Downtown Condo Market Report Downtown Condo Market Report October 2018

DOWNTOWN
CONSTRUCTION
ONE is nearing completion
and the word on the street is that
they will start to close on the low-
er floors beginning in November.
While the developer has sold all
of the units, ru-
mor has it that
as many as
10 units may
come up for re-
sale with their
new owners as
their plans may
have changed
in the 3 years
ONE
that some have
been under contract, or as some
owners try to flip their new condos
for a quick profit. Depending on
when you signed your contract,
prices have risen between 20-
30% in some cases (asking pric-
es, so we will see how the sales
do).
The Bezu project at the cor-
ner of 1st Street and 4th Avenue
N is still in the works. After the
first plan was turned down, the
developers changed their plan,
making the building smaller and
with less units. The new plan
was approved, though some of
the neighboring buildings are still
appealing, trying to have it shut
down again.
What I find interesting is the
newest proposal at the corner
of 3rd Avenue and 2nd Street N
which would have a 25-story res-
idential tower on it. If approved,
it would hurt the neighbors’ argu-
See Construction, page 3
MARKET REPORT
Oct 2018
PROPERTY APPRAISER VALUES
Every year I analyze changes
in the appraiser’s Just Market Val-
ue (JMV) for the downtown con-
dos. We all know that downtown
condos are HOT and inventory is
low - yet the JMV doesn’t reflect
this. By building, the change from
1/1/17 to 1/1/18 ranges from an
average increase of 20% at Row-
land Place to an average decrease
of 10% at Vinoy Place. In the doz-
en buildings I’ve tracked, eight
condos increased in average JMV
and four condos decreased. Bliss
and The Salvador are too new to
have a history.
Within a condo building there
can be quite a variation as well:
at Bayfront Tower JMV changes
ranged from 22.98% to -36.08%;
at Signature Place from 44.77%
to -6.84%. Even looking at build-
ing permit history I haven’t been
able to figure this out.
STACKING UP AGAINST THE OTHERS
Most buyers are looking for con-
dos that look brand new, either
because they are new or because
there has been a major renova-
tion. I’m amazed at the number
of people who look at ten year old
condos as dated.
Hard surface floors are the most
popular, whether hardwood or tile;
many are using tile that looks like
wood. Quartz countertops are
more popular than granite, and
Corian appears dated. Grays are
still a popular color choice, often
with accent walls of a different
shade of gray. Articles talk about
different materials/colors for up-
See Improvements, page 3
The SIMMS Team | Coastal Properties Group | Christie’s International Real Estate
238 Beach Drive NE | St. Petersburg, FL 33701 | www.DowntownStPeteCondos.com