About Saint Petersburg's Broadwater

Taken this morning with my iPhone 4, looking west down a canal in the Broadwater neighborhood in St Petersburg.

One of our buyers called me recently, concerned about the chain-linked motel near the house she had under contract.

I explained to her that the residents in Broadwater had worked long and hard to GET the motel closed! The Broadwater neighborhood worked closely with the police to monitor activity, to report and complain.

Indeed, the police did empty the former Knight's Inn on 34th Street South in St Petersburg, much to the delight of the nearby residents. Utilities had been turned off for nonpayment, so living there was a health concern.

Now we see dumpsters on the premises, and these pieces of furniture are lined up outside the rooms like soldiers standing guard.

This was once a Holiday Inn, and neighbors look forward to the property being upgraded, and a place they can recommend to their families and guests.

New York Bagel 'n Bread Shop in south St Petersburg, Florida, is a treat for bagels and lox, espresso and cappuccino, freshly baked bread to take home, or a lunch of sandwishes, wraps and salads.

New York Bagel 'n Bread opens at 6:30 am on weekdays and 7:00 am on weekends. Len Cucinotta has owned this bagel shop for 14 years. He and his wife, Patricia, who is always smiling when they open, live "around the corner" in the Broadwater neighborhood.

Stop in at their bagel shop at 4801 34th Street South in St Petersburg Florida and tell them that you heard about their bagel shop by reading Sharon's blog.

More than one waterfront homeowner here in Broadwater bought their home a couple of years ago for $500,000 to $700,000 and then gutted it and totally renovated it, planning to spend many years there, or planning to retire or slow down and move to their waterfront paradise. So, they spent upwards of $100,000 on these renovations - opening up the small rooms, improving the flow, adding amenities and pizazz - new kitchen suited to their taste, new bathrooms... Then the economy struck and now they need to sell their piece of Paradise. A few years ago getting $750,000 or even $850,000 for these would not have been a problem. But that was then, and now is now.

So far this year there has been one closed waterfront sale in Broadwater - a bank sale at $275,000. Hmmm, how do we combat that in an appraisal? So, there are currently six waterfront homes under contract in Broadwater, with list prices from $399,000 to $475,000. That's a disaster for the above homeowners. Even if you add $100,000 for the renovations, they don't come up to their costs.

The lucky ones don't have to sell right now. Sadly, some unlucky ones do.

Market Update for Broadwater waterfront homes as of March 21, 2009

Broadwater waterfront home sales have been slow so far this year - in the first quarter there has been only one sale, a bank owned property that was listed at $350,000 and sold at $275,000.

Prices are stimulating activity, though - there are four waterfront homes in Broadwater currently under contract - two short sales and two "normal" sales (recognizing that foreclosure and short sales are the new normal). Two are listed at just under $400,000; the other two are listed at $475,000 and $549,999.

There are currently 21 Broadwater waterfront homes actively for sale, ranging from $400,000 to $1,250,000. Four of them are in the 400s; 5 of them are $1,000,000 or more. The rest are spread out in between.

For details on any of these, or to see any active property, please call Sharon Simms at ALVA International, Inc., 238 Beach Drive NE, St. Petersburg, Florida (727) 898-2582 or e-mail.