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In the first quarter of 2010, Tampa Bay saw the easing of credit in jumbo loan markets. That, in tandem with an inventory of properties which were at the right price for buyers, created a clear upswing in activity in closed sales of homes above $1,000,000.
Pinellas County home sales in the luxury market led Hillsborough with 35 sales above $1,000,000 recorded through the Multiple Listing Service (MLS) with an average sold price per foot of $366. “It has become apparent that starting in January of 2010 buyers recognized the value luxury homes on the market,” said Robert Glaser, President & CEO of Smith & Associates Real Estate. “This pushed sales at a pace not seen in the last 3 years.” In addition, the number of sales over $1,000,000 currently pending in Pinellas County is 33. This does not include a number of luxury condos currently under contract at 400 Beach Drive and Ovation which will close in the next 60 days. Looking back to the month of April 2009 comparatively there were 11 pending sales – the trend up is very significant. One enclave of luxury properties seeing this increase in activity is the St. Petersburg neighborhood of Snell Isle, which has seen 4 recent luxury closings. Brightwater Estates has also seen 3 closings in first 3 months of the year.
In regards to Hillsborough County home sales, there were 22 homes sold above $1,000,000 during the first quarter – the highest sale price being $4,500,000. The average sales price of the closed listings was $1,755,000 and the average price per square foot was $291. The pending activity for April 2010 shows 30 homes presently under contract, compared April 2009′s 7 transactions closed over $1,000,000. “Today’s luxury buyer will be able to enjoy best values and prime locations,” says Glaser. “Also, depending on property condition buyers will find that the market has settled into a ‘new’ value range that is in line with overall economic conditions.”
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