Marina Bay Real Estate Activity Update as of 6/30/16 from Deborah Eagan
My name is Deborah Eagan, I am luxury agent with Keller-Williams St. Pete Realty and I am one of the highest volume realtors along the Pinellas Bayway, specialize in condominium and homes in our area. Currently, I have co-listed the spectacular new waterfront estate home in Marina Bay. I have attached the sales description for this waterfront property. As part of my marketing program, I take pride in keeping the residents of my communities informed on up to date real estate trends.
As you may know, the Marina Bay community is primarily made up of 4 categories of properties: estate homes, condominiums and two sizes of townhomes, each with different selling features and target markets. Below is a summary of the activity in each of the developments for the past two years ending June 30. Prices in each of the developments have remained relatively steady with just marginal increases or decreases. The exception is the estate homes which vary based on size and location, whether waterfront or other.
Most of the current availability for properties consists of the estate homes that are being developed along the waterfront and the pond. The waterfront estate homes are being offered between $2,300,000 and $2,750,000. While the other two are priced between $1.2 - $1.4 million. These are the only new construction single family homes along 54th Avenue South and they have created some excitement amongst the luxury Realtors.
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. 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.