Harbour Island Penthouse Sale Reflects Growing Luxury Market

TAMPA, FL ? Tampa Bay's luxury real estate market shows no signs of slowing down since the trending relocation of people from high-tax states.

One of Tampa's trophy properties on Harbour Island has sold for nearly $4 million. The home is a custom-designed penthouse condo and one of 64 residences at The GrandView.

"We are seeing a shift and increase in entry price point for what is considered luxury real estate in Tampa Bay," said Traci Burns, the Smith & Associates Real Estate Realtor who listed and sold the home. "Designed with impeccable taste by Restoration Hardware New York/Tampa, this home exemplifies how the luxury real estate market has evolved based on buyer preferences and demand, not only for residents within Tampa Bay but those who are coming from out of our region and state."

The penthouse had been fully renovated and completely redesigned by Restoration Hardware, with more than $500,000.00 invested in the interior design with a design configuration to maximize water and city views from every room.

The GrandView Penthouse price point supports recent data that the traditional entry price point of $1 million for what is considered "luxury real estate" has steadily trended at the $3 million range and up.

Residential properties sold at the $3 million price point have increased 44 percent compared to the prior year. In 2017, only 34 homes sold for more than $3 million. Five years later, the number has risen to 177 homes sold at that price.

Burns added that the demand for turnkey, furnished, high-end designer finishes is at the forefront of buyers' searches, especially for those considering relocation. The home had interest from out-of-state buyers from Chicago, Minneapolis, Washington, D.C, California and other Northeast metropolitan areas with high taxes.

For out-of-state buyers, Tampa's affordability from a corporate headquarters and business expense perspective, Florida's low taxation, Tampa's technology industry growth and its expanding, nationally recognized medical and pharmaceutical presence have led to more interest in relocating to Tampa Bay, Burns said.

Smith & Associates posted a record sales volume of $2.18 billion in 2021, marking a sales growth of 33 percent for the luxury real estate company.

The penthouse, located at 371 Channelside Walk Way, has four bedrooms and three bathrooms with 4,372 square feet of living space along with an expansive wrap-around terrace.

Custom-laid herringbone marble floors sets the tone in the entry of the penthouse, which incorporates a high-tech sound system and designer lighting along with walls of sliding glass doors, a French-inspired kitchen range from AGA, four ovens and multiple wine and beverage refrigerators.