The Simms Team definition of “downtown” St Petersburg is from 5th Ave N to 5th Ave S and from 4th St to Tampa Bay – and includes both sides of the streets.

There are many luxury condominiums in downtown St Petersburg, but the market isn’t only luxury condos.  The 185 current listings range from $95,000 to $5,500,000 (same range as last month). Here’s how the listings break down:

Over $1,000,000           25%
$500,000 - $999,999    18%
Under  $499,999           57%

Only 16 of the 187 are in buildings not yet finished (11 in Signature Place) or not yet started (5 in Grand Bohemian). Each of these projects has more condos available for sale, but have listed just representative units.

There are still a lot of condos to choose from – even though 12  went to contract during March, four times the number contracted in February and twice the number for January.  Nonetheless there’s just over a 2½ year supply (31 months) of existing condos – and that doesn’t count most of the units available in The Sage and the Whitney Plaza. There are still some “new” luxury condos available in Parkshore Plaza which was completed 1½ years ago in August 2006. The number of condos going to contract during a month is really a more valid measurement than total contracts pending as it reflects current market activity.

During March 2008 there were only 6 condo sales in downtown St Pete and half of those were new condos in 400 Beach. Only one sale was for a condo over $1 Million and it was for a new condo in 400 Beach.

Many lenders currently are not lending in condo buildings that don’t have at least 60% or even 70% owner occupied units, and others are lending but at higher interest rates and costs. Be sure to have your real estate professional check into this – condos that require cash buyers are much harder to sell.