St Petersburg, Clearwater, Gulf Beach communities and a variety of other cities and towns make up Pinellas County, centrally located on the west coast of Florida, on a peninsula separating Tampa Bay from the Gulf of Mexico.

There are slightly less condos than single family homes on the market for over $1,000,000 - there are 407 of them, compared to 569 single family homes. There's more of a separation as prices go up: there are only 2 condos over $5 Million on the market, and none over $10 Million, compared to 15 single family homes over $5 Million and 2 over $10 Million.

Contract Pending vs Went to Contract in August '07 is even more significant in condos as so many of the contracts are for buildings under construction or pre-construction. There are 53 properties under contract that are listed over $1 Million, but only 5 actually went to contract during August. 5 new contracts and 407 on the market. I'd say that's a buyers' market with lots to choose from.

There were six condo sales (closings) over $1,000,000 during August, and 4 of the 6 were in the just completed Sandpearl Residences on Clearwater Beach. The Sandpearl has been under construction for a couple years, and is adjacent to the Sandpearl Resort and Hotel that had its ribbon cutting this week - the first new hotel to open on the Pinellas County beaches in 25 years! That leaves 2 resale condos that sold in August.

Do you think the real estate market will have turned around in the next couple years? Then this is the time to contract for one of the wonderful new condo buildings just starting construction. Don't buy one willy-nilly - be choosy. Compare not only prices but quality, location, floor plans, amenities, and the history and reputation of the developer and the contractor. 

Sharon Simms, Real Estate Agent selling homes in St. Petersburg, Florida, the Gulf Beaches and the Tampa Bay area.