sq ft sold for $440,000
3 bedroom 3 bath pool home 2,587 sq ft sold for $625,000   (built in 1980, vaulted ceilings, fireplace, remodeled)

There are 4 waterfront homes actively on the market in Broadwater, ranging from $389,900 to $650,000.

As for Broadwater nonwaterfront homes, there was one sale in January, a short sale for $292,500 with 4 bedrooms 2 baths a pool and 1,984 sq ft. There is one active listing, a 2 bedroom 2 bath pool home with 1,498 sq ft, offered for $225,000.

Call or email Sharon to represent you in the sale or purchase of a waterfront home in Broadwater – she’s been selling there for 20+ years and living there for over 18 years.  Sharon knows Broadwater!

SEARCH FOR BROADWATER WATERFRONT HOMES

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Luxury Home Sales in St Petersburg, Tierra Verde and Belleair

In the last year, there have been three luxury home sales over $5 Million in St Petersburg, Tierra Verde and Belleair, all in Pinellas County, Florida.  This is just 3/100 of  1% of  all single family home sales in Pinellas County. No condos sold over $5 Million in the last twelve months in Pinellas County.

The most recent sale is a waterfront home in Belleaire that sold this week for $6.2 Million. This is Hulk Hogan’s home with 17,145 sq ft. It was listed in 2006 for $25 million.

In December 2011 a waterfront home in Tierra Verde sold for $5.5 Million. It had 8,105 sq ft.

The highest sale in the last year was on Snell Isle. With 12,411 sq ft, it sold for $9 Million.

Looking at all residential sales in Pinellas County over the last year:
15,294 properties sold
2/100 of 1% (3) sold for over $5 Million
9/10 of 1% (142) sold for over $1 Million
5% (759) sold for over $500,000.

All of these statistics are from the My Florida Regional MLS and therefore do not include any sales that did not use the MLS.

All 3 of these luxury home sales were waterfront properties. Two of them, the ones on Snell Isle and Tierra Verde, were built by Windstar Homes. All of them were on lots of 1 acre to 1.5 acres. All were purchased for cash.

If you’d like help buying or selling a luxury home or condo, please contact The Simms Team at ALVA International, Inc.  We’re a small boutique real estate company on Beach Drive in downtown St Petersburg.

 

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Consider downsizing now before you retire

Are you cliff living? Jeffrey Christakos uses this term when you stay in your big house waiting for retirement, then to change work, finances and home all at the same time.

Should you wait to downsize? Too many people compare today’s prices to those at the market high and hope that by waiting a few more years prices will return to that level. Not so fast. If the value has dropped 50%, it now has to increase 100% to get back to that level. There’s no guarantee how soon the economy will recover nor how long low interest rates will continue.

New homes being built are smaller than a few years ago. There’s been some cutback in the extent of luxury options.

Would you buy your current home today? That’s the magic question. If, due to family size, location, finances, changing interests, you wouldn’t – then consider right sizing now. It may also reduce your expenses, helping you transition to lower income when you retire or semi-retire. There are many options from a downtown St Petersburg condo to a waterfront home, from Snell Isle to Costa Rica.

If you aren’t ready to move, you may want to consider buying your retirement home today while prices are low and renting it out in the meantime.

Want to talk abut these options? Call the Simms Team at 727-898-2582 or email us.

 

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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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