Clearwater Beach Florida
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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Real Cost of 3 Bedroom Clearwater Beach Condos Today | Real Estate Market Report |33767
September 26th, 2009 Categories: Clearwater Beach Florida, Real Estate Market Reports
Clearwater Beach Florida Real Estate Market Report for 3 Bedroom Condos
Clearwater Beach Florida- The most common request we get from real estate investors as well as people who just want to buy a beachfront condo is for 3 bedroom Clearwater Beach Condos in zipcode 33767. I understand why - most want to invite family and friends to vacation with them however, it’s important to realize that 3 bedroom Clearwate beach condominiums come with a premium because there are not that many available for sale (especially under $500,000 - the cheapest condo on Clearwater Beach / Sand Key right now is $425,000 and it’s on the 2nd floor overlooking the intercoastal (much less desirable) - not the Gulf - beach side for example). You may not know this but most of our beach condo communities were built with 2 bedroom or less.
Buyers and investors find that if the condos are actually on the Gulf of Mexico with our famous “sugar white sand” they are priced more than most buyers are expecting to pay…especially after reading the newspaper who seems to portray that owners and sellers are giving away real estate in Clearwater Beach and Florida in general. Currently there are actually 122 three bedroom condos for sale in the 33767 zip code (which includes Island Estates - which are not on the island/beachfront). In addition, five are Active with Contracts (translated - short sales - praying the banks will come to terms) so today only @5% of all 3 bedrooms on Clearwater Beach and Sand Key are selling right each month. Here’s the latest detailed analysis on 3 bedroom condos are what is really selling in todays Clearwater Beach real estate market…
What’s selling on Clearwater Beach this Month - 3 Bedrooms
In the last 30 days five 3 bedroom condos have sold on Clearwater Beach / Sand Key (I am using the 33767 area on the beach). The three bedroom beach condos have sold for a low of $340,000 and a high of $975,000. Now the range of prices can be deceiving since they vary greatly in size, age of the condominiums, and whether they are “on the beach” or “on the intercoastal”. Three of the sales were for condominiums on the beachside - two were on the intercoastal, one in Sand Key at Garden Side and one was across the street in Belle Harbor Condominums - which is on of the newer JMC Communities that continues to be popular.
Related article:
- Clearwater Beach Real Estate - What do 3 bedroom Beachfront Condos cost?
- Clearwater Beach New Construction - What’s Happening?
Five 3 Bedroom Condos sold on Clearwater Beach in last 30 days
(1) The lowest priced condo on Clearwater Beach or Sand Key to sell was on the intercoastal - not the beach! It was in the Sand Key Bayside Condo on the 2nd Floor (low floors harder to sell right now) - it sold for $340,000 and at $224/sq ft and sold for 92% of list price in 56 days. This reinforces that with all the properties for sale - people consistently ask us for properties on the beach itself. This was not a short sale or foreclosure sale. While it is one the intercoastal there are no ammenities for boating (ie docks, slips, etc).
(2) The best 3 bedroom Clearwater beach condo bargain in the last 30 days was in the Continental Towers on the 12th floor however it was a short sale and they purchased it for $585,000 in August of 2004 but today owed $975,000 so this 2800 sq foot unit sold for $450,000 which was 90% of list price at an unusually low $161 per sq foot - especially considering this unit was completely updated. However Continental Towers is located between active hotels on Clearwater Pass with a different beach that many find less desirable - all of which is translated in the lower sales price here in my opinion. 
(3) The place that is most popular with many of our buyers is The Utopia and in my experience someone got a great buy at $687,000 for over 2300 sq ft for straight on Gulf of Mexico views along with inter-coastal water views for just $292 a square foot.
This condominium is actually assessed by the Pinellas County Property Appraiser on a Just Market Value of $888,700. This condo sold for 89% of the list price in 53 days. This Utopia condo sale was not a short sale or pre-foreclosure sale however it was effected by last sale in building which was $750,000 in January.
(4)The only 3 bedroom that sold on North Clearwater Beach wasn’t on direct beachfront it was on the intercoastal but the beach is across the street. It was the 3 bedroom at Belle Harbor.
This Belle Harbor Condo on the 9th floor sold for $600,000 which came out to $344 a square foot at 92% of asking price in 82 days. It was not a short sale, pre-foreclosure or foreclosure. The sellers had purchased this condo in 2004 for $568,000 which is pretty reflective of where prices have gone back to and why many believe when units reach 2003-2004 prices we are back on the natural line of property values. Ironically on doing some analysis the sold price appears to be higher than I would expect since this community has been effected by several short sales and foreclosures this year. It was sold furnished so that could account for some of the extra - and it was a cash transaction, which is probably good since I don’t believe that price would have passed the appraisers we’ve seen lately. Just another reminder why it’s good to have real estate buyer’s agents like us representing YOU in your beach property purchase - hear what our past real estate buyers and sellers have to say. The information you are getting here is just a sample of the research and analysis we do for our real estate clients everyday.
Related Articles
- Guide to Belle Harbor Condos - one of Clearwater Beach Best Condo Communities
(5) The most expensive real estate sold was at The Meridian on the 19th floor - 2700 sq ft of Gulf front views on Sand Key in 2008 the Just Market Value the Pinellas Property Appraiser assessed this property was $1,542,900. After 311 days it sold for $975,000. It was not a short sale or foreclosure property sale however even though it was the highest priced condo- it’s been rare to have 3 bedroom condos sell in the Meridian for under $1,000,000. So again for the size and the community - it’s a sign that buyers are getting deals we haven’t seen in a long time on Clearwater Beach. Just 5 months earlier in April a similar Meridian 2700 sq ft condo unit on the 18th floor sold for $1,507,000 so it appears this buyer definitely bought right!
Related Articles
- Clearwater Beach Jumbo Loans Update - What you need to know if you are looking to borrow over $417,000 today.
It will be interesting to see what happens in the Clearwater Beach real estate market in the next 30 days as we’ve seen traffic and inquiries pick up. Ironically as of tonight there were currently 6 beach condos under contract and “pending” right now. All but one have been on the real estate market over 6 months to almost a year with the average list price at $405 a square foot - which isn’t flying with appraisers and lenders so we’ll see what the actual “sold” prices end up being.
We do know of three Sandpearl Condos Short Sales that are close to closing and excellent values for the buyers - we’ll keep you posted or feel free to call us to get the inside scoop on what’s happening there right now.
Related article:
- Sandpearl Condos - One of the best places to live in Clearwater Beach Florida
The bottom line is that if you want to buy 3 bedroom Clearwater Beach condos today with views of the Gulf of Mexico in Clearwater Beach or Sand Key, even if it’s a real estate bargain, you are still looking at spending over $500,000 even in this real estate market.
Also notice how ONLY 1 of the 5 properties sold was a distressed sale - we’re finding banks are taking ridiculously long times to respond and the properties ending up in foreclosure and as Bank REOs are typically never reaching the market with the bank because they are often packaged as a portfolio and sold to wholesale investors who then list the property at close to market value to move it and make a return on their investment. If you have cash we are finding some short sales are being flipped - however no lender will lend on them for at least 90 days and still havent’ seen much of a deal when an investor sucks the value out in my opinion.
Do you have a market you’d like me to review for you? Let me know…
Buyers continue to tell us that selecting the best Clearwater real estate agents, 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 and to find out your Tampa Mortgage options 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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