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Tag Archives: condos

Downtown St Petersburg FL Home For Sale

Property values in most of the downtown St. Petersburg neighborhoods have been roaring back from the lows of 2009. We are seeing homes selling in Old Northeast (Old NE) at above their 2006 highs and in some cases 5-10% above those numbers.

Some cities in the center of Pinellas County are lagging behind which were hardest hit, due to the number of foreclosures and short sales, however condos in downtown St. Pete like,  The Madison, Parkshore, Signature Place and other are all seeing huge value gains over the past 18 months. With a major lack of inventory in the condo market downtown (view available downtown condos here) we expect to see values continue to rise over the next 12 months.

Waterfront homes in St Petersburg NE area have on average seen $100,000 jumps in the past 12-18 months. Many homeowners who have been waiting for the past 10 years to move can now finally make their move if they can find a home or condo to move into. Check out the Sold St Pete waterfront home here.

If you are considering selling a home in St. Petersburg, Gulfport, Seminole or the Gulf Beaches contact us now for a free property value analysis or click here and we’ll prepare a custom market snapshot of your home so you can quickly guage where your home stands in the marketplace.

Florida’s existing condo sales up in 3Q 2010

Sales of existing condominiums in Florida rose 15 percent in third quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 16,938 existing condos sold statewide in 3Q 2010; during the same period the year before, a total of 14,793 units changed hands.

Fourteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in the third quarter, according to Florida Realtors. The statewide existing-condo median sales price was $84,000 for the three-month period; in 3Q 2009, it was $106,000 for a decrease of 21 percent.

“A healthy housing market is built on the foundation of a robust economy,” said Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness. “As the economic recovery continues in Florida – and in particular as the labor market improves – the housing market will follow suit. The price decline in the condo market continues to attract domestic and foreign buyers to Florida to take advantage of this buying opportunity.

“The third-quarter single-family and condo Florida resales data reflect a slowdown relative to second-quarter data as the expiration of the first-time homebuyer’s tax credit in April pulled future demand into the second quarter,” Snaith said, adding that the drop-off was expected.

Meanwhile, in the year-to-year quarterly comparison for existing single-family home sales, 41,122 homes sold statewide for the quarter compared to 44,451 homes in 3Q 2009 for a 7 percent decrease. The statewide existing-home median sales price was $135,200 in 3Q 2010; a year earlier, it was $145,300 for a decrease of 7 percent. Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less.

The University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends reports that the jobless rate remains a top concern for the future outlook of the state’s real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

Timothy Becker, the center’s director, noted that investment in real estate continues to flow into Florida, though investors are wary about the economy. “The apartment sector is the stellar performer,” he said, adding that conditions continue to improve in the commercial sector. “We’re starting to see stabilization across property types in occupancy, with respondents saying they feel better about what rents are going to look like in the near future.”

Low mortgage rates continued to be available during the third quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.45 percent in 3Q 2010; one year earlier, it averaged 5.16 percent.

© 2010 Florida Realtors®