Downtown Condo Market Report July 2019 Downtown Condo Market Update

DOWNTOWN
CONSTRUCTION
In May, the Kolter Group start-
ed accepting reservations for
their next project, SALTAIRE,
which will be built at 300 First
Street South. The plan calls for
more than 200 units and will be
35 stories tall. Prices started
in the mid-$800s for west fac-
ing units, and just over $1M for
ones with a water view. Sizes
range from 1,663 sq ft to 6,189.
At last count, close to 100 units
have reservations on them. The
current timeline has units going
to contract in the end of August/
early September and comple-
tion in 2022.
Towns on Fifth townhomes
have been completed and are
ready for sale. Two have al-
ready been sold, and eight
more are still available. Pricing
starts at $815,000 and the units
are 2,394 sq ft, with 3 bedrooms
and 3 1/2 baths. They have full,
two-car garages and a roof top
terrace. Kitchens come fully
equipped with quartz counter-
tops and Whirlpool appliances.
Regent Lane still has several
townhouses available. The last
two sales were at $850,000 and
$950,000.
Nothing new on the Red Ap-
ple project on the 400 block of
Central Ave. Lots of stories of
the mixed use project are on the
street (condos, apartments, of-
fice space, commercial stores),
but nothing official has been an-
nounced.
MARKET REPORT
July 2019
A quarterly report covering the top downtown condos in terms of average sale
price, east of 4th Street. Construction news is more broad-based.
State of the Market
were cash transactions. On the
Last July we didn’t send out 24 resale properties selling over
a quarterly newsletter since so $1,000,000 the percentage of
many people are away for the cash sales increases a bit to
summer, but we received calls 54%. 29% of the resales were
and emails asking where it was. less than $500,000; 33% were
over $1,000,000. 87%
So - we’re back on
of the sales were in
schedule this year.
buildings allowing more
Active listings of
than one pet.
downtown condos are
Sales activity at Bay-
similar to this time last Cash Sales
front
Tower has been
year, 45 versus 43.
1-2Q 2019 brisk this year, with 13
June sales were up,
units selling in the first
though, from 16 to 24.
half of the year, com-
Contracts written in June also in-
creased from 14 to 19. Average pared to 16 sales for all of 2018.
time from listing to contract was Parkshore Plaza has been the
opposite, with 3 sales for the first
52 days.
half of the year, compared to 12
The second quarter of 2019
for all of last year.
had a total of 72 resales down-
Much depends, though, on
town, including 3 townhomes
and 69 condos. The average what is available: at press time
sale price was $1,027,379 with Cloister, Florencia, Ovation,
an average of 72 days from list- Rowland Place, Bliss and 475
ing to contract. Sales price av- have no units available for sale
eraged 97% of the last listed in the MLS. 400 Beach has only
price and 94% of the original one unit listed, and Parkshore
listed price. 49% of the sales Plaza has two.
49%
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