Post-Hurricane Musings
Post-Hurricane Musings
We were surprised to discover that we missed sending the October 2024 issue of this report . Obviously all of us had other things on our minds ! Many people are asking what ’ s happening in the real estate market since the hurricanes . Just as in any other market cycles , it ’ s hyper-local and different types of properties in different locations are performing differently .
As far as downtown condos , we saw sales pick right back up , even with out-of-state buyers . One unusual thing , though , is that the demand for rental units has gone up , in many cases for people whose homes were damaged or destroyed and need housing for several months or more while they ’ re rebuilding or regrouping .
Since October 1 ( 3-1 / 2 months ), 30 downtown condos have been leased , ranging from $ 2,000 / month at Flori de Leon to $ 15,000 / month at Saltaire . In the first nine months of 2024 , there were a total of 63 rentals , ranging from $ 1,400 / month at Waterfront Park to $ 16,500 / month at Saltaire .
If you ’ re curious about other trickle-down effects of the hurricanes on the housing market , particularly in single-family-homes outside of downtown , feel free to reach out . We ’ re seeing lots of interesting scenarios .
MARKET REPORT
Jan 2025
A quarterly report covering the top downtown condos in terms of average sale price , 4th Street and east . Construction news is more broad-based .
RECAPPING 2024 :
There were 171 condo resales during 2024 , which includes 3 co-ops and 5 townhomes . This is lower than the 193 resale condos sold in 2023 ( down 11 %). The average condo price in 2024 was $ 1,424,808 with a range of $ 221,000 for 859 sq ft at the Beacon to $ 8,250,000 for a 5,109 sq ft unit at Saltaire . The average price in 2023 was $ 1,349,947 . The annual increase of 5.5 % also reflects the mix of prices sold during the year . 72 % of the sales in 2024 were cash sales .
No new construction condos came online downtown in 2024 . Residences at 400 Central , Art House and the Nolen are scheduled to open in 2025 .
Two buildings had sales averaging over $ 1,000 / sq ft : ONE at $ 1,020 / sf and Ovation at $ 1,107 / sf . 11 buildings had an average sale price over $ 1 million :
• Ovation $ 4,622,000
• Vinoy $ 2,619,250
• Saltaire $ 2,242,151
• 400 Beach $ 2,137,500
• Parkshore $ 1,755,458
• Bliss $ 1,745,000
• ONE $ 1,692,692
• Rowland Pl . $ 1,550,000
• Cloister $ 1,200,000
• Signature $ 1,152,968
• Snell Arcade $ 1,100,000
Buildings with an average price of less than $ 500 / sq ft are Bayboro Tower , Bayfront Tower , the Beacon , Detroit Hotel , Madison , Mt . Vernon , and Flori de Leon .
The average increase in Just Market Value ( which is less than sales value ) from 2023 to 2024 ranged from -26 % at Bayfront Tower to + 30 % at Detroit Hotel . We won ’ t know the 1 / 1 / 25 values until August . The percentage of units with homestead exemption ranged from 88 % at The Cloister to 6 % at Waterfront Park .
As of January 1st there were 63 downtown condo resales on the market , compared to 79 a year ago , down 20 %. These ranged from $ 219,000 at Flori de Leon to $ 8,690,000 at Saltaire .
There were 2 townhomes on the market : $ 859,000 at Straub Court and $ 1090,000 at Fareham Place .
New construction continues , as the proliferation of cranes is
See State of the Market , page 3
The SIMMS Team | Coastal Properties Group 238 Beach Drive NE | St . Petersburg , FL 33701 | www . DowntownStPeteCondos . com