Clearwater Beach Florida
Real Estate Market Reports
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.
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- 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!
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- 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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Clearwater Beach Florida - Some Home Owners Are Eligible For Mortgage Relief
March 15th, 2009 Categories: Clearwater Beach Florida, Real Estate Market Reports, Tampa Mortgages
Clearwater Beach Florida Update on the Making Home Affordable Program
Clearwater Beach Florida - When the White House first introduced the Making Home Affordable program in February, it was positioned as a mortgage program with two goals to help homeowners everywhere including those on Clearwater Beach:
- To help financially-needy homeowners get home mortgage relief
- To help home owners who’ve lose equity qualify for today’s low rates
This past Wednesday, in a much-anticipated announcement, the U.S. Treasury introduced new details about their Making Home Affordable plan.
It also created an “Am I Eligible For Making Home Affordable” form on its website. (Check it out)
In the press release, the Treasury detailed the President’s original blueprint. Namely, it provided explicit loan modification instructions that will assist up to 4 million delinquent homeowners and their respective mortgage servicers.
The modification guidelines are a thorough 17 pages long and leave little question about the loan modification process, and how it must be carried out.
But for as much ink committed to helping delinquent Clearwater beach home owners, the Treasury gave surprisingly little guidance to the estimated 5 million homeowners for whom deteriorating home equity has rendered refinancing impossible.
For these Americans, the Treasury instead offers a basic Q&A and directs Clearwater home owners to call Fannie Mae and/or Freddie Mac to confirm their eligibility. The “refinance plan”, in summary, says that a homeowner who has paid his mortgage as agreed and whose home value is “about the same or less” as the amount owed on his first mortgage may be eligible.
That’s about as much as the Treasury could say.
So what are your other options?
New Guide to Getting a Loan Modification in 60 minutes
Being in the Clearwater beach real estate business we are helping families everyday caught in this property value crisis so I am excited to share a straight-forward practical resource with you developed by a friend of mine Rocky Rockwood and his Dad, Mike. Rocky’s own Dad found himself in the same situation as many home owners today. Their properties were no longer worth what they owed so refinancing wasn’t an option and they also had with less income coming in and were struggling to find a way to keep up their mortgages.
Rocky and his Dad took action to really understand the problem and better yet the solution! Then they wrote a step by step guide to help others in the same situation. Their loan modification guide now enables the average home owner successfully do their own loan modification quickly and easily rather than get taken advantage of by one of the latest scams I’m seeing daily. They wrote an use workbook on How to get a loan modification
I got to review the complete guide and highly recommend it - those of you who know me know that I am about empowering people with good information so you make informed choices and also get proven results. If you or someone you care about is in this situation you owe it to yourself to get good information.
If after browsing the Treasury the website, you still have questions about the Making Home Affordable program, call your mortgage lender with specific questions or better yet, order the 60 Second Loan Modification kit
Clearwater Beach Real Estate - Selling or Buying - Condos or Homes - We Can Help!
If you’ve been thinking about buying or selling 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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Clearwater Florida Sees More Signs Of Real Estate Recovery |Cost Of Owning Versus Renting Falls Back To Historical Norms
March 8th, 2009 Categories: Clearwater Florida, Homes for Sale, Real Estate Market Reports
Clearwater Florida Owning verus Renting
Clearwater Florida - One popular housing theory is that — before a bona fide housing recovery can begin — the cost of owning a Clearwater home versus renting one must return to historical levels. 
If that belief is a truth, a national return to rising home prices may be in store for 2009.
Falling home prices coupled with falling mortgage rates, too, have dropped the relative, after-tax cost of owning a home to 125% of the cost of renting a home.
This is the exact 18-year historical average and not since 2001 has the gap been this small.
As reported by the Wall Street Journal, though, the study has some flaws. For example, the data doesn’t account for ongoing home maintenance costs, nor does it consider real estate tax bills and insurance policies.
But, combining a relatively low cost home of ownership in the Tampa- St Petersburg - Clearwater real estate market right now. NAR reported that the median home price was $151,500 in the 4th Quarter of 2008 which represents a decrease of over 24.9% in 2008 along with the government’s newly announced $8,000 tax credit for first-time home buyers is likely to convert long-time Tampa Bay renters into never-before homeowners. We’ve been meeting with lots of buyers convinced now is the time to buy their first home.
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This, too, is thought to be a key element of the housing recovery.
In many real estate markets (but not all), home prices are expected to edge lower through 2009. Provided mortgage rates stay low, the cost gap between owning and renting will shrink even more.
Thinking of Buying your First Home in Clearwater Florida - We can help
If you have been thinking about buying your first home or condo and haven’t owned one in the last 3 years now is a great time to buy in home in Clearwater
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..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and specializing in Clearwater Florida, Clearwater Beach Florida, Sand Key Florida and Pinellas County Waterfront homes and condos. This article may not be copied, reproduced, distributed, transmitted, displayed or published.
(Image courtesy: Wall Street Journal)
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