South Tampa is considered one of the BEST areas to live. It’s a hip and trendy neighborhood offering shopping and dinning galore. Seybold Lofts, Located in the Hyde Park Historic District of South Tampa, is a unique loft stlye building, original in character of the 1920’s style brick buildings. In fact, the building was originally the Merita bread factory until it was purchased a few years ago.
Since the developer is now offering financing this means you can buy a condo in South Tampa without having FHA approval!! A struggle for first time home buyers to find in this desirable area of Tampa Bay.
TAMPA — Buying a condominium in today’s market is tough, especially with banks keeping credit for multifamily in virtual quarantine. But one developer of five communities thinks it has the answer: seller financing.
High Point Development of Tampa has offered seller financing quietly as a last resort to buyers since the condo market started to tighten two years ago. Now in an effort to sell out its properties before year-end, the developer is aggressive with the finance option.
The following Development are available for owner financing
Legacy Park,
Monticello City Homes,
Historic Seybold Lofts
Valencia Townhomes and
3405 Swann Citihomes,
The developer says that in most cases you can get 97 percent financing and a 30-year amortized mortgage at just under 5 percent interest. This is .5% less a buyer has to come up with for a downpayment versus FHA financing.
At Seybold Lofts, a converted 1920s bread factory in Hyde Park, higher unit prices created a slightly modified offer with a 30-year fixed mortgage. Click Here for visual tour of the Seybold Lofts
High Point is offering the program using a mix of available capital and some leeway with the developer’s original lender, Hudson said.
Getting that mixture in place isn’t easy for many condo developers still trying to move inventory, and it likely won’t be easy for others to follow suit, said Byron Moger, director of apartment brokerage services for Cushman & Wakefield of Florida.
Selling prices for the High Point communities are about 60 percent of what they were originally intended, Hudson said, but deals are getting done.
At Seybold Lofts, where its 33 units are listing between $209,000 and $499,000, half are sold.
At Legacy Park, where listings are slightly lower, 15 units remain of 97 originally offered. Only six units remain from the other three properties.
For details and pricing give me a call 813 784 7744 or email: realtyrae@yahoo.com
Rae Catanese, PA Real Estate Agent
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