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St. Petersburg FL Real Estate News and Blog

November 2018 Downtown St. Pete Real Estate Market Statistics

November 2018 was a Seller's market for Downtown St Pete! The number of for sale listings was down 17.9% from one year earlier and down 11.8% from the previous month. The number of sold listings increased 146.9% year over year and increased 113.5% month over month. The number of under contract listings was up 211.8% compared to previous month and up 202.9% compared to previous year. The Months of Inventory based on Closed Sales is 1.8, down 66.6% from the previous year.

The Average Sold Price per Square Footage was up 10.4% compared to previous month and up 50.5% compared to last year. The Median Sold Price increased by 11.2% from last month. The Average Sold Price also increased by 14.4% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price...

November 2018 Pinellas County Market Update

November 2018 is a Neutral market!

The number of for sale listings was up 13.5% from one year earlier and up 6.6% from the previous month. The number of sold listings increased 1.2% year over year and decreased 6.1% month over month. The number of under contract listings was down 2.5% compared to previous month and up 1% compared to previous year. The Months of Inventory based on Closed Sales is 3.3, up 13.8% from the previous year.

The Average Sold Price per Square Footage was up 6.8% compared to previous month and up 18.7% compared to last year. The Median Sold Price increased by 0.4% from last month. The Average Sold Price also increased by 6.9% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Neutral".

The Average Days on Market showed a neutral trend, a decrease of 7% compared to previous year. The ratio of Sold Price vs. Original List Price is 94%, was the same compared to previous...

St. Pete panel approves $69-million tower that would replace affordable apartments

Tampa Bay Times Original Article

St.Petersburg Development Review Commission unanimously approved a 20-story tower that would replace several affordably priced apartment buildings.

Published December 7

ST. PETERSBURG — Unable to afford life in California any longer, Susan Olsen moved to St. Petersburg and found an apartment in a building downtown for $750 a month.

She might not be there much longer.

On Wednesday, the city's Development Review Commission unanimously approved a $69-million, 20-story tower that would replace several quaint old apartment buildings that are...

Tampa Bay's newest, tallest condo tower is almost done, and units already are being flipped for big bucks

Though ONE St. Petersburg is not yet finished, some buyers hope to flip their units for hefty profits as Tampa Bay's luxury condo boom continues unabated.

By Susan Taylor Martin
Published December 6

ST. PETERSBURG — Less than a month ago, an investor paid $511,200 for a unit in Tampa Bay's newest condo tower, ONE St. Petersburg.

This week, she sold it — for $702,000.

Though the 41-story tower in downtown St. Petersburg is not yet finished, several buyers already have moved in while others hope to quickly flip their units — at hefty profits — as the bay area's luxury condo boom...

St. Pete 10 years after the recession: ‘Downtown real estate is going crazy’

A decade after the Great Recession of 2008, commercial real estate in St. Petersburg is booming.

Vacancy rates are at a 20-year low and lease rates are at a 20-year high for downtown office buildings. New economy companies, especially those in the life sciences and technology sectors, make up a growing percentage of the tenants downtown as their real estate needs match the available space. The city is poised to get its first new office building in the downtown core in nearly 30 years, and a pending project — the redevelopment of the 86-acre Tropicana Field site — is creating buzz nationwide.

“The type of people knocking on the door today has changed drastically,” said Alan DeLisle, a veteran economic developer who was named St. Petersburg’s city development administrator in 2014. “The quality and the types of...