Downtown St Petersburg Condos - Market Report - May 2008
St. Petersburg, FL, June 7, 2008

Downtown St Petersburg condo inventory on the market has stayed basically the same since April. The only increased supply is in the $250,000-$500,000 range and the $500,000-$1 Million range. The number going to contract is above last month and above the monthly average in 2008, but at 9 condos that's not too significant a change. Most of those are under $1 Million, with 2 in the $1-2 Million range and 1 in the $2-3 Million range. Twice as many (19) fell into the Expired or Withdrawn category. 16 condominium residences sold during May 2008. a nice jump from 6 in March and 9 in April.

We're starting to see movement in the luxury downtown St Petersburg condos: 2 condos went to contract that were listed between $1-2 Million and one between $2-3 Million. 2 luxury condos closed in the $1-2 Million and one between $2-3 Million.  A new condo at 400 Beach sold for $1,270,000 and the other two sales were resales: one at Vinoy Place for $1,100,000 and one at Parkshore Plaza for $2,750,000.

Our colleagues in Canada tell us they have many clients chomping at the bit to buy, but holding back because the Canadian newspapers are saying prices will still go lower. Despite the rise in the value of the Euro against the Dollar, many Europeans are holding off purchases because of our tourist visa issues - they can no longer be assured they can stay here for 6 months of the year - the length of their stay is dependent on the mood and decision of the person stamping in their passport. Maybe 6 months, maybe 6 weeks.