Condos Go On The Block In St. Petersburg
More condos are hitting the auction block in Florida. Accelerated Marketing Partners has announced an auction for 35 bayfront condominium residences at Signature Place in St. Petersburg, Florida. The auction will be held on March 7 at The Hilton St. Petersburg Bayfront hotel. Minimum bids for the residences range from $135,000 to $430,000 and represent a 65 percent price reduction below the last asking prices.
The 36-story, 244-unit Signature Place has a street-level plaza featuring the world's largest water wall spanning 64 feet of black granite. A sixth-floor sky garden has bay views, residents' lounge area, private cabanas, sleek vanishing-edge lap pool, putting green, state-of-the-art fitness center, lawn, and Tai Chi/Sculpture garden. Other amenities include 24-hour concierge and security; high-speed gearless elevators; media and social rooms that give residents additional living space with catering kitchen, bar area and flat screen televisions. The residences have floor-to-ceiling windows, many of which possess panoramic water views. The kitchens have built-in under-cabinet halogen lighting, quartz slab countertops and stainless steel appliance packages.
An article in the St. Petersburg Times has an interview with developer Joel Cantor. His lender Fifth Third Bank is behind the auction, a move that he thinks was premature. The president of Accelerated Marketing Partners believes the auction will actually help sell the other remaining condos by re-calibrating real estate prices and establishing value for the units. Some people who already own units in the building worry that the new lower prices may impact the value of their units, others are just happy that the condo units will be full because then there will be owners to pay into the building's homeowners association fees.