At the end of January 2008 there were 174 downtown condos actively listed in the Multiple Listing System MLS.  20% of these were luxury condos, listed over $1 Million. Another 23% were listed between $500,000 and $1 Million. Surprisingly to some, the majority (57%) of the downtown St Petersburg condos were under $500,000 – with more than half of those listed below $250,000.

25 downtown St Pete condos sold during the month of January – but 84% of them (21) were new condos, all in 400 Beach. The significance of that is that most of them went under contract 2 or more years ago. It doesn’t reflect current activity, though it is positive that the buyers did close on the units. Of the 4 resale units that closed in January, two were under $250,000; 1 in Bayfront Tower sold at $350,000 and one in Parkshore Plaza sold at $975,000. 

Six downtown condo units went under contract in January: 3 were under $500,000; one in the Vinoy was between $1 and $2 Million; and one in Parkshore Plaza was between $2 and $3 Million. One condo in the planned Grand Bohemian went under contract that was listed between $1 and $2 Million.

If we look at the 128 condos for sale in older units plus the 38 units in condos that were completed in 2007, for a total of 166 existing units, divided by 5 contracts in January on existing condominiums, we have a 33 months supply of condos downtown. There ARE buyers, and it’s all about Price, Price, Price.