Tampa Bay's newest, tallest condo tower is almost done, and units already are being flipped for big bucks

Article Courtesy of The Tampa Bay Times

Published December 9, 2018

   
ST. PETERSBURG — Less than a month ago, an investor paid $511,200 for a unit in Tampa Bay's newest condo tower, ONE St. Petersburg.

This week, she sold it — for $702,000.

Though the 41-story tower in downtown St. Petersburg is not yet finished, several buyers already have moved in while others hope to quickly flip their units — at hefty profits — as the bay area's luxury condo boom continues unabated.
   

"There are definitely people who bought to resell,'' said Peggy Naruns, a Realtor who has a listing in ONE. "We expect that between 15 and 30 units will (soon) be available, with price increases of around 40 percent.''

Just a short block from the city's downtown waterfront, ONE St. Petersburg proved popular from the time it was announced four years ago as part of a $200-millon project that includes a Hyatt Place hotel. Buyers snapped up all 253 units, many taking advantage of pre-construction discounts offered by the developer, the Kolter Group of West Palm Beach.

New condo projects in Tampa have generated similar enthusiasm.

Two months after sales began last year at Virage on Bayshore Boulevard, more than half of the 71 units were under contract. All 32 units have been spoken for at Aquatica, also under construction on Bayshore. And reservations for condos in downtown's Riverwalk Place have been so brisk that developers decided to make the 50-plus story tower all residential instead of mixed use as originally planned.

A worker puts finishing touches on the sidewalk by a mural on the side of ONE St. Petersburg, which has 253 units and is the tallest condo tower on Florida’s west coast.


 

The rush to buy reflects the demand for new construction in waterfront areas where the existing condo stock is showing its age. Virage, Aquatica and the proposed Sanctuary will be the first new condo towers on Bayshore in years. In downtown St. Petersburg, the Bayfront Tower dates to the 1970s and with one exception, every other tower is at least 10 years old.

"The way products develop now, flooring and cabinetry are out date in 10 years,'' said David Vann, an agent with a listing in ONE St. Petersburg.

Arguably, a buyer who can pay $1 million or more for a condo can afford to make updates. But "everybody does love that new construction,'' Naruns said.

ONE St. Petersburg, now the tallest residential building on Florida's West Coast, has a sleeker, more contemporary look than any tower nearby except the 36-story Signature Place built in 2008. Residents enter at First Avenue N and First Street through a glass-walled lobby with a soaring atrium, recessed concierge desk and muted colors and lighting. Amenities include state-of-the-art fitness equipment and “social” rooms with large flat-screen TVs for neighborly get-togethers.

With work still underway on ONE St. Petersburg's top floors, sales are closing in stages. As of this week, 50 buyers had finalized their purchases of units up to the 16th floor.

Actors Jennifer Lopez and John Travolta have been rumored to be among the buyers but sales recorded so far show that most are from the bay area or have seasonal homes here. Several own units in other downtown condos, including Signature Place and Parkshore Plaza.

Among the ONE St. Petersburg condos already back on the market is a three-bedroom, three-and-a-half bath unit on the 7th floor. Facing the water, it has 12-foot ceilings and three terraces.

The buyers, who live in St. Petersburg, liked that the rear terrace opens onto the pool level and would allow easy access to the street when walking their two large dogs.

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