Archive for the 'Downtown Tampa' Category

Channel District Appeals To Buyers

October 14th, 2008 categories: Channelside Market Updates, Downtown Tampa, Downtown Tampa, Tampa Condos

From some new Channelside residents relocated from St. Louis:

Hey Lenny,

The condo is fabulous… finally getting settled in and starting to enjoy the area more.  Looking forward to watching the Channelside area grow over the next couple of years - there is so much potential down here!

Thanks for all of your help in getting this one done!  We’ll keep your name handy for anyone that we may run across that is looking for a good real estate guy.

Oh yeah, thanks for the wine… it was marvelous! 

This couple came to us with a specific need. Their employer was relocating them to Tampa, and due to lots of job-related travel, they needed a low-maintenance place with a floor plan that would provide functional home office space for them both. A view would be nice, but not a necessity. St. Pete was a possibility but was quickly ruled out due to the distance from their offices.

So it was going to be a Tampa condo or a Tampa townhome for these guys. We looked at Palma Ceia townhomes, Hyde Park condos, SoHo townhomes, Bayshore condos, and even Harbour Island townhomes and condos.  But in the end the Channel District was most appealing. Despite the huge inventory of unsold units, despite the fact that some Channelside projects were in Chapter 11 or had been turned over to the lender, this couple sees the potential that the former industrial district provides.

The Channel District offers a fantastic location, which was a key factor in the decision to purchase there. They were also able to find a top floor unit, with a floor plan for their lifestyle, in Ventana, one of the more intimate projects in the area.

Questions about Tampa condos or Tampa town homes? Give us a call 813-205-1802

Want to see what’s for sale and what’s selling in Channelside? TampaMarketReports.com (zip = 33602)

Posted by Lenny Gurvich | No Comments »

Downtown Tampa….Too Much Concrete, Too Few Trees?

October 3rd, 2008 categories: Downtown Tampa, Downtown Tampa

From a (previously) prospective client:

“Mr. Gurvich,

After our visit to Tampa, my partner and I have decided not to relocate to Tampa from Tallahassee. Loved the downtown and culture, but all the concrete and lack of trees was depressing. I see why they say north Florida is the other Florida.

Thank you……”

How would you respond to that?  Feel free to comment.

Posted by Lenny Gurvich | 2 Comments »

Channelside Condo/Loft Market Conditions Report Update

September 8th, 2008 categories: Channelside Market Updates, Downtown Tampa, Uncategorized

I recently spent some time in the Channel District with some buyer clients who have decided to make the former industrial district their home upon relocating to Tampa in October. Many of the Channel District projects have been in the news lately. The Towers, The Place and Ventana are all in some sort of financial funk. The Towers and The Place both entered bankruptcy this year and the developer at Ventana handed the project over to the lender. Ventana is in receivership, not bankruptcy.

The Place at Channelside is due to auction its unsold inventory of 170 some odd units in early October. Minimum bid is reported to be $17.2 million dollars, or around $100k per door. Rumor has it that the interested bidders would lease the remaining unsold inventory, much like Grand Central at Kennedy is (has). And in the mix of all of this unsold inventory, The Slade, the Channel District’s newest project is beginning to take shape.

There are 93 properties listed for sale in Channelside on our MLS currently, which really does not accurately indicate availability. Much the available inventory is not on the MLS, just a representative sampling from some of the projects. Prices range from $145k for a 620sqft studio at Grand Central, to just under $2m for an almost 5000sqft unit on the 28th floor at The Towers. Median price for these 93 listings is around $395k.

Sales are slow, but steady. Most year-to-date Channel District closings have been at The Towers, one of the bigger projects and the only true highrise building. Victory Lofts has seen some resales, and there have been some sales at Ventana as well. Ventana, at 84 units, is one of the smaller of the newer projects, and is almost 50% sold (according to sales staff).

And for my $$ (and tastes) Ventana seems to be the best value out there right now. Prices have been lowered since the project entered receivership, reflecting a price/sqft more in line with other areas of south Tampa/Harbour Island, etc. It is also a smaller, more intimate building of more traditional condos, as opposed to a loft or loft/condo hybrid. The true loft style of living does not seem to be that much in demand by Tampa buyers, at least from my perspective.

Questions about the market? Looking to sell? Purchase? Both? Give us a call:

813-205-1802 or contact us via e-mail:

Posted by Lenny Gurvich | 2 Comments »

Downtown Tampa Condo Prices—1/1 Market Conditions Report

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

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 | 1 Comment »

Market Reports-Downtown Tampa Area

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

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 »

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