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 | www.DowntownStPeteCondos.com