Patriot Square over 55 community senior living St Petersburg, Florida
PATRIOT SQUARE OVER 55 SENIOR CITIZENS CONDOMINIUMS (SW. St Petersburg)
Patriot Square is a mid sized over- 55 community (about 240 units) situated in the southwestern part of St Petersburg. Located near the boat docks of Maximo Moorings, it is also convenient to the Bay Way and St Pete Beach on the Gulf. Patriot Square is an easy three mile drive from the heart of Gulfport and about equally distant from the Historic Kenwood and the urban vibe of the Grand Central district of St. Petersburg. Patriot Square is also just two blocks away from a major thoroughfare, 34th St. S. which is undergoing a promising upgrading as part of what is called the Skyway Marina District (skywaymarinadistrict.org). The City of St Petersburg with some state grants has added new landscaping and inducements for businesses in the area to renovate, A major shopping center at the south end of the district at 54th Ave. S. was recently renovated with an attractive large, new Publix supermarket. A new restaurant at the renovated Maximo Moorings marina is within walking distance.
The solid two story red brick exterior buildings of Patriot Square certainly do not evoke subtropical beachy Florida. Rather they remind me of a Columbus, Ohio apartment house where I briefly once lived, also built in the early 1970's about the time Patriot Square was built. In the case of Patriot Square the ample grounds with attractive, mature landscaping softens the traditional red brick exteriors. There was a significant special assessment levied (from roughly $2000-$5000 on each unit) in the late spring of 2018. the first such special assessment in about 15 years. The scheduled repairs and upgrades were based on a professional engineering report. and not surprising for Florida buildings almost five decades old. Unit owners were given a choice of paying the assessment in full or over five years with interest. The funds were earmarked for expenditures on building upgrades such as exterior plumbing, structural reinforcements. and leak proof coverings. This is an ongoing project that I believe is still not complete at the time of this writing. Prospective buyers should be aware of this and the seller's choice of payment when considering an offer. They should obtain more detailed information from the sellers through the listing agent and/or the HOA and Resource Property Management Co.
All the residential buildings in Patriot Square have two floors. The individual units range from one bedroom and two bedroom condominiums on one level to town homes on two levels. In addition, there are some three and four bedroom units of up to 1600+ square feet. Prices are beginning to rise significantly after years of slow movement following the housing crash. In the fall of 2018 the asking prices run from just over $70 to-$150,000 depending on size. condition/upgrades, and specific location. Because there are no elevators in the two story buildings, there is generally a higher demand for first floor units which often sell quickly and at higher prices. Virtually all second floor units have screened in decks while the first floor units have screened in porches. The Clubhouse and principal swimming pool is the dividing line between the two principal sections (or Phases) of the community. There is a calendar of social activities which are busiest during the winter and early spring when the many "snow bird" residents are present.
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| Mature Landscaping at Patriot Square |
A significant fraction of Patriot Square's inhabitants are "snowbirds" winter season residents who typically come from the Northeastern and Great Lakes states as well as Ontario, Canada. Patriot Square's year round residents are quite diverse with regard to backgrounds and lifestyles. In that way it is more typical of 21st century urban Florida compared to many newer, over-55 communities in more rural areas of inland Florida. Patriot Square has a very friendly vibe/ Even though it is located convenient to all the urban attractions of St. Petersburg, it is a place where neighbors watch out for neighbors. There are varied social activities available for those who want to join in.
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Patriot Square Prices (November 30, 2018)
Five Patriot Square units according to the Mid-Florida MLS were sold and closed during the period from September 1 through November 30, 2018. The actual sales prices ranged from $74.900 for a one bedroom in Phase Two to $139,000 for a two bedroom/2.5 bath town home in Phase Two. This town home was attractively updated and well-maintained. I listed it with another Earnest Realty colleague and it went under contract quickly. This suggests the market remains very good for sellers with the right property.
Let me first remind all that changes in average per square foot selling prices, of course, only provide a rough but useful means of comparing market moves over time.. During this period September through November 2018 the median selling price was $95.00 per square foot. This compares to $85 per square foot during the same period in 2017.
Patriot Square Record Price Realized and Contined Improvements in Skyway Marina District Update (June 1, 2019)
I've been selling condominiums in Patriot Square now for more than eleven years. Just last week a 2 bedroom, 2 bath and a den ground floor unit that I listed closed for $150,000. My impression was that this was the highest price realized for any Patriot Square unit during that period. So I went back and examined Mid Florida MLS records. Indeed no Patriot Square unit recorded on the MLS has sold for that much since 2007! Furthermore, there is only one unit in the entire complex that is for sale "active" on the MLS as of this morning. I can't recall ever seeing so little inventory available for sale in Patriot Square!
Patriot Square & The Revitalizing Skyway Marina District
Patriot Square has always enjoyed an convenient location in the center of glorious attractions for today's active senior. 10-15 minutes in one direction gets you to St Pete Beach or Fort De Soto Park, an extensive natural Florida waterfront County preserve just minutes away. 10 minutes in another direction brings Patriot Square residents to the artsy seaside town of Gulfport. 10-15 minutes in another brings one to St. Pete's burgeoning downtown with its great cultural events, museums, galleries, and explosion of restaurants and bistros of all kinds.
' Picture of boaters returning to docks after eating at The Maximo Marina, about half a mile from Patriot Square. (from the Gulfport Gabber 1/30/19)'Moreover, in the past few years the immediate district of far south St. Petersburg around Patriot Square has itself advanced mightily. This improvement results in large part from the strong advocacy of my friend Steve Kornell, City Councilman who represents that area of the city. Anyone who hasn't driven for the past few years along the nearby main "drag" ( 34th St. S/US 19) will immediately note the attractive trees and landscaping where dead weeds used to dominate. All of the docks have been open in the Maximo Marina and there is an excellent new restaurant there--all less than a mile from Patrot Square. A 308 unit luxury rental apartment complex and mixed used developments have been approved for sites long closed out-of-business "big box" stores. There is far more retail and restaurants in the area than just a few years ago.
In the near future there are plans for artistic murals to grace some of the plain buildings and dumpsters like has already happened around Central Ave. just west of downtown. The Florida Department of Transportation has committed to resurfacing 34th Street S. through the entire area. New bus shelters, sidewalks, and 147 new pedestrian lights are planned for later in 2019--in an effort to make the area more pedestrian friendly. I believe Patriot Square units will continue to appreciate considering all these attractive improvements in the immediate neighborhood and the record low inventory coupled with high demand, It goes without saying that my guess of continued appreciation assumes that the macroeconomic environment continues strong.
Update August 26, 2019
The Skyway Marina district in which Patriot Square is located continues to develop with more upgraded housing.. Edge Partners LLC will develop Marina Walk, a new apartment structure with 215 upscale units three blocks south of Patriot Square. The the old motel style structure that operated as the Flamingo Resort will be torn down to make way for the new construction.
MLS records indicated a total of five units sold and closed in the last 90 days at a median sales price of $103 per square feet which is $8 more than the median sales price last fall. There are three units for sale listed as active on the MLS right now. This slight increase in inventory above the end of May is not surprising as it reflects the usual slowdown during the summer. Actual selling prices in Patriot Square continue to appreciate at or above the Pinellas County average rate of increase for condos and town homes. This should continue but, once again, there is an assumption that the overall economic environment remains good.
Update November 10, 2019
Immediately to the east of Patriot Square was an old, abandoned K-Mart big box store. It has been demolished, and a brand new upscale apartment complex soon adorn the site. The construction noise and increased traffic has been an annoyance for the closest Patriot Square residents. However, it is yet another sign of the increasing vitality of the Skyway Marina district that promises to drive Patriot Square prices up farther.
And prices at Patriot Square have certainly already come a long way. Looking at sales statistics I've been compiling from the Stellar MLS, I use average/median cost per square foot as a rough means of making year to year comparisons. During the period August 1 through October 31 in 2017, the average and median sales price was about $67 per square foot and in 2018, 23 sales at $83-$84 per square foot. During the same period in 2019, the median and average was $107 per square feet. There were only 2 sales so one can't make too much of that large increase except for the fact that there was very little inventory. As I write this, there are absolutely NO MLS listings of units for sale in Patriot Square. So far as I can tell, this situation with no inventory available is unprecedented.
I will be placing on the MLS this coming week a one bedroom, fairly updated, 2nd floor unit in Section Two. It is listed at a price of $83,950 or just over $100 per square feet. Those who are thinking of selling their Patriot Square condos should consider listing them soon. Should economic conditions change, there may not be the high rate of demand we have now.
Contact
Tony Branch
Earnest Realty, Inc.
5105 Central Ave.
St. Petersburg, Florida 33710
727-460-7887 direct line
727-323-1706 office
stpetetonybranch@gmail.com
