Ventana, my favorite of the newer Channel District developments, has decided to individually auction 33 remaining unsold units on Saturday, November 14th. There will be minimum bids, which are also the reserve prices.
Ventana is an 84 unit condominium at the corner of Kennedy Blvd and Channelside Dr. Ventana features open floor plans, floor to ceiling windows, wood floors, granite counters, etc. All that you’d expect in a luxury building and then some. Amenities include a great pool area, clubhouse with fitness center, and a concierge.
I’ve always liked Ventana for the more intimate size compared to its newer neighbors such as Grand Central, The Place, The Towers, and the newly completed Slade. The fit and finish is also more traditional condominium (in my opinion) than other loft and contemporary style Channel District buildings nearby.
So how does one go about purchasing a Ventana condo? Is this a cash deal only? Ventana, I am told, is Fannie Mae approved, meaning that one can purchase a Ventana condominium with a conventional loan (or all cash of course). They are also working on (and expecting) FHA approval. FHA approval means 3.5% of the purchase price from buyers, rather than 20%+ on a conventional loan (stay tuned for an update). And, according to the auctioneer, there are no buyer premiums, an added cost often associated with auctioned properties.
So why auction them off? Ventana’s developer, long ago, handed the project over to the lender. Since then, sales have been few and far between, even though prices were slashed from original list. So the lender is anxious to get Ventana closed out, and off of the books.
Public records and our MLS show:
- Last sale was in October, 2008
- There are 2 pending resales (1 bank-owned, 1 short sale)
- There are 3 active resale listings (all short sales)
So here comes a great opportunity for individual buyers looking for a Tampa condo. Previews of the units to be auctioned are available now through November 13th.
Contact us for:
- Available units at Ventana and their minimum release prices
- To schedule a preview of units to be auctioned at Ventana
- Questions about the Channel District condo market
- Other Channel District and other Tampa condo opportunities
Lenny:
I went by Ventana and really liked these condos especially #1001N for a minimum bid of $145,000.It is a 1bd/2bth with a den the size of a small bedroom on the 10th floor.Don’t you think that an investment group will offer cash and buy them all as was done at The Place and at The Towers?
The Place auctioned all remaining units together as a package deal. There was no opportunity for the individual unit buyer. Ventana will be auctioning each unit individually. They are betting that there is enough interest out there that they can bypass any wholesale deal. I’d have to agree with them. Ventana is a quality building over 50% sold. It also qualifies for conventional financing (maybe even FHA). My guess is many (if not most) of the 33 units will be sold at the auction, with many being bid up substantially over the minimum. We’ll see.