Another Apartment to Condo Conversion in Tampa Underway

While the Tampa Bay condominum market has been considered unstable to some, that hasn’t stopped at least one developed from converting a recently bought apartment complex into a series of condos.

St. Petersburg-based Sun Vista Development purchased Snell Isle Club Apartments (at 1515 Eden Isle Blvd.) for nearly $40.3 million, or $148,000 per unit. Colliers Arnold Commercial Real Estate Services Inc. had marketed the 272-unit complex.

This is just the latest in the growing trend of condos being built in the area. The property, which was promoted as a potential redevelopment site, totals 226,300 square feet of living space and is situated on 12.1 acres that includes 1,630 feet of waterfront, making it the largest privately owned site on Snell Island.

The market for condo sales remains strong throughout the Tampa Bay area, with prices averaging $207,479 last year, up 55 percent from 2004, according to the Greater Tampa Association of Realtors. This is also the case in areas such as Jacksonville.

The potential problem in this pattern is that it could spell trouble for those seeking affordable Florida home loans. Reasonably priced apartments are being bought up by prolific investors - such as Donald Trump - as the South Florida real estate market is leaning toward the upper class.