Channelside Condos Foreclosure-New BANK pricing released-Tampa, Florida

Now for Sale!!  Many of you have been patiently waiting for the new pricing and release of condos in The Towers of Channelside. Now that the bank has taken over, your opportunity to buy at amazingly low pricing is here. towers-of-channelside

FOR A LIMITED TIME ONLY:

Bank Released New Pricing

 Through advanced high-speed connections, forward thinking architecture, and progressive home systems, The Towers of Channelside create a complete living environment offering comfort and flexibility for anyone looking for the best in Tampa Bay.

 Please contact me if you would like to receive the full price list and availability. 

 Rae Catanese

 813-784-7744 or email: realtyrae@yahoo.com

See also: Ventana Condos go to Auction

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Westshore Yacht Club Update-Tampa-Townhomes, Condos & Homes

In August 2008, a U.S. bankruptcy judge approved a relief package for WCI Communities that’s designed to assure homebuyers would not be impacted for future purchasers at the Westshore Yacht Club here in Tampa Bay.  

If you are looking for a great deal this is the time to invest.

This is GREAT NEWS for one of the premiere boating communities on the West Coast of Florida.  Since August, West Shore Yacht Club has created the furious pace of the trading floor with a promotion that has people taking action.  This is a very positive sign for the Tampa Housing Market; especially for those who are looking to invest their money NOW while prices are aggressive.

From Westshore Yacht Club

Unlike some other developments here in Tampa, The West Shore Yacht Club IS selling their townhomes, hi-rise condo tower, and accepting contracts for the single family homes yet to be built. 

More good news…..They are not turning into rentals. Many other developments have caused the people who purchased in the begining to live amongst mainly renters; which is not what buyer’s signed up for originally. 

When you take a tour of the community you’ll notice that the people who are living there are enjoying life and taking advantage of the wonderful amenities this luxurious, resort style community has to offer.  There are so many things to do, you may just decide to stay home and relax on the weekends. 

I love the tranquil Spa! The fitness center is state of the art with views of the water.  They offer complimentary towels, a very nice locker room with showers, blow dryers, and toiletries.  It’s really everything you’d expect a high-end club to be.  There are also 2 heated pools, 2 restaurants, 2 bars, a billiards room and a yacht shop for supplies. 

If you’ve been looking to purchase in South Tampa, you’ll know a single family home is nearly impossible to find under 400K.  Other options are townhomes and condos.  If you need a 3/2 and 2 car garage, approximately 1900 square feet of living space, you may want to consider one of the townhouses or condos for sale at the Yacht Club.  They are solid block construction on all floors, built to current hurricane standards, and have many upgrades like granite, stainless steel appliances and high ceilings. Best of all, these properties are brand new and never lived in.  Another nice feature of the community is that there is plenty of parking for guests.  Something you don’t find in a South Tampa Townhome communities.

This year there have been approximately 35 units sold by the developer due to their very aggressive pricing and incentives.  These Townhomes were once selling for 450-650K two years ago. The same units are now listed for 199K and up.

View Map of Westshore Yacht Club, Tampa Bay

These are the BEST prices we’ve seen in a Tampa Bay waterfront community. 

The Westshore Yacht Club has become a lifestyle choice for many buyers…… “where you live is as important as how you live”.  Isn’t that the truth? 

Please contact us to schedule a showing . Or call Rae at 813-784-7744

Towers of Channelside Bankruptcy update-Tampa, Fl

Towers of Channelside

Towers of Channelside

The Towers of Channelside has been in receivership for the past couple months.  Receivership is a form of bankruptcy in which a company can avoid liquidation by reorganizing with the help of a court-appointed trustee.

During that time they have taken most of the condos off the market in order to re-structure pricing.  They are negotiating with the 5 banks that were investors in this luxury high rise; trying to determine what price they will sell the remainder of the units for. I’ve just received the new pricing! CLICK HERE FOR DETAILS

There are several listed as resales, short sales and by the developer, but they represent only a very small fraction of the total inventory.

Please send me an email: realtyrae@yahoo.com  with the subject Towers of Channelside.  You may also reach me on my cell phone @ 813 784 7744 for current availability opportunities.

Towers of Channelside Bankruptcy Update-Tampa, Fl

towers-of-channelside

TAMPA — Nearly half of the 257 condos at the Towers of Channelside have sold, including one in February to Tampa Bay Rays third baseman Evan Longoria, but those sales still aren’t enough.  The developer of the twin 29-story towers has notified its lender it’s giving up on the project 15 months after it sought bankruptcy court protection and six months after it declared its reorganization a success.

“Unfortunately it’s the economy. It’s bigger than us. It’s bigger than any one person,” said Richard Sacchi, a principal of Towers of Channelside LLC.

If you are looking to purchase a condo or have questions about developments in the Channelside and Downtown Tampa Districts give us a call

813 784 7744 or email: realtyrae@yahoo.com

Westshore Yacht Club High Rise Waterfront Tower Promotion-Tampa, Fl

Luxury Condo Tower offers deals on inventory condominiums

Castillo High Rise on Tampa Bay

Castillo High Rise on Tampa Bay

You don’t want to miss out on the Westshore Yacht Club wave of  living in South Tampa. There is something unique about the lifestyle within the community that provides the splendor of living on the water with access to Old Tampa Bay and the marina, yet still enjoy the city life with phenomenal cultural and entertainment venues.

Castillo high rise condo 8th Floor with expansive balcony and waterviews,

Bedrooms 3
Bathrooms 2
Home Type High-Rise
Living Area 2,000 Sq.Ft.
Region Tampa, FL

Call Rae 813 784 7744 for more information on select units avaialbe at The Westshore Yacht Club.

See Also: News, Photos and Updates on the Westshore Yacht Club Community

Developers of SKYPOINT and ELEMENT plan highrise rental-Downtown Tampa

The Tampa Tribune reported today that another high rise building will be built if approved by city council. 

I’ve been saying that the rental market is strong in Tampa; and that is turning out to be the case.  The Element Condos have already decided to turn into rentals. Downtown Tampa has become a place where the hip, urban culture is starting to emerge. Right now the Skypoint Condo Tower is the only high rise luxury building that still have units for sale.  They are also running a very aggressive sales promotion on the last available condos for sale.

We have a Downtown Tampa Housing study we would be happy to email to you if you are considering purchasing a condo or loft.  Please reference Downtown Tampa Housing Report in your subject line.

Developers Plan 26-Story Apartment Building In Tampa

 JOSÉ PATIÑO GIRONA

TAMPA – Two developers are proposing a 26-story apartment building at Tampa and Tyler streets downtown.

The project would have 404 apartments, 16,000 square feet of shops and a parking garage.

The developers, Intown Group and Crosland, will ask the Tampa City Council to rezone the property at a hearing at 6 p.m. Jan. 29. The developers want approval for the building’s height and design, which they say will be an art deco style comparable to New York City’s Chrysler Building and Empire State Building.

“We know there will be a long-term demand for rental in downtown,” said Gregory Minder, Intown Group president.

Intown also is a developer of the Skypoint condominium tower, 777 N. Ashley Drive, and Element, 808 N. Franklin St., which has been converted to apartments and will open in January.

The proposed apartment tower on Tampa Street will be adjacent to the newly rehabilitated Herman Massey Park, 1002 N. Franklin St.

Minder said the developers are awaiting council approval to close on the three lots and get financing. The property includes a parking lot and vacant land.

Questions about the Real Estate Market in Tampa, Florida? You can reach us at 813-784-7744

Westshore Yacht Club-Tampa 149 Boat Slip Marina News

State Dedicates Westshore Yacht Club as “Clean Marina”

–New marina opens for business with environmental stewardship a top priority—

Westshore Yacht Club Tampa, Fl                Click PHOTO to view Community

TAMPA – The Florida Department of Environmental Protection (DEP), together with the Clean Boating Partnership,  recognized Westshore Yacht Club as Hillsborough County’s 2nd Clean Marina. “Running a Clean Marina is key to protecting Florida’s waterways,” said Deborah Getzoff, Director of the DEP’S Southwest District. “We are proud to welcome Westshore Yacht Club to the growing number of marinas in Tampa Bay who are recognizing the value in protecting our natural resources and have dedicated themselves to educating Florida boaters.”  Westshore Yacht Club built its facility using the Clean Marina Action Plan as its guide.

 

The 149 slip marina also implemented a self-inspection process to continuously evaluate aspects of the marina including storm water, waste management and emergency preparedness, as well as fire safety. Some of the steps in the program include using environmentally-safe cleaning supplies, pump out stations and providing marina staff and boaters with information on how to minimize environmental impacts. “The Clean Boating Partnership congratulates Westshore Yacht Club for their commitment to Florida’s environment,” said the Partnership’s Chair, John Naybor. “Their dedication and hard work in becoming a Clean Marina is an accomplishment this facility can be proud of and we welcome them to our growing Clean Marina family.”

  

 

 

See Also: Westshore Yacht Club Condos, Homes and Townhomes Pricing and Promotions

or call 813-784-7744 for more information on remaining developer residential units for sale or boat slip rentals and purchases.

Last Chance! Skypoint Developer Units for Sale-Downtown,Tampa

Skypoint Condos for Sale! Here’s the latest…promotion for The Luxury High Rise Condo SKYPOINT in Downtown Tampa, Fl. 

Skypoint Condo-29th Floor
Skypoint Condo-29th Floor

 

 

 

 

 

 

 

This is great news for buyers looking to get a deal now.

The building is now FHA approved, the developer is paying all closing costs, and buyer’s only need 3.5 percent down.

1 bedrooms and 2 bedrooms are available.

Call 813-784-7744 for more information and pricing on remaining Skypoint Condos for sale. Or send an email to Info@TheTampaRealEstateInsider.com

Also see: article we posted back in August about Skypoint Condos  You’ll see a link for a virtual tour and more information on this luxury hi-rise building in Downtown Tampa.

Towers of Channelside “DEVELOPER EMERGES FROM CHAPTER 11 ON OCT 1st”

Towers of Channelside announced in the Tampa MLS condo listings that “DEVELOPER EMERGES FROM CHAPTER 11 ON OCTOBER 1. CHECK OUT LATEST DISCOUNTED PRICES.”

I emailed my friend Michael at the Tampa Bay Business Journal to see if he had heard of anything regarding the bankruptcy. He says “It’s on the front page of our website today”! Ok, so I’m a Realtor, not a journalist, but I do try and get the scoop on the Tampa Real Estate Market! 
Here’s the latest good news for The Towers of Channelside

 Towers of Channelside emerges from bankruptcy
Tampa Bay Business Journal – by Michael Hinman

It looks like at least one high-profile condominium project in the Channel District will have a fighting chance to weather the housing market bust.

The Towers of Channelside LLC emerged from Chapter 11 bankruptcy protection Wednesday evening with a new plan to pay back creditors over a five-year period and, its principals believe, the momentum to sell the remaining 150 units of its twin 29-story towers.  “We’re officially out,” said Richard Sacchi, one of the development partners for the project that was completed last year only to find that many of the potential buyers that placed deposits for units were not closing.
It was a problem afflicting a number of condominium projects across the Tampa Bay area, and eventually forced Towers of Channelside to reorganize and seek protection from its creditors last January when Wachovia Bank threatened to default on its $105.8 million loan used for construction.

That started a string of bankruptcy and foreclosure problems along Channelside Drive that included Key Developers Group LLC, which will auction off The Place at Channelside Oct. 15; Tampa Condo 2 LLC filing for Chapter 11 protection in March after failing to build its 51-story The Tampa Tower 2; and last May when Ventana Tampa LLC decided to give its 84-unit complex on Kennedy Boulevard and Channelside Drive back to the bank in lieu of $16.8 million still owed to Mercantile Bank.

But Towers of Channelside can now remove the bankruptcy clouds that have hovered over the project for the last 10 months, Sacchi, said.  “We were just better situated than these other projects, and we were driven to try and make it work,” he said. “The easier thing would’ve been to walk away, but we wanted to make it work and try and get everybody paid back. We’ll continue to stay involved and continue to sell units.”  
 
When Towers of Channelside filed for bankruptcy protection, developers had sold 89 units, and had eight more that were just about ready to close. Even with the project in bankruptcy court, Sacchi said Towers of Channelside closed 16 units since March, and he believes those numbers could rise now that buyers don’t have to be concerned about what the bank will do about the money developers owe.

“It hasn’t been an issue to the people who have come in to buy units, but maybe being in Chapter 11 and the threat of foreclosure didn’t bring buyers to the property,” Sacchi said. “Now that they know we won’t be going to foreclosure, maybe some of those who shied away will come back.”

The biggest issue facing buyers right now is the lack of funding for home purchases – especially condominiums – coming from banks. Developers can’t control that, but a five-year window to repay its debts will at least give the market time to readjust, Sacchi said.  Buyers also could likely see prices on units drop at much as 15 percent from original pre-construction prices because of the reorganization, and drop that Sacchi said couldn’t come at a more perfect time with the housing market trying to rebound.
Last year, before the bankruptcy filing, Towers of Channelside earned more than $47.4 million in gross revenue from the sale of units, and had a net income of $5.9 million mostly from deposits and interest in escrow accounts, according to court documents. However, 98 percent of that net income was paid to Wachovia, which left $58 million of the developers’ initial loan still due.
The development team included Sacchi, Bradley Hite and Michael McGuinness, each who received compensation of more than $210,000 between July 2005 and June 2007 for their services, legal filings show. In the court-approved bankruptcy plan, however, each of them will receive $72,600 over the next 18 months with incentive compensation capped at $2.1 million total.

Feel free to email or call us 813-784-7744 with any questions regarding The Towers of Channelside or any other condo developments.

 


Rae Catanese, PA and Michelle Jordan, PA
Realtors.


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Prudential Tropical Realty

Five Guys and Jasmine Thai reported lease agreement in Skypoint Condos

Everyone has been anticipating which retail shops will occupy the first floor of the Sky Point Condo Tower in Downtown Tampa.

This is the latest news reported by New Heights Magazine, which is going to be a wonderfull addition for residents of Skypoint, as well as the entire Urban Corridor of Seminole Heights, Tampa Heights and Channelside areas…..

Five Guys Burgers and Fries and Jasmine Thai are both reported to have signed leases to join Taps Wine & Beer Merchants as first floor restaurants in the Skypoint Condominiums skyscraper (777 N. Ashley Dr.).

Also an update from Skypoint Condos in Downtown Tampa:

We have introduced the last 15 one bedrooms available for sale at SkyPoint!!!! Pricing as been adjusted and is from the 200’s to 230’s on remaining one bedroom inventory. In addition to the great pricing Buyer’s will receive 2% in Seller Contributions to be used towards closing costs, pre-paids, pre-paid hoa fees or interest rate buy down with the use of a preferred lender. And…we have 2 lenders that we are working with that can do FHA.

If you haven’t toured the Skypoint Condos for sale, now is the time to take advantage of the buyer’s market. To schedule your showing contact us at 813-784-7744 or email.

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