DOWNTOWN CONSTRUCTION
“ A long time ago , in a galaxy far , far away …” or back in 2009 , the city of St Petersburg approved the site plan for the Galaxy Hotel on the corner of 3rd Avenue North and First Street . In 2018 construction was finally started and we have watched over the last two years as progress has slowly continued . No definitive date for opening , but it is fun to check
GALAXY HOTEL , STILL MOVING ALONG ...
in every few weeks to see what progress has been made .
Another project has been launched for the corner of 1st Street and 4th Ave North . This time it will be named “ The Julia .” The building will have 15 units and include a pool . Let ’ s see what the neighbors think of this idea as they have been against several of the past proposals .
The Red Apple project , tentatively named 400 Central Ave , is still on track and plans to start building in 2021 . The hotel / condo / office project has slowly moved forward since its original announcement . The sales center for the condominium sales is being planned for 465 Central Ave . The 46-story project will be the tallest building in Saint
See Construction , page 3
MARKET REPORT
Sept . 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 August was 151 . The same period in 2019 had 146 . So - despite the pandemic and showing restrictions , sales were about the same as last year . As of September 1st of this year , there were 70 resale condo units listed in the MLS . A year ago there were 49 , an increase of 43 %. There is currently just under a 3 month supply of condos on the market .
During the month of August 2020 , 28 resale condos came on the market ; 10 were taken off the market . 27 units went to contract in August . 25 condos closed in August . 72 % of the sales were for cash . Average sale price to last listing price was 97 %; sale
72 %
Cash Sales Aug 2020
price to original listing price was 95 %. There were 34 price reductions during the month . Average days from listing to contract was 38 days .
Even though the downtown condos have opened up for showings , most of the initial looking is done on line , through photos and visual / virtual tours . Consider the views online as “ first showings ” and the in person showings as “ second showings ” for those who liked what they saw online .
In August we personally saw a rash of bottom feeders , making ridiculously low offers . The real estate market may be depressed in other areas of the country , but that ’ s not the case here .
- Sharon Shares The Stats
Great view of Tampa Bay and the new St . Pete Pier from our ONE listing # 2101
The SIMMS Team | Coastal Properties Group | Christie ’ s International Real Estate 238 Beach Drive NE | St . Petersburg , FL 33701 | www . DowntownStPeteCondos . com