Downtown Condo Market Report October 2019 Downtown Condo Market Report

DOWNTOWN CONSTRUCTION JMC has announced its latest downtown project. The Perry will be JMC’s fourth downtown project (after the Florencia, Ova- tion, and Rowland Place). The Perry will be a little larger than Rowland Place, with 12 sto- ries and 22 residences ranging from 1,700 to 2,700 square feet. The project will be on 4th Ave- nue NE, directly west of Row- land Place. The Perry’s name comes from C. Perry Snell, the developer of the Snell Arcade on Central Avenue in 1926 and of the Snell Isle neighborhood. Construction is expected to be- gin in early 2020. No pricing has been released yet. SALTAIRE continues to move forward. The project will be built at 300 First Street South. The plan has more than 200 units and will be 35 stories tall. Prices started in the mid-$800s for west facing units, and $1,049,000 for ones with a water view. Sizes range from 1,663 to 6,189 sq ft. The latest on the timeline has units going to contract in Octo- ber and completion in 2022. Towns on Fifth have been completed and are ready for sale. Three are currently list- ed in the MLS. Pricing starts at $800,000 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 ful- ly equipped with quartz counter- See Construction, page 3 MARKET REPORT October 2019 A quarterly report covering the top downtown condos in terms of average sale price, 4th Street and east. Construction news is more broad-based. Property Appraiser Value Bayfront Tower JMV changes Every year I analyze chang- ranged from -8% to +44%, giv- es in the property appraiser’s ing a range of 52%; at Vinoy Just Market Value (JMV) for the Place JMV changes ranged from downtown condos. By build- -12% to +38%, for a range of ing, the change from 1/1/18 to 50%. There are many variables 1/1/19 ranges from an average that go into determining JMV, but increase of 24% at Bliss to an I haven’t been able to figure out average decrease of -12% at the formula. the Cloister. In the 34 downtown Monthly Costs buildings I’ve tracked, 22 condos For many buyers, the month- increased and 12 decreased. ly cost (condo fee plus assess- Downtown condos are still ments - and even utility costs) HOT and inventory is still low - can be as important as the pur- but the JMV doesn’t necessarily chase price. Some of the new reflect this in the annual chang- condos, such as Rowland Place, es. For example, the average in- have reduced amenities in order crease at 400 Beach was 4%, but to reduce monthly costs. Buy- the aver- ers are age price looking dropped at what f r o m amenities 2017 to they will 2018 by actually 28% and use. the aver- F o r age price/ annual sf de- c o n d o creased renters, by 5%. At upfront Florencia, costs can the aver- be as im- age de- portant creased as month- by 5%, ly rent. It yet the has been average typical in price rose condos 20% and for the the $/sf rose16%. renter to pay first month’s rent, Within a condo building there See Monthly Costs, page 3 can be quite a variation as well: The SIMMS Team | Coastal Properties Group | Christie’s International Real Estate 238 Beach Drive NE | St. Petersburg, FL 33701 |