Luxury Market Update - Pinellas County - May 2008
St. Petersburg, FL, June 7, 2008

Pinellas County luxury home sales have hit a record high in May 2008 with a sale at $10,250,000. The home, with 12,935 sq ft, is a waterfront home in Belleair, Florida, on the bluff overlooking Clearwater Harbor. It was listed at $16 Million, which means it sold at 64% of list price. It had been on the market for 1775 days, nearly 5 years. This is a record home sale for all of Tampa Bay. The price equates to $1,237/sq ft which really isn't a good way to look at property like this, with 1.7 acres of prime waterfront property and a pool that outshines most hotels. Perhaps Matt Geiger's property listed at $19,900,000 will appeal to a ready buyer.

Available luxury homes in St Petersburg and the surrounding area of Pinellas County have dropped 5% in number and condos are insignificantly down as well. There were more luxury single family home sales in Pinellas County than any month this year, at all price points, $1-5 Million, $5-10 Million, and now the one above that. The number of homes going to contract increased about 25% in May compared to any other month this year, with the biggest increase in the $2-3 Million range. The one dead price range is $4-5 Million; both above and below that have some activity. Considering all $1+ Million properties, we have a 2½ year supply actively on the market. These sales haven't been significantly affected by foreclosures - only one sale was owned by a lender, and one other had a lien on it.

Pinellas County luxury condominiums have slightly decreased in number, and sales are at about the average point for the year, more than March and April, less than January and February. Only 2 of the 9 luxury condo sales were brand new condos, which is good news for the resales. One luxury condo sold in downtown St Petersburg - a Parkshore Plaza resale at $2,750,000 - the other 8 were between $1 Million and $2 Million. We have just over a 3 year supply of MLS listed luxury condominiums (38 months).

Have we hit bottom and turned around? Perhaps so. We'll only know when we're looking backwards.

The Simms Team's strong point is considering a buyer or seller's position, needs and desires; listening; giving them real information rather than just what they might want to hear; and then jointly coming up with a plan. If you'd like help buying or selling luxury homes or condos - or weighing your options - in the St. Petersburg, Pinellas County and Tampa Bay area, contact The Simms Team at RE/MAX Metro.