St. Petersburg, Florida Property Market
Understanding Property & Buying Real Estate in Florida
Salvador Dalí Museum
The Vinoy® Renaissance St. Petersburg Resort & Golf Club
St. Petersburg Beach Drive
- Population: 244,000
- Condo: $65,000 – $1M
- Family Home: $150,000 – $2M
- Waterfront: $100,000 – $7M
- Investment Potential Rating: ****
- Nearest International Airport – Tampa International Airport: 15 miles, Sarasota – Bradenton International Airport – 26 miles.
St. Petersburg is a popular holiday destination and the second largest city in the Tampa Bay area. The city is nicknamed “The Sunshine City” as it reportedly enjoys 361 days of sunshine a year. In 2011 American Style magazine ranked St. Petersburg as America’s number one mid-size city, due in part to its vibrant arts scene.
The city has a subtropical climate, with a definite rainy season from June through to September, though many different micro climates exist along its shores due to its peninsula location and the shape of its bay. St. Petersburg is famous for its Salvador Dali museum, as well as its children’s museum, and Museum of Fine Arts. For those seeking natural splendor, Boyd Hill Nature Park on the shores of Lake Maggiore, is a 245-acre preserve home to many of Tampa Bay’s rare wildlife and endangered plants.
St Petersburg Property Market Summary
St. Petersburg is popular with Europeans looking for Florida real estate as the downtown feels like a little French Riviera. Often they are looking to refurbish a property and sell it at a profit, and many are looking for a 15 percent return on their investment. While there aren’t direct international flights—and this may put some people off initially—once most do the trip once or twice, they realize how accessible the city and how easy the transfer is.
What Can I Buy in St Petersburg?
You may also be getting better value due to the lack of direct international flights. The median asking price in St. Petersburg is currently $129,000, which is up 13 percent on a year ago, and inventory is at only 1,564 properties which is incredibly low for a county this size.
This is about the standard amount of inventory for the last couple years, and indicates there is fierce competition, particularly at the lower end of the market. Our Realtors in the field there indicate that these properties sell as soon as they hit the market. Prices are on the rise, so if you can get a property now, you are likely making a good investment.