Waters Edge Luxury Condos Receives FHA Approval

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A program which began during The Great Depression has the potential to add more fuel to the “selling fire” of Water’s Edge Luxury Condominiums in Downtown Clearwater.

Water’s Edge in Downtown Clearwater has announced that they have received Federal Housing Administration (FHA) project approval, allowing buyers to purchase units with down payments as low as 3.5% and competitive rates for a 30-year fixed-rate loan, available for primary-residence purchases. Preapprovals are available through Wells Fargo or HomeBanc. “We expect we will see additional sales velocity as a result,” says Grant Wood of Stingray Asset Management hired by the building’s owner, Concierge Asset Management. This will prevent qualified buyers from being turned away because they do not have the cash to buy a condo.

30 days after the grand re-opening of Water’s Edge, 32 units were reported sold, and enough sales were made to pay off the acquisition loan, removing risk to their investors.

The momentum generated by the grand re-opening is being looked at by City Fathers as the residential jump-start for Downtown Clearwater’s revival. Maxwell Drever, chairman of Concierge Asset Management, who is known for his long career of gentrifying and rejuvenating communities through smart buying, hopes to have Water’s Edge lit up like a Christmas tree with residents come December instead of its former ghost-tower past. Water’s Edge is touted as the “opportunity of a lifetime” – luxury units have been priced at up to 50% off in order to adjust to the current housing market. With the addition of FHA loan approval, the luxurious lifestyle offered by Water’s Edge has just become more accessible.

According to the FHA website, “FHA loans differ from conventional loans in a number of ways. The down payment required for a FHA loan is much lower than a conventional mortgage, and can even be a gift from a family member or an approved down-payment-assistance program. FHA loans also have lower credit requirements than conventional loans, making them more available to a wider range of potential homebuyers.”

The FHA began during the Great Depression when the rates of foreclosures and defaults rose sharply in order to provide lenders with insurance, giving them confidence to loan. With the housing crisis and the reluctance of banks to provide the money for that “dream home”, FHA loans are once again relevant.

“One strong benefit for obtaining FHA project approval is not only the availability of end loan financing, but the additional level of confidence Water’s Edge now has in the marketplace with buyers, lenders and real estate brokers alike due to the support of the U.S. Department of Housing and Urban Development (HUD)” says Wood. “This demonstrates a strong Condominium Association with no homeowner delinquencies and sufficient capital reserve allowances.” http://www.clearwatersedge.com

About Concierge Asset Management:
Concierge Asset Management, headquartered in Houston, TX, is a value-added, vertically integrated real estate investment company. Together with its institutional partners, Concierge acquires, repositions and manages large luxury condominium and apartment communities. Concierge is often “buyer of choice” for lenders/ sellers of challenged non-performing loans (NPLs) or foreclosed properties due to its expertise in providing both post and pre-closing cost-effective solutions for problems in their portfolios of multi-family and other types of investment properties. Concierge’s founder-chairman, Maxwell Drever, president and chief executive officer Ted Kerr and their teammates, many with decades of service with Concierge, are also recognized for their social and environmentally conscious property and community transformations. Currently, Concierge is investing nationwide in properties and/or their NPLs. http://www.conciergeassetmanagement.com.

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Karla Jo Helms
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