Bacopa Bay Real Estate Activity Update as of 6/30/16, Courtesy of Deborah Eagan, Realtor
I am Deborah Eagan, a Keller Williams St Pete Realty Luxury agent who specializes in sales of properties along the Pinellas Bayway and Downtown St. Petersburg. This is your Bacopa Bay real estate update for the 12-months ending June 30, 2016.
In the previous 1st quarter newsletter we determined that the sales of the larger condominiums in Bacopa (greater than 1,900 sq. ft.) do not have a significant impact on the overall 12 month rolling average sales price per square foot. There are only 17 of these larger condominiums out of the 187 that exist in Bacopa Bay and historically, there been infrequent sales of these units.
Sales for second calendar 2016 increased significantly over the slow first quarter as five units sold including a record sale for the impeccably appointed 4991 Penthouse of which I was fortunate enough to represent the buyer. The rolling 12-month average price per square foot continued to climb during the first half of 2016 reaching a peak of $285 / sq. ft. at the end of June 2016. The chart below provides a comparison between Bacopa Bay and Dolphin Cay, the two gated communities along the Pinellas Bayway. Comparatively the average for Dolphin Cay was $266. I believe the primary difference is that the Dolphin Cay condominiums are a few years older than Bacopa Bay and there are a greater number of smaller units (less than 1,500 sq. ft.) that simply do not bring the higher pricing as the mid-size 1,800 sq. ft. units. Bacopa is in a very good position as the average pricing that you are receiving remains strong.
Below is a list of the most recent sales that have taken place in Bacopa Bay. Most interesting is that the average time a property stays on the market averaged 126 days for the past 12 months and about 1 month on average longer than Dolphin Cay. The only data you can point to is that the ultimate sales price vs. the original listing price is significantly lower in Bacopa Bay. Anything much more than 3% is out of norm and Bacopa Bay is 7%.
Happenings Along The Pinellas Bayway
There are also a lot of favorable events happening in our surrounding neighborhood that are expected to have a positive impact on home values in the community. The Skyway / Marina District (“District”) was officially opened last month and it runs along 34th Street South from 30th Avenue S to the Skyway Bridge. No doubt you have seen the new signage. Several businesses have committed to renovating their properties and the gentrification of that neighborhood seems to be off to a great start. The entire Publix complex is getting a major facelift and is expected to be completed in the fall. The Maximo Marina is implementing a $25+ million renovation and a new Burger King has opened with Wendy’s planning it's remodeling in the near future. Several of the older, undeveloped and underdeveloped commercial properties are for sale with the District assisting with the marketing. The waterfront community of Broadwater has also started a program to upgrade their neighborhood amenities. This will attract new homebuyers and support home values. All of this bodes well for the stability and desirability of the real estate market values in our area as retail and services continue to improve .
The New Sunset Pointe, Gulf Waterfront condominium development in Tierra Verde is well under way with the second building about to break ground. Sales price of these properties range from $900,000 to $1.350 million for 2,721 to 2,939 sq. ft., respectively. This property will definitely impact the higher dollar resales along the Pinellas Bayway and St. Pete Beach as 28 are currently under contract. They also provide a lower cost alternative to the $500+/ per square foot prices in the condominium towers of Downtown St. Petersburg. In Tierra Verde you will also notice improvements being made to the Marina High and Dry area and a new Island Way Grille which is expected to open late August.
I invite you to learn more about the featured communities of our area on my new website, http://www.eaganluxury.com/featured-communities/, You may also sign up for my comprehensive quarterly financial analysis about the Pinellas Bayway and Tierra Verde real estate markets on http://www.eaganluxury.com/analysis. This analysis provides in depth information about the various properties and trends in these markets. Our team takes pleasure generating new content daily on social media to assist your Florida lifestyle. Please follow our Facebook business page at www.facebook.com/EaganLuxury/ for local events, insightful articles and more information.
As a resident the Pinellas Bayway, I have a vested interest in helping my neighbors market and maximize the value of their homes. I am honored every time one of my neighbors puts faith in me for their real estate needs. If you are interested in selling your home or purchasing a new one, my local expertise can be a tremendous advantage. Through highly customized marketing, an energetic work ethic and concierge customer service, I would love to show you what Eagan Luxury Real Estate can do for you. Contact me.
