Real Estate Views from St Pete

The auction at Signature Place has been creating buzz in downtown St Pete for the last few weeks. Today was it - the auction.  As we expected, all 41 sold, as well as 10 additional ones they put up for bid. Also as we expected, all of them sold above the minimum bids.So - 51 times this afternoon we heard GOING ONCE, GOING TWICE ....  SOLD!

It was interesting to watch the bidders - some people would bid each time to their limit and stop; some were coaxed a bit higher. Some had two determined bidders going back and forth. Yes, it was an exciting place to be.

Sale prices ranged from $174,000 to $742,000.

We've posted more details on the Signature Place condo auction in downtown St Petersburg ...

Signature Place has added six more condo units to the 35 condos that they have advertised and that are on their website. The auction is still scheduled for 1 pm on Sunday, March 7th - you MUST be preregistered to attend the auction, bring a photo ID, a Cashier's Check for $7,500 and a blank personal check, which you'll make out for the difference between 10% of your successful bid and the $7,500.

Minimum bids on the additional units are in line with those of the previously offered units and range from $215,000 to $405,000, which represent discounts from the original prices of up to 71%. No units at the $135,000 minimum bids were added to the group.

The Simms Team is over at Signature Place several times a week and sometimes, several times a day. Thus we stay current on what's happening.

We have photos of over 30 of the units being auctioned, showing not only the view from the unit, but whether and how the floors are finished, which finishes are on the cabinetry, etc.

Once again, if you want to keep your right to be represented by a real estate agent (at no cost to you since the Seller pays the commission) your agent must accompany you when you first visit Signature Place (your first visit AFTER the auction announcement). Subsequent visits can be with or without your agent. 

Note - any agent/broker registrations made prior to the announcement of the auction are null and void. The auction "starts a new game".

St Petersburg has many "new" downtown condos that haven't been sold by the developers. What's the right price? It's easy to tell what is the wrong price, because they languish on the market unsold.

Signature Place, which by the end of 2009 had sold about 100 of its 244 units since opening in June, came up with an interesting idea to create buzz as well as establish prices. 35 Signature Place condos will be auctioned on March 7th - an absolute auction with a minumum bid on each unit. It certainly created a buzz. Thousands of people have walked through Signature Place in the last couple of weeks, looking at the units. We expect that the auction will help determine prices that the rest of the units will be offered at after the auction.

400 Beach was selling well, but the developer cross collateralized and subsequently filed for bankruptcy, affecting the last 18 units out of 100. Just last week, several months after the foreclosure sale, the lender put a price on each of the units, with price reductions of 25% to 60% of the original asking prices. Over last weekend, available only to those with letters of intent from last fall, 8 of the units had cash contracts. This week, with sales opened to others, an additional four went to contract. Today, with only 8 units remaining, the lender raised the prices by 10%.

Interesting times call for interesting measures. At least this shows that there are buyers ready to buy - if the price is right.

400 Beach

Luxury Condos at 400 Beach Drive NE in downtown St Petersburg Florida

400 Beach luxury condos at 400 Beach Drive NE in downtown St Petersburg has 18 unsold units. Since Wachovia foreclosed on the developer, Opus South, potential buyers have been wanting to know what's happening. Will Wachovia sell them individually, in a package, and how much will they sell for?

Yesterday prospective purchasers who submitted Letters of Intent months ago and their agents were called and notified that the condos were now available, and the buyers were given the price at which "their" unit would be sold. They were invited to submit revised Letters of Intent at the released price. They have a short window of opportunity before Monday, February 22nd, when prices will be released to the public and the properties entered into the Multiple Listing System.

Signature Place condos in downtown St Petersburg just announced that 35 condos will be auctioned on March 7, 2010. This is an absolute auction, with minimum bids ranging from $135,000 for an 859 sq ft 1 bedroom 1.5 bath condo (list price wss $291,000-$336,750) to $430,000 for a 2,403 sq ft 3 bedroom plus den 3 bath unit (list price was $918,750). The minimum bids have discounts ranging from 49% to 64%.

Signature Place is an architecturally significant highrise that was completed last year and began sales in June 2009. Approximately 40% of the 244 residential condo units have sold.

To insure that they retain the right to buyer representation, anyone visiting the sales/auction office onsite to preview the units should bring their agent with them on their first visit to the property.

Happy New Year!

Hope 2010 is a wonderful year for you, one filled with health and happiness!

Earlier this year I posted about our Wedding Bells sign rider. Nothing like a little pressure - we had to get their properties sold before this couple of friends could get married.

Monday we attended the wedding on Ft DeSoto Park beach - which was the #1 rated beach in the entire US, including Hawaii. A bit windy, but clear skies.

Looking out our office window this afternoon we saw the installation of this bronze statue across the street at the Museum of Fine Arts. Naturally I went outside with my camera and then started asking questions. This bronze is part of a coming exhibit The Baroque World of Fernando Botero which will be at the Museum of Fine Arts in downtown St Petersburg from January 9 - April 4, 2010. The Museum of Fine Art's Coming Events page tells more about it.

If you're coming to the exhibit, please stop and say hello to The Simms Team at ALVA International, Inc real estate office right across Beach Drive from the Museum of Fine Arts.

Have you seen window decals like this start appearing this week? The Simms Team at ALVA International was named a Favorite Place by google and received this sticker for the window. It's designed with a QR bar code so that phones with this code reading application can point at the sticker and get photos, hours of operation, directions, information about the business. The you can click through to our website, dial through to our phone, save it on your phone, or email the information to a friend.

As a business owner you can add photos, descriptions, etc., so this is a new way to supplement your marketing efforts.

Google has blogged about this new way to window shop.

There are several QR reader applications for the phone. I chose QuickMark for my iPhone at the cost of 99 cents. QuickMark is one of the 16 most popular iPhone applications and the most popular one in the barcode category.

Additional note:  based on some of the questions that came up in the comments, I found this post on Google Favorite Places that explains how they made their choices and what you can do about it.

This was a fun sight from the window of the St Pete Yacht Club where we were having lunch today.

The yacht club is decorated with trees, lights and decorations everywhere. The long hallway with trees along both sides is particularly spectacular. Then each dining room, the bar, meeting rooms and nooks all have their own decor.

Mr. Snowman must be getting ready for tonight's annual St Petersburg Boat Parade. It leaves from Bayboro Harbor at 6:30 pm, goes out into Tampa Bay, around The Pier and around the Vinoy Basin, then returns.

There are lots of places in the waterfront parks to watch the lighted boat parade tonight, or you can watch from some of the restaurants that overlook the water. Many of the downtown luxury condos have great views of the parade as well. You can even charter a yacht to see it.

Merry Florida Christmas!

Do you keep old Christmas cards from year to year? All of them? The ones with notes? Do you keep the annual Christmas photos of your family, friends or clients?  Just hate to throw them out.

So - I went through last year's and used my Fujitsu Scansnap to scan a few notes and some photos, and now they're saved on a flash drive.

That made me think of another use for those scanned photos over the years - why not make a digital book and give it as a gift?

Gorgeous sunrise over Vinoy Basin out into Tampa Bay.

Downtown St Petersburg has its first Mounted Police. Brooklyn and Jacob came to St Pete from Boston - hope they'll like the warmer winter! Boston recently disbanded its 12 member Mounted Police which had served Boston for over a century.

I was having lunch at the St Petersburg Yacht Club when I saw this pair pass the big window by the waterfront. This is their first day on the job here, so heads are turning and people are coming outside to watch.

Tami took this photo from right outside our office - one more attraction we can see from our desks. They are in Straub Park, right by the Museum of Fine Art.

The St Petersburg Police Department has patrolled downtown St Pete by car, on foot, by bicycle and Segway - now they can add horses. Friday and Saturday evenings we'll see the mounted police as well as the horse drawn carriages in beautiful downtown St Pete.

This evening enjoy wine and cheese at ALVA International until 8 pm - author (and client and friend) Nino Fabiano is signing his newest book Egmont Passage Tale of the Dreamcatcher.

A tale of intrigue set on Tierra Verge, the book blends local history with current events.

Pirates Amy and Tami dressed for the occasion.

Nino will also be here tomorrow from 10 am to 1 pm.  Come buy one or both of his books, and have it autographed.

Vinoy Place continues to do well despite a slower condo market in downtown St Petersburg. Built in 2001 and 2002, the 4 towers and 10 townhomes have 102 units.

So far in 2009 there have been 5 closed sales of Vinoy Place condos, ranging from $775,000 to $1,200,000, with an average of $890,000. The price per sq ft has ranged from $262/sf to $331/sf, with an average of $293/sf.

There are currently 8 Vinoy Place condominiums available for sale through the MLS, ranging from $580,000 for a 1,793 sq ft short sale to $2,200,000 for a 4,033 sq ft townhome.

Ovation condos have begun closing - so we now have a definitive answer for the question we're frequently asked - When will Ovation start their closings.

The first buyers to close are Richard and Melissa Middlesworth. Check out the Ovation article in tomorrow's St Pete Times.

Ovation is the latest luxury condominium developed and built by JMC Communities. Mike Cheezem has been building quality condominiums for many years here in the St Petersburg area. It means a lot to buy a condo knowing that the developer will stand behind what he builds, and will be there in the years ahead to take care of any problems that may arise.

It's a real pleasure to work with the JMC Community, and so good to know that whether selling a new unit of theirs or a resale, that they will be there to handle any issues.

In an era of extended finger pointing, it's a welcome change to deal with a company that takes responsibility. That's part of what you're buying when you buy a JMC condo.

The sales staff for Ovation will be moving into the Ovation building on Tuesday. If you have an interest in buying in Ovation and want to see one of the two furnished models, please call The Simms Team at (727) 898-2582.

Antonino Fabiano, one of our favorite clients and friends, and author of Dreamcatchers, will be holding two book signings at our office, ALVA International, Inc., 238 Beach Drive NE, St. Petersburg, Florida, on Friday, August 28th from 5-8 pm and Saturday, August 29th from 10-1.

Why a book signing at a real estate office? Well,

Why Not?

It's a win-win in our opinion - exposure for the book, the author, and our new (since Christmas) real estate office. It's a great downtown St Pete location where lots of people walk by.

Egmont Passage: Tale of the Dreamcatcher uses the St Pete area as a backdrop, and weaves history and current events into an interesting tale.

In the current economic environment, the more we can help each other succeed, the more each of us will thrive. I think making more people aware of this interesting book will enrich their lives as well.

If you can't make it to St. Petersburg to get your autographed book, you can order Dreamcatchers online.

We rather ignore hurricane season which lasts from June 1st until November 30th unless there's a named storn. Then some people are glued to every weather report to guess which direction it's going to take. I prefer to get the advisories directly from the National Hurricane Center rather than listen to the hype. The advantage of hurricanes is that you know about them days ahead of time. The disadvantage of hurricanes is that you know about them days ahead of time.

Personally, I keep track, but don't get concerned until much later when it's evident if it's really headed our way. But then, we keep our hurricane supplies on hand all the time, and we know where we'll go if we need to evacuate. Not being worried is NOT the same as not being prepared.

There have been several reports on the best college to attend for various reasons, from Wall St jobs to partying. Today Forbes.com posted a list of which colleges generated more billionaires. Here are the top 5 graduate billionaire generators.

#1 - Harvard with 54 billionaires  (5% of the world's billionaires)

#2 - Stanford with 25 billionaires

#3 - Univ of Pennsylvania with 18 billionaires

#4 (tie) - Columbia and Yale with 16 billionaires each

Some 10% of Forbes 400 Billionaires last year didn't have a college degree.  So I guess Bill Gates and Mark Zuckerberg count in that group since they attended Harvard but didn't graduate.

I thought the content of the video was right on, and the way the video is displayed in the blog is cool technology. This will also give a taste of what a RE Bar Camp is about.