Downtown Condo Market Report April 2019 Downtown Condo Market Report

DOWNTOWN CONSTRUCTION Now that ONE is complet- ed, everyone wants to know what is next. There are really three downtown condo proj- ects that peo- ple are talking ONE about. First is the Blue Lotus (for- mally Bezu) on the corner of 1st Street and 4th Avenue N. The project has been trying to get approval for 18 months. The developer continues to change his design in an attempt to please the neighbors and city planners. In March, a new de- sign was released which really improved the pedestrian street landscape. This plan was ap- proved by the City Council. If the filed lawsuits can be settled, the project might be finally giv- en the green light. Next is the newest Kolter Group project, tentatively being called Bayfront Saint Peters- burg (I like our nickname of TWO). They appear to be press- ing on. If they follow the sched- ule they did for ONE, step one will be reservations. At whatev- er time they have enough res- ervations, they will move on to contracts. When enough con- tracts are done, they start build- ing the project. With ONE, they started the project with their See Construction, page 3 MARKET REPORT April 2019 A quarterly report covering the top 12 (now 15) downtown condos in terms of average sale price, east of 4th Street. Construction news is more broad-based. State of the Market actively on the market, which is Inventory of downtown condos just under 15% of the total con- has increased, from 39 last year dos. The increase of the resale for this period to 57 for this year price over the original price has (11 of which are in ONE) - which ranged from .05% to 68%, with is nearly the same as in 2017 an average of 33%. which was 60. There are 23 units State of “The Dozen” with contracts pending. List pric- This group, with this highest es on these 80 units range from average sales prices, has in- $199,000 to $6,950,000. Closed creased from 12 to 14 with the resales (excluding ONE) for the addition of Bliss and The Sal- first quarter were 44, compared vador, and will be 15 now with to 27 units for the same period ONE added. So - any ideas for last year, an increase of 63%. a name to replace “The Dozen”? That’s in addition to the 158 units Two first quarter sales were over at ONE that were sold in the first $3 million, one at Vinoy Place quarter. Resale units (exclud- and one at Ovation. ing ONE) sold from $94,500 to $3,450,000. ONE units sold State of Townhomes from $513,900 to $3,999,000. Similar to last year, there ha- There are lots of questions ven’t been enough resales to about ONE, so let’s start there. make any valid trend remarks - According to the MLS there are only 1 resale in the first quarter only five units that have not yet of this year, compared to 2 last closed, which is less than ¼ of year and 1 in 2017. A unit at 1%. How many are flips? The Charles Court sold at $550,000. MLS and public records show 17 (Note: this data relates to stand- condos have resold, nine have alone townhome projects only) a contract pending and 11 are TALLEST BUILDINGS DOWNTOWN One of our downtown neighbors asked me about the height of vari- ous buildings in downtown St. Petersburg. Here’s what I found out: • ONE - 450 feet, 41 stories • One Progress Plaza - 386 feet, 28 stories (office building) • Signature Place - 381 feet, 36 stories • Ovation - 358 feet, 26 stories • Parkshore Plaza - 355 feet, 29 stories • Bayfront Tower - 333 feet, 29 stories • 400 Beach - 316 feet, 29 stories • First Central Tower - 300 ft, 17 stories (office building) The SIMMS Team | Coastal Properties Group | Christie’s International Real Estate 238 Beach Drive NE | St. Petersburg, FL 33701 |