Archive for the 'Downtown Tampa' Category

Canadian Developers Buy The Place-Plan To Lease Remaining Units

November 6th, 2008 categories: Channelside Market Updates, Downtown Tampa, New Projects (Condos), Tampa Condos

Back in mid October, an unnamed buyer purchased the 171 unsold units, and the 15,000 sqft. of retail space at The Place at Channelside for $21.9 million. There were 4 bidders at the auction and a Canadian firm, Channelside LLC, came out on top. If you do the math, that’s $128k per unit + the retail. That’s about 1/3 of the actual construction costs according to the CEO of the purchaser. Those 171 units represent 73% of the property, and the plan is to rent the units until the market recovers, a strategy similar to that taken at both Grand Central at Kennedy and Element. It will be interesting to see how this affects rental prices in the Channel District/downtown area.

 Browse Channelside/Downtown Condos For Sale/Rent

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More Restaurants To Open At Skypoint

November 4th, 2008 categories: Downtown Tampa, New Projects (Condos), Tampa Condos

There had been some rumors going around but today I received what looks like an official press release from the public relations firm for Skypoint. It seems that 3 additional restaurants will be opening soon on the first floor of downtown Tampa’s newest highrise condominium building. Taps Wine and Beer opened earlier this year and now it looks like burgers, sushi, and Mexican fare will soon be available.

Here’s what’s planned:

RAWbar

James Devito (owner of Taps) will open 2600 sqft of space serving sushi and a full menu of Japanese fusion style dishes. Things must be going well at Taps. RAWbar is shooting for an opening prior to the Super Bowl.

Five Guys Burgers and Fries

Another Five Guys (burgers fries, dogs, etc) for the area from franchise owner and Skypoint resident Bob Dorfman.

Azteca Mexican Kitchen

The live/work concept is alive and well at Skypoint as another Skypoint resident, Chris Rivas, is planning an 1840 sqft Mexican themed sit-down restaurant that will include a small bar and some outside seating.

This is all great news for the many new residents of downtown Tampa and Channelside.

Browse condos for sale at Skypoint

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Bank Owned Condos and Townhomes in South Tampa

October 20th, 2008 categories: Channelside Market Updates, Downtown Tampa, New Projects (Condos), Short Sale Information, South Tampa Neighborhoods, Tampa Condos

It’s not too hard too find pre-foreclosure, or short sale listings of Tampa condos these days. Condo prices were especially primed to fall hard after rising so much from 2003-2006. But many of these short selling attempts fail for whatever reason, and the properties ultimately fall into the hands of the lenders (banks). Or maybe the owner just let the bank take it without ever attempting to remedy the situation or sell it short.

But with so few condo buyers out there in recent months, some condos in prime locations are now owned by banks, and those banks are looking for buyers. In fact, some of those bank-owned condos are in places like South Tampa, Harbour Island, Bayshore highrise condos, Hyde Park, and Channelside. Some are good deals, and some, not so good (my opinion).

Buying from the bank is much easier than buying a short sale with third party approval required. The bank is the seller, banks are anxious to move inventory, and banks can offer favorable financing terms for qualified buyers. These transactions can often close quickly as opposed to short sales, in which the third party response may not come for 6-weeks. And bank-owned prices are not phantom numbers.

So if you’re a condo buyer in this current market, there are some appealing properties at appealing prices  to consider. There are 102 bank-owned condos in Tampa listed for sale currently on our MLS. Likewise, there are 76 bank-owned townhomes and villas listed for sale.

If you are considering a purchase of a Tampa townhome or Tampa condo, don’t overlook bank-owned properties. You may be suprised at what is available.

Contact us for a list of available bank-owned condos and townhomes in Tampa.

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Channel District Appeals To Buyers

October 14th, 2008 categories: Channelside Market Updates, Downtown Tampa, Downtown Tampa, Tampa Condos

From some new Channelside residents relocated from St. Louis:

Hey Lenny,

The condo is fabulous… finally getting settled in and starting to enjoy the area more.  Looking forward to watching the Channelside area grow over the next couple of years - there is so much potential down here!

Thanks for all of your help in getting this one done!  We’ll keep your name handy for anyone that we may run across that is looking for a good real estate guy.

Oh yeah, thanks for the wine… it was marvelous! 

This couple came to us with a specific need. Their employer was relocating them to Tampa, and due to lots of job-related travel, they needed a low-maintenance place with a floor plan that would provide functional home office space for them both. A view would be nice, but not a necessity. St. Pete was a possibility but was quickly ruled out due to the distance from their offices.

So it was going to be a Tampa condo or a Tampa townhome for these guys. We looked at Palma Ceia townhomes, Hyde Park condos, SoHo townhomes, Bayshore condos, and even Harbour Island townhomes and condos.  But in the end the Channel District was most appealing. Despite the huge inventory of unsold units, despite the fact that some Channelside projects were in Chapter 11 or had been turned over to the lender, this couple sees the potential that the former industrial district provides.

The Channel District offers a fantastic location, which was a key factor in the decision to purchase there. They were also able to find a top floor unit, with a floor plan for their lifestyle, in Ventana, one of the more intimate projects in the area.

Questions about Tampa condos or Tampa town homes? Give us a call 813-205-1802

Want to see what’s for sale and what’s selling in Channelside? TampaMarketReports.com (zip = 33602)

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Downtown Tampa….Too Much Concrete, Too Few Trees?

October 3rd, 2008 categories: Downtown Tampa, Downtown Tampa

From a (previously) prospective client:

“Mr. Gurvich,

After our visit to Tampa, my partner and I have decided not to relocate to Tampa from Tallahassee. Loved the downtown and culture, but all the concrete and lack of trees was depressing. I see why they say north Florida is the other Florida.

Thank you……”

How would you respond to that?  Feel free to comment.

Posted by Lenny Gurvich | 2 Comments »

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