REAL ESTATE
LUXURY MARKET
UPDATE
By Linda Ross Preston
T he most dreadful class I took
during university years was
statistics. It was required for my
business degree, and at the time,
I found it completely dry. Fast forward
20 years, and now I find market statistics
fascinating and actually enjoy gleaning a
deeper understanding through numbers
and trends.
In the spirit of keeping my finger on the
pulse, I’ve pulled the most recent statistics
for our luxury market in Hillsborough
and Pinellas counties. Included are
both condominiums and single-family
residences (SFR) sold since August 2019
from data in our local Multiple Listing
Service. The results offer fantastic insight
into current trends.
The market remains strong with
172 sales of $1.5 million or higher: 140 of
those sales were single-family residences,
and 32 were condominiums. There were
70 SFR sales in Hillsborough County
and 70 single-family residence sales in
Pinellas County, but Pinellas County had
the majority of the condo sales at 29 units.
Also worth noting: about 51% of those
sales were cash closings.
In the ultraluxury market, sales of
$2.5 million and more, there were 37 SFR
sales, 18 of which were in Hillsborough
County, 19 in Pinellas. Of the five condos
that sold in that price range since August,
all were in Pinellas County. The price tag
for the most expensive home sold was
$11 million for a residence on Mandalay
Point in Clearwater Beach. In the
ultraluxury market, buyers were more
likely to pay cash: 62% for this statistical
set. When you’re ready to discuss the
marketing and sale of your luxury home,
give me a call and put my experience
and expertise to work for you. 9
EDITOR’S NOTE: Linda Ross Preston of
Coastal Properties Group can be reached at
(813) 318-2408, or by emailing her at Linda
Ross Preston@CoastalPGI.com.
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MARCH/APRIL 2020 | TAMPA BAY MAGAZINE 119