We are DEFINITELY seeing the market in our area bottom out! At Redington Shores Yacht & Tennis Club, prices had moved down like there was no floor! From the high $800,000 range as it was completed in 2007 to recent short sales listed just under $400,000... it has been a HALF PRICE SALE and no one knew where the bottom would fall to.
THREE condos, listed as short sales at $369,000 and $399,000 have ALL gone under contract. The least expensive now is $400,000 even. After that one goes, the next lowest deal is $460,000. Then $529,000... then $549,000. At each stage of these being swept up by savvy buyers, the low threshold becomes higher. Currently listed, there are the two units in the $400's, then six units in the $500's. After that, there are only four in the $600's, one in the $700's and another in the $800's.
Homes are finally showing up under construction in the community making the gated community with private homes and waterfront condos truly unique along the beaches of Tampa Bay. The boat slips that are available for separate purchase add that much more value! I can foresee a time in the not-so-distant future that buyers will be scrambling to get those six units in the $500's. Our advice is don't get left behind!
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