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