Clearwater Beach Florida
Battle the Winter Blues here in Clearwater Beach Florida
January 20th, 2010 Categories: Clearwater Beach Florida, Real Estate News
Clearwater Beach in January…. Ahhhh it’s back in the mid 70’s - now that’s how winter should be - Our Winter blues - are blue skies and Clear blue water at our beaches!
See all Clearwater Beach Condos for Sale
Tampa Bay Buyers tell all in video…
http://www.SandbarstoSunsets.com/clients Sincerely,
Cyndee Haydon, REALTOR®
Charles Rutenberg Realty
1545 Belcher Road
Clearwater, FL 33764 Cyndee’s Mobile:727-710-8035
Jack’s Mobile: 727-710-8036 Our Blog is packed with local info. You can search over 44,700 homes and condos for sale in Tampa Bay at http://www.SandbarsToSunsets.com/idx Request detail market reports, See live beach webcam, Find out How Much your Home is Worth and more….
See and download the full gallery on posterous
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Clearwater Beach Condos - Buyers Must Know 6 Reasons Cash May be the ONLY Purchase Option
January 4th, 2010 Categories: Clearwater Beach Florida, Condominiums, Tampa Mortgages
Clearwater Condos for Buyers - Cash is King and sometimes your ONLY Financing option when Buying Florida Beach Condos
Clearwater Beach Florida - I had a buyer from Brazil contact me yesterday excited about coming to Clearwater Beach Florida to buy a condo in February. She shared beach condominium communities that interested her and I asked her the most tactical planning question I’ve found for buyers planning purchase of a Clearwater beach condo (especially a second home / vacation home) in today’s Florida real estate market…Will you be paying cash or financing?
Are you paying cash or will you need a mortgage…because it will affect your Beach Condo choices..
Me: I told her that “I’d set up a search for her once I knew her plans since many condos are not eligible for financing”
Her: “Hi Cyndee, thanks for the quick response. Not eligible for financing? Why would this be? Thanks”
I realized when she asked that question that many of our readers and buyers planning to buy a beach condo this winter may have the same questions and not be aware of what’s been happening with Fannie Mae and that there are new hurdles in getting a Tampa mortgage and even when you do qualify you need to plan to have 30% or more for a downpayment (up from 20% this summer)
6 Reasons you may not be able to get a Tampa Mortgage foater Beach Condo today
Unfortunately, Florida still has the “honor” of having the second highest foreclosure rate in the nation and at the top of the list, are condos, especially those that are not primary residences. Additionally, mortgage investors in general, consider Florida to be a declining market (whether still true or not) and as such are very conservative about 2nd home condo purchases in Florida particular.
This past year Fannie Mae added several restrictions making it more difficult for developers and current owners to sell their units. The government-backed mortgage-finance company stopped guaranteeing mortgages in condo buildings where fewer than 70% of the units have been sold, up from 51%.
See article detailing: Fannie Mae Mortgages tighten for condos
addition, if a condominium finds itself in one of the following situations then lenders aren’t approving loans for any condos in buildings. This is true for condos where:
- 15% of current condominium owners are delinquent on association fees; The calculation was also changed this past year from being 15% of the total fee payments to 15% of total units.
- More than 10% of units are owned by a single-entity. Apparently, this was to keep the so-called “vulture buyers” from taking over project; In addition, they also want to see only a limited number of non-owner occupied units as well.
- The condos must be “warrantable” - each approved individually and this can change month to month
- The homeowners association must have at least 10% of its budgeted income designated for replacement reserves and adequate funds budgeted for the insurance deductible; Many older condo associations keep woefully inadequate reserves and operating budgets, so they are non-compliant
- No more than 20% of a condo project can consist of non-residential space. There goes most mixed commercial-residential use projects
Buyers face more hurdles in financing Clearwater Beach Condos
and #6) This one is specific to foreign nationals. There is currently no one we’ve been able to find lending to foreign nationals due to the issues that revolve around lenders options when a borrower defaults and is not a US citizen. (If you know of anyone please let us know :) The one exception is we still have one lending source for Canadians (a bank that is located in both countries even though it is HQ in Canada)- Our experience has been that all other foreign nationals are finding they have to purchase with cash regardless of the condo situation.
If a Clearwater beach condo and the borrower both do qualify under current lending guidelines then there is an additional amount to budget for it’s HO6 which is now required. Borrowers must now obtain a condo unit owners insurance policy unless the master policy provides interior unit coverage; coverage may not be less than 20% of the assessed value.
A condo-owners policy, known as an HO-6 policy, covers personal property, personal liability, and the physical unit from the studs and in. Many policies also include special assessment coverage or the option to include a special assessment coverage rider since these assessments have caused several borrowers to be foreclosed on since they couldn’t pay them and the HOA can then foreclose on the owner - which is definitely not good news for the lenders or the owner. This came about because when we experienced hurricanes in 2004 many people didn’t have enough insurance for the “inside of their condo” and many communities had issues with condos not repaired, mold, etc. so in an effort to protect all owner’s in the communities investment it is now regulated that every borrower must carry this coverage. (This just went into effect this past month)
I hope information was helpful to you as well…
Do you have a question you’d like me to answer about what’s happening today in Clearwater real estate?
Just email, call or leave a comment and I be separate myths from our current realities…
Buyers continue to tell us that selecting the best Clearwater Realtors, online or from a distance, can be a challenge. So some of our past clients agreed to share their experiences and tell you why they think you should work with us. Meet some of our clients and now friends…we’d love to be YOUR choice too!
Give us a call so we can to discuss your needs! (727)710-8035 or (727) 710-8036
Clearwater Beach Condos: If you want to Buy Waterfront Condos or Homes - We Can Help!
If you’ve been thinking about buying a waterfront or oceanfront beach condo or house in the Clearwater St Peterburg Tampa Bay area…
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Contact us for a FREE quote on Tampa Mortgages and you can search all Tampa St Petersburg and Clearwater condos for sale right now..
Copyright © 2007-2009 Jack and Cyndee Haydon, Clearwater REALTORS and specializing in Clearwater Florida, Clearwater Beach Florida, and Pinellas County Waterfront homes and condos. Information is deemed reliable however it is not guaranteed and subject to change at any time.
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Enjoy these Clearwater Beach Florida - Island Estates and Tampa Beach Holiday Boat Parades
December 9th, 2009 Categories: Boating, Clearwater Beach Florida, Community News
Clearwater Florida and other local Beach towns hold Holiday Boat Parades
Clearwater Beach Florida - Living in Clearwater one of our favorite things to do in December is to enjoy the beautiful Holiday Boat Parades held in the various Tampa beach towns. Unfortunately Dunedin’s and St Pete Beach boat parades were cancelled last weekend because of windy weather and currently there is no make up date.
For us, the Clearwater Beach - Island Estates Memorial Parade is one of our favorites and will be hosting their boat parade this weekend. You can see various lighted boat parades as far north as Tarpon Springs Florida down to Tierra Verde (southern Pinellas County) tonight. We’re so lucky to have so many great options. If you go, let me know what you think!
Here’s a list of the local parades we found going on the next two weekends (weather permitting).
Tierra Verde Florida (December 9th) is holding their boat parade tonight (Wednesday, December 9th) so if you have have time head down tonight and check it out.
Island Estates - Clearwater Beach Florida (December 12th) - One of the most popular in the area, this year’s parade on December 12th, 2009 and marks the 35th year that this parade. The boat parade is sponsored by the Island Estates Yacht Club. Boats. All boats will assemble at 6 pm in Mandalay Channel, between Island Estates and Clearwater Beach. They will proceed through Island Estates’ canals, arriving downtown at Coachman Park at 8 pm, then they will sail under Memorial Causeway Bridge, down the Clearwater Marina Channel and winds up finishing at the Clearwater Yacht Club on the southern end of Clearwater Beach.
Tarpon Springs Florida (December 12th)- I couldn’t find the details but I know it’s being held this Saturday night as well and runs along the sponge docks. My friends the Mason’s love watching from their backyard every year. So if you’re in that area be sure to check it out.
St Petersburg Florida (Downtown) (Saturday, December 12th) - The will be hosting a lighted boat parade this Saturday as well.
Treasure Island Florida - (Sunday, December 13) They are holding their Christmas Boat Parade this Sunday and it will begin at 6:20 p.m. at the Treasure Island Tennis & Yacht Club, 400 Treasure Island Causeway.
NEW!! Tarpon Springs FL - Lake Tarpon (Saturday, December 19th)This year is the first year for a lighted Christmas Boat Parade and will be held next weekend on Lake Tarpon. The parade begins at the Tarpon Turtle at 7PM (earlier than last year). See TarponTurtle.com for their location.
Madeira Beach Florida ( Saturday, December 19th) Will actually have 2 lighted boat parades. Their Festival of Lights boat parades will hold the first for smaller boats. It starts at John’s Pass at 6:15 p.m., heading north through all channels and ending at the Tom Stuart Causeway. The 2nd boat parade, for larger boats, begins at Tom Stuart Causeway at 6:30 p.m. and ends at John’s Pass. Both of these parades are expected to end at about 8:30 p.m. in addition, Santa will visit John’s Pass Village about 7 p.m.
Indian Rocks Beach Florida (Saturday December 19th) has their boat parade beginning at 7 p.m. at the Holiday Inn Harbourside and proceeding north under the Walsingham Bridge. We actually have taken video of this boat parade in the past - and Jimmy Iguanas is a great place to see the parade from but get there early!! You can check it out
Redingtons and Indian Shores Florida (Sunday, December 20th) will hold the last boat parade of the season is longer than most and will begin at about 6 p.m. These festive boats will start at the Welch Causeway Bridge in Madeira Beach Florida, and then the boats will head north among the intercoastal waterways in Redington Beach, North Redington Beach, Redington Shores and Indian Shores. The parade is expected to end about 10 p.m.
Clearwater Beach Properties: If you want to Buy your own Waterfront Condos or Homes - We Can Help!
Buyers continue to tell us that selecting the best Clearwater Realtors, online or from a distance, can be a challenge. So some of our past clients agreed to share their experiences and tell you why they think you should work with us. Meet some of our clients and now friends…we’d love to be YOUR choice too!
Give us a call so we can to discuss your needs! (727)710-8035 or (727) 710-8036
If you’ve been thinking about buying a waterfront or oceanfront beach condo or house in the Clearwater St Peterburg Tampa Bay area…
Call Us Today at (727) 710-8035 to hear more about how we can help you!
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Copyright © 2007-2009 Jack and Cyndee Haydon, Clearwater REALTORS and specializing in Clearwater Florida, Clearwater Beach Florida, and Pinellas County Waterfront homes and condos. Information is deemed reliable however it is not guaranteed and subject to change at any time.
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