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 | www.DowntownStPeteCondos.com