St. Petersburg Realtor Update – April 2017

May 4, 2017 by The727Team

As April finishes up we have a lot to report on regarding downtown St. Pete and the surrounding areas. Even if you knew nothing about St. Pete, you would be able to tell that this city is rapidly on the rise just by taking a drive down Central Avenue. There is an amazing amount of development going on – so much so that it’s hard for most people to stay fully informed. Have any questions about development downtown?

We’d love to find the answer for you if we don’t know it already. It’s my job as your St. Petersburg Realtor to keep you informed with updates on both residential and commercial development. Feel free to reach out to us if there is anything you’d like to know that our blog posts don’t answer.

Downtown Development

Downtown St. Petersburg is still booming with sales and new construction. We are seeing some new construction projects just breaking ground and others closing up construction with all units sold out. The Arlington For example has just finished it’s last 4 units with the final inspections from the city being completed and the last few certificates of occupancy have been distributed.

The Arlington Townhomes sold out fast but if you’re looking to get in on the action there is some good news – The builder Icon Residential has a few more local projects in the works. Uptown Kenwood, a community geared towards young professionals broke ground in March. This community will have similar build quality, size and design queues as Icon’s new construction properties downtown, however it will be more affordable than the downtown locations.

Speaking of downtown locations, the other Icon Residential project named The District on 9th is getting built right down the street from The Arlington. This complex offers mostly smaller floorplans than The Arlington. This is appealing to a buyer base that is looking for something a little more affordable.

These units have a similar layout with 1,500-2,600 square feet of living space and a personal rooftop terrace for each unit. There will also be units that offer a commercial store front space which is a valuable commodity to own in downtown St. Pete.

I will say that we did have a pretty good experience with buying at The Arlington. The only hassle we had with these builders is that they did not finish in the time that they had originally told us. We had to push the closing back a few times however in the end they provided a high quality product so it was absolutely worth it.

Our client Joe and the Icon builders doing the final walk through at the new construction townhome complex The Arlington.

What else is new in St. Pete?

The ONE St. Pete Tower set to be the tallest residential building from Fort Lauderdale to Atlanta is selling out fast. With over 70% of the units sold, this project is an indicator of huge demand for luxury condo living in St. Pete. This building is set to be completed in the Fall of 2018.

Another luxury tower named Bliss located just off of Beach Drive has started to allow it’s residents to move in. This luxury condominium complex sold out all of their 29 units before they finished construction. The owners of Cassis must have big plans because they have recently purchased commercial space in both Bliss and the ONE St. Pete Tower.

 

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Local Business

We’ve seen a few major changes in 2017 for local business downtown. Red Mesa Cantina has acquired the upstairs space which used to be Push nightclub. This second story space is one of the more unique event spaces in St. Pete. It includes an outside covered terrace, an inside area and also a rooftop bar.

The space has an enormous amount of potential and it sounds like Red Mesa Cantina isn’t going to cut any corners in order to do it right. The space will be called Red Mesa Events and will be mostly an event space for private events and catering. The second story Cantinita Terrace and the rooftop cocktail bar will be open to the public when not reserved for private events.

Renovations at Red Mesa after taking over Push Nightclub

Also right around the corner from Red Mesa, Hofbrauhaus St. Pete announced that they are looking for someone to buy them out. This highly anticipated German franchise was a hit at first but has slowed down significantly after the initial novelty wore off.

The building itself is 16,000 square feet and can seat 750 people. It will be interesting to see if the franchise will continue or if something else will end up filling this enormous space.

Hofbrauhaus is looking for a buyer. What is going to fill this enormous space in downtown St. Pete?

RE/MAX National Housing Report & Tips For Buyers In A Hot Market

The monthly RE/MAX report is confirming what you may have heard already. There is low inventory and a lot of folks looking for a home. Although this is the case, we have helped many buyers find their ideal home.

When you’re in the market, make sure your agent is flexible enough to go see properties the day of if need be. When nice properties are listed and priced correctly, they will go under contract fast.

Another thing to take into consideration is that many people will overprice their listings in a hot market like this. If they’re too overpriced they will sit on the market for a long time and you will see the seller gradually reducing the price. Your agent should be able to determine why a house has been on the market for a long time.

When this happens you may be able to come in with a more realistic offer and make a deal with the sellers. Here are some up and coming neighborhoods that you may want to consider.

Are you in need of a Realtor in St. Petersburg? Whether it’s buying or selling, we are here to help. Feel free to reach out to Chris at 727-307-1111 or email us at the727team@gmail.com. Thanks for reading and look out for next months update!

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