Resale Prices Skyrocket on Condos at ONE St. Petersburg

ONE St. Petersburg, the newest high rise in Downtown St. Petersburg built by Kolter, has sold out and now many residents are selling the condos they bought pre-construction in 2015 through 2017 for a nice profit. If we look at a few examples, we can see that the increases are as much as 30%-40% and we are seeing pricing on higher floor resales approaching the $1,000/per square foot mark. The closest we’ve seen to that per foot pricing was a sale at Ovation which closed at $942/square foot in January of 2019.

Unit 2603 at ONE sold from the developer for $1,017,900 and re-sold in mid-April for $1,425,000 – which represents a 29% increase over what the seller paid.

Unit 701 at ONE sold from the developer for $1,169,550, and has recently closed at $1,750,000 – which is a 33% increase over what the seller paid.

Unit 1904 at ONE sold from the developer for $863,040, and sold for $1,135,000 – which represents a 24% increase over what the seller paid.

Unit 3604 at ONE sold from the developer for $1,011,625 and just closed (I listed/sold it!) for $1,450,000 – representing a 30% increase over what the seller paid.

Unit 505 at ONE sold from the developer for $654,300, and sold as a resale for $1,100,000 which represents a whopping 41% increase over what the seller paid.

There are many other examples such as these. We hear from some buyers that they feel prices are going up too fast, but you must consider that many of these properties were bought pre-construction in 2015-2016, so this represents about a 10% per year increase in our market in Downtown St. Pete, which is not totally surprising.

Kolter does have plans for another high rise project to be named SALTAIRE and that tower is estimated for a 2022 completion.  Prices currently range from the mid $800K’s to over $6.4M – call me for up to date pricing as it is subject to change.  Reservations for SALTAIRE are open now.

View Currently Available and Pending Listings at ONE St. Petersburg