Condominiums
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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Clearwater Beach Condos - Mandalay Beach Club - Florida Beachfront Luxury 33767
January 7th, 2008 Categories: Clearwater Beach Florida, Condominiums, Luxury Real Estate
Luxury Beachfront Condos – Mandalay Beach Club
Clearwater Beach Florida
When looking for Beachfront Clearwater beach condos the Mandalay Beach Club condos on North Clearwater Beach needs to be on your list if you’re looking for the best condos on the beach.
In February 2000, the 1.6-acre high-end luxury Mandalay Beach Club condominium project began construction right on Clearwater Beach with 350-feet of the Gulf of Mexico in their backyard.
In the Spring of 2002, the first occupants moved into the Mandalay Club’s first phase, the 91-home San Marco building of these Clearwater beach condos.
These 156– Clearwater Beach luxury condominium residences range in size from 1,550 square feet to 5,140 square feet with resort class amenities including:
- designer cabanas,
- clubhouse,
- heated pool,
- sauna,
- fitness center,
- billiards,
- concierge and
- 24-hr gated security.
Clearwater Beach Condos for Sale at Mandalay Beach Club 33767
Today, I found 28 beachfront condos for sale at The Mandalay Beach Club, priced from $4,200,000 to $739,000.
These Clearwater beach condos all have covered parking and range in size from a 4-bedroom, 3.5-bath with 5,140 square feet to a 2-bedroom, 2-bath with 1,550 square feet.
So, if you are looking for a resort style living? A luxury beach front property on Clearwater Beach? Then look no further than The Mandalay Beach Club – Ultimate in Fine living complete with beachfront penthouse condos with amazing views of Clearwater Beach.
Call us today, to setup some time to view these beautiful Clearwater
Beach condominiums.
Luxury Clearwater Beach Condominiums
Are you looking to sell a Clearwater Florida Luxury Condo – request our complimentary Condo Value Report on what is your luxury Clearwater Beach condo worth today.
Buying Beach Property? Are you looking at Clearwater beach condos or Sand Key Condos where you can enjoy our beautiful beachefront views or amazing intercoastal waterfront views and boating? Here’s what some of our past clients have to say about how we helped them….
** CLICK ON PHOTOS BELOW TO SEE CLIENT VIDEO TESTIMONIALS **
Buyers tell us that selecting the best Clearwater Beach Real Estate Agent, online or from a distance, can be a challenge. Some of our past clients agreed to share their experiences and tell you why they think you should work with us.
Click on the photos below and meet some of our clients and now friends…we’d love to be YOUR choice too! 
Want more info on Clearwater Beach Real Estate? Search the Clearwater Beach MLS multiple listings of all properties including all waterfront Clearwater Beach homes for sale and beachfront condos in Clearwater.
Looking for Real Estate in Clearwater Florida, Sand Key Condos | Homes to Clearwater Beach Condos – Give us a Call today at (727) 422–8901.
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The above information and images are Copyright © 2007 Jack and Cyndee Haydon, REALTORS and your Tampa Real Estate Consultants and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.
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Pinellas County Luxury Condos | Real Estate Market Report - 2007 Year in Review
December 28th, 2007 Categories: Clearwater Beach Florida, Condominiums, Luxury Real Estate, Pinellas County, Real Estate Market Reports, Tampa Bay FL Luxury Real Estate, Tampa Beach Living
Pinellas County Florida – As 2007 comes to an end, many Pinellas County sellers are happy to see it go and many are wondering what 2008 has in store for our housing market.
While we don’t have a crystal ball we did think it would be helpful to take a look back over the last 2 years to see where Pinellas County luxury real estate been and where we are now.
Pinellas County Real Estate 2007 Year in Review
We all have heard that it’s a buyer’s market in the Tampa Bay area however let’s review the facts and temper some of the news media. Here is the first report in our new series called the Real Estate Market Report – 2007 Year In Review.
Readers tell us that it’s easy to find information on total Pinellas County market statistics however it can be misleading when those reports include everything from condos under $100,000 in 55+ Adult Retirement Condo Communities to the record setting condo sale of $4,400,000 at the Sandpearl Residences condos on Clearwater Beach this past month. 5 condos sold for over $3,000,000 this year in communities like The Grande, Mandalay Beach Club, Vinoy Place and Parkshore Plaza. Luxury condos and fine living still have their discriminating buyers even in this real estate market.
Just like all real estate is local – we believe each real estate market niche is unique and our goal is to provide you with a deeper view into our Luxury Real Estate Market in Tampa Bay. We’ve been doing the research and preparing detailed reports on different Tampa Bay real estate market niches like:
- Luxury Condos (over $500,000) in Pinellas County
- Gulf front Condos in Pinellas County
- Pool Homes in Pinellas County
- Luxury Homes (over $500,000) in Pinellas County
- The Clearwater Beach Sand Key Condo Report
- Island Estates Real Estate Report
- Clearwater Florida Homes Real Estate Report
- Clearwater Florida Condos Real Estate Report
…and how they’ve performed this year. We’ve also provided you with a historical view of the last 24 months. As we head into the New Year it’s a time for reflecting on the past and planning for the future. Hope you find this information helpful.
Tampa Bay Real Estate 2 year Historical Performance Graphs
If you have a particular Tampa Bay Real Estate Market Report that would interest you just let us know and we will work to add it to our list. Our goal will be to post one or two a day.
We will include the following 4 graphs in our Tampa Bay Real Estate Market Report:
- Days on Market – How long is it taking Tampa Bay real estate to sell?
- Average Asked to Sold Ratio – Helps show how close to asking price condos are currently selling for.
- Median Price – shows that 1/2 of real estate sold is above and 1/2 is below this price in a given property or market niche.
- Units Sold – will show how many homes or condos sold in a given month as well as over the 2 year period.
![Pinellas luxury condos 500K Days_on_market[3]](http://www.sandbarstosunsets.com/wp-content/uploads/2007/12/pinellas-20luxury-20condos-20500k-20days-on-market3.jpg)
We have seen the time it takes to sell luxury condos in Pinellas county has risen from just over 75 days to over 225 days this past month. It’s easy to understand when you look at the fact that there is a more limited buyer pool for these luxury condos as well as the fact that condo buyers have more lots of choices of condos currently for sale in Pinellas County.
The next chart explains the Pinellas Luxury Condo Real Estate Asked to Sold ratio. We often get buyer requests for people wanting to buy a Clearwater Beach Condo on the Gulf of Mexico for under $100,000, we smile knowing we could sell those all day long if it existed and then have to explain is just doesn’t.
The following graph shows that while luxury condo sellers in Clearwater, St Petersburg and the Tampa Beaches are making deals and there are some luxury waterfront condo bargains to be found, sellers are not “giving away” this desireable Tampa Bay real estate.
Notice on the Asked to Sold Graph below that with the exception of one month, June 2007, out of the last 24 months the “asked to sold ratio” has been over 90%. While Pinellas County luxury real estate usually sells faster and in the high 90’s – luxury sellers are holding the line on their property values and many are willing to hold out longer than to sell a drastically lower prices.
![Pinellas luxury condos 500K Average_sold_to_asked_ratio[1]](http://www.sandbarstosunsets.com/wp-content/uploads/2007/12/pinellas-20luxury-20condos-20500k-20average-sold-to-asked-ratio1.jpg)
Pinellas County Luxury Condo Owners saw the median price for luxury condos (over $500,000) go from $689,500 in the beginning of 2006 and two years later after a challenging year for Tampa Bay real estate the median luxury condo price was up to $697,500.
Much of that can be attributed to the increase in the number of new luxury condo developments like Sandpearl Residences where developers have built a significant number of high-end condos over the last few years. When you look at most individual luxury condos on a year to year basis their values are actually down over last year. As we’ve said all year – if you don’t have to sell, then don’t – wait!
For those that have owned their property over 3 years, most have seen that property increase in value and while the median prices are down from their high of $815,000 in September of 2006 for those who bought for the long term should fare well.
Clearwater | St Petersburg | Tampa’s Beaches is still considered a great place to live and we hear from lots of people daily that want to buy Florida luxury real estate on our Tampa Beaches and around the Tampa Bay area.
![Pinellas luxury condos 500K Median_Price[1]](http://www.sandbarstosunsets.com/wp-content/uploads/2007/12/pinellas-20luxury-20condos-20500k-20median-price1.jpg)
![Pinellas luxury condos 500K Units_sold[1]](http://www.sandbarstosunsets.com/wp-content/uploads/2007/12/pinellas-20luxury-20condos-20500k-20units-sold1.jpg)
The number of Tampa Bay condos selling each month is down from the heyday of 2006 as well as the prices on most individual units. We believe reflects a combination of a correction in our real estate market from the buying frenzy that ran up prices at an unsustainable pace and the “wait and see” feeling lingering in the market right now.
The silver lining is that with the value of the dollar being down, interest rates being down and the fact that there are still plenty of motivated sellers we are seeing lots of activity again in the luxury condo marketplace, especially on our Tampa gulf beaches. Winter is also motivating lots of Canadians and foreign investors to act now so they can enjoy their new retreat this winter.
If you have a particular luxury condo community or unit you’d like more info on don’t hesitate to ask – we’d love to help you with all your luxury real estate needs here in Pinellas County.
Pinellas County Luxury Real Estate- Condominiums
Are you looking to sell a Pinellas Luxury Condo – request our complimentary Condo Value Report on what is your luxury Pinellas condo worth today.
Are you looking to buy a Tampa Beach Condo or Pinellas County Luxury Real Estate where you can enjoy our beautiful beaches or glorious green golf courses? Here’s what some of our past clients have to say about how we helped them….
** CLICK ON PHOTOS BELOW TO SEE CLIENT VIDEO TESTIMONIALS **
Buyers tell us that selecting the best Clearwater Beach Real Estate Agent, online or from a distance, can be a challenge. Some of our past clients agreed to share their experiences and tell you why they think you should work with us.
Click on the photos below and meet some of our clients and now friends…we’d love to be YOUR choice too!
Want more info, click to Search all Clearwater MLS listings includes all the homes and condos for sale in the Tampa MLS!
Looking for Real Estate in Tampa Bay Florida, Golf Course Condos | Homes to Clearwater Beach Condos – Give us a Call today at (727) 422–8901.
Click to Subscribe to Sandbars to Sunsets and get the Daily Digest by Email
The above information and images are Copyright © 2007 Jack and Cyndee Haydon, REALTORS and your Clearwater Beach Real Estate Consultants and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.
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