Downtown St Petersburg Condos - Market Report - June 2008
St. Petersburg, FL, July 15, 2008

Downtown St Petersburg condo inventory on the market is less than any other month in 2008, but only slightly so, with 171 downtown St Pete condos on the market. Prices above $3 Million have been consistent throughout the year. The under $250,000 condos and the $500,000 - $1,000,000 condos have less inventory than previous months this year – the others are fluctuating. Based on June statistics we have a 28.5 month supply of downtown condos – excluding those developers have available that aren’t listed in the MLS.

6 condos went to contract in June – 3 new ones in The Sage and 3 resales at Bayfront Tower. 9 condos sold during June. 2/3 of these were new condos, 4 at The Sage and 2 at 400 Beach; and there was 1 resale at Bayfront Tower, The Cloister, and The Beacon. There were 9 condos withdrawn from the market and 15 condos that expired unsold.

The luxury market in downtown condos was slow – none went to contract above $1 Million and 2 closed in the $1 Million - $2 Million range, both new condos at 400 Beach.

The downtown St Petersburg condo market is basically on hold: sellers are holding out for higher prices and buyers are holding back for lower prices. Part of the current static market is due to the time of year – winter residents and winter seasonals have gone north; summer visitors haven’t arrived yet. Which means – this may be a good time to buy.

By the way – condo loans have tightened up due to the financial crises going on. Generally a buyer needs to put at least 20% down and needs to verify his income and source of funds. Certain condo buildings may also not meet lenders requirements in terms of reserves, delinquent condo fees, and/or percentage of owner occupied units.

For more information, contact The Simms Team at RE/MAX Metro in downtown St Petersburg, Florida.