Downtown Condo Market Report January 2019 Downtown Condo Market Report

DOWNTOWN CONSTRUCTION ONE Is “finished,” unless you are on one of the upper floors that have not been released yet. As with most of the new construc- tion projects these days, the developer can get Tem- porary Certifi- cate of Occu- pancy (TCO) ONE after the com- mon areas, elevators, parking garage are completed and the units meet the basic require- ments. They then release the lower floors, and gradually re- lease higher floors as the work is completed. As of today, the MLS shows that 127 units have closed, going up to the 25th floor with prices ranging from a low of $503,000 to a high of $1,799,000. Two units have al- ready been resold, and another six are currently listed for resale. Prices have gone up approx- imately 30% since pre-con- struction. With that in mind, most of the resales are asking for about a 30% return on their investment. However, one unit was listed with a goal of a 60% return. They have already dropped their price $130,000 in the 52 days it has been on the market. The Bezu project at the cor- ner of 1st Street and 4th Ave See Construction, page 3 MARKET REPORT Jan 2019 2018 Year-End Review The downtown condo market last year). If you have questions is still HOT. In 2018 there were or want details on a particular 228 sales, just five more than in building, call Sharon. the previous year. This is a turn- Ovation had the highest aver- over of about 10%, since there age sale price at $2,887,500 as are 2,356 condo units in “Sha- well as the highest price per sq ron’s downtown.” ft of $789. Average sale Inventory is still low - price in the 15 buildings often there are no units we cover in our Market available in a particular Report was $1,176,248 building. For those who Cash Sales and average price per ask, I do have statistics sq ft was $530. Lowest in 2018 by building for average sale price was $90,000 price, average price/ in Flori de Leon - the sq ft and the change from 2017 only sale under $100,000. to 2018. Averages can be very There are a few buyers who misleading, though, since they are willing to strip a condo down are significantly affected by how to the studs and start over with a many of which type/size units renovation, but most buyers are sold in a year. Also, the average looking for move-in ready. Many for a building doesn’t translate people look at a 10 year old con- to the rate for a specific unit, as do as “dated”. the high sale in a building can be Have you seen all that’s going three times the low sale in the on in the Edge District and the same building. Grand Central District? Take a In both 2017 and 2018 the total ride west on Central to see all sales included about 100 sales the changes. Enjoy a free Loop- of new condos. Bliss and Salva- er ride around downtown. dor came on line in 2017, ONE in 2018 (96 units in ONE closed 58% WHAT’S HAPPENING IN ST. PETE • • • • Median age went from 48.1 in 1970 to 44.8 in 2017 Population grew by 3.7% from 2015 to 2018 Median household income grew 19.7% from 2014 to 2017 2018 unemployment rate was 3.3% (lower than Tampa Bay, Florida and US) • 2018 had $223,774,034 in new residential construction Read the full report on the City’s web site: The SIMMS Team | Coastal Properties Group | Christie’s International Real Estate 238 Beach Drive NE | St. Petersburg, FL 33701 |