Once upon a time there was a church sitting on an unused piece of waterfront property in downtown Clearwater.  Opus South, a successful developer whose previous projects in the area are much admired, saw the land as the prime opportunity it was and began developing another luxury high rise.  Since the project began when the market was booming, contracts came flying in and the building quickly filled up with buyers.  Construction of the Water’s Edge tower began.

As time passed during construction, so did the hot market. Price values fell, economy woes continued, and buyers lost interest.  Whether units were being purchased as a primary residence, a real estate investment, or a second home, many could no longer financially afford the new condo.  Buyers still excited to move in to the building found it difficult to obtain financing since the banking industry was hit so hard. The condominium market encountered new rules and regulations in order for banks to offer loans.  Since the project was no longer affordable to hold on to, Opus exited the development.  Their beautiful vision for Water’s Edge, however, remains.

Now, 5 years after the project began, a new buyer has acquired Water’s Edge at a discount price.  The building is now ready to be sold back to the public on the open market at today’s values, which are 50% less than original prices. Doors will open at the new Sales Office on property starting July 30th.

Smith & Associates Real Estate is proud to have been brought back into the fold as the on-site brokerage.  Having been involved in the project since the beginning, we look forward to offering our vast amount of product knowledge to the sales center and prospective Clearwater buyers. “We are enthusiastically suprised with the large amount of interest we’ve had thus far” says Dave Traynor, Director of Developer Services for Smith.  “We haven’t seen this many prospects interested in a new building in several years.”

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