Archive for the 'Tampa 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 »

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 »

South Tampa Waterfront Condo Choices

November 6th, 2007 categories: Tampa Real Estate, Tampa Condos, Tampa Waterfront Homes, South Tampa Neighborhoods

The south Tampa area is a peninsula that splits Hillsborough Bay to the east, and Old Tampa Bay to the west. Surrounded by water, you’d think that buyers would have many choices when considering a south Tampa waterfront condominium community. And there are many choices if one is simply looking for a highrise condominium with bay views. You’ve got the many choices on Bayshore Boulevard which fronts Hillsborough Bay, with views of downtown and Davis Islands. Bayshore Boulevard residents also have easy access to the sidewalk/recreational trail stretching from Ballast Point northward to downtown.

But none of the Bayshore condominiums offer boating access to the Bay and the Gulf of Mexico beyond. So what choices does the buyer have on the Interbay Peninsula? There are basically 3 choices, all on the west side of the peninsula, on Old Tampa Bay.

Westshore Yacht Club

Starting furthest south, Westshore Yacht Club is a new, private, gated community of single family homes, townhomes and highrise condominiums. Castillo Tower is the highrise, set back from the bayfront, but with exceptional views to the west and east from all units. Prices begin at around $850k for a 3 bedroom, 2100sqft., 4^th floor unit. Most of what’s available now are resales with limited developer inventory remaining. Two additional towers are planned. Westshore Yacht Club has its own private 49–slip marina with ship’s store. Slip ownership begins at $170k, while the cost to lease a slip begins at $15/slip ft. Westshore Yacht Club also has club facilities (pool, fitness, spa, lounge) that all residents pay $5800 per year to use.

Browse Westshore Yacht Club For Sale

Culbreath Key Bayside

On the lower end of the price spectrum, and near the middle of the peninsula, is Culbreath Key Bayside Condominiums. Built in 1999 as apartments, Culbreath Key converted to privately owned condominiums in 2004, and has 47 private boat slips available on a small canal that accesses Tampa Bay near the Gandy Bridge. But most CK condos don’t offer any water views. The project has separate buildings, each only 4 floors up. The 2 buildings furthest west, buildings 8 and 9, have the only units that offer any decent water views. The units on the north side of building 9 offer the best water views, and are thus the highest priced within CK. The boat slips are privately owned, some are available for lease. CK condo buyers can search out a condo with a boat slip as a package, or purchase a condo and boat-slip separately. There is currently a 1/1 on the south side (canal/Gandy Blvd-view) of building 9, with a boatslip, priced at $275k, all inclusive. By contrast, there’s a 1/1 on the south side of building 8 priced at $179k, with a boat-slip available for an extra $50k. Culbreath Key is gated, has a pool and fitness center. Buildings 8 and 9 offer covered parking with an elevator.

Browse Culbreath Key Condos For Sale

Mariner Condominium

Mariner Condominiums, a 45 unit building rising 8 floors up, is situated near Kennedy Blvd, just off I-275, near Tampa International Airport. Built in 1973, Mariner Condos has very little turnover with only 5 units transferring ownership in the previous 24 months. There is a waiting list for the small group of boat slips on a small body of water adjacent to I-275. One unit is currently listed for sale, a second floor 2/1 at $469k.

Contact me for further information on these, and other south Tampa, Harbour Island and Davis Islands waterfront condominiums with Tampa Bay and Gulf of Mexico access.

Posted by Lenny Gurvich | No Comments »

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