The decision to purchase a condo in the Tampa area has many buyers concerned as Condo Associations have been taking a hit with unpaid fees, due to homeowner’s walking away from their properties. The following is great news for anyone looking to buy in The Towers.
Towers of Channelside: As of February, 2010, 120 of the residential units have been sold, leaving 137 available residential units. Only 1 of the retail units remains available for sale. There are two separate condominium associations: one for the retail condominium, and one for the residential condominium; also, the two associations then share the costs for certain shared facilities that serve both portions of the project.
The remaining, unsold developer units are subject to a state-court foreclosure by the 
project lenders; however, a court-appointed Receiver is managing, operating and marketing the project during the pending case, and has court authority and lender approval to continue the sale of units on behalf of the developer, The Towers of Channelside, LLC. With the consent of the project lenders, the Receiver has entered into a new marketing arrangement with JMC Realty, an experienced and reputable luxury high-rise condominium development, management and marketing team. The new sales program is market-driven, and offers very competitive pricing at a superior real estate and entertainment location that is unique to Tampa Bay.
Here’s a link to a previous article, which outlines pricing of units and what the HOA fees include: The Towers of Channelside.
The condominium associations are professionally managed by Condominium Associates, one of the industry leaders in association management on the Gulf Coast of Florida. Condominium Associates provides an on-site property manager and promotes a concierge-style atmosphere for residents, in addition to providing the professional accounting, financial and management expertise for the Association. [click to continue…]
One problem we are experiencing in the Tampa Real Estate Market is a very large quantity of short sales and foreclosures. This leads to not only abandoned homes, but an even larger problem with HOA fees not being paid by the homeowners.
A good buyer’s agent can tell you which neighborhoods are in trouble. Imagine buying a home and then being assesed a huge amount to make up for the back HOA fees! Call the Home Owners Association president and get the current financials. Finding out this information should be a contingency of the contract in today’s real estate market.
HGTV’s frontdoor.com posted a great article on How To Find The Best Neighborhoods. It’s guide for those just starting out in the home search process. If you are looking to relocate to the Tampa Bay area, I’ve posted articles specific to our area that will help you find the BEST neighborhoods in Tampa!
Need a buyer’s agent? Call 813 784 7744 or email me! Rae Catanese, PA-Licensed Real Estate Agent covering all of Tampa Bay
Clearwater Yacht Club at dusk
As Real Estate Agents in the Tampa Real Estate Market we are seeing so many different obstacles to overcome. Most stems from the foreclosures and it’s effects on the Real Estate Market here in Tampa bay.
This is a guest post from my business partner Michelle Jordan at Prudential Tropical Realty.
When she told me the situation with HOA fees; I felt this was important information to let everyone know.
One of our clients live in a waterfont townhome community In Tampa. There is one Master Association, but then multiple associations within the one Master. My seller’s Association is the only one in the community that has any foreclosures or short sales and the HOA board is passing along as an assessment the outstanding fees HOA fees that have not been paid.
My sellers are desperately trying to find out legally if they alone will be responsible to bring all those fees current. Their HOA fee costs are out of control and almost matching what they pay for their mortgage.
Buyers/Sellers need to be aware that if there are any distressed properties in their community where HOA fees are to be paid, those fees may very well get passed along to the homeowners who are not in a distressed situation.
I fear that as more distressed properties come on the market the more attention this will get and hopefully it will end up as a question for the folks in Tallahassee.
Buyers working with Realtors need to have confidence that their Realtor is asking all the right questions and digging under the right rocks to make sure there are no surprises at the closing table when it comes to condo fees or HOA fees.
If you are thinking of buying a bank owned home, short sale, or pre-foreclosure please don’t hesistate to contact us. If you don’t have a buyer’s agent to reprsent you, we are licensed Realtors in Tampa Bay.
Call Michelle Jordan, PA
813 695-5677
project lenders; however, a court-appointed Receiver is managing, operating and marketing the project during the pending case, and has court authority and lender approval to continue the sale of units on behalf of the developer, The Towers of Channelside, LLC. With the consent of the project lenders, the Receiver has entered into a new marketing arrangement with JMC Realty, an experienced and reputable luxury high-rise condominium development, management and marketing team. The new sales program is market-driven, and offers very competitive pricing at a superior real estate and entertainment location that is unique to Tampa Bay. 