Aerial View of Brightwaters Blvd., NE in St. Petersburg
On April 5, 2010, St. Pete Times Senior Correspondent, Susan Taylor Martin, explores the effect that the recession has had on one of Tampa Bay’s most exclusive addresses – Brightwaters Blvd. on St. Petersburg’s prestigious Snell Isle. The article details the trials and tribulations of a handful of troubled properties facing foreclosure and short sale along this stately boulevard of dreams that boasts some of the largest and most expensive properties in the Tampa Bay area. Ms. Martin asked Frank Malowany of Smith & Associates Real Estate for his opinion on the state of this micro-market:
For Brightwaters, “this is the largest inventory at one time ever,” says Frank Malowany, a real estate agent for 30 years. “I would say it’s a microcosm of the economy in general. Each house has a different story but when you had all your money in stocks or you have a multimillion-dollar business going down it obviously affects where you live.”
The market today is not the market it was a year or two ago,” Malowany says. “There have been price reductions to the point where property on the market today on the high end could not be reproduced for that price.”
“The interesting thing,” he continued, “is that sellers have realized that the market has changed, but the buyers have taken a little longer. They say, ‘We want a good deal,’ and I tell them, ‘You’re standing on it.’ ”
To read the full article, please click here.
