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: www.StPete.org
The SIMMS Team | Coastal Properties Group | Christie’s International Real Estate
238 Beach Drive NE | St. Petersburg, FL 33701 | www.DowntownStPeteCondos.com