Downtown Condo Market Report 1Q 2018 Downtown Condo Market Report

DOWNTOWN CONSTRUCTION If someone still wants a brand new condo, ONE is down to their last six units. All have a west view and are priced between $769,000 on the 26th floor, up to $879,000 for the 38th floor. The two floor plans avail- able are either 1,402 or 1,431 sq ft. They are still on track to close in the fourth quarter ONE of this year. Last newsletter, I mentioned the Bezu project at the corner of 1st Street and 4th Avenue North. After some problems with the city and getting approval, they have been slowly working behind the scenes to modify their plans to get something workable. I believe we will hear something about it in the next month. Of the many townhouse proj- ects going on, Liv233’s last unit is under contract and was listed at $1,200,000. Regent Lane is moving along on 4th Ave N, as is Lux Fifth Avenue and both are on schedule to finish in 2018 as planned. The Vela project on 8th Street South is still pre-selling, with a starting price of $347,000, but still no construction has begun on the site. There are also brand new townhomes being built by Green Street Homes. Skye333 will be See Construction, page 3 MARKET REPORT Apr 2018 Palms with only 1 sale. Included, STATE OF THE MARKET Inventory is down, way down. to round things out, is McNulty There are a third fewer condos on Lofts. Average sale price for the the market than last year at the end of the first quarter - 39 vs 60. first quarter is rather level, from $1,037,237 in 2017 to $1,036,678 That is about a 2 month supply. Nonetheless, the number of re- in 2018. List to sale price has de- creased from 96% to 95%, and sale condos sold in the days on market have first quarter has been increased from 46 to consistent: 27 units. 72. Average price per Surprisingly, number heated square foot has of days on the market increased from $476 to has increased. The sale Cash Sales $518. price to list price has It’s interesting to Q1 2018 decreased from 97% note that in Signature to 95%. Average days Place, sales volume on the market has in- has tripled: first quarter last year creased from 57 to 71. In the first quarter of 2017, had 3 sales and first quarter prices ranged from $105,900 to this year has 9 sales. The aver- $2,915,000 with an average of age price rose from $635,000 to $760,191. Price per heated square $681,625. Sales volume at Vinoy foot ranged from $172 to $680, Place has doubled, from 2 sales with an average of $393. In the to 4 sales, and the average price first quarter of 2018, prices ranged has increased from $1,687,500 to from $90,000 to $4,000,000, with $2,391,250 (which includes the an average of $638,825. Price penthouse sale for $4,000,000). per heated square foot ranged from $175 to $746, with an aver- STATE OF TOWNHOMES age of $384. There were no dis- There have not been enough tress sales during either period, resale townhomes to make any which is good news. valid trend remarks. In the first quarter of 2017, there was 1 re- sale and in the first quarter of STATE OF “THE DOZEN” This group is intended to be 2018 there have been 2 resales. those condo buildings with aver- age prices above $500,000. Bliss - Sharon Shares The Stats and Salvador are excluded, since *in Sharon’s view of “downtown,” both of these were new construc- from 5th Ave N to 5th Ave S, from tion last year and not appropri- 4th St to Tampa Bay and includes ate comparisons. So is Spanish 68% both sides of the boundary streets. See past issues and/or subscribe for monthly e-mail updates at Prefer to save a tree? Email us at [email protected] with your name and/ or address and we’ll remove you from the printed mailing list. The SIMMS Team | Coastal Properties Group | Christie’s International Real Estate 238 Beach Drive NE | St. Petersburg, FL 33701 |