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Clearwater Beach Florida Condos | Buyers and Sellers Hurt by Jumbo Loans

April 12th, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Condos for Sale, 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.

Clearwater beach florida condos Sandpearl ResidencesNow 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 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.

Clearwater Beach Real Estate - Selling or Buying - Waterfront Condos or Homes - We Can Help!

Clearwater beach florida condos for saleIf 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.

Posted by Cyndee Haydon | Currently 8 Comments »

Clearwater Condos on Sand Key Florida - Inside Dans Island Condominiums 33767

October 21st, 2008 Categories: Clearwater Beach Florida, Condos for Sale, Sand Key Florida

Dans Island Condos - Insiders Guide to Best Clearwater Condos

Clearwater Beach Florida - Dans Island is the first condominiums community you see as you enter Sand Key Florida from Belleair Beach is one of the best finds when looking for Clearwater Beach real estate right on the sandy white beaches of the Gulf of Mexico.

Dan’s Island Condos

Dan’s Island Condos in Clearwater are made up of 2 unique stucco block condo buildings with interesting views from several balconies in each unit (Dans Island I condos and Dans Island II condos), each 12 stories high with 85 and 86 condominiums respectively.

Dans Island is named after Sand Keys original settler and part of Sand Key and Clearwater’s history. In the photo here you can see a sample of the amazing view from one of the balconies of the white sandy beach of Sand Key Florida - Does it get any more private than this?

Feel free to read more about Dans Island Condos and their connection to Sand Keys history, the bargains recently found and more. In this article I wanted to provide many of the facts and figures Clearwater Beach Real Estate buyers ask me for, especially when we help so many people from out of the Clearwater Florida area.

Dans Island Condos | Community Features

Dans Island Condos | Interior Features

Inside and View from Dan’s Island Condos on Sand Key Florida

2 bedroom units 1670 to 1960 Sq. Ft

3 bedroom units 1970 to 2063 Sq. Ft

Clearwater Beach Real Estate - Dans Island Condos - Models

Dans Island I condos

Dans Island II condos

Dans Island Maintenance Fees include:

Related Article:

If you are looking to sell your Sand Key condo and feel free to call us at (727) 710-8036 to request for your complimentary Clearwater beach real estate market analysis on your specific property - in this dynamic market its changing day to day. Looking for accurate info and no pressure to make informed decisions then youll appreciate the way we work.

If you want to see all the Clearwater Beach condos for sale in the Clearwater MLS!

Cyndee Haydon, Clearwater REALTORs Charles Rutenberg Realty, 1545 S Belcher Road Clearwater FL 33764

(727) 710-8036

All Information deemed reliable but not guaranteed.

Posted by Cyndee Haydon | Currently 4 Comments »

Clearwater Beach Real Estate: What does a 3 bedroom 2 bath Oceanfront Clearwater Beach Condo Cost?

June 18th, 2008 Categories: Clearwater Beach Florida, Condos for Sale, Sand Key Florida, Tampa Bay FL Luxury Real Estate

Clearwater Beach Real Estate - 3 Bedroom Oceanfront Beach Condos for sale

Clearwater Beach Florida - The most common request Jack and I get is people looking for a vacation resort / investment property and their top 2 requests are first that it is oceanfront Clearwater Beach Condos along with wanting 3 bedrooms and 2 baths - sounds like simple requests right? Well it might surprise you that it’s actually a minority of the Clearwater Beach real estate inventory that’s available for sale.

I checked the Tampa MLS today and found that there were only twenty five 3 bedroom 2 bath Clearwater Beach condos for sale right now. Almost 1/2 of the condos for sale in the Mandalay Beach Club condominium complex. Only 2 of the Clearwater beachfront condos allow 7 day rentals (which is very unique). Nine of these Clearwater Beach condos are located on Sand Key and only one of these has a minimum rental period of 2 weeks - the others have minimum rental periods of 3 months and up - reflecting Sand Key’s strong residential focus.

Clearwater Beachfront Condo Photos - What’s not to like?

Photos of some of these fabulous Clearwater Condos:

Mandalay Beach Club Condos and Sandpearl Condos on Clearwater Beach Florida 33767

The Grande Condos of Sand Key view of the Gulf of Mexico

Sand Key Condo balcony views of the oceanSand Key Condo balcony views of the ocean

Clearwater Beach Real Estate views of Ocean at sunsetClearwater Beach Real Estate views of Ocean at sunset

Clearwater Beach Condos - Analysis of 3 Bedroom Condos for Sale Now

The cheapest beachfront condo is offered for $475,000 and is under 1400 square feet. This condo is located in the Sand Key Condominium complex, Sand Key Condo South. Unfortunately this complex was built with the building facing North / South instead of East / West.

So what does that mean to you?

It means that you have gulffront condo views from the balconies, however they are usually limited and somewhat obstructed (many don’t have good water views from inside the condos themselves)- Clearwater condo buyers consistently tell us they favor the West facing views that building with and East / West orientation have to offer.

So why are many condos, especially on Sand Key FL built facing North / South?

My guess is it was about cost! Obviously you can get more condos with this design since these buildings fit on a narrower piece of property and this prime Clearwater Beach real estate definitely commands top dollar.

Now don’t get me wrong - living on basically the #1 beach in the United States (we’re the southern extention of Caladesi) is definitely great at any direction :) - however, for those wanting the best gulf views - the East / West buildings are the most popular (and while we’re at it - the South West Views are the most popular and in the most demand).

The Mandalay Beach Club Condos and the Sandpearl Condos are the newest luxury condos on Clearwater Beach and offer truly amazing views and amenities however if you’ve got your heart set on a 3 bedroom you’re currently looking at Clearwater Beach condos for sale for over $1,000,000.

So what’s a Clearwater beachfront cost per square foot? As with all Clearwater real estate - location, views and amenities matter. Of these 3 bedroom condos for sale the asking price per square foot ranges from a low of $306 per square foot to a high of $950/square foot.

Clearwater Beach real estate stays pricey - even in this buyer’s market. In the last 3 months we’ve had six 3/2 oceanfront condos sell and the dollar per square foot has ranged from $273 per square foot to $650 per square foot.

Are you thinking of buying a Clearwater Beach Condo? Now is a great time to find a great place and a good value. Jack and I specialize in Clearwater Beach Real Estate and have put together a Clearwater Beach Condo Short Term Rental Report to help you in narrowing down which complexes meet your requirements. Give us a call to request it at 727-710-8036.

Related Posts:

Buyers are finding that many sellers of Clearwater beach condos on the best Tampa beaches are now motivated to sell and qualified buyers are benefiting and saving money! We’ll help you negotiate real bargains.

Enjoy our beautiful beachfront views or amazing intercoastal waterfront views and Tampa Bay boating? Here’s what some of our past clients have to say about how we helped them…. 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! Video photo noreen cathy collins daughter Video photo francine sinclairVideo photo cathy collinsClearwater Real Estate Agents Get Kudos from Vacation Golf Home Buyers

 

 

 

Want Want to see all the Clearwater Beach Condos for sale? Search the Clearwater Beach MLS multiple listings of all properties including all waterfront Clearwater Beach homes for sale and beachfront condos in Clearwater.Search_-mls

Call us today

Looking for Real Estate in Clearwater Florida, Sand Key Condos | Clearwater Beach Homes – Give us a Call today at (727) 710–8036.

The above information and images are Copyright © 2007 Jack and Cyndee Haydon, REALTORS in Clearwater and your Clearwater Florida Real Estate  Sand Key Florida Agents and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law. All information is deemed reliable but not guaranteed and should be verified before making any real estate decisions. Pinellas Realtor Organizations MLS was used for information - all information subject to change without notice.

Posted by Cyndee Haydon | Currently 4 Comments »

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