February 2020 Monthly Real Estate Update

February 6, 2020 by The727Team
Kenwood Grand Central

What’s included in every real estate update?

Interesting Real Estate Stats

Recommended Articles Of The Month And Why

Real Estate Local News

Interesting Real Estate Stat For This Edition:

Every month we’ll pull an interesting stat for you directly from our MLS for Pinellas County.

The new decade continues!

While many real estate markets have been moving sideways in recent history, The Tampa Bay Area continues to increase in value faster than the national average. Some estimates report that around 1,000 people are moving to Florida every day and Uhaul has reported that as of 2019, Florida has become the number one moved to state by folks that use this do it yourself moving company.

According to this article published by The Washington Post “The NAR expects 10 markets to have home price appreciation that outpaces the rest of the country over the next three to five years: Ogden, Utah; Las Vegas; Fort Collins, Colo.; Colorado Springs; Dallas/Fort Worth; Columbus, Ohio; Raleigh/Durham/Chapel Hill, N.C.; Charlotte; Charleston, S.C.; and Tampa/St. Petersburg, Fla.”

It’s unclear if this list is posted in order of projected demand but the massive amount of construction going on in Downtown St. Pete would make anyone think that we are number one on that list. Check out this article on St. Pete Rising that outlines all upcoming developments breaking ground and finalizing in 2020. Construction includes hotels, apartments, high rise condos, a museum and of course the long anticipated New St. Pete Pier.

Downtown St. Pete Luxury Market

dtsp skyline mirror lake

Let’s take a look at the shift of property values in Downtown St. Pete over the past 5 years. As you can see, the past 5 years have average sold prices of about $400,000-$500,000 pretty consistently. The completion of The ONE Tower is skewing these prices upwards dramatically and that’s only the beginning.  Projected new construction luxury towers such as Salt-Aire and 400 Central will bring another massive wave of luxury condos for sale in Downtown St. Pete. 

Now might be a good time to buy a home Downtown under the 500k price point. They are becoming more and more rare as Downtown is becoming a more desirable place to live. Luxury condos are setting a new high for the cost of living downtown, it’s only a matter of time before surrounding residential home values are effected as well. As they say, a rising tide lifts all boats.

In Conclusion

2020 is shaping up to be a great year for Downtown St. Pete and surrounding areas.  The influx of infrastructure for both locals and visitors is going to continue to help redefine this city in the next few years. Some people are against the rapid development of our Downtown area but I personally am happy to see more and more people discover our beautiful city and enjoy it. As always, feel free to reach out to us at any time with any questions. You can email me at chrisformico@gmail.com or call/text me on my cell at 727-307-1111. Thanks for reading and have a great day!

-Chris Formico

Recommended Articles Of The Month:

For this update, we’ll highlight some must-reads we’ve written:

Top 8 Places To Buy New Construction Near St. Pete, FloridaLearn about the best places to buy new construction at varying price points.

Skye333 Townhomes next to the future location of Reflection Condos

Top 8 Reasons To Move To The Grand Central District – Learn more about the reasons to move to this amazing part of our city.

Local News:

Here are some news stories you may love!

Station House Coming to Sundial Shopping Center – The Station House Co-working space is opening up their newest location right in the Sundial shopping plaza.

18 Story Condo “Reflection” To Be Built Near Mirror Lake – Pictured above, this condo complex will be built in the current parking lot next to Skye333.

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727team.com Monthly Real Estate Update