Real Estate Activity Update as of 6/30/16 from Deborah Eagan – Villas on Point Brittany
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 Villas On Point Brittany newsletter 6/30/16.
Villas on Point Brittany are made up of 80 units along Brittany Dr S. For the past two years the turnover on the units has run 9% - 10% which is consistent with similar properties along the Pinellas Bayway. Below I have summarized the sales activity for the previous two 12-month periods ending on June 30.
Units sold over the past two years have been relatively consistent and the average sales price has increased to $224.43 per sq. ft. vs $214.30 for the previous 12-month period. This $10.13 in growth represents about a 4.7% increase for the year and this is consistent with other condominiums along the Pinellas Bayway. Interesting is that the eventual sales price of the property (SP) is only 93% of the Original Listing Price (LP). This number is low (norm is usually 96% - 97%), however the days to contract have decreased significantly. This is due to some of the larger sales in the 2016 numbers reduced their price significantly very early in the sales process. All 4 of these properties sold well above the average sales price of $224.43. Days to contract are about to change as 4 out of the 5 current listing have all been on the market longer than the current average. The exception is my new listing at 4750 Brittany Dr #128, where I sold the previous owner a condominium over in Dolphin Cay. I’m the top Realtor in Dolphin Cay so if you are ever interested in looking at properties there, please do not hesitate to call me. The current listings in the Villas are below:
As an aside, the current buyers seem to be trending to purchasing homes that are already remodeled. I often write about this type of information in my Facebook postings or on my BLOG. Both links are provided at the end of this report.
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 Maximo Moorings homes, it is worthy to note that they will help support the general market value of our area.
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.