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Luxury home sales increased by 50% from January to February 2008, but that’s really not as significant as it sounds, since that is only an increase from 6 sales to 9 sales. With 610 homes on the market in Pinellas County, Florida, over $1 Million, that’s still a 67 month supply of homes – yes, that’s just 5½ years! Taking just the lower end, from $1 Million to $2 Million, that’s still a supply of 52 months of single family homes. 10 homes went to contract during February, which isn’t much of a difference from the 9 that sold. Based on new contracts during February there is a 5 year (61 month) supply of luxury homes. The highest priced listing in Pinellas County is still $19,900,000 but there hasn’t been any activity this year over $4,000,000. The highest price per sq/ft home sold has been $564. 6.8% of current home listings in Pinellas County are over $1 Million, and 2.07% of the home sales have been over $1 Million.
Luxury condominium sales in Pinellas County decreased from 16 in January to 13 in February 2008. The supply of condos over $1 Million increased from 23 months to 28 months – still less than half the supply of single family homes. There are currently 363 condos in the Multiple Listing System over $1 Million. 83% of those sales, however, are sales of new condominiums, many of which were contracted two years ago. Only 2 resale luxury condos sold in January and 3 in February. Based on new contracts during February the supply of luxury condos increases to 15 years (181 months). Two luxury condos went to contract in February, both resales, which is consistent with the number of monthly sales for resale condos. The highest condo sale has been $581/sq ft. 4.52% of the condos listed are over $1 Million and 5.51% of the condo sales have been over $1 Million. Again, most of these are in new condos, so the buyers are a combination of primary homeowners, secondary homeowners, and investors/speculators.
The number of millionaires and billionaires continues to grow significantly. Unfortunately, not many of these billionaires have chosen to buy a home in St. Petersburg of Clearwater. St Petersburg does currently have two megayachts moored at the Port of St. Petersburg, 301 ft Tatoosh, owned by billionaire Paul Allen and 282 ft Ecstasea, owned by billionaire Roman Abramovich
