The Channelside District, near downtown Tampa, is going through a metamorphosis from industrial to residential use. Within the next few months, this area will experience an explosion in new inventory of condominiums as some major projects are completed and pre-construction buyers begin closing on their units . Grand Central at Kennedy, Ventana, The Place at Channelside, and Towers of Channelside, are all slated for completion in the next few months.
Add these to existing condominium projects such as Victory Lofts, The Meridian, and a few smaller projects, and Channelside will soon have a new identity as an urban, lively, low-maintenance residential and retail area.
So, on this very site, we will occasionally post information regarding the supply and demand of these Channelside condominiums. These posts will be easy to find by clicking on the “Channelside Market Updates” category in the right hand column of this page.
So as of today, the picture of the Channelside condo market, with respect to our MLS, is reflected in the chart above. There are 115 active listings with 372 pending a closing. Unfortunately this is not a true indication of the number of Channelside condos available for purchase. The Mid-Florida MLS, much to the chagrin of the pre-construction buyers and their agents, does not allow listings of properties not yet owned by the “sellers”. So these sellers have to wait until they hold title to the property before listing them for sale on the local MLS. See Many Channelside Condos For Sale Are…
Many of these pre-con buyers signed contracts on speculation, with the intent to find a buyer either before closing on the property themselves, or shortly thereafter. A common, but risky practice in a heated real estate market. These buyers were essentially betting their deposits that #1, the property would be worth substantially more when it was finished (prices can’t go down?), and #2, that there would be a market with buyers once the projects were completed. See Condos Suck.
So once these projects are completed, and the transactions begin to close, it is likely that the column on the left in the chart above will begin its rise. With all of this in mind, Channelside has been a long anticipated project and there are many that can’t wait to be residents. The location is excellent for those wanting to be near the action. These new projects offer an urban, residential lifestyle that Tampa has previously not had.
But it all comes down to demand and supply. The developers rushed in to compete for the demand, and now supply will see a big boost. With the recent about face of the market, many would-be buyers are hesitant to make a move before seeing some sort of indication that things are getting better.
So time will only tell. Get ready for an interesting period in The Channelside District.
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[...] A few months ago we posted the first of what will be an occasional look at what’s going on in the Channelside District with respect to the many new condos and lofts for sale. [...]