The Real Deal Miami

Investors are flipping units at Kolter’s sold-out condo in downtown St. Petersburg

West Palm Beach-based Kolter sold all 253 units at ONE St. Petersburg before finishing the 41-story condominium, which is still under construction
December 08, 2018 04:05PM

Rendering of ONE St. Petersburg

Some pre-construction buyers are flipping units at a sold-out, 41-story condominium in downtown St. Petersburg.

West Palm Beach-based Kolter Group, the developer, sold all 253 units before finishing the condo building, called ONE St. Petersburg, which is still under construction.

Located a block from the city’s waterfront, ONE St. Petersburg is part of a $200 million mixed-use development announced four years ago that includes a Hyatt Place hotel.

As many as 30 marked-up units at ONE ST. Petersburg soon may be listed for sale by investors trying to flip them, Peggy Naruns, a Realtor with a listing at ONE, told the Tampa Bay Times.

For example, a three-bedroom, three and a half-bathroom unit is back on the market with an asking price of $1.929 million – $723,000 more than the owners paid.

The Times reported that flipped units so far include one that the seller sold for almost $900,000 after buying it for $657,400, and another that originally cost $511,200 and sold for $702,000. [Tampa Bay Times] – Mike Seemuth