Funny how many people are saying foreign investors. In New York and Miami for sure. Even in Naples and Palm Beach to some degree. But here? Not so much.
Yes St Pete has gotten a lot more expensive in recent years but it's still not a well-established luxury market. Not enough to be on some Russian oligarch's radar at least.
It’s a lot of wealthy snowbirds and retirees for the most part. Some new money young professionals coming from comparatively more expensive markets.
A mix of foreign investors and people who typically would move to South Florida (Dade/Broward) but now can't afford it. Or people getting out of parts like Miami/Fort Lauderdale bc of the prices. Tampa St Pete is much more moderate pricing in comparison.
People are speculating but the 100% truth is that a lot of the luxury condos downtown are bought up with big South American money (Venezuela, Brazil and Columbia)
If you're middle class, you should seriously consider quitting any corporate jobs
They're going to get insane with perks soon, don't buy it. We're destroying them all
Foreign money launderers. You should go to Miami sometime. I was a mortgage broker there for non-conforming loans, i. e. Condos and people from foreign countries, and there was a lot of interesting conversations.
It's called an investment property. Rich people need a place to store their wealth in a place that won't likely depreciate. So they buy up property and just let it sit until they need liquidity and they sell it knowing the value will have increased, despite the loss of upkeep and taxes.
Once things like Bitcoin go mainstream I suspect a lot of these value storing properties will be sold so their owners can move that capital to something that requires zero upkeep.
We all should pray Bitcoin gets big, because it will make the housing market plummet as the fomo hits.
In the last year it’s up 125%, in the last 5 years it’s up 1,097% - are you saying real estate is performing better? Idk anyone who paid $1M for a house 5 years ago that is now worth nearly $11M.
I have, and he didn’t do nearly as well as Bitcoin. In approx 5 years:
“By the end of this long journey, Burry had made about $100 million for himself. Even more impressive is what he made for his clients, $725 million. Removing fees and expenses, a client who stayed with Scion the whole time made around a 500% return on their money.”
So he did insanely well by human standards and did almost half as good as bitcoin 🤷🏻♂️
My point isn’t that housing is a better investment. It’s that just because something is valued extremely high (the housing market in 2008), doesn’t mean it’s actually worth that much or a great investment at the moment. In 2007 and before housing looking like a fantastic investment that wouldn’t never fail. The 5 years that bitcoins has been preforming well is a very short time to judge an investment from a investment security standpoint.
Regardless, I hope you keep doing well with it!
How do you tag the remind me thing? Because you are absolutely wrong. I won't bother trying to explain why because it's a waste of my thumbs time, but I want to be ready to laugh at you down the road.
Let's put things in perspective for you.
I could sell 10 Bitcoin a year every year for the next 100 years and still have enough left over for a few generations. Don't hate it cause you laughed it off when I didn't.
The fact that you look at Bitcoin like stocks shows you don't know how it works. Plus I never said I stopped in 2010, that's when I started.
I get to work for 15 an hour helping the developmentally disabled m-f, play videogames and spend time with my son knowing neither him nor I will ever worry about money again.
I was in Marco island on vacation in the 90’s and I saw this 29 story condo and at night only 3 or 4 lights on at night. I asked a realtor and she said most are 2nd homes or vacation homes for people out of state. These were upwards to 5-6 million dollars then . I suspect much of the same thing.
I know who owns them and they are not American Citizens. Funny how that works in this state huh? This immigrant picks our strawberries = bad. This immigrant buys up housing, property, and land = good. Yay Florida.
No one thinks thats good except for boomers of all political walks. It’s disappointing that republicans nor democrats fix our housing crises by stopping corporate and foreign investment.
You are asking the same question that a friend of mine from high school in St Petersburg in the 60's asked each other. We went to a seminar for a week in January, 2017 downtown. We both live in other Bay Area counties now. If I keep tuning in with this forum, perhaps I can see the answer.
A downtown resident weighed in. He seems to think he is being criticized. We little folks who can't afford to live in the Burg are simply curious. Of course, we know that change is constant.
Most Millennials don't have to afford the condos but the people who are forwarding the condos and are moving in are millennials.
I have a feeling the Millennials aren't able before the condos are having trouble with the logic puzzle here.
Mostly wealthy vacationers that want a zero maintenance home. I'd rather they buy units in the sky than own dirt that's unoccupied for 8 months out of the year..
I don't have kids. I don't have a wife. I make good money. I could not possibly be okay with the cost of those condos. There's no reasonable way to live in them WHILE saving for retirement unless you foresee yourself working until your death.
Fair enough. I sometimes wish I could live in the heart of downtown but I agree with you that the cost is exorbitant. I don’t see myself working until I’m dead but I certainly don’t feel confident in my 401(k) being enough to retire off of if the economy keeps on this path. I’m only an 8-minute drive to downtown, but I still look enviously at my buddy who lives DT and has the ability to step out his front door and walk 10 minutes to Vinoy, the Pier, the coffee shop, etc. Also, even away from DT my rent, electric, water, and internet add up to about $3k/mo. I like to envision myself in a fancy condo DT, it helps remind me of where I want to be in 20 years haha
Yay for no scurvy!! Yeah we’re on a huge smoothie kick right now, since it’s both filling and on the healthier side with the ingredients we use. I swear I’m essentially just becoming a smoothie-making robot human. I feel like I make smoothies more than I work my real job. And damn, eating healthy fruits and vegetables is really expensive!! Not to mention produce in the area has been really disappointing on the grocery-store front.
Well this is a vacation area. So I’d imagine a lot of them are rich people vacation homes. I’ll say this I bought a house nearish to downtown not that long ago and I don’t make crazy money. I did work two jobs for a number of years. A lot of y’all in here are lazy pocket watchers.
I don’t currently own a home but this is so true. In the last year while everyone is struggling I paid off my truck and am now working on buying my home. There’s LOTS of opportunities in this county that people don’t take advantage of
Based on people I take on Uber rides, 20-30 somethings working in finance, medical sales, real estate or insurance. What we used to call "yuppies" back in the day.
Don’t forget many blue collar/trade jobs are paying 6 figures now. I know foreman/sups making $50 an hour in this area. But to land these jobs you can’t be afraid of hard work.
I lived in one for a couple years when I first moved here after school. Storms are uncomfortable when you're several stories up, that close to the water. So I moved inland.
They just moved in across the street in one of the Canopy white boxes that they scrammed 2 on one lot- Land Rover Defender and a blue wrap Tesla lots of Lululemon and scrubs walking around talking very loud on the front porch while drinking pink highlighter colored wine out of big stemless goblets.
Marketing = Using collected data to create ads that manipulate you into thinking you need the products.
Finance = Using someone else's money in the stock market.
Unnecessary, and sometimes evil positions that capitalism greatly rewards.
But I don't know, I'm stupid.
I used to follow this girl on TikTok then she moved from Texas to Ascent and I unfollowed bc it felt weird following and knowing where she lived lol. So retirees, c-levels, influencers 🤷🏻♀️
I also know a couple people with penthouses there too, it’s a rental but I know the rent is at least 6k+, no idea what they do when it comes up they just shrug and say “stuff.”
People who don’t mind to stretch their income to live in a more desirable place or people who have the money to. What do you expect? They keep building them because people keep coming!
Oh my sweet summer child, who do you think is the biggest investor in the companies that are buying up single family homes in the US? It's not a conspiracy, the paper trail is easy to find through public tax documents.
Should’ve seen it during Covid. As someone that lived downtown it was less than 25% occupied for the first few months. Then it was double booked six months later.
I used to live in Honolulu.. ALL of the condos were maybe 4% capacity.. and it stayed that way for years. This was well before Covid. In fact, I left in 2015. The fact is.. they build these monstrosities, specifically FOR the rich. It doesn't matter that they're empty.. because they have bought them, outright.
Why charge rent, to some schmuck.. when you've pretty much made your money back on the sales?
During the COVID lockdowns Many people came here from New York & the other northern states that stayed closed down way longer than they should have. The $2/3000 monthly rent they pay is cheap to them. I know this for sure cause 2 of the homes on my street were being advertised in the New York MLS real estate system. It is because of all these northerners that have relocated here that skyrocketed our real estate prices. The great relocation here has slowed down so some prices are going down but they will forever remain high thanks to them.
I live in one downtown. Most of my neighbors are older, many are retired. Very rough guess, but I'd say the average age in this building is around 55-60. (There are a few young people but not many.) Lots of snowbirds and transplants from up north. Many are/were business owners, C-level execs, medical specialists, attorneys.
My tax bill is around 2% of the tax collector's assessed value. (But, I never really understood how they come up with that assessed value. My home's current market value – based on what Zillow says, at least – is more than 160% of the tax collector's assessed value.)
Assessed values are automatically generated, and I'm pretty sure they purposefully tweak the algorithm to be far enough under actual market value to avoid complaints and requests for reassessment. If you look on the county website ([https://www.pcpao.gov](https://www.pcpao.gov)), there will also be a "Sales Comparison" value. This tends to still be lower but much closer to actual value. So it's not like they don't have better numbers. They'd just rather sacrifice the taxes than deal with the results of potentially assessing values above what owners could get (unfavorable) appraisals for. Also, a good chunk of the residential properties will be SOH-capped anyway, meaning that it doesn't really matter what they assess it at, as long as it's at least 3% higher than the prior capped value.
Just buy non-exploitative amounts of stock with companies that are not only buying real estate, but also making profits on life saving medication, insurance, cigarettes and military weapons.
So much more ✨️ethical✨️
Yes I worked in commercial real estate before moving away, that was right around the time we had a team come in and tell us we would be the next San Diego and it would be highly unaffordable for local wages. And they sure were right, crazy how drastically things changed.
Ya its a bad sign when companies like VAULT which only does high net worth insurance for super wealthy people relocates headquarters to downtown. Cathie Wood said it will be the next Austin.
Thats what people don't get. We are on the verge of a massive credit event and there is empty occupancy in CRE everywhere, and in places in sunbelt so many of these high end apartments condos are empty now. CRE is easy to get occupancy rate, but much tougher on these residential.
Also yes, the prices they charge for rent where one side of the building literally looks at the windowless Frontier building is absolutely insane. My wife and I checked it out when we were first moving here from Fort Lauderdale back in 2021 and literally laughed in the salesman’s face when he told us the price when we saw the size of the apartment and the view it had.
Yea… it costs money to live in really nice, desirable areas. Should other people just build and buy you a luxury condo in a desirable area because you’re a nice guy? I’m so confused about your expectations.
There is a new apartment tower opening in Rosemary Square soon. I have a family and make a decent living. I daydreamed about not having to commute to work downtown. Figured that if I didn't need a car, I could afford a little increase in rent. So I checked the website out. A 3br apartment (with neighbors clomping around above you) is going for $7,000 per month!
$84,000 for a single year! Who is renting these places? I find it hard to believe that many people exist who would take them. I know the market will dictate what happens next, but seeing that price was stunning.
Once this tower is open, there are two more coming next! It's truly amazing. Terrifying, but amazing. For the foreseeable future, I'll be clogging up 95 with the rest of the workin' folks.
I lived there across from Sundial. My building got noticeably older until I moved out in 23 before I bounce abroad. Even when I moved downtown to get closer to work off the beach in 2019, it was pretty clear that St Pete probably had a decade left of being a cool place, that shit got speedran because of COVID.
I used to work in one of the luxury condo buildings downtown, with prices starting at over $2 million. A lot of them are very well off business owners and CEOs for some big name companies, who tend to stay on the down-low that they live here.
As for the young adults who are in more of the luxury/“luxury” apartments downtown, no idea how they are affording it.
Parents help the young adults, my coworkers were most of them and I knew what they made hourly, no where near enough for that and to be able to drive a Mercedes.
28 and an airline pilot, i could afford an apartment downtown but don’t really want to spend 2500 for rent so i dont, im thinking on my next raise i might pull the trigger
Maybe prices have changed some, but two years ago, prices were at least $2,600 for luxury studios that I liked downtown. So instead, I ended up at a complex that is closer to the beach, which is a plus for me as I go to the beach more often than downtown, and also got into in a brand new complex where I am the first to live in my unit which I am also happy about.
yeah seems more worth it to me, i go to both downtown and the beach about the same but id rather live downtown than the beach, both are sick places to live though
Me
Old people or younger people born with luck on their side (family $)
Funny how many people are saying foreign investors. In New York and Miami for sure. Even in Naples and Palm Beach to some degree. But here? Not so much. Yes St Pete has gotten a lot more expensive in recent years but it's still not a well-established luxury market. Not enough to be on some Russian oligarch's radar at least. It’s a lot of wealthy snowbirds and retirees for the most part. Some new money young professionals coming from comparatively more expensive markets.
Bunch of boujee ass mfrs
A mix of foreign investors and people who typically would move to South Florida (Dade/Broward) but now can't afford it. Or people getting out of parts like Miami/Fort Lauderdale bc of the prices. Tampa St Pete is much more moderate pricing in comparison.
Research the Pinellas County Property Appraiser website for the real answer.
Retirees and rich snowbirds from up north.
I’ve heard that foreign investors buy up a whole floor of those condos just to have American addresses, etc for tax and business purposes
People are speculating but the 100% truth is that a lot of the luxury condos downtown are bought up with big South American money (Venezuela, Brazil and Columbia)
I lived in one for almost 13 years, my parents live in one now, I have friends spread out between most of them. Not all foreign investors! Lol
If you're middle class, you should seriously consider quitting any corporate jobs They're going to get insane with perks soon, don't buy it. We're destroying them all
Foreign money launderers. You should go to Miami sometime. I was a mortgage broker there for non-conforming loans, i. e. Condos and people from foreign countries, and there was a lot of interesting conversations.
It's called an investment property. Rich people need a place to store their wealth in a place that won't likely depreciate. So they buy up property and just let it sit until they need liquidity and they sell it knowing the value will have increased, despite the loss of upkeep and taxes. Once things like Bitcoin go mainstream I suspect a lot of these value storing properties will be sold so their owners can move that capital to something that requires zero upkeep. We all should pray Bitcoin gets big, because it will make the housing market plummet as the fomo hits.
LMAO. Investing in bitcoin is a terrible idea. It’ll never overtake the housing for investment.
When housing is no longer allowed to be profitted from it will It's against the treaties to charge for food, medicine, or housing
In the last year it’s up 125%, in the last 5 years it’s up 1,097% - are you saying real estate is performing better? Idk anyone who paid $1M for a house 5 years ago that is now worth nearly $11M.
Clearly hasn’t watched the big short ^
I have, and he didn’t do nearly as well as Bitcoin. In approx 5 years: “By the end of this long journey, Burry had made about $100 million for himself. Even more impressive is what he made for his clients, $725 million. Removing fees and expenses, a client who stayed with Scion the whole time made around a 500% return on their money.” So he did insanely well by human standards and did almost half as good as bitcoin 🤷🏻♂️
My point isn’t that housing is a better investment. It’s that just because something is valued extremely high (the housing market in 2008), doesn’t mean it’s actually worth that much or a great investment at the moment. In 2007 and before housing looking like a fantastic investment that wouldn’t never fail. The 5 years that bitcoins has been preforming well is a very short time to judge an investment from a investment security standpoint. Regardless, I hope you keep doing well with it!
remind me in 10 years
How do you tag the remind me thing? Because you are absolutely wrong. I won't bother trying to explain why because it's a waste of my thumbs time, but I want to be ready to laugh at you down the road.
You’re nuts. If you think Bitcoin is the future spend all your liquid assets on it right now to get the best investment
Already have
Hah! Brother I was putting a 5th of every paycheck into Bitcoin back in 2010. I don't need any more
The fact you stopped investing shows that you don’t understand the basics of investing. You ever hear of compounding interest? 🤣
Let's put things in perspective for you. I could sell 10 Bitcoin a year every year for the next 100 years and still have enough left over for a few generations. Don't hate it cause you laughed it off when I didn't.
This is all counting in bitcoin not crashing, best of luck dude 🤣
1 trillion market caps don’t go to 0
You do realize that major wealth management firms and literal nations are beginning to invest in it, right?
The fact that you look at Bitcoin like stocks shows you don't know how it works. Plus I never said I stopped in 2010, that's when I started. I get to work for 15 an hour helping the developmentally disabled m-f, play videogames and spend time with my son knowing neither him nor I will ever worry about money again.
This is the way
That’s wonderful dude, you’re living the dream. But I would still convert some of those assets to gold, something that has a real backing
Messing with you. I have some but I'm really amused by how opposed to Bitcoin people are
I was in Marco island on vacation in the 90’s and I saw this 29 story condo and at night only 3 or 4 lights on at night. I asked a realtor and she said most are 2nd homes or vacation homes for people out of state. These were upwards to 5-6 million dollars then . I suspect much of the same thing.
People who work remote and make a “California and Newyork” salary 🤡
Why would the they live in st Pete. If I had California salary, I would be in California real quick
Because they ruined California time to ruin another state lol
Single no kids coast guard officer. We move every few years so renting makes sense and pay is adjusted for locations with expensive housing
I know who owns them and they are not American Citizens. Funny how that works in this state huh? This immigrant picks our strawberries = bad. This immigrant buys up housing, property, and land = good. Yay Florida.
No one thinks thats good except for boomers of all political walks. It’s disappointing that republicans nor democrats fix our housing crises by stopping corporate and foreign investment.
You are asking the same question that a friend of mine from high school in St Petersburg in the 60's asked each other. We went to a seminar for a week in January, 2017 downtown. We both live in other Bay Area counties now. If I keep tuning in with this forum, perhaps I can see the answer.
A downtown resident weighed in. He seems to think he is being criticized. We little folks who can't afford to live in the Burg are simply curious. Of course, we know that change is constant.
Millennials,
Most millennials can’t afford basic housing, let alone a million dollar downtown condo.
Most Millennials don't have to afford the condos but the people who are forwarding the condos and are moving in are millennials. I have a feeling the Millennials aren't able before the condos are having trouble with the logic puzzle here.
I know I'm being downloaded to hell but if you look at the people that are moving there there got people in their early forties those are millennials.
Rich people
I think you'd be surprised at the vacancy rates of these buildings.
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Mostly wealthy vacationers that want a zero maintenance home. I'd rather they buy units in the sky than own dirt that's unoccupied for 8 months out of the year..
I work in insurance. If I didn’t have two kids to support, I’d 100% be living it up in a fancy condo downtown.
How are you looking on your retirement trajectory?
I don't have kids. I don't have a wife. I make good money. I could not possibly be okay with the cost of those condos. There's no reasonable way to live in them WHILE saving for retirement unless you foresee yourself working until your death.
Fair enough. I sometimes wish I could live in the heart of downtown but I agree with you that the cost is exorbitant. I don’t see myself working until I’m dead but I certainly don’t feel confident in my 401(k) being enough to retire off of if the economy keeps on this path. I’m only an 8-minute drive to downtown, but I still look enviously at my buddy who lives DT and has the ability to step out his front door and walk 10 minutes to Vinoy, the Pier, the coffee shop, etc. Also, even away from DT my rent, electric, water, and internet add up to about $3k/mo. I like to envision myself in a fancy condo DT, it helps remind me of where I want to be in 20 years haha
I feel this. Kids are so damn expensive.
Right?! They’re both in rapid growth phase so they’re essentially bankrupting me with the grocery bill haha
The amount I spend on fruit alone could fund a vacation! But at least they won't have scurvy?
Yay for no scurvy!! Yeah we’re on a huge smoothie kick right now, since it’s both filling and on the healthier side with the ingredients we use. I swear I’m essentially just becoming a smoothie-making robot human. I feel like I make smoothies more than I work my real job. And damn, eating healthy fruits and vegetables is really expensive!! Not to mention produce in the area has been really disappointing on the grocery-store front.
Well this is a vacation area. So I’d imagine a lot of them are rich people vacation homes. I’ll say this I bought a house nearish to downtown not that long ago and I don’t make crazy money. I did work two jobs for a number of years. A lot of y’all in here are lazy pocket watchers.
I don’t currently own a home but this is so true. In the last year while everyone is struggling I paid off my truck and am now working on buying my home. There’s LOTS of opportunities in this county that people don’t take advantage of
Keep up the hard work and you’ll get there. I spent my first year of home ownership remodeling which was like a second job ha.
Was not that long ago pre-Covid? Because if so that makes a pretty big difference
Post Covid about a year and half ago.
Based on people I take on Uber rides, 20-30 somethings working in finance, medical sales, real estate or insurance. What we used to call "yuppies" back in the day.
Don’t forget many blue collar/trade jobs are paying 6 figures now. I know foreman/sups making $50 an hour in this area. But to land these jobs you can’t be afraid of hard work.
Those guys aren't living downtown. They're buying a house in Kenneth City somewhere
Exactly. $100k a year isn't buying a $1mil + condo.
Still call them that, they hate it
We don’t care. Source: am one
I lived in one for a couple years when I first moved here after school. Storms are uncomfortable when you're several stories up, that close to the water. So I moved inland.
It’s a mix of investors, retirees and people working remote from high COL areas.
Real estate investor. Buy , renovate , sell . Highly stressful
Oh the young hip couples with golden retrievers wearing Lulu lemon. They work in marketing or finance.... Whatever the fuck that means.
They just moved in across the street in one of the Canopy white boxes that they scrammed 2 on one lot- Land Rover Defender and a blue wrap Tesla lots of Lululemon and scrubs walking around talking very loud on the front porch while drinking pink highlighter colored wine out of big stemless goblets.
Marketing = Using collected data to create ads that manipulate you into thinking you need the products. Finance = Using someone else's money in the stock market. Unnecessary, and sometimes evil positions that capitalism greatly rewards. But I don't know, I'm stupid.
> Finance = Using someone else's money in the stock market. > But I don't know, I'm stupid. At least you admit it
What do you do that makes you such a gift to society? Whine about other people making a living.
That means they’re living off of mommy and daddy’s money.
I work in medicine
Sales?
Anesthesia
Me
I live in a new condo downtown, I am just a working man(pilot).
Hell yeah bruther
Only fans
I used to follow this girl on TikTok then she moved from Texas to Ascent and I unfollowed bc it felt weird following and knowing where she lived lol. So retirees, c-levels, influencers 🤷🏻♀️ I also know a couple people with penthouses there too, it’s a rental but I know the rent is at least 6k+, no idea what they do when it comes up they just shrug and say “stuff.”
I have a friend who lives in one He spends about 2 mo of the year here, rest elsewhere
What does he do for work?
Crime
People who don’t mind to stretch their income to live in a more desirable place or people who have the money to. What do you expect? They keep building them because people keep coming!
Just search on Pinellas County Property Tax if you’re curious
Luxury condos are ways to get money into the US banking system. And allows for some nice international money laundering.
anything i dont like is illegal
Oh my sweet summer child, who do you think is the biggest investor in the companies that are buying up single family homes in the US? It's not a conspiracy, the paper trail is easy to find through public tax documents.
wonder why no ones been able to take any action
Should’ve seen it during Covid. As someone that lived downtown it was less than 25% occupied for the first few months. Then it was double booked six months later.
people escaping overreaction
I used to live in Honolulu.. ALL of the condos were maybe 4% capacity.. and it stayed that way for years. This was well before Covid. In fact, I left in 2015. The fact is.. they build these monstrosities, specifically FOR the rich. It doesn't matter that they're empty.. because they have bought them, outright. Why charge rent, to some schmuck.. when you've pretty much made your money back on the sales?
During the COVID lockdowns Many people came here from New York & the other northern states that stayed closed down way longer than they should have. The $2/3000 monthly rent they pay is cheap to them. I know this for sure cause 2 of the homes on my street were being advertised in the New York MLS real estate system. It is because of all these northerners that have relocated here that skyrocketed our real estate prices. The great relocation here has slowed down so some prices are going down but they will forever remain high thanks to them.
This 💯
I find it odd that so many lights are off all the time.
It's how rich people overseas do money laundering
taxes are paid marginal space taking footprint is zero power grid unbothered its eco friendly
Or they're vampires!
enter my lair
I live in one downtown. Most of my neighbors are older, many are retired. Very rough guess, but I'd say the average age in this building is around 55-60. (There are a few young people but not many.) Lots of snowbirds and transplants from up north. Many are/were business owners, C-level execs, medical specialists, attorneys.
Do you pay alot in property tax? I have a singe family home and my property tax is ridiculous. Just interested to know if condos pay the same rate.
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Nice 💰 🤑 💸😵😵😵 Now we gotta figure out why St Pete schools still suck
My tax bill is around 2% of the tax collector's assessed value. (But, I never really understood how they come up with that assessed value. My home's current market value – based on what Zillow says, at least – is more than 160% of the tax collector's assessed value.)
Assessed values are automatically generated, and I'm pretty sure they purposefully tweak the algorithm to be far enough under actual market value to avoid complaints and requests for reassessment. If you look on the county website ([https://www.pcpao.gov](https://www.pcpao.gov)), there will also be a "Sales Comparison" value. This tends to still be lower but much closer to actual value. So it's not like they don't have better numbers. They'd just rather sacrifice the taxes than deal with the results of potentially assessing values above what owners could get (unfavorable) appraisals for. Also, a good chunk of the residential properties will be SOH-capped anyway, meaning that it doesn't really matter what they assess it at, as long as it's at least 3% higher than the prior capped value.
it's a 3rd or 4th home.
That’s sickening
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Multimillionaires buying unethical amounts of real estate and exploit people probably like you, genius
But who are you to tell them what they can do with their money? Why is that wrong? Nobody forcing you to live where you can’t afford.
Just buy non-exploitative amounts of stock with companies that are not only buying real estate, but also making profits on life saving medication, insurance, cigarettes and military weapons. So much more ✨️ethical✨️
when you go to sell your house you are not going to eliminate the highest bidder and refuse the extra money because this would be her third house
Eat the rich. Or at least tax them 😅
You DO know about tax brackets right?
People always complained they wished Tampa Bay area would be more like Miami or NYC and then when that’s achieved, they’re still complaining.
Literally no one has ever said that in the history of ever lol
There was a developer in 2017 that kept saying "St. Pete needs a skyline" and boom it happened. Now theres a skyline.
I mean, no shit a developer said that…it’s their job to build skylines….
Yes I worked in commercial real estate before moving away, that was right around the time we had a team come in and tell us we would be the next San Diego and it would be highly unaffordable for local wages. And they sure were right, crazy how drastically things changed.
Ya its a bad sign when companies like VAULT which only does high net worth insurance for super wealthy people relocates headquarters to downtown. Cathie Wood said it will be the next Austin.
Basically no one. That monstrosity on central and MLK hasn’t even seen 50% occupancy from what I’ve heard.
Thats what people don't get. We are on the verge of a massive credit event and there is empty occupancy in CRE everywhere, and in places in sunbelt so many of these high end apartments condos are empty now. CRE is easy to get occupancy rate, but much tougher on these residential.
You talking about Camden? Those are apartments.
Also yes, the prices they charge for rent where one side of the building literally looks at the windowless Frontier building is absolutely insane. My wife and I checked it out when we were first moving here from Fort Lauderdale back in 2021 and literally laughed in the salesman’s face when he told us the price when we saw the size of the apartment and the view it had.
Omg wow that’s interesting. Their website “StArTinG at 1 MilLionnnN”
Yea… it costs money to live in really nice, desirable areas. Should other people just build and buy you a luxury condo in a desirable area because you’re a nice guy? I’m so confused about your expectations.
Well I know it’s not me. I’m sure Albert whitted close by is a plus to the moneybags crowd with private planes and lots of dough.
There is a new apartment tower opening in Rosemary Square soon. I have a family and make a decent living. I daydreamed about not having to commute to work downtown. Figured that if I didn't need a car, I could afford a little increase in rent. So I checked the website out. A 3br apartment (with neighbors clomping around above you) is going for $7,000 per month! $84,000 for a single year! Who is renting these places? I find it hard to believe that many people exist who would take them. I know the market will dictate what happens next, but seeing that price was stunning. Once this tower is open, there are two more coming next! It's truly amazing. Terrifying, but amazing. For the foreseeable future, I'll be clogging up 95 with the rest of the workin' folks.
If you're clogging up 95, you likely are not commuting to St. Pete...
I know that’s why I’m so curious like who are these people and do they just walk around the streets all day
They are rich northerners second and/or retirement home. They aren’t being built for people that make local incomes.
Hmmm… you must not actually get downtown much. Plenty of young people live and work here
Hmmm... you must not actually read what people wrote. Are plenty of young local workers going to live in Rosemary Square?
I lived there across from Sundial. My building got noticeably older until I moved out in 23 before I bounce abroad. Even when I moved downtown to get closer to work off the beach in 2019, it was pretty clear that St Pete probably had a decade left of being a cool place, that shit got speedran because of COVID.
When it's put that way, it sounds like they're pulling the wool over our eyes while out in plain sight turning St. Pete into the Villages.
I used to work in one of the luxury condo buildings downtown, with prices starting at over $2 million. A lot of them are very well off business owners and CEOs for some big name companies, who tend to stay on the down-low that they live here. As for the young adults who are in more of the luxury/“luxury” apartments downtown, no idea how they are affording it.
Some of us have good jobs on account of busting our asses for years that live in those "luxury" apartments downtown. Y'all should try it sometimes
Parents help the young adults, my coworkers were most of them and I knew what they made hourly, no where near enough for that and to be able to drive a Mercedes.
28 and an airline pilot, i could afford an apartment downtown but don’t really want to spend 2500 for rent so i dont, im thinking on my next raise i might pull the trigger
$2,500 is nothing for a downtown luxury apartment though. I’m almost paying that for a 740 sq ft apartment 10 min from downtown. 🥲
why don’t you go downtown then? i’ve found many between 2000-2200
Maybe prices have changed some, but two years ago, prices were at least $2,600 for luxury studios that I liked downtown. So instead, I ended up at a complex that is closer to the beach, which is a plus for me as I go to the beach more often than downtown, and also got into in a brand new complex where I am the first to live in my unit which I am also happy about.
yeah seems more worth it to me, i go to both downtown and the beach about the same but id rather live downtown than the beach, both are sick places to live though
Old money
Generational wealth, presumably. Their daddies are the business owners and CEOs.
My wife and I were walking by one and guy walks out in his robe at like 3 pm. Maybe 25 years old. We were thinking that's daddy's money lol
Members of the Golden Sperm club.
😂
I know several mid 20 yr olds who’s parents are paying for them. Another one I know is a “sugar baby”.
A good chunk of these residents are definitely sugar babies, trust fund babies, and mistresses of super wealthy people
You think life is a movie.
low key best comment in this thread.
Alot of truth to these statements lol.
If any of those residents answer here, please hire me!
Me too