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.
Presently, the Receiver has voting control on the Association Board pursuant to the Court Order, and the residents have a Board member representative, as well as a financial advisory board, which resident members have taken an active role in the
Association since the Receiver’s appointment. Recently, the Association has assumed in-house control over its maintenance and janitorial personnel, to better insure quality control over the property and the quality of life for the residents.
Since his appointment, the Receiver has addressed numerous, substantial building construction matters by negotiating and implementing with the project’s general contractor a remedial work plan, seeking to address known issues with the project’s original construction. This agreement also has extended the general contractor’s warranty commitment for certain matters through December 31, 2010, when such warranty obligations previously had expired. This remedial work agreement, which identifies the known historical building issues and describes the corrective work, is available for review at the Association’s on-site office, in Tower 1. The initial round of corrective work, culminating in the complete reconstruction of the drainage system for the Level 5 Amenities Deck, is reaching completion this month, at which time the recreational amenities of the clubhouse, pool and cabana deck area will be fully restored for use by residents and guests. The corrective work negotiated by the Receiver is at no cost to the Associations or the residents. In addition, the lenders have provided additional funding to the Receiver for the installation of certain garage security improvements at the ground level of the project, at no cost to the existing or future residents.
The Receiver also has had the full support of the project’s lenders to fund monthly the full Association assessments for all remaining developer units, as well as the additional Receivership expenses. This funding has enabled the Associations to operate as if the project were completely sold out, since the Associations’ budgets are fully funded as a result. Beginning with 2010, the approved Association budget also includes the establishment of reserves, which was voted for approval by both the residents and the Receiver, with the approval of the lenders.
Collectively, the Receiver, JMC Realty, Condominium Associates, and the project’s lenders are working aggressively to maintain the project in first-class condition, and to complete the sales program efficiently despite the current economic climate, so that the project and its residents can achieve full project sellout and a viable, sustainable luxury lifestyle at the earliest practical date.
If you would like to schedule an appointment to see this luxury hi-rise, please contact me. Also provide the best number to reach you.
Rae Catanese, PA-Real Estate Agent
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