Downtown Condo Market Report January 2020 Downtown Condo Market Report

DOWNTOWN CONSTRUCTION 2019 was an exciting year in downtown St. Petersburg, and 2020 promises to be a contin- uation of development, some long-awaited. The Museum of the American Arts and Crafts Movement promises a Spring opening, as does the New St. Pete Pier. The Galaxy Hotel seems to be on its way to com- pletion as well. We’ll see more residential buildings, still mostly high-end rentals but some condominium units too. Notably, the “not park” 400 block of Central Avenue expects to break ground soon. There have been a number of reports released in the past weeks that offer great summa- ries: The City delivered their annu- al State of the Economy ad- dress recently, with a very posi- tive report. See inside for a few highlights, or download the full report from the City’s web site Another great report is the St. Petersburg Downtown Part- nership’s 2020 Development Guide. This publication covers everything a potential develop- er or relocating company would want to know from soup to nuts, including the influence of neigh- borhoods and business dis- tricts. If you’d like a copy - print- ed or digital, email or call us. The blog St. Pete Rising pro- duced a comprehensive year- end report and a look toward MARKET REPORT January 2020 A quarterly report covering the top downtown condos in terms of average sale price, 4th Street and east. Construction news is more broad-based. 2019 Year-End Review were cash purchases (excluding The downtown condo market resales at ONE). Ovation had is still HOT, with walkability a the highest average sale price sought after amenity. On Janu- at $3,749,800 and the highest ary 1, 2020 there were 56 condo individual sale at $6,849,000. It units on the market in the core also had the highest sale price per square foot at $907. area. Interesting - 29 Next highest average of these are $1,000,000 sale prices were Vinoy and over, just over 50% Place with $2,206,143; of the market. There are with 4 resale townhomes on Cash Sales Parkshore $1,982,000 and 400 the market, all under FYE 2019 Beach with $1,861,107. $1,000,000. All the others were less Often there are no than $1,000,000 average sale units available in a particular building, so buyers should be price. Averages are just that, ready when what they are look- and there is usually a wide vari- ing for comes on the market. ation of prices within a building. There are no new condos ready Contact Sharon for specifics on to buy - Saltaire is now convert- your building or your type of unit. The above statistics apply to ing reservations to contracts; we’re still waiting on the Red Ap- “Sharon’s Downtown,” which is ple project where the old Chee- 5th Ave N to 5th Ave S, 4th St to segrater building was (corner of Tampa Bay, covering both sides of the boundary streets. Many Central and 4th). In 2019 there were 244 down- buyers are moving west for less town condo resales, up 7% from expensive properties. - Sharon Shares The Stats the prior year. In addition, there were 157 closings of new con- dos at ONE. 60% of the resales 59% See Construction, page 3 The SIMMS Team | Coastal Properties Group | Christie’s International Real Estate 238 Beach Drive NE | St. Petersburg, FL 33701 |