Sand Key Florida
Sand Key FL | Enjoy The Columbia Restaurant and Help Fight Cancer
October 3rd, 2011 Categories: Sand Key Florida, Things to do
Sand Key FL Dining at The Columbia Helps Fight Cancer
Sand Key Florida – I got this in my email today and wanted to share about what The Columbia on Sand Key FL (and at their other 6 restaurants) is doing for the next month. I love it when businesses take the initiative to help make our communities a better place to live. Thank you to the Columbia and to the Gonzmart family.
Add one part research,one part education,mix in community support andyou’ve got a recipe to fight adolescent and young adult (AYA) osteosarcoma cancer.
The making of the White Sangria at The Columbia on Sand Key FL
Eat at Sand Key Restraurant and Participate in Dining for Life
During the Dining for Life campaign, The Columbia’s customers can donate any amount they wish to their check. The Columbia and the Gonzmart family will match the donation, and donate more than $500,000 in the fight against adolescent and young adult cancer.
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Grande on Sand Key~Sand Key Condos~Top 10 Reasons to Live Here
May 13th, 2011 Categories: Condos for Sale, Sand Key Florida
The Grande Condos on Sand Key – Clearwater Beach Florida
Sand Key Florida - The Grande on Sand Key is a wonderful place to live or call your vacation home way from home. These Sand Key condos offers some of the finest luxury on Clearwater Beach and Sand Key Florida. There are so many reasons to live here, but these are the ones I hear most frequently from residents and potential real estate buyers
Check out this quick video of this completely updated Grande Condo for sale:
Top 10 Reasons to Live in The Grande Condos on Sand Key
- Large secured private Sand Key condo community – 14 acres on the Gulf of Mexico, gated entrance on beach and street side
- Best of both worlds – gorgeous ocean views and magical intercoastal views offering sunrise & sunsets and dancing night lights
- Great style – Your guest walk under a “garage” to enter your building unlike most Sand Key condos for sale Read the rest of this entry »
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1170 Gulf Blvd Unit 1905-Grande Sand Key FL Condos for sale 33767
February 28th, 2011 Categories: Clearwater Beach Florida, Condos for Sale, Sand Key Florida
The Grande Sand Key FL Condos for Sale
Sand Key FL condos at the Grande – Rarely do the Viscaya models come up for sale and especially those with the most desirable southwest and southeast views on the higher floors which offer amazing sunrises and sunsets because on the lower floors your view is blocked by the Marriott Hotel on the intercoastal side. This unit has been completely updated so all you have to do is move in an enjoy.
Related articles:
- The Grande Condos of Sand Key FL – Beachfront Luxury condominiums
If you’re looking for a beach condo then you really need to check this condo at the Grande, especially if you want to buy a three bedroom condo on Sand Key or Clearwater Beach FL.
We’d be happy to show it to you – just give us a call at 727-710-8035 or 727-710-8036.
Why buy a 3 bedroom condo at the Grande of Sand Key FL
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Sand Key Florida | Learn to Sail or Windsurf at Clearwater Sailing Center -33767
October 29th, 2010 Categories: Boating, Sand Key Florida, Tampa Beach Living, Things to do
Sand Key Florida – Clearwater’s own Community Sailing Center
Sand Key Florida – When heading to Sand Key Beach or Clearwater Beach next time, consider visiting the Clearwater Community Sailing Center (CCSC) is you’re looking for something different to do. The Clearwater Sailing Center is located on Sand Key across from the Sand Key Beach Park at 1001 Gulf Boulevard, Clearwater, Florida 33767. You can learn to sail or windsurf there along with renting out the facility for weddings or parties.
The Clearwater Community Sailing Center was established to provide safe, enriching and affordable sailing opportunities to local Clearwater Florida residents and visitors, including youth, seniors, and the disabled for the benefit of the entire Clearwater community.
We are proud to be part of Charles Rutenberg Realty which supports the non profit – Sailability, based out of the CCSC by raising fund to purchase and outfit boats and equipment to allow disabled or challenged individuals to also enjoy sailing in Clearwater.
- Learn more about Sailability
Sand Key FL – Clearwater offers Sailing Instruction
The Clearwater Community Sailing Center which is actually a public facility and part of Clearwater Beach and owned and operated by the city of Clearwater, Florida (which Sand Key is a part of).
It doesn’t matter if you are a beginner or an experienced sailor because the Center has sailing instruction and sailboat rentals for everyone.
The sailing instruction is geared to all age groups, is delivered in a small group setting, and they guarantee these courses will teach you to sail safely and confidently. They will teach you everything you need to know to navigate your first dinghy or race your Laser to victory.
Sailboat Rentals available on Sand Key Florida
The Clearwater Community Sailing Center even offers sailboat rentals which you can easily check out online and has a fleet of over 40 sailboats available to the public. Daily or annual membership is required to use the boats and the rental rates range from $20/hr for a Sun-fish to $40/hr for a 17′ Sloop. (subject to change so verify current rates)
Sand Key Florida Real Estate
Want to know more about Sand Key real estate?
Related Articles:
- Information about all 14 Sand Key Condos on the beach front.
- Information on Sand Key Condos for Sale under $250,000? $300,000 and $350,000
>> Search Sand Key Condos for Sale for condos, town homes, villas and homes ~ including waterfront and oceanfront ~ condos for sale ~ houses for sale ~ 1031 ~ luxury properties ~
Are you looking to buy a Sand Key Beach Condo or Clearwater Beach house? 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 Sand Key Realtors, especially 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! 
Serving Clearwater | Clearwater Beach | Sand Key Condos | Island Estates Homes | Saint Petersburg | Palm Harbor | Dunedin | Safety Harbor | Tarpon Springs | Largo | Belleair | Oldsmar | Ozona | Pinellas Park | Gulfport | Tierra Verde | Indian Rocks Beach | Indian Shores | Madeira Beach | Treasure Island | St Pete Beach | South Tampa | Redington Beach | all the Gulf Beaches and Tampa Bay | 33767 | Vacation Homes | Resort Properties |
*The above information and images are Copyright © 2007 Jack and Cyndee Haydon, Clearwater Beach Real Estate Agents and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.
(** Note – Reprint: This article was originally published July 14, 2007)
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Beachfront Sand Key Condos for Sale – Condos under $250000? $300000? $350000?
October 27th, 2010 Categories: Clearwater Beach Florida, Condos for Sale, Sand Key Florida
Sand Key Condos – Distressed Beachfront Inventory going down
Sand Key Florida – As Clearwater Beach Realtors specializing in helping buyers with Sand Key condos for sale we’ve spent a lot of time showing the condos for sale this past month. Every year when the weather starts to cool up north, people start think seriously about finding their piece of paradise here in sunny Florida. This is where the news media is so misleading because they keep giving “lumped up stats” when all real estate is local and they also make it sound like people with condos for sale here in Sand Key Florida are just giving beach houses and condominiums away.
Yes, some people worried about the Oil Spill and many thought that would reduce values but we’re not seeing that – in fact the opposite is true. We are seeing new “highs” closing and that appraisal that was leverage for the buyer to get a “great deal” is the sword that cuts both ways – the new comps may have you paying more sooner rather than later.
We’re still finding many real estate buyers are shocked after spending time with us to find out how few two bedroom beachfront condos there really are for sale in Sand Key Florida under $350,000 – How many do you think there are for under $250,000, $300,000 or $350,000 of the 127 Sand Key condos for sale today?
Sand Key Condos for Sale – Finding the 1 out of 100 Bargains
We researched 2 bedroom condos and Would you be shocked to find out the:
- # of 2 bedroom Sand Key Condos for sale under $250,000 – > None!
- # of 2 bedroom Sand Key Condos for sale under $300,000 – Only 1 out of all 127
- # of 2 bedroom Sand Key Condos for sale under $350,000 – Only 2 out of all 127 Read the rest of this entry »
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Cabana Club Sand Key FL Condos for Sale – 2 Things Buyers MUST Know
October 10th, 2010 Categories: Clearwater Beach Florida, Condominiums, Real Estate News, Sand Key Florida
Are the Cabana Club Sand Key FL Condos for Sale Financially stable?
Sand Key Florida – This is the 3rd article in a series I’ve written on the Cabana Club Condos for Sale. If you didn’t see the first two click below to read them and get more of the back story.
- Part I – Cabana Club Sand Key FL in Clearwater Beach Florida – Amenities and More
- Part II – My 3 Favorite things about the Cabana Club Clearwater FL
So what started this series was the fact that the prices on Cabana Club Sand Key FL condos for sale are some of the lowest priced gulf front especially for 3 bedrooms on Sand Key FL and Clearwater Beach FL…which always begs the questions, Why?
Part of the answer I believe lies in the fact that somewhere along the way, and unfortunately
I don’t know where or when exactly it happened but the owners of the Cabana Club Condominiums (I spoke with what I believe to be a reliable source who gave me the following info and asked not to be named. I of course have no way of verifying the information so as always buyers should do their due diligence.) * explained to me that they decided not to keep their reserve fully funded for the normal upkeep and ongoing maintenance of their beachfront condo community.
You might ask yourself why Cabana Club Sand Key FL Owners would choose to do annual assessments versus funding reserves? Well in my experience, just like many families right now, everyone works with a budget or a monthly income and when owners, especially those on more fixes income or whose income has dramatically changed in the last couple of years (can you say Realtors, Lenders, Stock Brokers, Retirees living off investments and the list goes on and on)…they often are hoping to buy some time and either have things improve or sell before they are affected.
Here are the notes I took based on my phone conversation with this inside source trying to get the information straight from those in the know on the afternoon of 10/7/10:
“The Cabana Club had assessments starting in 2008 to envelope the building, which they explained included updating and renovating the outside areas like balconies, concrete, clap board, etc.
Each unit got a new assessment on Sept 1 2010 which varied based on size of unit and that
starting in 2008 the owners decided not to fully fund current and future projects and agreed to annual assessments instead. (When I asked this person how much per unit they would not tell me however in researching with sellers of units my buyers were interested in I found a typical 3 bedroom unit was looking at an additional $600+/mo)
They just agreed again to do an assessment on Sept 1 2010 and the same for 2011 and they are looking to do a longer “loan” to roll in and fund future ongoing assessments / projects.When I asked this person if they were fully funded on reserves, their comment to me is they have “some reserves”
* Updated 3/7/11 – At 12:53pm I received a call today from the original source regarding this article. We spoke for 4:01 minutes in the presence of one of my clients. The person called me and said ”that there are facts in this article that are incorrect” – I told them we would gladly correct any errors or incorrect information if they would please let me know what is wrong. They refused to give me any additional information and just kept repeating that it was wrong and I should remove this article. My client heard me ask for 4 minutes straight to give me any corrections and this person refused. I asked them to give me the current fees and assessments and she refused and said “I’m not going to tell you anything about the Cabana Club”. They also said they didn’t speak to me in the afternoon because they don’t work afternoons and yet this person just called me at 12:53pm which is roughly the same time we spoke back in October. We strive to provide accurate information however while all information is deemed accurate, it is not guaranteed and all mistakes will gladly be corrected when brought to our attention. As always, any buyer should not rely on this or any other information without verifying all information to their satisfaction when making any purchase. We live in a dynamic market and things are constantly changing. All seller’s must provide a Buyer making an offer with a complete condo disclosure for current fees and assessments so our advice is be sure you are completely satisfied with the information you receive. If you are a seller/owner at the Cabana Club and have information that would be helpful to this article please feel free to call or email me and we will gladly update this with the latest information.
So while right now there are several low priced 3 bedroom units for sale – it appears you are looking at currently paying an additional $600+ a month for the current assessment which appears to be scheduled to run through 2011. So if you are asking how come these Clearwater Beach 3 bedroom condos are so cheap?…Now you know more of the story.
In my opinion this is why when I see a cluster of “great condo deals” in the Clearwater Beach real estate market I know there’s got to be more to the story and you should have a Clearwater Beach realtor who digs in and makes sure you’re educated as to what you’re getting into.
And remember, unlike other Sand Key condos for sale, you can not rent these units out except for 6+months at a time so that’s not a very viable answer for offsetting these costs – you are basically looking at trying to find an annual renter – thank goodness property taxes and interest rates are down at the moment .
How could Cabana Club Condos Assessment affect me as a new owner?
You should know that when you buy in a condo community you are obligated to pay association assessments or they actually have the ability to foreclose on you. This is why lenders are so serious about financial strength because if they finance a purchase it’s in no one’s interest to realize you can’t afford the condo with escalating association cost or surprise assessments. Buyer beware – do you homework and work with Sand Key Realtors that are YOUR advocate and making sure you have all the info to ensure you are REALLY getting a good value – even in today’s market, it’s not a given!!!! (Disclaimer: I am not an attorney and don’t give legal advice and should not be construed at legal advice)
Condos that choose to manage my assessments versus solid reserves can be Russian Roulette for buyers that don’t have deep pockets..,can you say another “Clearwater Beach foreclosure” if you can’t pay them!!! Feel free to ask us more we’re happy to share our local insights!!!
Is a Hotel Coming next door to the Cabana Club Sand Key – What’s the impact?
The other big “unknown” is that in place of the Cabana Grille restaurant owned by the Belleview Biltmore there is supposed to be a new 6 floor low-rise boutique 38 room Victorian style hotel with a new restaurant being built between Dan’s Island condos and The Cabana Club condominiums and some people don’t like that idea which can also motivate some to sell as well as others not to choose to buy. If you’d like to read more you can check it out 
here.
Lots of people that already live in Sand Key Florida have expressed their concerns about this hotel. In my opinion, it will probably be an asset at best and neutral at worse (except during the construction process which is always a pain), however, each buyer has their own desires and you should know who your future neighbors could be – don’t you agree?
What else do you want to know that wasn’t answered here? If you want a list of all the condos for sale in the Cabana Club or all the Sand Key Condos for Sale – we’d be happy to customize a list based on just what you’re looking for.
As always, if you’d like to know about what’s happening with Clearwater Beach real estate just give us a call and we’ll bring you up to speed on what’s happening right now.
Disclaimer: I am not an attorney and don’t give legal advice and anything in this article should not be construed at legal advice. In addition, all information given here is believe to be true with sources sited however subject to change at any time and is not guaranteed and should be verified for your own purposes and situation.
And if you’re looking for a Clearwater Beach Realtor we’d like you to know that we are passionate about being your real estate advocate. We’re committed to delivering Results daily based on Integrity, Knowledge & Experience – helping you find the perfect Clearwater Beach condos for sale.
We’d like to be YOUR Clearwater Beach Real Estate Team!
Call Cyndee @ 727.710.8035 or Jack @ 727710.8036
Warmly,
Cyndee and Jack Haydon
Charles Rutenberg Realty
Clearwater Real Estate Office
1545 S. Belcher Rd
Clearwater Florida 33764
727-710-8035 (Cyndee’s cell)
727-710-8036 (Jack’s cell)
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Sand Key Realtors Tell Why Buyers Like Cabana Club Condominiums
October 10th, 2010 Categories: Condos for Sale, Sand Key Florida
Sand Key FL – In my previous article (about the Cabana Club Condominiums (Click the Part I link below). I shared the typical info you find online from Sand Key Realtors regarding condominium complexes like the Cabana Club Condominiums for sale.
- Part 1 – Cabana Club Sand Key FL – all the facts, pictures and general information on rules, etc.
The funny thing is many of those kind of articles we find online are written by people who have never even been inside the buildings. I mean once you get past, yes there’s a heated pool, and basic amenities most people looking at Sand Key condos 
for sale want to know what’s really happening (translated – why are so many people selling? and if prices are unusually low for the marketplace – Why? and what’s the overall health of the association, etc.) Those are the questions we dig to find answers for.
Most of the clients we serve come from out of the area and are looking to buy a second home, some strictly for their own use, some to blend between rental and personal use and some strictly for investment purposes. We find they are expecting and even relying on a local expert to go deeper and make sure they are asking the questions they may not even know they need to ask. The number one thing our clients expect from us as Sand Key Realtors serving buyers is to give them ALL the information they need to make a good decision based on their personal situation. For us that’s what it’s all about – educating, empowering and negotiating for our clients so they get the waterfront condo or home of their dreams.
We specialize in Gulf front Clearwater Beach Real Estate along the 26 miles of amazing that include some of the best beachfront condos and intercoastal waterfront homes from the tip of North Clearwater Beach at Carlouel down to Pass A Grille south of St Pete Beach including Tierra verde.
3 Best Things about Cabana Club Condominiums
- One of the things these Sand Key Realtors like and our buyers continue to tell us they like as well is that they like that this community has the direct, straight on gulf views. As you know if you’ve spent time looking at condos on Sand Key, only a few have direct gulf front units by design in all the units. It’s typically the older condominiums on Sand Key because as we all know land values have escalated and so in later times developers have more often than not opted for the angled views.
- My second favorite thing is that they are spacious units with large balconies which are comfortable for entertaining and offer some of the lowest prices for 3 bedrooms on Clearwater Beach and Sand Key. (I’ll answer my thoughts “why” below)
- The 3rd favorite thing is the look. I love the unique Key West / Victorian look of these Sand Key condos. We don’t have another one like it in the area. I like the front porch when you walk up and the inviting warm feel of the condominium.
Ok, so those are some of my favorite things about the Cabana club – now for Part 3 in this series:
- 2 things All Buyers MUST know before buying Cabana Club Condominiums (<<click here)
As always, if you’d like to know about what’s happening in with Clearwater Beach real estate just give us a call and we’ll bring you up to speed on what’s happening right now.
And if you’re looking for a Sand Key Realtor we’d like you to know that we are passionate about being your real estate advocate. We’re committed to delivering Results daily based on Integrity, Knowledge & Experience – helping you find the perfect Clearwater Beach condos for sale.
We’d like to be YOUR Clearwater Beach Real Estate Team!
Call Cyndee @ 727.710.8035 or Jack @ 727710.8036
Warmly,
Cyndee and Jack Haydon
Charles Rutenberg Realty
Clearwater Real Estate Office
1545 S. Belcher Rd
Clearwater Florida 33764
727-710-8035 (Cyndee’s cell)
727-710-8036 (Jack’s cell)
Technorati Tags: cabana club condominium,sand key realtors
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Cabana Club|Sand Key Condos for Sale|Clearwater Beach FL
October 10th, 2010 Categories: Clearwater Beach Florida, Condos for Sale, Sand Key Florida
Sand Key Florida – Guide to the Cabana Club Condominiums in Sand Key Florida. If you’re not a Clearwater Beach FL local there are several things about this gulf front community you may not know – that’s why we’re here as your local advocates . We can also help you if you are thinking about seeing all the Sand Key Condos for sale including Clearwater Beach.
Cabana Club Condominiums – The Facts
The Cabana Club condos stand out with their unique Key West style architecture which is appealing to many looking to enjoy the Florida lifestyle whether full time or part time.
They are located on the southern end of Sand Key Florida which has a private almost magical feel to it and yet it’s very close to the Tampa International airport, local sporting venues like the Tropicana Field, Raymond James Stadium, The St Pete Times Forum Clients that work with us know I have the 30 minute rule…we’re so blessed to be about 30 minutes from everything – so enjoy the award winning beaches and also take in local sites, attractions and fun. Our family drives to Orlando to go to Disney and Universal for the day which is a nice perk as well.
Cabana Club Condominium Address – 1582 Gulf Blvd Clearwater Beach FL 33767 and 1586 Gulf Blvd Clearwater Beach FL 33767
If you’re looking for the basic community info that any Clearwater Beach real estate agent can tell you like: can I bring my dog and is the pool heated then read on – it’s all in here. If you are considering buying here then check out the 5 things I think every Cabana Club condominium buyer deserves to know in my two other articles:
- Part II - 3 Best Things about Cabana Club Condos in Sand Key FL
- Part III – Cabana Club Condominiums – 2 Things every Buyer Must Know
This is where I share my opinions on the 3 best things about the Cabana Club Condominiums along with the 2 things every buyer of a Cabana Club condo must know more about. If you still have questions just call me at 727-710-8035 and I can get your questions answered if I don’t know the answers already!
More facts…..
When were these Sand Key condos built? The Cabana Club were started in 1984 until 1986 and are made up of spacious 2 and 3 bedroom units.
Do they allow pets at the Cabana Club Condos? Yes, you can have pets here up to 25lbs in weight which is good news for the many dog and cat owners out there.
What are the rental limitations at Cabana Club? Well, unfortunately they may not be a good bet if you are looking at Sand Key condos for sale that you can rent out easily. They have a minimum 6 months on rentals so it lends itself to 2nd home owners and long term tenants. If you are hoping to rent your condo you purchase you best bet financially is going to be a long term / annual rental. We don’t do rentals or property management but we do help our clients work with the best companies in the Clearwater Beach area.
Cabana Club Condos Amenities and Features
- Phase 1 – 1586 Gulf Blvd has has 34 units
- Phase 2 – 1582 Gulf Blvd has 56 units
- They have a heated swimming pool with a Jacuzzi spa that faces the beach
- They also have a modest fitness room that is also on the same level as a sun deck.
- This community does have storage and covered parking under the building.
- Each unit has a wood burning fireplace and lovely French doors lending to the Key West feel.
- Units have large balconies that face the Gulf of Mexico directly offering amazing views.
Cabana Club Condominium Photos
What else do you want to know that wasn’t answered here? If you want a list of all the condos for sale in the Cabana Club or all the Sand Key Condos for Sale – we’d be happy to customize a list based on just what you’re looking for.
As always, if you’d like to know about what’s happening with Clearwater Beach real estate just give us a call and we’ll bring you up to speed on what’s happening right now.
And if you’re looking for a Clearwater Beach Realtor we’d like you to know that we are passionate about being your real estate advocate. We’re committed to delivering Results daily based on Integrity, Knowledge & Experience – helping you find the perfect Clearwater Beach condos for sale.
We’d like to be YOUR Clearwater Beach Real Estate Team!
Call Cyndee @ 727.710.8035 or Jack @ 727710.8036
Warmly,
Cyndee and Jack Haydon
Charles Rutenberg Realty
Clearwater Real Estate Office
1545 S. Belcher Rd
Clearwater Florida 33764
727-710-8035 (Cyndee’s cell)
727-710-8036 (Jack’s cell)
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Sand Key Florida – Join Fun at First Annual Spring Fest at Shoppes of Sand Key.
April 16th, 2010 Categories: Community News, Sand Key Florida
Sand Key Florida Spring Fest - Clearwater Beach
Clearwater Fl – Calling all Sand Key Florida homeowners and neighbors - What are you doing tomorrow, April 17th 2010? This weekend you’ll find more than amazing beaches in one of Clearwater’s best waterfront neighborhoods…
Check out all the fun things to do at the First Annual Sand Key SpringFest. It is being called the “biggest Block Party this island has ever seen” and is being put on by the Sand Key Civic Association.
Where: It will be held at the Shoppes of Sand Key.
When: Saturday April 17th, Noon to 7pm
They will have a big tent and all the activities are starting at noon. They will have live entertainment, food, refreshments and special entertainment from Al “Coffee” McDaniels who is a well known blues musician.
If you are worried about finding parking on Sand Key Clearwater Beach on a spring Saturday – don’t be! The Sand Key Civic Association has arranged to have FREE transportation from the Jolley Trolley and it will be making a constant look up and down Sand Key on Saturday - from the Marina to the Park. You can take advantage of the FREE trolley rides from noon until 7pm.
Thanks to Larry and his Sand Key blog for helping to get the word out. Also be sure if you go to stop by Backwaters and tell Larry “Hi”.
Other Sand Key Articles:
- Steps from Sand Key Luxury Condos and the Beach eat Ryans Sweet Treats
- Sand Key Condos | Complete List of All Sand Key Luxury Condominiums On the Beach
- Sand Key Condos | The Grande of Sand Key Florida | Beachfront Luxury Condos
- Dans Island Condos – Inside Clearwater Beach Real Estate Condos – Sand Key FL 33767
- Meridian Condos offer Beachfront Luxury – Best of Sand Key Condos 33767
FLorida Luxury Real Estate | All Sand Key Condos on the Gulf of Mexico Beach
And if you’ve got any Sand Key real estate questions, just give us, your local Clearwater Beach Realtors a call. We’d like you to know that we are passionate about being your Clearwater Beach real estate advocate. We’re committed to delivering Results daily based on Integrity, Knowledge & Experience - helping you find the perfect Sand Key Condos for sale.We’d like to be YOUR Clearwater Beach FL Real Estate Team!
Call Cyndee @ 727.710.8035 or Jack @ 727710.8036
Warmly,
Cyndee and Jack Haydon
Charles Rutenberg Realty
Clearwater FL Real Estate Office
1545 S. Belcher Rd
Clearwater Florida 33764
727-710-8035 (Cyndee’s cell)
727-710-8036 (Jack’s cell)
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Clearwater Beach Florida Condos | Buyers and Sellers Hurt by Jumbo Loans
April 12th, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Sand Key Florida, Tampa Mortgages
Clearwater Beach Florida – As most of our readers know we work hard to get great deals for our Clearwater Beach condo buyers unfortunately there are some great buys on luxury condos in Clearwater however one of the major roadblocks interested buyers encounter is the fact that in the Clearwater Beach Florida / Sand Key Florida area the allowable Fannie Mae loan limit for conventional loans is only $417,000 with at least 20% down.
Now I would agree that in most areas of Clearwater real estate – this would be plenty, however, when you consider we’re home to some of the best beaches in the United States, it’s not nearly enough if you want to buy a typical beach condo and are looking for a reasonable loan.
Even if you were planning on buying a condo and putting 20% to 25% down it’s a problem because most Clearwater Beach Florida oceanfront 3 bedroom condominiums are still selling from $800,000 to well over $1 million dollars even in today’s real estate market.
Related article:
- Clearwater Beach Real Estate – What do 3 bedroom Beachfront Condos cost?
- Clearwater Beach New Construction - What’s Happening?
- Sandpearl Condos - One of the best places to live in Clearwater Beach Florida
Clearwater Beach FL Jumbo Borrowers Squeezed and so are Sellers
So what does this mean for the Sellers with Clearwater beach condos they are looking to sell?
In my experience…
1) Clearwater Beach low conventional loan limits are causing a lot of mortgage pressure to purchase properties for $520,000 (or less) give or take so a buyer can buy a condo with a loan of less than $417,000.
2) Clearwater Jumbo rates (and terms) further limits the number of ready and willing buyers in this “jumbo” price point – so with less willing and able buyers there is again more pressure on sellers to make a deal with the remaining buyers – and we’re seeing cash is king. Our last two beach condo buyers paid cash for their gulf beachfront condos.
What’s hard to believe is we are currently working with many buyers who are the best clients a mortgage lender could want (excellent credit, no debt, no issue with income qualifications) and yet they are not willing to buy a second home / vacation home under the recent terms one National bank / lender gave … For Jumbo loans on beach condo purchases needing a loan over $417K but under 1 million they didn’t even offer a fixed rate loan only a 5/1 ARM at 5.75% with a 1% point so basically when conventional home buyers are getting mortgage rates under 5% – some of the best possible borrowers are being asked to pay a premium of almost 7% and up.
When I asked “why?”, the banks told me that it’s because “Jumbo Loans” are currently the highest loans in default. Unfortunately, those I see in preforeclosure and foreclosure on the beaches now are very different than the potential buyers we are seeing. We all know lending had loose guidelines back a few years and many real estate buyers got in way over their heads – these are not the buyers we are working with today.
77% Pending Sales of Clearwater Beach Condos and Sand Key Condos are NOT Jumbos
There are currently 22 Clearwater condos under contract and pending sale in the Tampa Bay MLS – of that 17 of them has a listed purchase price of under $420,000, 4 are in the $600K’s and one is pending at $849,000 (all of which could be lower on closing – we don’t know the negotiated purchase price at this point). It’s not surprising that it was recently reported that 50% of all real estate sales in Florida this year have been cash transactions.
In our experience, today’s Tampa mortgage rates for Jumbo Loans have caused several of our clients to scale back their Clearwater beach condo purchases and others have postponed them while they free up additional funds to make up the difference in purchase price and “conforming loans”. We’ve seen several people who planned on buying beachfront condos for @$800,000 and now have scaled back $200-300K to qualify for the conforming loan rates and terms.
So if you are a seller on Clearwater Beach Florida today (or Sand Key, Island Estates and our Gulf beaches) the best thing that can happen for you right now is that Banks get bank into the Jumbo loan market and begin to offer more attractive Jumbo Loan rates and terms for these willing Clearwater Beach buyers. With rates where they are – if Jumbo’s loosen up many of our buyers tell us they would prefer a larger more expensive condo if there aren’t punitive lending terms for them.
Well there was some good news this week….
Clearwater Beach Real Estate gets some good Jumbo Loan news
Today I read an article that stated “that the hard-to-find jumbo loan may be making a comeback. Bank of America is among the major banks rolling out jumbo mortgage programs and holding the loans in their own portfolios.
It will offer loans from $730,000 to $1.5 million with 30-year fixed rates under 6 percent; but borrowers must make a 20-percent downpayment, have good credit, provide proof of income, and hold six months’ of principal, interest, property tax and insurance payments in reserve.”
I know we are constantly working with local bankers who offer in-house “portfolio loans” – we can only hope that other banks, both local and national, will follow Bank of America lead in the Jumbo loan market. If you have questions and need a good local banker, give us a call and we can introduce you to several good lenders and we will continue to keep you posted on what’s happening on our beaches.
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