Broadwater 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.
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. While not all communities compete at all price points, the sales in Broadwater for the $500,000 to $750,000 price point represent 33% of all sales dollars, lesser amounts between $750 - $1,250,000 as there are few units available at these price points. This is a strong representation given the competition from the communities of Tierra Verde, Bayway Isles, Dolphin Cay, Broadwater and Marina Bay. With approximately 50% of the lots in Broadwater being waterfront lots that intrinsically carry a higher value, the average price per square foot is also impressive. Fewer homes in the $500,000 to $750,000 price point are waterfront in either Tierra Verde or Bayway Isle and this provides the property owner in Broadwater with a distinct marketing advantage. Below is a summary of the Broadwater real estate activity for the past two years.
If you exclude Tierra Verde, Broadwater also competes well in the $750,000 to $1,250,000 price range in comparison to the remainder of the market. Even with a limited supply of homes of this size, Broadwater’s average price per sq. ft. is generally at or in excess of $300.00. Homes that achieve that value are generally waterfront and well appointed. Current buyer activity seems to be trending to purchasing homes that are already remodeled. The sellers who have either upgraded or done some work on their homes will enjoy a distinct advantage in the marketplace.
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. While these do not compete with many of the Broadwater homes, it is worthy to note that they will help support the general market value of our area.
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.
