Downtown St Petersburg Condo Market Update - October 2008
St Petersburg, November 15, 2008

October was a slow month for condo sales in downtown St Petersburg. Only 8 condos sold: 2 were under $250,000 (Townview and the Madison); 3 were in the $250,000-$500,000 range (all in Bayfront Tower) and 2 were in the $500,000 - $1,000,000 range, both of which were in Parkshore Plaza. * sales is twice the number that closed in July or August, though, so sales are headed in the right direction.

Only two condos went to contract in October, which indicates a real slowdown. Both were under $250,000 and both are in The Madison. With 155 downtown St Pete condos currently on the market, that's a very long supply - based on those going to contract, that's over a 6 year supply, and that doesn't include many of the new condos units that are under construction or currently available. The good news, though, is that there are less condos on the market than during any month

Word on the street is that about 2/3 of the condos at Ovation and at Signature Place are under contract. I'd expect more investors in Signature Place since they began selling back when the market was hot - so it's hard to predict how many of the contract will actually close when the project finishes in 2009. I'd expect most, if not all, to close at Ovation, since most of their buyers plan to live there.