| We continue to talk about how quickly the market | | | | So is the value still there? We believe it. As a result |
| can change. A few months ago, there were | | | | of the market downturn, builders and developers |
| distressed sales available in Harborview Grande in | | | | abandoned new construction projects quickly. For |
| Clearwater Beach. Savvy Buyers who had sat on the | | | | that reason, there is a major shortage of new |
| fence for months realized the opportunity was NOW. | | | | construction and because of that projects finished in |
| The result? There is nothing available for sale in the | | | | 2006 and 2007 ARE the new construction. In the last |
| complex and there is a waiting list of hungry buyers | | | | three weeks, we have seen the last of those |
| wishing they had moved quicker. | | | | distressed sales go under contract. The deal that we |
| The other community we watch closely is Redington | | | | particularly liked was a penthouse unit listed at |
| Shores Yacht & Tennis Club. As a matter of fact, | | | | $495,000... a full $100,000 more than those distressed |
| we have a dedicated website for this community | | | | sales. It went under contract Monday. |
| because of its uniqueness along the beaches of | | | | What does this mean to current owners and buyers |
| Tampa Bay. Built in 2007, this gated community | | | | wanting to get into the community? The $300's and |
| combines beautiful waterfront condominiums with | | | | $400's are gone. At this time, there are 7 of the |
| private homes. A clubhouse, lighted tennis courts, | | | | 2000 sq ft condos and 2 of the 3000 sq ft condos |
| fitness center, private boat slips and waterfront pool | | | | available for sale. The lowest prices? In Building 3, |
| & spa for each of the four condo buildings. Plus, right | | | | #206 for $529,000 and #304 for $535,000. WHY |
| across the street is a beautiful stretch of white | | | | would a buyer go after those two knowing others |
| sandy beach! | | | | had sold for less? Because after those two, the next |
| Redington Shores Yacht & Tennis Club got caught | | | | least expensive is #401 in Building 1 for $599,000! Of |
| right as the market turned downward. As the | | | | the other six on the market, prices range from |
| owners who had anxiously awaited the grand opening | | | | $600,000 to $829,000. |
| were closing on their condos, appraisals were coming | | | | In advising a Buyer right now who loves the |
| in 15-20% higher than the price they had secured | | | | community, I would remind them that these $500's |
| pre-construction. The delight felt by these new | | | | are a full $300,000 less that what they were |
| owners was short lived and over the past two and a | | | | appraised for in 2007. In each of those situations, the |
| half years they have watched their property slide in | | | | sellers are losing money. RSYT is still the most unique |
| value by up to 50%! Of the 126 condos, 6 have | | | | on the beaches and the construction is new with the |
| fallen into the mid-$300K range as short sales of | | | | high ceilings and stricter building codes. What do you |
| foreclosures. Lots have been foreclosed on while | | | | think? |
| other homes were still under construction. | | | | |