The value of a Florida condo has dropped nearly 50 percent as the larger housing market suffers in the state.
The condo, at 1 Beach Drive in St. Petersburg, has seen its value fall 49 percent over the last 10 years, according to its Zillow listing. In 2016, the unit was worth roughly $489,000; now it’s $249,000. Since the end of December alone, the condo’s asking price has fallen $64,000 to $256,000. In 2022, the same property had a market value of more than $1 million.
Why It Matters
The St. Petersburg condo market has been declining in value over the last several years. In the 33701 ZIP code, where the condo is located, values have fallen about 10 percent over the last three years, according to data from Reventure.
What To Know
The condo unit’s decline in value is an indicator of a larger market shift. Particularly for units in older buildings with huge assessments, prices are dropping significantly.
“This is because in its building in Downtown St. Pete they found $45 million in needed repairs,” Reventure CEO Nick Gerli wrote on X. “The building was built in 1975. And post-Surfside collapse, many of these older properties are being caught up on deferred repairs from the last couple of decades.”…