Downtown St. Petersburg Condo Sales statistics

Every week the top Realtors in the St. Petersburg real estate market place get together to discuss what is happening in our local real estate market. These business professionals sell listings before they have time to go into the Multiple Listing Service, MLS, and network to find the best business partners in the industry.

One of these partners is Frank Gregoire, a local expert real estate appraiser.

Thanks to Frank, these Realtors and industry professionals stay informed of actual sales statistics that impact property values in the St. Petersburg and beach areas.

This past week Frank focused on downtown St. Petersburg condominiums and this is what he found:

A frank moment

Looking at the Downtown St. Petersburg condominium market

According the Mid Florida Regional Multiple Listing Service as of Feb 16, 2012 there were only 76 active listings in downtown St. Petersburg for condos. Of these 22 are distressed, meaning short sale, pre-foreclosure or bank-owned.

In the last 12 months there were 130 sales in of downtown condos

The number of listings has remained constant over the past 6 months

The median sales price has increased by 7%in just the past quarter

Currently we have an 11 month supply of condominium listings in downtown St. Petersburg

The absorption rate is 9 units per month for all downtown condos

There are 36 active listings on Beach drive and downtown waterfront condo, including Vinoy, 400 Beach Drive, Parkshore Plaza, Bayfront Tower and Signature Place

8 of the 36 are under contract

Only 8% are offered under distressed conditions

In the past 12 months there were 58 sales reported by the Pinellas Multiple Listing Service

Frank did notice luxury condominiums priced over $1,000,000 are starting to come back on the market.

 

 

Explosive Sales Network!

URBN Pith January 12, 2012

I met someone at the door of pitch this morning and she told me she got there early to ensure a seat! Good thing she did because we had a full house again this week! The word is out and this group of real estate professionals are selling homes!

Thank you Carmen Triana with SunKetch Townhomes a TaylorMorrison Community! She was our breakfast sponsor – and WOW! What a YUMMY BREAKFAST! Sunketch is located in the N.E. area of St. Petersburg on 49^th Ave and 1^st Street N- 6 new townhomes coming on the market. These homes are under construction with 2200+ sf  and are aggressively priced from $262,000 – 293,000 – wonderful upgrades of granite and stainless appliances with 3bed/2.5 bath with apartment above 2 car private garage. Full one year builder warranty

Success Stories: Good Karma with the new Moon

Charlene Dewitt and Brenda Kingdom have both sold the homes that they pitched to us just a few weeks ago! The Short Sale in Old SE now has a full priced offer and is under contract. She also has received a full price offer and is now under contract on her Gulfport waterfront home. Thank you Sonny Hotchkiss, Jeff Joyner, Chris Hounchell and Laney Pitt who gave great realtor feedback to help get this property sold.

Lori Famiglietti put her $895,000 listing under contract that she pitched last week.

Kristin Naruns with Northstar Realty has a ‘handy-man special’ listing. Marcus Martin of Showhomes stepped in and helped expedite the clean-up process. Now the property is getting offers and more activity.

New Listings:

Ryan Homes two new listings. Working with new builder who just came to the Seminole area. Ryan homes is the 5^th largest builder in the nation.  Hidden Bayou Community offers new villas and townhomes 2250SF and starting at $199,990 – that is only $80 per square foot for energy efficient new construction! WOW! That is SMOKIN HOT!

Sue Barber has new listing in the stellar location of Pinellas Point. Priced at only $175,000 you get this great 1700 SF split plan home with a beautiful backyard and lanai. Call Sue Barber for more information – 6636 Canton Street S in Pinellas Point area of St. Petersburg

Rob Barber has a Jungle Prada townhome with 4bed/3bath on the water. This property is new construction and is located on the Boca Ciega Bay with 3800 sf! This is an auction and the open bid is 550,000. Auction will be Feb 11^th 

Sonny Hotchkiss with Jeff Joyner and Associates has a new listing 1946 Oak Street NE 129,000 in Riveria bay. 2/1 mint condition. Coming soon 92^nd Ave NE 3/2 waterfront renovated with lift priced at $300,000.

Kathy Stange has a new home for sale at 1926 Pinellas Point drive. The home is priced at $224,000 and has 2 lots. 3 bedrooms and 2 baths. It is a Short Sale

Rex Gaugh has a new listing in Largo at 256 11^th Ave SW. this newly remodeled 4 bedroom 2 bath home has 1107sf and located on quiet dead-end street. This home is move-in ready and perfect for a first time home buyer for only $109,000.

Tammy Plummer has two new homes coming to the market

• St. Pete Beach 3 bedroom 2.5 bath home with separate in-law suite, new kitchen, tropical landscaping, walk to the beach for only $325,000. Great Beach home!
• Bayway Isles 4400 sf waterfront home w ith 4 bedrooms and 4 bathrooms. This is the original owner and has a great entertaining kitchen, priced at $975,000

Brook Hefte 3/2/2 with in ground pool, updated and new roof, huge florida room with wood burning fireplace. Move-in Ready. Listed at $179,900 1810 Copper Kettle Way in Dundedin

REMINDER: Don’t miss Georgia Naruns of Northstar on Feb 4 where she will be featured on HGTV’s House Hunters at 7:00pm

You can be part of this great real estate network session! We meet every Thursday at 10:00 a.m.

We are located at Baywalk (100 2nd Ave N) in downtown St. Petersburg

 

 

 

A Frank Moment

A Frank Moment with Frank Gregoire

Dec 1, 2011:

Tampa Bay is a happening place. You can see it in our sales statistics

The following sales numbers were derived from the Mid-Florida Realtor Multiple Listing Service and the Pinellas Realtor Organization and presented by Frank Gregoire of Gregoire & Gregoire Appraisers. Frank is a local real estate expert apprasier and offers up-to-date real estate statistics for the St. Petersburg and surrounding areas every Thursday at URBN Pitch.

Looking at the sales numbers for Thanksgiving week compared to Thanksgiving week the previous year.

• Last week there were 141 new listings versus 210 homes put on the market in 2010. That is a drop of 32% in home inventory!
• In the past week 55% were non-distressed (NOT a short-sale, pre-foreclosure, REO, bank-owned).
• Of the 45% that were distressed homes only 16 were bank-owned. Same week the previous year there were 66 bank-owned!

(Scott Samuels, who is a Realtor with KW St. Petersburg specializing in Bank-owned listings,  commented that there are new assignments coming up from the Banks and these will be new listings hitting the market in Jan 2012.)

• Right now in Pinellas County there are 6402 single family homes listed for sale, 36% of these are under contract or pending sale. This leaves  4080 homes that are not under contract – 2790 of which are non-distressed.
• Of the 3612 properties under contract – 72% of those are distressed.
• Last year there were 8881 sales, 46.6% of the sales were distressed.
• For the month of November 2011 there were 564 single family residential homes (SFR) sold– 46% were distressed.
• November 2011 there were 543 home sales (amazing looking at the decreased inventory). 43% of the sales were distressed.
• November 2010 median sales price 128,000
• November 2011 median sales price $115,000

Supply demand ratio provided by the Pinellas Realtor Organization.

• October 2011 there were 2.15 homes available per buyer
• October 2009 there were 5.95 homes available per buyer.

Want to hear up-to-date sales statistics for our local St. Petersburg and Pinellas county real estate market? Don’t miss URBN Pitch every Thursday in downtown St. Petersburg. You can also find us on Facebook.

 

What is happening in our Local Real Estate Market

What is the positive
insight from the expert real estate appraiser in our local real estate market?

During the week of October 16 – 22, 2011 there were 109 closed sales in Pinellas county as reported by Mid Florida Regional Multiple Listing Service, MFRMLS, ranging in price from  $15,750 – $1,350,000. This is 10%fewer homes on the market than the week before. Of the sales 109 sales, 53 house sales were classified as nondistressed, meaning not a short-sale, preforeclosure or foreclosed property. Only 20% of these sales were bank-owned (often referred to as foreclosure or REO)

From the most informed financial analyst to the least informed consumer, the majority of people receive their information from national media sources. Do you know what is happening in the local real estate market of Tampa Bay, Pinellas County, St. Petersburg and even in your own neighborhood? WE DO AT URBN PITCH thanks to the professionals working in THIS local real estate market and the statistics from local real estate expert appraiser, Frank Gregoire.

This same last yearweek (October 16-22, 2010), There were 294 single family residential properties listed through the Multiple Listing Service.

• Of these 294, 49% of the properties were classified as non-distressed
• leaving appx 150 homes classified as distressed (short-sale, pre-foreclosure, foreclosure, REO)
• 59 of the 150 distressed homes were being sold as short-sales
• 91 of the 150 were classified as bank-owned or REO
• Of the 294 homes listed during this week in 2010 only 55% have actually sold as of today.

Last week there were 165 single family residential homes listed for sale through the Multiple Listing Service, MLS. That is a 44% reduction of inventory compared to the same period last year.

• Of the 165 listed homes 104 were non-distressed – that is 64% (compare that to only 49% from the same period last year)!
• Of the distressed listings 77% were short sales
• Only 23% REOs. Compare that to the 91 REOs listed in the same week
  last year,
• There were only 14 REOs listed in this last week.

Things are changing in the market! The inventory is considered a BALANCED MARKET when the month supply is between 5 and 7 months of inventory. Currently we are at a 7 month supply of inventory! Don’t be fooled by national media! Find our the facts first from a local Realtor.

Visit the top Real Estate Professionals in the industry every Thursday at URBN Pitch at 10:00 at Baywalk.

 

Historic Old Northeast Neighborhood sales statistics

Francois K Gregoire

The following information was supplied by local real estate expert appraiser, Francois (Frank) Gregoire for an appraisal he prepaired on October 6, 2011.

The Old Northeast neighborhood is defined as 5th Ave N/NE north to 30th Ave N and from 4th Street N in St. Petersburg, Florida

Based upon an examination of data from the MyFlorida Multiple Listing Service (MLS), the
number of active listings of detached single family residences in this area has
declined slightly over the past year.

As  of the effective date of this appraisal the MyFlorida MLS reports about 62 active listings of non-waterfront detached single family residences within the neighborhood boundaries described.

• These  homes range in price from $118,000 to $1,199,000.
• 32% of these listings are marketed as distressed (short sales or bank-owned).
• The median time on the market is just over 4 months
• 28 of the 62 active listings are under contract or pending sale
• Over 57% of the non-waterfront residential listings in this area reported as under
  contract or pending sale are marketed as “short sales or bank-owned”.

The following information is regarding non-waterfront detached single family homes that have sold within the last twelve months:

• 104 sales in the Old Northeast area reported by the MyFlorida MLS
• The average time on the market for these sales is
  just nearly 5 months.
• Sales prices range from $23,000 to $750,000.
•  Over 32% of the non-waterfront single family home sales in this area reported by the
  MyFlorida MLS were marketed as “short sales or bank-owned”.
• The median sales price for single family residence in this area for the past year
  is $285,000.  In the most recent quarter, the median sales price is $246,250, a
  decline from the previous quarter.
• The absorption rate over the past 12 months
  ranged from 7 to 10 sales per month. In the most recent quarter, it was 7.3
  sales per month.
• Listed properties that sell tend to do so within 90 – 100
  days.
• Overall, residential properties in this area tend to sell for 93% – 95%
  of the listed price.

Although there are some encouraging signs in this market, the supply continues to exceed
demand. Competition from short sales has a negative effect on prices and
values. The vast majority of residences in all sizes and categories under
contract or pending sale are offered as short sales and bank owned properties.
Although residences offered under non-distress conditions do attract interest,
these properties must be priced to compete with the distressed properties to be
marketed effectively.

 

URBN Pitch Sept 29, 2011

URBN (Your Realtor Business Network) is helping Realtors in Tampa Bay sell more real estate!

Have you attended one of our Pitch sessions yet? They are open to the public. Stop by on Thursday morning at 10:00 to hear Realtors promote their new property listings, pitch price and term changes, advertise open houses and help fulfill buyer needs. We meet on the first level of Baywalk in downtown St. Petersburg

Thank you Robbie Puskarich and Lauren Lofgren with Florida Bank, our morning
coffee and breakfast sponsors.

New real estate listings:

Tami Simms Powel with Alva International has a new
condominium available at Signature Place. This corner unit is a 1 bedroom with 1
bathroom and 875 square feet of living space. It is move-in ready  and priced at$298,500. There is a monthly home
owners association fee of $494.44 and it includes almost all of your resident
expenses except electric (basic cable, internet, water, telephone, pest
control, insurance, reserve)

Rex Gaugh of Keller Williams Realty St. Petersburg has a
home available at 2896 Karen Ave. This home has 4 bed/2bath and is block
construction. Located in Largo you will not have to wait for this one, it is not
a short sale. Priced right for a quick sale at $119,000.

Rex also has a great investment property listed for only $39,900.
This property is zoned CRT-1 (commercial except for restaurant)and currently
has a residential tenant paying $700/mo. Located in a  happening little area of St. Petersburg. Call
Rex Gaugh for more information.

Jennifer Chelis of Coldwell Banker has new listing in Tierra Verde on 127 3^rd Str E in the Village condos priced at $340,000. Four floor townhome, the first floor is a bonus room and has full waterfront views.
Home has been completely redone.

Nancy O’Connell  with Coldwell
Banker has a great new listing in the Country Club in Largo. This home features
2bed/2 baths and 1440 square feet of living space. The condo on the country
club overlooking pool and golf course $87,000 aggressively priced. No pets, no
rentals

Back on the market

Nancy O’Connell aslo has a property back on the market.
Located at 2111 Oxford street N, 3/2/1 carport 1760 SF mid-century modern style
nicely remodeled with great family room and good yard for only $160,000

Brian Sprague with Keller Williams Realty St. Petersburg has
a condominium available at in the historic Snell Isle Arcade. Unit 230 has 1bed/1.5
bath and is staged by Showhomes. Residential lending provided by Florida Bank. There
is also potential to combine neighboring 1bedroom condo and turn it into a 2
bedroom home in the beautiful downtown St. Petersburg location on Central Ave.

Brooke Hefte with Re/max Metro has a home listed at 6170 Woodlawn
Blvd in Bonnie Bay with 4 bedroom, 2 bathrooms , 2 car garage and over 1600 square
feet of living space for only $165,000! This is not a short sale! Let’s make it
happen today with quick closing.

Kathy Stange with Keller Williams Realty St. Petersburg has
re-listed 2131 Wren Way in Clearwater. This home is so big with 6 bedrooms and
5 baths home and is a short sale for only $300,000!

 

Our next URBN Pitch session will be this Thursday, October 6th at 10:00a.m. See you there!