'Glass House' could boost local real estate

St. Petersburg, Florida -- Have you ever wondered what the inside of Signature Place in downtown St. Pete looked like?

Occupying 4,177 square feet of the 34th through 36th floors, is the condo with sweeping views, custom everything and is dubbed The Glass House.

It just went on the market, for $3.2 million dollars. An astounding $766 a square foot.

"In 2007, the market dropped and this building was closer to 250 not even hitting 300 square foot yet." says Debbie Newman with Smith and Associates.

While most people are not in the market for such a place, what does this listing mean for the rest of us?

"It's what we could call either a trophy property or an iconic property, and there's very few of those," said Craig Nowicke, a broker associate at RE/MAX ACR Elite group.

So that means, it's a seller's market. And while there are exceptions Craig Nowicki thinks this could mean your home value could rise.

"Those properties have been steadily increasing in value in our market really since about since January of 2011, but really on a more normal growth path," he said.

Despite the exceptional price tag for the Glass House, expects this one to go fast.

"Its only been on the market six days, and we're going on our fourth showing."


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