Land O Lakes Real Estate News - JLS Investment Realty

Towers of Channelside condo project finally sells out
July 13th, 2011 4:51 PM

The iconic twin, 28-story Towers of Channelside are finally sold out.

Buyers who waited snagged units at a 45-percent discount from original prices, said Steve McAuliffe, president of JMC Realty Inc., the company hired more than a year ago to sell the remaining 137 units.

The Channel District condos were built in 2007, near the height of the boom. Potential buyers plunked down deposits to reserve units, and the condos, among the most luxurious in downtown Tampa, seemed like they would be a success.

The towers are located at 1211 E. Cumberland Ave. and are within walking distance of the Florida Aquarium, the Forum, Tampa Bay History Center and Port Authority cruise terminal.

Many of the buyers planned to flip units for big a profit. But then the housing downturn hit and more than half of the buyers for the 257 units backed out, McAuliffe said.

In 2008, the developer filed for bankruptcy. Four lenders and a hedge fund took control of the property, and the court appointed a receiver, which hired JMC to handle the rest of the sales, McAuliffe said.

Most of the units McAuliffe sold had two or three bedrooms and sold for an average price of $300,000. The least expensive unit, a one-bedroom condo, sold for $158,000. The most expensive, a penthouse, sold for $899,000.

Unlike the buyers who reserved units four years ago, McAuliffe said most of the recent buyers plan to live there.

"We saw very few investors," he said. "A lot of buyers are early empty-nesters who are local and see the value of the area and the development."

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Posted by Jennifer Stepanek on July 13th, 2011 4:51 PMPost a Comment

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