Tyrone Fifth Condominiums St. Petersburg, Florida
TYRONE FIFTH APARTMENTS CONDOMINIUM
I've added this non-age restricted community of about 120 small one and two bedroom units for two primary reasons: (1) It is especially well located and convenient to all that St. Petersburg offers.(2) It remains a comparative bargain for those who want a stable living situation in a great St. Pete location.
Location, Location, Location!
Situated near the intersection of 5th Ave N. and Tyrone Blvd., Tyrone Fifth is close to all the stores and restaurants in the Tyrone Mall area as well as the Grand Central district along Central Ave. Its 5th Ave N. location is just a few miles directly west of downtown St. Pete and a few miles east of Treasure Island and the Gulf beaches. Tyrone Fifth does have regular bus service just outside its door so it is one of a few places outside downtown that one could survive without a car. This is a fine location for a quick commute to downtown or beach area jobs. What's more, this is one of a relatively few St. Petersburg condo complexes located inside an "X" flood zone so that no flood insurance is required. Likewise, interior insurance required for the inside and contents will be significantly less expensive.
Current Selling Prices
Resale prices for the individual condominiums remain among the least expensive in the city. However, there is relatively little turn-over and hence inventory is limited. I recently listed a one bedroom unit in average condition that went under contract in little over a month for $60,000. Two bedroom one bath units of 890 square feet should range range to $80,000 in today's market. Earlier this year an nicely updated two bedroom, 2 bath unit of 890 square ft. went for $100,000.
Why are selling prices so reasonable by current St. Petersburg standards? That's largely due to the fact that the land underneath the five buildings is not owned by the HOA but is actually part of a 100 year lease from a family trust. The land lease is effective until 2065 so that at least 46 years remain. The possibility for maximum appreciation is impeded. Moreover, at some time in the future you will be holding a depreciating asset. That's because the land and buildings revert to the landholding trust after 2065. On the other hand, rents for similar units in St. Petersburg have increased markedly and give every sign of going higher. Much depends on how long you believe you would live there, so do the math! Buying one of these Tyrone Fifth units could be a good way of keeping your living situation stable and costs predictable.
Monthly HOA fees and other considerations
The 2019 monthly HOA maintenance fees of $232-316 are moderate even when considering the additional land lease fee of $120.00 per month. Recent financial statements suggest the complex has comparatively solid reserves for expensive exterior maintenance items like replacing the roof. The modest monthly fees reflect the fact that the grounds are relatively small without such amenities as a swimming pool and a proper club house. Some units do not have their own laundry facility, and there is a small central "meeting place" that includes a coin-op laundry.
There is only one parking space per unit, and the additional on-site guest parking is limited to a few spaces that are in great demand. There is additional on-street parking in a cul-de-sac immediately to the east of the complex. On the other hand, the exterior of the buildings and the grounds appear well cared for and are relatively attractive for buildings of this age in an urban setting.
I've added this non-age restricted community of about 120 small one and two bedroom units for two primary reasons: (1) It is especially well located and convenient to all that St. Petersburg offers.(2) It remains a comparative bargain for those who want a stable living situation in a great St. Pete location.
Location, Location, Location!
Situated near the intersection of 5th Ave N. and Tyrone Blvd., Tyrone Fifth is close to all the stores and restaurants in the Tyrone Mall area as well as the Grand Central district along Central Ave. Its 5th Ave N. location is just a few miles directly west of downtown St. Pete and a few miles east of Treasure Island and the Gulf beaches. Tyrone Fifth does have regular bus service just outside its door so it is one of a few places outside downtown that one could survive without a car. This is a fine location for a quick commute to downtown or beach area jobs. What's more, this is one of a relatively few St. Petersburg condo complexes located inside an "X" flood zone so that no flood insurance is required. Likewise, interior insurance required for the inside and contents will be significantly less expensive.
Current Selling Prices
Resale prices for the individual condominiums remain among the least expensive in the city. However, there is relatively little turn-over and hence inventory is limited. I recently listed a one bedroom unit in average condition that went under contract in little over a month for $60,000. Two bedroom one bath units of 890 square feet should range range to $80,000 in today's market. Earlier this year an nicely updated two bedroom, 2 bath unit of 890 square ft. went for $100,000.
Why are selling prices so reasonable by current St. Petersburg standards? That's largely due to the fact that the land underneath the five buildings is not owned by the HOA but is actually part of a 100 year lease from a family trust. The land lease is effective until 2065 so that at least 46 years remain. The possibility for maximum appreciation is impeded. Moreover, at some time in the future you will be holding a depreciating asset. That's because the land and buildings revert to the landholding trust after 2065. On the other hand, rents for similar units in St. Petersburg have increased markedly and give every sign of going higher. Much depends on how long you believe you would live there, so do the math! Buying one of these Tyrone Fifth units could be a good way of keeping your living situation stable and costs predictable.
Monthly HOA fees and other considerations
The 2019 monthly HOA maintenance fees of $232-316 are moderate even when considering the additional land lease fee of $120.00 per month. Recent financial statements suggest the complex has comparatively solid reserves for expensive exterior maintenance items like replacing the roof. The modest monthly fees reflect the fact that the grounds are relatively small without such amenities as a swimming pool and a proper club house. Some units do not have their own laundry facility, and there is a small central "meeting place" that includes a coin-op laundry.
There is only one parking space per unit, and the additional on-site guest parking is limited to a few spaces that are in great demand. There is additional on-street parking in a cul-de-sac immediately to the east of the complex. On the other hand, the exterior of the buildings and the grounds appear well cared for and are relatively attractive for buildings of this age in an urban setting.
