Archive for the 'New Projects (Condos)' 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 »

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 »

Like He Says…Don’t Worry About Downtown Tampa

December 14th, 2007 categories: Tampa Real Estate, New Projects (Condos), Tampa Market Conditions

Great article in The Tampa Tribune this morning regarding downtown Tampa’s forthcoming resurgence. The article is written by a lifelong Tampa resident and land use attorney, who has rezoned many of the residential projects in downtown Tampa. He points to the fact that just as the revitalization was gaining momentum, the residential real estate market tanked, leaving many of the new condos empty, and leaving other projects, such as Trump Tower, on the back burner so to speak.

And while there are some who may be bearish on Tampa’s downtown, I would certainly agree with Mr.Gardner that when the market stabilizes, we’ll see new residents filling those empty spaces quickly. I sense quite a bit of pent up demand for downtown out there, but many would-be downtown/Channel District buyers are afraid to commit. And who can blame them with the inventory that came on the market all at once (purchased mostly by speculators… see: Condos Suck), and the feeling that no one else is out there buying alongside of them?

But let’s face it, with all the cultural venues, newly opened restaurants and bars, The Forum (Ice Palace), Channelside, The Florida Aquarium, Ybor City, etc., all nearby, downtown Tampa is a major activity core. And for the individual who prefers to have work and play all within a short distance, downtown Tampa will be the place to be.

Mr. Gardner’s article:

Posted by Lenny Gurvich | No Comments »

Prospective Tampa Condo Buyer Weighs Choices

October 29th, 2007 categories: Tampa Real Estate, Tampa Condos, New Projects (Condos), Tampa Market Conditions

I recently posted about an e-mail I received from a prospective Tampa condo buyer. I subsequently received an e-mail from a sales rep at a condo project in the Riverview area. He had read the post and felt that he might have exactly what Prospective Tampa Condo Buyer is looking for.

Lenny,

I came across your blog and took special notice of the entry in the subject line. I sell the Luxury Garden Homes in FishHawk Ranch, and I have a home that may be what [your client] is looking for. The ‘Ashwood’ is over 1400 sqft, 2 + loft/2.5 with a 2 car garage, loaded with luxury features including stainless steel appliances. It is right across the street from Park Square, FishHawk’s outdoor town center with shops, restaurants and night life. The advertised price is $224,900, but we have a SPECIAL right now for $215,900 with $5,000 toward closing costs when using a preferred lender.

So I passed this information on to my client and he decided that the project was worth consideration. He went and took a look, and was very impressed with the floor plan of this project and the value, as compared to what $220k can get closer to the downtown Tampa area. But unfortunately, for his line of work, the location was ultimately just a little too far off the beaten path.

Today we’ll look at a townhome in another area of town that is very aggressively priced near $180k. Aggressively priced because the lowest sale to date (very recent) of a comparable unit in the same project is much higher, by about 20% actually. Why is it priced so low? Because the seller “just wants to dump it and take the loss” according to the listing agent. It’s a property that is owned free and clear with no mortgage to be paid off at closing. No short sale situation with bank approval required to get in the way of a good deal. The unit is less than 18 months old and is much better located, at least for Prospective Tampa Condo Buyer’s needs.

We’ll take a firsthand look and see if this one will work for him. He understands that this is a buyer’s market, and he also understands that there may be further downside in Tampa’s residential real estate. He knows that there are few buyers to compete with currently, and when the opportunity to purchase at 20% below market (recent sales) comes along, it’s worth a look.

Deal or no deal? Subscribe

Posted by Lenny Gurvich | No Comments »

South Tampa Gated Waterfront Community Impresses

October 24th, 2007 categories: South Tampa, Tampa Waterfront Homes, New Projects (Condos), South Tampa Neighborhoods

Took the opportunity to visit Westshore Yacht Club this morning as they hosted our firm’s weekly meeting. It’s been about 18 months since I’d been over there with some clients, and what a difference.

Westshore Yacht Club is a new gated, waterfront community, with a marina, on the west side of the Interbay Peninsula just south of Gandy Blvd. The community occupies the old Westinghouse property that had long been a vacant eyesore, and is a development of WCI Communities.

The theme of the community pays homage to the history of Tampa. The street names, home and townhome names, as well as the names of the condo tower units, are all associated with names of old Tampa architects, councilmen, founding fathers, etc.

There’s not much in Tampa that compares with this community and the lifestyle it will provide, Harbour Island the possible exception. The community is very private and secure, with large concrete walls surrounding the area, and a grand entrance with 24 hour security. Don’t bother trying to get in unless you have business there or are headed for the sales center.

The community club, known as The Bay Club, is waterfront, and features 19,000sqft of space with a spa, fitness center, waterfront dining, tiki bar, pool, billiards room, etc. All residents of Westshore Yacht Club are required to pay $5800 annually as club dues. It’s all about the lifestyle! This building is beautiful. The 806 Lounge, on the second floor, is cozy, and has excellent water views. That would be my late evening choice for relaxing with a cocktail.

We also looked at a representative sample of the residences, including 2 of the single family homes, a townhome, and a couple of the condos in Castillo Tower, the lone highrise building in the community (3 towers are planned).

Castillo Tower is comparable to The Bellamy on Bayshore and The Plaza Harbour Island, but the views at Castillo Tower are hard to beat. All units have views both westward and eastward, much like the Bellamy does. The terraces on the west side are all spacious, providing great waterfront views of Old Tampa Bay and downtown St. Petersburg. Sunsets, I’m sure, are spectacular. Castillo Tower also has its own clubhouse and pool as well. Condo fees are $.36 cents per square foot, considerably lower than some other new Tampa highrises. Here’s a neat video tour of a WCI condo tower.

And yes, it truly is a Yacht Club. There is a 149 slip private marina, with slips from 40’ to 100’+, accommodating vessels with drafts of up to 8’. The slips can purchased or leased. The 40’ slips are priced starting at $170k. There is a ship’s store on site, and the marina provides 24 hour video monitoring for security.

If you know the Tampa area, you can see that this is something that Tampa has previously not been able to offer. And now that Newport Tampa Bay, just to the north, has been put on hold, this really is a one of a kind Tampa community.

Feel free to contact me for more information regarding Westshore Yacht Club or other Tampa waterfront opportunities.

Posted by Lenny Gurvich | No Comments »

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