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Pinellas County Florida Luxury Market Update January 2007

By
Real Estate Agent with Coastal Properties Group International - Christie's International

Pinellas County, Florida is on the central west coast of Florida, bordering the Gulf of Mexico - separated from Tampa by Tampa Bay, with three connecting bridges and various land connections in the north. It's main cities are St. Petersburg and Clearwater.

There are currently 1,089 properties over $1,000,000 listed in the MLS, nearly equally divided between single family homes (565)and condos-townhouses-villas (526).  101 properties, approximately 10% are under contract - 22 single family and 79 condos.  Last year 360 properties sold, showing about a 3 year supply.  The supply of single family homes is 2.5 years (224 sold) and the supply of condos is 3.9 years. If you view the supply from a three month history rather than a year, the figures change and you have increase from a 3 year supply to just over 4 years (50 months).  This breaks down to a 42 month supply of single family homes and a 63 month supply of condos.

There are far fewer properties in Pinellas County over $5,000,000. There are 16 properties listed, all single family homes. There were 2 sales in the last year, thus, statiscaly, an 8 year supply.

Having said all that, I need to warn you that the data is skewed, primarily by two factors:

1) Since Pinellas County is almost totally built-out, much new construction consists of buying a home in a prime location, tearing it down, and building a new one (flood restrictions often preclude a remodelling). Most of these would appear only as a sale of the old property, i.e. the land value, and then construction is done through the owner contracting with a builder - the amount of which is not recorded. Accordingly, most new construction of luxury homes appears neither in the Multiple Listing System nor in the public records, at the actual value.

2) Luxury condos are a fairly new phenomenon in Pinellas County, and many of the condo figures include pre-construction contracts, sales that were contracted a couple of years ago, and active listings that may not be built for another year or two. In addition, many new condos are NOT included in the MLS, so again, full statistics are not readily available.

For these reasons, and many more, please contact an agent experienced in the area and price range you're seeking. Contact that agent BEFORE you contact a builder or model center, so that you can be assured of representation - it generally won't cost you any more, and can provide many benefits.

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

 

Posted by

Sharon Simms
CIPS CRS CLHMS CRB RSPS
Coastal Properties Group
CHRISTIE'S International Real Estate
238 Beach Drive NE
St Petersburg, FL 33701
www.ssimms.com    www.coastalpgi.com   www.christiesrealestate.com
(727) 898-2582    Sharon@SimmsTeam.com

 

John Klassen
M & T Bank - Kingston, NY

I have a condo in Vista Verde East. I have it listed, Bldg 6077 Unit 222. There are many units for sale in the area.

We have had a little activity...do you have any thoughts or experience with Vista Verde?

 

Jan 18, 2007 10:46 PM
Dusty Irving
My Texas Home Real Estate - Fort Worth, TX

Good Information and well done. Keep up the good work!

Dusty Irving
United Country Real Estate
Fort Worth, Texas

Jan 19, 2007 03:37 AM
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS

John - I've known Vista Verde since it was built - actually watched it being built - and I do sell on Isla del Sol.

First, you do have a good agent. I've known Barbara for probably 20 years. She's personable, ethical and caring. 

You probably already have statistics from Barbara, but there are 28 condos actively on the market in Vista Verde. 2 are under contract, one with 1145 sq ft, 2nd floor, ceramic tile throughout, listed at $294,500 and offering a 4% commission to the selling office.  It was on the market for 204 days before contract. The other is 1070 sq ft, was listed at $289,000 is a corner unit on the ground floor, also with pond view. Only one closed in the last 6 months, 1145 sq ft, tile floors throughout, corner ground floor unit. 122 days on the market. Was listed at $334,900 then 324,900 then 314,900.  Sold at $295,000.  Barbara has 8 photos of the property, a Visual Tour, and an enhanced listing on realtor.com.  All good.

Suggestions to discuss with Barbara:  

  •  Reducing the price
  • Ceramic tile on the floors
  • Raise selling office commission to 3.5% (appx $1,500) vs offering $1,000 Best Buy certificate
  • What other internet marketing is being done, in addition to realtor.com, MLS, her company site?
Inventory is huge, buyers have lots of choices. Be flexible. This is our high season, so hopefully you'll find a buyer within the next month or two.

 

 

 

 

Jan 19, 2007 03:54 AM