Real EstateFriday, November 6
Downtown condo buyers have more leverage as listings pile up
The 5AM St. Petersburg team
If you've been eyeing a downtown condo, you have more room to haggle. Downtown St. Petersburg had nearly 16% more homes for sale in September than a year earlier, and properties spent 27% longer on the market. Homes were listed a median of 118 days, according to Realtor.com.
118 daysmedian time downtown homes were listed for sale
That covers all types of downtown housing, not just condos.
Source: St Pete Catalyst
Two new towers add to the supply. The 46-story Residences at 400 Central and the 42-story Art House brought a combined 545 condos downtown, and most have sold. At Art House, just nine of 244 remain with developer Kolter Urban, said Dave Moyer of Smith & Associates.
Just 9 of Art House's 244 residences remain with the developer
9Residences still available from the developer, out of 244
Source: St Pete Catalyst
View as table
| Value | |
|---|---|
| Residences still available from the developer, out of 244 | 9 |
- Active downtown listings: 188
- Average sale price: roughly 3% below asking
- Resale listings: 15 at 400 Central, 13 at Art House
- 400 Central: roughly 85% of 301 residences sold, per one agent
Real estate agent Andrew Warren said developers are increasingly willing to negotiate. A three-bedroom developer-owned condo at 400 Central sold Oct. 26 for $1,615,000, $90,000 below asking. Ferg's Pavilion hosts free concerts Fri., Nov. 6 and Nov. 13 to thank World Series patrons.
Sources: St Pete Catalyst, WTSP