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
www.StPete.org.
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 | www.DowntownStPeteCondos.com