Downtown Condo Market Report November 2017 Downtown Condo Market Report

DOWNTOWN
CONSTRUCTION
With the completion of Salvador
and Bliss, the only high-rise condo
building currently under construc-
tion is ONE, which has sold over
86% of their
units and only
have 33 units
left, most of
those having a
west view. The
Hyatt
Place
hotel, on the
west side of
the project, of-
ONE
ficially opened
on September 26th. They will also
have a restaurant called Oak &
Stone, which is scheduled to open
in early 2018, as is the James Mu-
seum of Western Wildlife Art di-
rectly across the street.
The Brownstones project on
4th Ave N and 1st Street officially
went away. Instead, a new devel-
oper bought the land and has an-
nounced the Bezu project. It will
have 24 units on 24 floors. Pric-
es start in the $600,000s and go
past $2,000,000 for the 3-floor
penthouse unit. They hope to start
building in early 2018 and want
to finish in the second quarter of
2019.
Center City Townhomes
Of the many townhouse projects
going on, Center City sold their
last unit last month for $1,375,000.
MARKET REPORT
NOV 2017
A quarterly report covering the top twelve downtown condos in terms of
average sale price (excluding buildings completed in 2017 and preconstruction).
PRICES RISING
the less expensive buildings.
So far this year, 62% of the
It’s no surprise that prices are
downtown
resale condo sales have
going up in our vibrant downtown.
There have been no sales under been for cash. Both Bliss and Sal-
$100,000 this year. Five exist- vador had just over 50% cash sales.
This is slightly above the
ing buildings and one
same period last year,
new one have had av-
which had 58% cash
erage sales prices over
sales. There have been
$1,000,000 and two of
no distress sales (fore-
those have had aver-
Cash
Sales
closures / short sales).
age sales prices over
Q1-3 2017
$2,000,000. The highest
The “Downtown Doz-
sale this year to date has
en” had 93 sales during
been $2,648,333.
the first three quarters
of
2017,
up
from 64 the previous
Average price per square foot
year,
an
increase
of 45%. Inventory
for condos has ranged from $243
to $685; townhomes ranged from has increased somewhat, but sales
$202/sf to $331/sf; and co-ops are brisk. Condos over $500,000
ranged from $240/sf to $286/sf. averaged 85 days to contract and
Overall, 92% of the resales and sold at an average of 95% of last
100% of new construction were sold list price; condos under $500,000
through the Multiple Listing System averaged 69 days to contract and
(MLS). In most buildings 100% of sold at an average of 96% of last
the sales were through the MLS. list price.
Turnover in buildings has ranged
See Value Changes, next page
from 0% to 23% and was greater in
62%
The SIMMS Team is proud to be a sponsor of the
Downtown Business Association’s volunteer visitor
experience program, The Sunshine Street Team!
Watch for these friendly folks in yellow t-shirts
around downtown.
Join us on the third Thursday monthly for the Porch Party!
The SIMMS Team is among the Coastal Properties Group
advisors sponsoring the MFA Porch Parties for 2017.
See Construction, next page
The SIMMS Team | Coastal Properties Group | Christie’s International Real Estate
238 Beach Drive NE | St. Petersburg, FL 33701 | www.DowntownStPeteCondos.com