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 |