The highly coveted new construction home is a rare thing in a city that is mostly filled with homes built during the 1920’s and 1950’s. In some areas we are seeing older homes being razed and new construction single family homes being built. In other areas we are seeing large parcels of land being developed into townhome communities, condos and apartment complexes. Near Downtown where land value is at a premium, we are seeing an enormous amount of smaller lots being developed into high rises.
Which type of new construction is right for you? Maybe you’re looking for a new single family home where maintenance costs will be minimal and everything is under warranty. Perhaps you live down here part time and are considering a new construction vacation home in a secure community. Maybe you’re like my friend who just wanted to buy a nice place to make sure his new wife is comfortable and happy. Whatever your reason, there is always some peace of mind in owning a new construction home.
With that said, let’s get started with The Top 8 Places To Buy New Construction Near St. Pete, Florida. I’ll be starting with the most expensive and working my way down to the most affordable. Here we go!!!
8. The ONE Tower
The ONE Tower is luxurious without being pretentious. Completed in 2018, this beautiful building is filled with units that overlook both Tampa Bay and the Downtown St. Pete skyline. There are different floor plans on either side that aren’t too much different in size however you will pay roughly 30% more on average per square foot to own a water view unit.
This is currently the tallest building in St. Pete and will continue to be the tallest for a few years until the 400 Central Tower is completed. I personally get sweaty palms when looking over a balcony from 30 stories up but I’ve heard you get used to it.
7 . Salt-Aire
Salt-Aire is another new construction tower being constructed by Kolter, the same company that developed the ONE Tower. They are currently taking reservations with west side city view units starting at $859,000 and water views starting at 1.35M. They also have 3 bedroom units starting at 1.6M.
Not all new construction builders are reputable however Kolter has established themselves after the successful completion of the ONE Tower so Salt-Aire is a safe bet when it comes to quality. I know they are offering some pretty solid incentives right now for the buyers who are committing to their pre-build contract. I’ll update this article as the construction progresses.
6. The Arlington
One of my good friends bought a townhome here when this complex was first built back in 2017. He had just moved here and knew nothing of the area but realized that he wanted to live in Downtown St. Pete. After a bit of research we realized that The Arlington was by far the most amount of home you could get for the price.
This project was so successful that the developer Icon bought the lot next door and constructed a similar project – The District on 9th. A few blocks north is another similar project Skye333 that went up as well. What do all of these have in common that made them successful? They all are spacious townhomes with few amenities which helps keep the HOA fees low. Also they all incorporated most everything you’d need – On top of a large amount of interior space, you’ll find garages and rooftop patios on most of these units.
There are very few new construction developments this size Downtown. I believe that these types of townhomes have the greatest upside potential when it comes to appreciation. Price per square foot for many homes Downtown is off the charts and these units with a relatively low price per square foot are only going to go up in value. My friend’s townhome has already appreciated about 25% since he bought it in 2017.
5. The District On 9th
The District on 9th is very similar to The Arlington however there’s one major difference – A few of these units are zoned both commercial and residential. That means you could own a townhome with your ground floor being retail space. Retail space in Downtown St. Pete is at even more of a premium than residential space. You could potentially buy one of these units and rent it out or live above the business that you own.
This complex is on the same block as The Arlington and parallel to Central Avenue which means it’s extremely walkable. This part of Downtown has only started to really come up since about 2017. Named The EDGE District, there is a wide variety of bars, restaurants and other fun little shops. This is probably my favorite part of Downtown because it’s busy enough to always have something going on but never so busy where it’s uncomfortably crowded.
This complex is very similar in build quality and size as the previous two that I mentioned however it’s a few blocks further from Central Avenue and also kind of on a busy intersection. When you live in an Urban area, most streets are pretty busy anyway so it’s not a big deal. This is especially true when you have designated parking, a garage and it’s a 5 minute walk to pretty much anything you need.
One nice thing about this location is it’s only a block to Mirror Lake which is a beautiful underutilized park Downtown with an amazing view of the Skyline. Mirror Lake is one of those areas that is coming up really quickly – It’s only a matter of time before this peaceful area of Downtown starts to become more developed.
3. Kenwood / South Kenwood / North Kenwood
Kenwood for the longest time has been known as a historic area filled with the highest concentration of 1920’s craftsman style bungalows in the entire state of Florida. Some parts of this neighborhood have historical designation which prevents new construction homes from being built, however other parts do not.
A big appeal to living in this area is the walkability to The Grand Central District. Another appeal is the general pleasant, laid back nature of this area. You will find new construction single family homes as well as new townhome developments going up in this area.
South Kenwood also known as Palmetto Park is the same area as Kenwood, just south of Central. This area is seeing a huge influx of new construction homes, some of which originally seemed overpriced for the neighborhood however they are selling since new construction single family homes are so rare near Downtown St. Pete.
Land value is going up here and the new construction boom is showing no signs of slowing down in this area. There are also a few new construction homes with legal rental units in this neighborhood which is something you mostly only see in 1920’s homes in St. Pete.
North Kenwood is mostly filled with small, older homes. This neighborhood is a prime example of an area where property value is starting to tip the scale towards favoring land value over current existing homes. In my opinion, there’s not a whole lot of historical value in this area compared to the main part of Kenwood so I think it will be a step in the right direction when these older homes get razed and new construction is built. This may be one of the best opportunities to buy a new construction home in a decent neighborhood near Downtown St. Pete.
The city of Gulfport is coming up quick. Areas near downtown as well as the neighborhoods on the northern end of Gulfport are seeing a transition with homes being demolished and new construction going up. This trend is also extending past city lines (49th St) into areas of St. Pete near Gulfport.
Gulfport is a really fun little city with a local feel. It’s also right on the water. There are weekly markets and plenty of places to grab a nice lunch or a beer. Here’s an article if you’d like to learn more!
1. South St. Pete
This is going to be the most affordable area to find a new construction home. There are a few neighborhoods in transition where the property values just haven’t caught up to the rest of St. Pete yet. If you’re looking for long term appreciation with minimal maintenance costs, this might be the best area to consider.
South St. Pete is a very diverse place but has a bit of a stigma which has resulted in many people overlooking this beautiful area. It has a broad spectrum of all types of neighborhoods. I think new construction in South St. Pete is going to have some of the largest potential for appreciation over the next 5-10 years.
New construction is the way to go! New construction means less to budget for when it comes to maintenance costs and lower insurance premiums because all of your 4-point systems (Roof, HVAC, Electrical, Plumbing) are brand new. You’ll also get insurance discounts with block construction homes, wind mitigation and other superior build quality techniques that come with new construction homes.
It also means a lower electricity bill when your HVAC unit is operating at maximum efficiency and your windows are insulating your home effectively. This is especially important in Florida when AC costs alone can be hundreds of dollars per month.
Are you looking for a new construction home? Leave your information below and we’ll reach out to you ASAP! Thanks for reading, have a great day.