WEST CENTRAL FLORIDA
Charles Richardson
Regional Senior Vice President , West Central Florida , Coldwell Banker Residential Real Estate
Market activity in the West Central region of Florida , which encompasses Hillsborough and Pinellas counties , is already off to a good start this year . Both inventory and sales have been strong , according to Charles Richardson , regional senior vice president of the West Central Florida region at Coldwell Banker Residential Real Estate . He calls the market “ active .”
Current State of the Market : “ Active inventory of homes and condos priced over $ 1 million are up 26 % from this same time last year , and sold listings are up 46 % over last year ,” says Richardson . “ If you look at sold listings over the past 12 months , they are up 22 % over the prior 12 months for milliondollar-plus properties in the Tampa Bay market .”
When you measure the luxury market , the price per square foot seems to be the most logical measurement when it comes to price . “ The price per square foot in Tampa Bay the last 12 months is $ 402 , compared to $ 378 over the prior 12 months , which refl ects a 6 % increase .”
The positive numbers are a matter of supply and demand for premium properties , says Richardson . “ Values are being measured by consumers ,” whether they want a property located on the waterfront , close to amenities or a home that is fully renovated .
Wild Card : Waterfront properties have become more in demand , particularly gulf-front properties and navigable waterfront homes and condos , according to Richardson . The days on the market for such homes have been reduced continually for the past fi ve years . “ Our waterfront is very affordable when compared to other markets around the state , and people moving here are discovering the great value of such properties ,” he adds .
Good Buys : When it comes to fi nding a luxury bargain , you may want to look in Pasadena Yacht and Country Club , Belleair , Indian Rocks Beach , Clearwater Beach , Venetian Isles in St . Petersburg , Snell Isle , Tierra Verde , Harbor Island , Hyde Park or Apollo Beach , says Richardson . “ Most of the golf course communities in the Tampa market have exceedingly good values for luxury ,” he adds .
Outlook : “ The waterfront communities will always be an attractive market to our luxury homebuyers , and we are blessed with an incredible amount of those types of properties in the Tampa Bay area , both in Hillsborough County and Pinellas County ,” concludes Richardson . “ For those who are looking for the convenience of nearby restaurants and shopping , the downtown markets of both Tampa and St . Petersburg are exploding with growth and new condominium development . The quality of these options is the best it has ever been in our market . The development of the pier and surrounding retail and restaurants has made St . Petersburg a world-class city , and Tampa has followed with a similar commitment to luxury lifestyle communities convenient to the downtown market with Harbor Island and the Bayshore condominiums .”
International Influence : “ Many of the international buyers in our market gravitate to our luxury condominiums , which they fi nd in various parts of Pinellas County , including the beachfront condos from St . Pete Beach to Clearwater Beach , and for those wanting a downtown ambiance , there are many to choose from in Downtown St . Petersburg and Tampa ,” says Richardson .
NORTHWEST FLORIDA
Denis McKinnon
Regional Senior Vice President , Northwest Florida , Coldwell Banker Residential Real Estate
The luxury home markets in Okaloosa and Escambia Counties are beginning to pick up speed again after a years-long lull sparked by a dip in consumer confi dence .
“ The luxury market has seen a slight resurgence in the past six months as more buyers are feeling confi dent about the investment ,” says Denis McKinnon , regional senior vice president of the Northwest Florida region at Coldwell Banker Residential Real Estate . For this reason , he characterizes his market as “ improving .”
Current State of the Market : McKinnon points to several positive signs in the high-end marketplace . “ Sales are currently up in excess of 5 % this year to date , with listings maintaining a strong inventory ,” he says .
Hot Markets : For Northwest Florida ’ s highest-priced homes and condos , look no further than Destin and the desirable “ 30-A area ,” with its coastal communities stretching along the scenic Highway 30-A from Destin to Panama City Beach , says McKinnon . The 30-A area has become one of America ’ s hippest and fastest-growing ZIP codes , continuing to exceed the $ 700,000 average price range .
Outlook : “ I see the market maintaining strong , but with measured year-overyear sales increases in both units and average price increases ,” concludes McKinnon . “ I would expect to see units increase by 5 % a year and average prices increase in the 2 % to 3 % range .”
6 | Homes & Estates | Florida Collection