Bayway Isles Single Family Homes Real Estate Activity Update - 6/30/16 from 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, Tierra Verde and Downtown St Petersburg. As part my marketing programs I like to keep the residents in my communities informed on real estate trends in their community by providing them with a quarterly newsletter that updates them on the real estate market in their neighborhood as well as what is happening in the surrounding area. This is your Bayway Isles newsletter for 6/30/16.
I have recently completed an analysis of the Single Family Homes with a value of $500,000 or more along the Pinellas Bayway and Tierra Verde and I have identified 6 subdivisions along the Pinellas Bayway that compete for sales dollars at various price points along the spectrum. Bayway Isles and Tierra Verde possess the most high-end ($500,000 +) properties with approximately 150 and 600, respectively. However, Dolphin Cay has 46 Single Family Home in their community with 14 of these home residing on a deep water canal. In the lower range of $500,000 - $750,000, Broadwater and Maximo Mooring compete for these dollars and they representing 50% of the units and dollars sold in this category over the past 2 years.
From the summary above, you can see that the average sale price for the 15 homes sold in Bayway Isle in the past 12 months has dropped below and average of $750,000. Currently, all of the homes currently listed as Active and “For Sale” in Bayway Isle with a sales price between $930,000 – $5.0 million with average days on the market of over 11 months (see schedule below).
While each home has its own story, generally speaking most buyers today are not looking to complete major renovations. Additionally, to obtain over $300 per sq. ft., history demonstrates the property needs to be on the water and be well appointed. In the past two years only 13 homes sales out of 139 (Pinellas Bayway and Tierra Verde) were able to achieve more than $400 per sq. ft. and two of those were in Bayway Isle. The current trend for buyers is for purchasing homes that do not require major renovations.
Happenings Along The Pinellas Bayway
Recently, several New Estate Homes have been built in the Marina Bay Community. There is currently a total of 16 Estate Home lots planned with several under construction and a handful that are occupied. This is rare new construction along the Pinellas Bayway with pricing from $1.1 to $2.8 million, including waterfront properties in the $2.0+ million range. I have co-listed one of these waterfront homes, which is 4,150 sq. ft. with stunning amenities, which include a private elevator to all levels, private dock with lift, private swimming pool and oversized garage. This gorgeous home has spectacular interior finishes and is listed at $2.3 million. A similar 4,100 sq. ft. Marina Bay waterfront home from the same developer just sold for $2.35 million in June.
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. 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.
There are 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 adjacent waterfront community of Broadwater has also started a program to upgrade their neighborhood amenities. This has not gone unnoticed and it 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.
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.