The downtown St. Petersburg luxury condo tower, Bliss, is completely sold-out six months prior to completion. The last home to sell was the penthouse for $2.95 million three days after a standing room only penthouse tour event that unveiled the new floor plan. The penthouse was the last remaining home in the tower.
According to Dave Traynor, Vice President Real Estate and Developer Services at Smith & Associates Real Estate, “This Bliss sale is just one of many this year that show how demand is simply outpacing inventory. We have penthouses that have sold after being on the market for only a few days. These quick moving sales are becoming the norm for luxury condominiums in this area with very little new construction anticipated in the year ahead.”
When comparing the first quarter of 2016 to the first quarter of 2015, condos over 2,500 square feet with a value of over $2 million have sold for almost $1 million dollars higher than in 2015*. ONE St. Petersburg has already pre-sold three of the penthouses almost two years in advance of the anticipated 2018 completion date, with prices ranging from $3.6 and $4 million on the remaining luxury penthouse homes.
The lure of urban living within walking distance to shops, restaurant, bars, and museums, plus access to the waterfront and events like the St. Petersburg Grand Prix are attracting luxury buyers to Downtown St. Petersburg. These buyers want the accessibility and walkability of downtown living with the luxury amenities that condominium homes offer. And more than ever, buyers are seeking the exclusivity of luxury residences.
Robert Glaser, CEO of Smith & Associates Real Estate believes, "The market activity is indicative of the maturing needs of the buyers in the Tampa Bay area who are willing to pay the price of condominium living that provides a level of luxury we see in other statewide markets. Individuals are demanding to live in city centers so that they can enjoy retail, restaurants, the arts, medical services, and offices all within walking distance. We need luxury condominium developments on both sides of the Bay to make the area a true live/work/play environment."
As downtown St. Petersburg continues to receive national accolades and international attention, the residential luxury home market is expected to be strong for the year ahead with limited inventory options available.
*Information as of 5/26/16 per My Florida Regional Multiple Listing Service. Search included condos sold in Hillsborough & Pinellas counties, minimum of 2,500 SF, minimum sale price of $2,000,000, sold between 02/26/15-05/26/15 compared with those sold between 02/26/16-05/26/16.