Redington Shores Yacht & Tennis Club is totally unique along the beaches of Tampa Bay... a gated community that combines private home lots and single family homes with waterfront condos in three sizes - 2000, 3000 and 4000 square feet. It took over 4 years for the developer to secure this prime 25 acre parcel of real estate. By the time construction was begun on the 4 waterfront condominium buildings, the project was completely sold out pre-construction. In order to secure one, a 20% deposit was given as earnest money.

In early 2007, as construction was winding down, closings began in Building 1 (Las Palmas). Bank appraisals were coming in at the high $800,000 range so spirits were high about their new purchase and the sky was the limit in decorating and upgrades. Building 2 (Las Flores) and Building 3 (Las Brisas) were next. Rumors were starting to emerge that the market was adjusting and a couple of people in Las Brisas walked away from their deposits in order to not close. By the time Building 4 (La Bahia) was ready to close, everybody walked away from their deposits and all of the sudden the developer had 28-3000 square foot units back on their hands!

A brand new gated community with all the amenities... no one thought the floor was about to fall out. By 2008, nothing was selling. Investors who had flocked to this project and never expected to close were now seeing their values drop and a potentially long holding period. One by one, we have seen those units fall victim to a short sale, or in some cases foreclosure. Simultaneously, the builders and lots were falling into foreclosure. What had been started as a true first class destination was struggling. Monthly fees increased to cover the defaults and maintain the property. Things weren't pretty as we ventured into 2009. The developer was practically giving away the units in La Bahia to get them off their plate!

So where is Redington Shores Yacht & Tennis Club today? On a positive note, the developer finally turned over the association to the owners in February 2010. Defaulted payments were caught up and the monthly fees were reduced back to their original level. The new master association implemented guidelines to ensure the level of the community. Since nothing was built in 2008 and 2009... and even 2010, complexes built in 2005, 2006 and 2007 are the NEW buildings. The building codes dramatically got stricter in 2004 so we use that year as a threshold. So... it is new, beautiful, well run and unique on the beaches.

Who is selling and when is the right time to buy? The 2000 square foot condos have sold as short sales as low as the $300,000's... with a boat slip up to $565,000 recently. Currently, there are 2000 sq ft units available from $449,000 to $675,000. ALL of these properties are listed below their original purchase price. No 3000 sq ft units are available and one 4000 sq ft penthouse is listed at $1,799,000. If ANYTHING comes on the market far below market value, there is a pent up demand of buyers waiting to swoop in! We found out about the short sale in our prior Blog Friday afternoon and had the word out to our database within 2 hours... then had it under contract by noon on Saturday by someone who had been waiting.

This is an amazing community and there are owners who have paid a wide variety of prices for their units. Some are bare bones minimum... some have beautifully appointed upgrades... some have gorgeous designer furnishings. This is definitely a property to keep an eye on going forward!!!