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 |