Downtown Condo Market Report Downtown Condo Market Report July 2017

DOWNTOWN
CONSTRUCTION
Driving around downtown some-
times feels like a construction area,
but progress is being made. With
the completion of Bliss, we no lon-
ger have trucks
blocking
4th
Avenue North
approaching
Beach
Drive,
although now
we see the
work beginning
on the Muse-
um of American
Bliss
Arts and Crafts
Movement as they start the prep
work on the site at the corner of 4th
Street and 4th Avenue North.
The work on The Salvador
building is almost complete. The
remaining work is inside on the top
floor. The Salvador still has three
units left. One
is a “C” floor
plan, and two
are the “D” floor
plans.
Pric-
es range from
$499,000
to
$609,000, and
all three are on
the lower floors.
The Salvador
ONE is 83%
sold. Their remaining units have
prices ranging from $689,000
to $3,999,999. If you want a
water view, the lowest price is
$1,329,000. They are still sched-
uled to finish by the end of 2018.
The Hyatt Place Hotel which is part
of the ONE project is still on line to
open before the end of the year.
Towns on Fifth has sold seven
of their eight units. The last unit
See Construction, next page
MARKET REPORT
JULY 2017
A quarterly report covering the top twelve downtown condos in terms of
average sale price (excluding buildings completed in 2017 and preconstruction).
STATE OF THE MARKET
NEW CONDO LAW
There were 58 sales in the “Down-
Several changes in Chapter 718,
town Dozen” condo buildings in the the Florida statute governing con-
first half of 2017. 69% were cash dos, went into effect July 1, 2017.
sales (buildings ranged from 50% One with good news for condo buy-
to 100% cash sales).
ers relates to the condo
Only one of those build-
estoppel certificate (let-
ings had an average sale
ter) required for a clos-
price under $500,000.
ing. This certificate now
Five buildings had an
must be issued by the
Cash
Sales
average sale price over
condo association within
Q1-2 2017
$1,000,000; two of those
10 days of a written or
had an average sale
electronic request. Also,
price over $2,000,000.
it must include specific
Two of the buildings had no sales assessment information, such as
in the first half of this year. As of the regular periodic assessment
July 1, there were 22 condos active and frequency; an itemized list of all
in the Multiple Listing Service for assessments, special assessments
these 12 buildings. Average price and other moneys scheduled to
per square foot ranged from $314/ become due; if there is a capital
sq ft in Walker-Whitney to $649/sq contribution fee, resale fee or oth-
ft in 400 Beach. Average days on er fee due and what the amount
the market went from 93 days for is; if there is a right of first refusal
this period last year to 67 days this provided to the association or the
year. There were no distress sales. members; and contact information
for all insurance maintained by the
New construction has been ac-
association, among other things. It
tive. Bliss sold all of their units. One
has sometimes been difficult to ob-
unit in Bliss has been resold and
tain all of this information from an
three are actively on the market.
association.
The Salvador already closed 88%
- Sharon Shares The Stats
of their units. ONE has contracts on
83% of their units.
69%
When is a primary not a primary?
One of the big races in the primary this year is for mayor of St. Petersburg.
Did you know that if a candidate receives more than 50% of the votes in the
primary, that he wins and there is no general election for mayor? So - it’s
important that you vote in the primary!
Are you away for the summer or on vacation? Absentee ballots or mail
ballots cannot be forwarded. You should call the Pinellas County Supervi-
sor of Elections at [phone] to arrange for them to send your absen-
tee ballot directly to your summer address. August 23rd is the deadline to
request a ballot to be mailed. The primary election is August 29th.
The SIMMS Team | Coastal Properties Group | Christie’s International Real Estate
238 Beach Drive NE | St. Petersburg, FL 33701 | www.DowntownStPeteCondos.com