Archive for the 'Downtown Tampa' Category

Downtown Tampa Condo Prices—1/1 Market Conditions Report

May 6th, 2008 categories: Tampa Condos, New Projects (Condos), Channelside Market Updates, Downtown Tampa

If you happen to be looking for a 1/1 condo in the downtown Tampa area, guess what? You’ve got 89 from which to choose. And there have been 23 sales of the same year to date, the majority at Skypoint (13). Island Place, on Harbour Island, comes in a distant second with 4 sales year-to-date. So how are prices for downtown Tampa condos? Those 89 condos, as you can see in the adjacent chart, are priced widely between $159k and $472.5k. But the median price, the split where there are an equal number of higher and lower priced units, is right at $260k. Examples of units priced around the median?:

1. 21st floor of Skypoint (north side of bldg)
2. 3rd floor at Victory Lofts (Channel District), but this one is 1241sqft
3. 25th floor of Skypoint, 664sqft on the south side (with the views)

On the low end is an 820sqft unit at Grand Central on Kennedy at $159k, but this is a short sale listing (phantom list price) so time will only tell if this price would be approved. But you can get a unit at The Place at Channelside for $159.9k. And on the high end of the pricing spectrum are 3 units at Grand Central at Kennedy. Priced in the mid $400s, these 1127sqft units are in the west building, with the floor to ceiling glass walls providing views of downtown and southward.

As for what’s sold in 2008, The chart shows that the median sale price is around $200k, or about $60k lower than the median list price currently. There have only been 4 sales of 1/1s YTD of over $250k. Of the 89 1/1s for sale, 52 of them are priced at or above $250k. So it’s clear to see that the current demand is at the lower end.

Data used is from the Mid-Florida Regional MLS and does not include private, non-brokered sales or condos for sale.

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Posted by Lenny Gurvich | 2 Comments »

Market Reports-Downtown Tampa Area

March 18th, 2008 categories: Tampa Real Estate, Tampa Condos, Channelside Market Updates, Downtown Tampa, Tampa Neighborhoods

In continuing a look a look a 4th quarter sales activity we find:

33602 (Downtown Tampa, Channelside, Channel District, Harbour Island, Ridgewood Park, Tampa Heights)

• Average Sale Price:$ 419.4k
• Price Change from Q4 2006: 41.69%
• Sales Volume Change from Q4 2006 : 271.43%

Impressive numbers indeed. But during the latter part of 2007, many of the condos at the new developments were closing. The bulk of the activity was closings for the newly completed condos at Skypoint, Ventana, The Plaza Harbour Island, The Place at Channelside, Towers of Channelside. There were also some closings for the newest condo conversion on Harbour Island, Harbour Place City Homes. Sprinkle in some resales at Island Walk and Island Place, and some at Parkcrest, and it was a busy 4th quarter indeed for 33602.

But as of today, there are 467 properties listed for sale in the 33602 zip, with the bulk of them (338), condos. With all of the aforementioned projects being completed within months of each other, there is a glut of condos available in this area for Tampa condo buyers.

So downtown area condo buyers have it good right now with so many options available. There are incentives available and rates remain low.

Questions about Tampa condos? Contact us.

Browse Tampa Condos For Sale

Posted by Lenny Gurvich | No Comments »

Does An Absolute Auction Indicate Market Value? Downtown Tampa Condo

February 25th, 2008 categories: Tampa Real Estate, Tampa Condos, Downtown Tampa

Received an e-mail today advertising the absolute auction of a downtown Tampa condo later this week. The seller paid in the mid-$500s for the unit back in late 2006. Now, he’s going to sell it through an absolute auction. That means no minimum bid and no reserve to meet. This condo will go to the highest bidder.

So a quick check on the MLS indicates that the seller has tried to sell the condo through conventional methods, but withdrew it from the MLS back in January. It was priced at $549k when withdrawn.

So will this auction indicate the market value of this unit and similar units going forward? Will they get real buyers? Buyers who are looking to occupy the downtown Tampa condo? Or will it just be “investors” looking for a deal?

I’ll keep track of where it sells (heck I may even attend) and let you know.

Feel free to contact me if you want details on this absolute auction of a downtown Tampa condo.

Posted by Lenny Gurvich | 6 Comments »

Skypoint Condos Market Report

January 10th, 2008 categories: Tampa Condos, New Projects (Condos), Short Sale Information, Downtown Tampa

Time to revisit an e-mail from a client back in October of 2007:

“Lenny,

If any of the 2/2 condos at Skypoint fall in price to $220,000 and don’t laugh, call me. I am not in a rush and unfortunately still see the housing market at this time changing….”

At that time the lowest priced Skypoint 2/2 was at $355k. But the subject line of an e-mail in my inbox this morning reads:

SHORT SALE OPPORTUNITY IN SKYPOINT!!!! Uh-Oh. And while this unit isn’t priced near the $220k my client was hoping for, it is priced below $300k, the first of its kind. A similar unit a few floors below is priced $40k higher. And that’s where Skypoint 2 beds start these days.

But the point is that an owner has persuaded the holder of the note to let them sell the unit for less than what is owed. That’s a short sale. Skypoint sellers had been holding tight on asking prices, trying to recoup what they had paid (or owe) and cover the costs to market and sell the property. But a short sale is pre-foreclosure. So be the forces of the market.

So if you’re a prospective Skypoint buyer, and I know you’re out there, opportunity knocks. “Are Skypoint prices coming down?”, a prospective client asked recently. “No”, was my answer. And let’s face it, this is only one unit. And one sale does not make a market trend. But the price of this one is coming down.

Skypoint is an impressive building, with fantastic amenities. One of a kind in downtown Tampa currently. Skypoint provides urban living with wonderful views of Tampa’s downtown and Tampa Bay. And like the listing agent for this unit notes, Skypoint residents will truly be able to live, work and play, right in their own neighborhood. Heck, they’re even building another one next door.

Call us for more information on Skypoint condos for sale.

Browse condos for sale at Skypoint

Posted by Lenny Gurvich | 1 Comment »

Plaza At Harbour Island Nearing Completion

September 28th, 2007 categories: Tampa Real Estate, Tampa Condos, Tampa Waterfront Homes, Tampa MLS, New Projects (Condos), Downtown Tampa, Tampa Neighborhoods

Now closing in and around downtown Tampa:

• Skypoint Condominiums
• The Place at Channelside Condominiums
• Grand Central at Kennedy Condominiums
• Towers at (of) Channelside Condominiums
• Ventana Condominiums

All of these projects are in the process of transferring ownership to the many pre-construction buyers who were in the market back in 2004–2005. I’ve had the chance to visit most of the new buildings. Some are meeting pre-construction expectations, while others are not. I’m referring to my expectations as well as the expectations of many others with whom I’ve spoken recently.

And now Harbour Island’s newest project, the Plaza at Harbour Island, should begin closings within the next 4–6 weeks. I’m representing some buyers at The Plaza, and yesterday I attended the initial pre-closing walk-thru of their unit with them. The Plaza certainly meets, and maybe exceeds my expectations based on what we saw and what we were told in the sales center back in 2005.

The Plaza is situated at the north end of Harbour Island, a small residential island adjacent to downtown Tampa and the Channel District. Views on the north side are of downtown and Channelside, etc., while on the south side, views are of Harbour Island, Tampa Bay, the Interbay Peninsula, etc. Check out The Plaza Harbour Island’s location on Google Earth (if you don’t have it, get it!).

The Patrinely Group is the developer and I can tell you that everything they have done has been first class. The sales process, the sales team, the cocktail parties, the walk-thru process, all very professional and first class.

So what about the building? The Plaza is 21 stories with about 138 units total. The common elements, especially the zero edge pool and clubhouse areas, are impressive, similar to what I’ve seen at The Bellamy on Bayshore. The floor plans are designed with respect to the location of the building, and offer large terraces that wrap around the corners of the building providing 180 degree views.

But Harbour Island’s neighbor the the east is Hooker’s Point, a very industrial peninsula, home to the Port of Tampa. Palm trees and beaches are not part of the plan there. But hey, this is urban Tampa. Storage elevators are what you’ll see here, along with the occasional cruise ship heading up or down the channel.

Other amenities include a large fitness center, full-time concierge, and valet parking for residences. There are also 4 guest suites, 3 of which will be sold to members of the association (condo owners).

All in all The Plaza at Harbour Island has certainly met or exceeded my expectations as well as those of my clients. If you’re considering a condo near downtown Tampa, and are looking for luxury, The Plaza is definitely worth a good look.

Posted by Lenny Gurvich | 2 Comments »

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