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.
Sharon - it certainly is a very cool looking building. Are acutions like this becoming more commonplace in your neck of the wood.s?
Jeff
Sharon, I'm not reading alot of positive things about the property. I like the look of it and the floorplans are interesting but there seems to be an underlying problem. One would be the "absolute auction", Cantor seems to have their own definition of that. Thanks!
Sharon - Those look gorgeous! Do they have views of any sort?
Hi Sharon,
What a unique looking place. So if 40% have been sold, it's the other 60% that are for sale now?
Jeff - only a few condo units have gone to auction here, though they are pretty frequent in other parts of the state. Judging from the huge response on the first day after the announcement of this auction at Signature Place, there may be more of them.
Kevin - I think the biggest "underlying problem" is the economy. The 244 units were finished at a time when the economy couldn't support that volume, or the preconstruction prices from 2-3 years before. The people who have been living there for months seem very happy to be there and new buyers have generally liked what they've seen. Once the 35 units sell at Signature Place more than half the units will have been sold, which I think is a psychological milestone for the property and other potential buyers.
Wendy - all of the Signature Place tower units have a water view due to the unique design of the building. Some have water views of the yacht basin and Tampa Bay from all of their windows, others only from some of their windows.
Lynda - yes, it's the other 60% of the Signature Place units that have yet to be sold. At this point, it's just the 35 auction units being offered for sale, but I'm sure the others will follow after the auction.
Cool architecture! Love how every balcony is afforded a view. Sad to see that the market is calling for auction... If anyone should be considering a puchase---hoping they call YOU!
do you know what the current condo association fees are? and with only 40% of the condos occupied, do you know what kind of financial shape the condo association is in?
Michele - several people have already contacted me. Thanks.
jham - condo fees are 44 cents per sq ft. As far as I know all condo fees are current because the developer agreed to pay condo fees for all the unsold units for 2 years and to not raise the fees during that time.
once again, some buyers are indeed going to be getting a good deal!
Barbara Jo - be sure to accompany your clients if they register for the Signature Place auction.
More importantly I mean like lets get down to "brass tacks". How much are the HOA fees since HOA fees are the true "deal breakers" for buyers, right ?
Hi Barbara. Curious as to the current occupancy rate at Signature Place? Any 2/2's available? If so, what are the asking prices?
Thanks!
Sorry, I meant to direct my questions to Sharon.