Dramatic Increases in Luxury Prices Continue with Rising Demand
Tampa Bay's luxury real estate market shows no signs of slowing down. With Zillow listing Tampa as the top market of 2021 and a trending relocation of people from high tax states, luxury sales are on the rise. Today, one of Tampa's trophy properties on Harbour Island has sold, closing at close to $4M. The home is a custom-designed penthouse condo and one of sixty-four residences at The Grandview.
Traci Burns, the Smith & Associates Real Estate Realtor who listed and sold the home, noted that "we are seeing a shift and increase in entry price point for what is considered luxury real estate in Tampa Bay. Designed with impeccable taste by Restoration Hardware New York/Tampa, this home exemplifies how the luxury real estate market has evolved based on buyer preferences and demand, not only for residents within Tampa Bay but those who are coming from out of our region and state."
The residence had been fully renovated and completely redesigned by Restoration Hardware, with over $500,000.00 invested in the interior design with a design configuration sought to maximize water and city views from every room.
The GrandView Penthouse price point further supports recent data, that the traditional entry price point of $1 million for what is considered "luxury real estate" has steadily trended at the $3 million range and up. Residential properties sold at the $3M+ price point have increased 44% compared to the prior year.** In 2017, there were only 34 homes sold for above three million. Fast forward five years later to 177 homes sold at that luxury price point.
Burns added that the demand for turnkey, furnished, high-end, designer finishes was at the forefront of buyers' searches, especially for those considering relocation. The home had tremendous interest from out-of-state buyers. Chicago, Minneapolis, Washington, D.C, California, and buyers from the Northeast large metropolitan regions with high tax cities and states showed interest in purchasing the home. For out-of-state buyers, Tampa's affordability from a corporate headquarters and business expense perspective, Florida's low taxation, Tampa's technology industry HQ growth, and the ever-expanding, nationally recognized medical/pharma footprints, are all leading causes of interest in relocation to the Tampa Bay region.
Smith & Associates recently posted 2021 a record sales volume of $2.18B, marking a sales growth of 33% for the organization.
The home is located at 371 Channelside Walk Way and has 4 beds and 3 baths with 4,372 square feet of living space with an expansive, wrap-around terrace. Custom-laid herringbone marble floors set a sophisticated tone for the home entry incorporating a high-tech sound system and designer lighting along with a spa-like oasis for the primary bedroom and bath. Walls of sliding glass create indoor-outdoor living spaces with a French-inspired kitchen range from AGA, four ovens, and multiple wine and beverage refrigerators.
To view the GrandView listing and find out more about the home’s amenities and features, click here.