By now everyone knows how much I love the Towers of Channelside. Ironically, I received a call at 11:30 am Sunday morning to do an interview for 10 Connects News about the announcement on the availability of financing for condos in Channelside.
Thanks so much for everyone’s help at the Towers of Channelside for putting this together last minute…and especially my client, who didn’t hesitate to do the interview! Here’s the interview…
Tampa, Florida— Condo developers in the Channelside district are starting to see an uptick in condo sales, and that’s good news for the local housing market.
Nelson Tobin is about to close on a condo in Channelside. He’s been in the market for over a year but couldn’t find financing.
“To come up with 80-90 of 100 percent down, which is basically what was going to happen here… it wasn’t going to happen for me,” said Tobin.
Financing wasn’t happening for many buyers; lenders considered financing the condo project a big risk.
“They were considered non-warrantable condos, and that’s because they didn’t have enough owner occupancy,” said Rae Catanese, a local realtor.
When the housing market crashed, it made it extremely difficult for potential buyers to get financing and that led to a glut of condos in the Channelside district being vacant, but recently lenders have jumped back in the game and are financing several condo projects in the area and the buyers have returned.
“Now, I find that they do have financing and I’m psyched about it, because this is where I want to live,” Tobin said.
Apparently, so do many others. Real estate agents say they have seen an increase in prospective buyers.
“I’m showing property everyday during the week because there are a lot of people from out of town looking and we have events that bring in a lot of people,” Catanese said.
Another reason the people have returned? Lower prices. Listing prices on Channelside condos have dropped nearly fifty percent.
Sales are going so well at one of the condominiums, even though it hasn’t even announced its grand opening, it already has sixteen contracts in hand. Now 8 months later, The Towers are 70% SOLD OUT. The success of these condo sales is largely due to financing options with as little as 10% down. Several lenders have been approved and offering competitive terms.
Some potential buyers previously may have tried to flip the condos to make a profit, but would have lost money during the downturn.
Let us know your thoughts about the Tampa Real Estate Market!