New Construction Condominium Development Opportunities On The Horizon In 2010

As we watch the market towards the end of 2009 we are beginning to see that lenders and developers are working together nation wide to re-energize sales and marketing programs for new construction condominiums.

In fact, last week a group of investors led by Barry Sternlicht’s Starwood Capital Group are emerging as the winner of an auction by the government of the failed Corus Bank’s condominium -development loans.  If Starwood is successful, it will be the latest sign that the firm is emerging as a major force in the purchase of ailing condominiums.  (Wall Street Journal 10-3-09 by Lingling Wei)  Many of these acquired loans were in condominium developments in Florida and also locally within the Tampa Bay market.

Locally in Tampa Bay we have also seen progression with developers and lenders together to put together pricing of new condominiums to more realistic pricing to what the market will bear in 2009 / 2010.  We at Smith & Associates will continue to have an active watch on these new opportunities within Tampa Bay and provide details on progress of the best opportunities in real estate in Clearwater, St Petersburg and Tampa in new condominium developments.

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