DOWNTOWN CONSTRUCTION
Not anything overly new in respect to downtown condo construction . Sales began two months ago for Reflection St Pete , which is an 18-story condominium tower planned near Mirror Lake . It ’ s not in the core downtown , but close . They have reported $ 20 million in sales already . The idea is to be close to downtown , as well as being near the Central Arts District and the EDGE District . Pricing begins in the $ 500,000s . They hope to begin construction in 2021 and plan to be completed in 2023 .
Saltaire ’ s site has a lot of activity going on and you can see the cranes doing work most every day . If you want to have water views for under $ 1,500,000 in downtown and can wait until 2023 , this could be the right choice for you .
There are no updates on the JMC project proposed for 4th Avenue Northeast ; it seems to have paused for the time being . The Red Apple project at 400 Central and The Julia hope to have more news in 2021 .
The Galaxy Hotel is still under construction , with no completion date known at this time . Several condo and townhouse projects are under construction in the Central Arts District , but nothing else has started in the downtown area .
-Just ask Rob
MARKET REPORT
Nov . 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 .
STATE OF THE MARKET
Downtown condo resales for 2020 through the end of October were 187 , above the same period in 2019 which had 187 sales . As of November 1st there were 69 resale condo units on the market , compared to 58 a year prior . We have about a 3 month supply of condos on the market .
During the month of October 2020 , 27 resale condos came on the market ; 5 were taken off the market . 28 units went to contract in October . 22 condo units closed in October . 68 % of the units sold for cash . Average sale price to last listing price was 96 %; sale price to original list price was 94 %. There were 22 price reductions during the month . Average days from listing
FOR SALE
68 %
Cash Sales Oct 2020
to contract was 57 days .
Most initial looks are still online , and subsequent Facetime showings are not uncommon . Showings have slowed over the last two months , but may pick up now after the election . Travel restrictions or fears may also play a role .
We continue to have a better real estate market than many areas of the country . “ Work From Home ” means that many people are no longer tied to northern metropolitan areas , and may move here or buy a second home here . Desire for one or more quiet work areas , and soundproof Zoom rooms is also increasing . Open plans are still desirable , but people also want a separate space that can be closed off .
-Sharon Shares the Stats
Bayfront Tower - 1 Beach Drive SE # 1410 - Offered for $ 750,000 2 Bedrooms + Den | 2 Baths | 1,925 sq ft | Balcony faces west www . BayfrontTowerCondo . com
The SIMMS Team | Coastal Properties Group | Christie ’ s International Real Estate 238 Beach Drive NE | St . Petersburg , FL 33701 | www . DowntownStPeteCondos . com