Most of the purchasers of condominiums in Signature Place, an architecturally unique highrise in downtown St Petersburg Florida bought their units back in 2006. Prices have certainly dropped since then, which had led to much speculation.
For months Joel Cantor, the developer, has been working with the lenders to jointly offer a significant price reduction. The Tampa Bay Business Journal announced weeks ago that this was "in the wind" so there's been a lot of speculation on how deep and how wide the "significant" price reduction would be.
To his credit, Joel did not just reduce the prices of the unsold units, as many developers are inclined to do. To reward and repay those that believed in his project early on, these price cuts apply to all existing contracts. As of Monday, they'll also apply to the unsold units.
This isn't a 5% or 10% token reduction - it's a whopping 25%. Both the developer and the lender are sharing in the hit. Cantor reports that this means that the purchasers are getting their condos at less than the cost to build them!
Signature Place is a striking building from wherever you look at it in downtown St Pete. At 36 stories it makes an impression, as does its unique design. There are 244 condos in the building, with 19 different floor plans.
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