Clearwater Florida
Sand Key Florida
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.
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.
Clearwater Beach Real Estate - Selling or Buying - Waterfront 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 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 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
- Gated entrance (on duty guard 24/7)
- Stucco / Block Construction
- Waterfront type: 1100 ft of Gulf frontage white sandy beaches
- Enclosed lobby with 3 elevators
- 2 pools and a Jacuzzi,
- Fire Sprinkler System,
- Only 8 condo units per floor
- Storage
- Dans Island has covered assigned parking
- Complete Club House / Recreational Facilities in a separate building includes¦
- Fitness center / Workout room (however no elevator in this building)
- Party Room
- Billiards
- Racquet Ball and
- Tennis courts,
- Boat slips available across the street (for an additional fee)
- Dans Island Pets allowed up to 30lbs
- 6 month minimum rentals and you
- Must get approval to lease your condo
Dans Island Condos | Interior Features
- Size / Square Footage
2 bedroom units 1670 to 1960 Sq. Ft
3 bedroom units 1970 to 2063 Sq. Ft
- Large rooms,
- Whirlpool tubs in every home,
- Wood burning Gas Fireplaces,
- Family sized kitchens with butlers pantry,
- Generous Walk in closets
- Laundry center in each condo with full size Washer and Dryer,
- Long wrap around balconies - design makes each unit a ˜corner unit with spectacular views of Gulf of Mexico and Clearwater Harbor and more.
Clearwater Beach Real Estate - Dans Island Condos - Models
Dans Island I condos
- Model A- 1,970 sq. ft., 2 bedrooms and 2 bathrooms
- Model B -1,805 sq. ft., 2 bedrooms and 2 bathrooms
- Model C- 1,880 sq. ft., 3 bedrooms and 2 bathrooms
Dans Island II condos
- Model A - 1,938 sq. ft., 2 bedrooms and 2 bathrooms
- Model B - 1,840 sq. ft., 2 bedrooms and 2 bathrooms
- Model C - 2,063 sq ft., 3 bedrooms and 2 bathrooms
- Model D - 1,610 sq. ft.,2 bedrooms and 2 bathrooms
Dans Island Maintenance Fees include:
- Building Insurance,
- Water / Sewer
- Pest Control
- Security,
- Building Exterior
- Roof,
- Cable,
- Lawn maintenance,
- Trash Removal,
Related Article:
- Sand Key Condos | Complete List of All Sand Key Luxury Condominiums On the Beach
- Clearwater Beach Real Estate - Clearwater Beach Condos for Sale
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.
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Clearwater Beach Real Estate - The Future’s So Bright I Gotta Wear Shades
January 2nd, 2008 Categories: Clearwater Beach Florida, Clearwater Florida, Island Estates Florida, Luxury Real Estate, Real Estate Market Reports, Real Estate News, Sand Key Florida, Tampa Bay, Tampa Bay FL Luxury Real Estate, Tampa Beach Living, Tierra Verde Florida
Clearwater Beach Florida – Maybe you remember the 80’s hit from the group named Timbuk3 titled “The Futures So Bright (I Gotta Wear Shades)”. Here is the link if you want to see & hear the video.
That song reminds me of what our local Clearwater Florida real estate market for home and condo resales should look like in 2008 and beyond as local Tampa Florida real estate market conditions continue to improve.
National Association of Realtors reports that in this market, our Tampa Bay economy is adding jobs, mortgage rates remain in our favor, our second home market is healthy, our location near the beach continues to be attractive, and further production cuts in new home construction should lower supply all of which should lead to an increase in home prices and lower inventory in 2008. (Email us to request full report supplied by National Association of REALTORS )
So, if you are in the market to buy a first or second home in the Tampa
Bay area check out what some of our real estate customers are saying, then call us to find the right home for you.
Clearwater Florida Real Estate - Homes & Condos
Are you looking to buy Clearwater Luxury Real Estate where you can enjoy your luxury pool home, our beautiful green golf course communities, playing tennis all year long and dining and entertaining at local country clubs? Looking for an easy commute to Tampa? Something Close to our Tampa Beaches? We can help you find your dream home, condo, villa or townhome. 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 Florida 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, Golf Course Condos | Homes or Country Club Communities – Give us a Call. (727) 422–8901.
The above information and images are Copyright © 2007 Jack and Cyndee Haydon, REALTORS and your Clearwater 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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