Luxury homes are selling fast in St. Petersburg.
This week’s roundup has news on two high-priced home sales, as well as a deal involving a retail center on a high-traffic corridor near downtown.
Former Tampa Bay Rays pitcher Blake Snell’s home wasn’t on the market for long. Liane Jamason, broker/owner at Dwell Real Estate, listed the waterfront estate for $1.4 million on Monday. It quickly drew multiple offers and was under contract as of Tuesday, Jamason said.
The 2,952-square-foot home at 6067 Bayou Grande Blvd. NE in Shore Acres served as Snell’s second residence during baseball season. But Snell decided to sell after he signed a contract with the San Diego Padres in December. In a statement, he called the decision bittersweet.
“I will miss spending time at this house with loved ones and friends that I have made through the Tampa Bay Rays Organization while enjoying the fresh air and waterfront views in St. Pete,” Snell said. “And I will most definitely miss Fresh Kitchen on 4th Street.”
Snell bought the four bedroom, two bath home in July 2019 and invested more than $200,000 in improvements and updates, specifically in the outdoor entertainment area. Upgrades include a $20,000+ hot tub, a freshwater pool with color-changing lights, a custom sun shelf, in-pool lounge chairs and a custom concrete arch with waterfall, Jamason said. There’s also an expansive outdoor kitchen and a new dock with lifts for a boat and jet skis.
Demand for design
A Snell Isle home is one of the higher priced St. Petersburg homes sold so far in 2021.
The five bedroom, four-and-a-half bath home at 2010 Brightwaters Blvd. NE sold for $4.375 million on Jan. 20, according to a deed filed in Pinellas County.
The 5,232-square-foot home was “all completely renovated from floor to ceiling — thoughtfully gutted redesigned and revised throughout,” said Alona Dishy, RE/MAX Metro, who represented both the buyer and the seller. “What made the home so sought after was not only it’s exceptional quality but owner Kathleen Boss Pineault’s design is in sync with what folk are looking for today.”
The luxury home market has been “unbelievably active,” said Dishy, who focuses on downtown St. Petersburg, Snell Isle, Old Northeast and some beach properties. “If there were more homes like 2010 Brightwaters in design and craftsmanship available, they would sell. ”
Many buyers want turnkey properties and if they can’t find that in an existing home, they are prepared to buy land and build their own home. That’s reflected in rising land sale prices.
But St. Petersburg is far from the top of the market. “St. Pete continues to be far less expensive than other luxury waterfront markets of Florida, such as Miami or Naples,” Dishy said.
A retail center on one of St. Petersburg’s busiest streets is about to get new life as a medical property.
BDG 1425 LLC, an entity associated with Belleair Development Group in Pinellas Park, bought the strip shopping center at 1425 4th St. N. and a parking lot just north of the shopping center for $1.47 million on Jan. 7, according to a deed filed in Pinellas County.
The 9,490-square-foot strip center has been home to furniture retailer Lasting Impressions, which closed earlier this month.
Belleair is remodeling the store for medical use, said Christian Yepes, owner of Belleair Development. “We think it will be a welcome addition to the neighborhood.”
The building is 100-years-old and Belleair wants to preserve the integrity of the structure. The company hopes to get permits any day now and expects a late spring or early summer opening.
The value of commercial and multifamily construction starts in the Tampa-St. Petersburg metro area dropped 19 percent in 2020 compared to 2019, according to a new analysis by Dodge Data & Analytics.
The local area is not alone. Nationally, commercial and multifamily construction starts were down 20 percent and they declined 23 percent in the top 20 metro areas in the U.S., Dodge said.
Commercial and multifamily properties include office buildings, stores, hotels, warehouses, commercial garages and multifamily housing, according to Dodge.
Richard Branch, chief economist for Dodge, blamed the Covid-19 pandemic.
“While some areas stabilized over the summer, the current wave of the virus has further hindered activity. The recently passed $900 billion stimulus plan will go a long way towards re-energizing the economy,” Branch said in a news release. ‘The construction sector will show signs of recovery in 2021, but, the road back to full recovery will be long and difficult. The effects of the pandemic on the U.S. economy and building markets will be felt for several years.”