Water’s Edge Florida Condos Receive Fannie Mae Approval

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Federal National Mortgage Association (FNMA) Approval of Water’s Edge Project Means Clearwater Luxury Condos Are Within Reach of More Buyers

Interest rates are still low, and high-end Florida condos like Water’s Edge are offering fantastic deals.

The Federal National Mortgage Association (FNMA), also known as “Fannie Mae,” has granted final project approval for Water’s Edge condos in Clearwater, Florida. This milestone, together with the Federal Housing Administration (FHA) approval attained in October, makes it easier for prospective buyers to obtain affordable financing for the luxury condo units.

Water’s Edge was revitalized in July 2010, offering residences up to half off the original selling price. Since then, sales have been brisk – more than 50% of the units have already been purchased. According to MLS records, Water’s Edge has become the best-selling condominium in Pinellas County following its grand re-opening last year.

“As a preferred lender for Water’s Edge, we’ve seen a great deal of consumer interest in the building,” said Ed Koch, Senior Mortgage Loan Officer for HomeBanc. “Fannie Mae’s final project acceptance comes as welcome news for those seeking to finance a home at Water’s Edge, because the condos are now eligible for government-backed conventional loans. This means prospective buyers can enjoy lower interest rates and smaller down payments than with other types of loans, as well as faster qualification and a shorter closing process.”

Fannie Mae has rigorous standards for granting approval of condo projects. The condominium must have 50% or higher occupancy and prove it has the necessary financial backing to ensure project success. At least 10% of the annual budget must be allocated to reserves and replacement, and no more than 15% of condo owners may be 30 days past due on their association payments. Because Water’s Edge fulfilled all of the Fannie Mae requirements, owners and potential buyers can be confident that their investment is a sound one.

Individuals seeking to purchase a primary or secondary home at Water’s Edge can apply for conforming loan financing through either of Water’s Edge’s preferred lenders, HomeBanc or Wells Fargo Home Mortgage, both of which offer 30-year, fixed-rate loans with a down payment of 20% or less. “Many buyers have realized that now is the ideal time to purchase a home,” noted Koch. “Interest rates are still low, and high-end Florida condos like Water’s Edge are offering fantastic deals. People are looking to take advantage of the current buyer’s market before housing prices start creeping upward again; and as a result, we’re seeing a lot of movement in the local luxury real estate market.”

The latest statistics from the Florida Realtors® association support the trends Koch has observed. Sales of Florida condos and homes rose 36% between February and March 2011, while existing condo sales experienced a year-on-year increase of 24%. Within Pasco, Pinellas and Hillsborough counties, sales of existing homes jumped 32% – from 3,258 to 4,296 – between February and March.*

Water’s Edge continues to be among the most popular condo communities in the local area and was recently featured in the 2011 Tampa Bay Parade of Homes, winning the Grand Award in the $351,000 to $400,000 price category. Buyers are drawn by its unique combination of downtown living and stunning waterfront views. “Residents have a variety of local attractions at their doorstep, including the Capitol Theatre, as well as easy access to Clearwater Beach and a new municipal marina,” said Dave Traynor, Smith & Associates Real Estate Director of Sales for the Water’s Edge project. “They can also walk to an impressive array of restaurants and boutiques that have emerged in the wake of the Downtown Clearwater renaissance.” The neighborhood has become a thriving cultural center; it played host to Clearwater Fashion and Arts Week in February, and recently served as a backdrop for Terminal Kill, a locally produced film.

Prospective buyers can explore the amenities and available floorplans of Water’s Edge luxury condos at http://www.ClearWatersEdge.com.

To inquire about conforming loan financing available through Wells Fargo Home Mortgage, contact David Chiriaco at 727-298-5569 or via e-mail at david.v.chiriaco(at)wellsfargo(dot)com.

To inquire about conforming loan financing available through HomeBanc, contact Ed Koch at 727-582-9848 or via e-mail at ed.koch(at)homebanc(dot)com.

  • “Florida home sales surge in March” by Mark Puente, St. Petersburg Times. Published on tampabay.com, April 21, 2011.

About Water’s Edge:
Soaring above Clearwater Harbor, Water’s Edge is a waterfront luxury lifestyle unlike any on Florida’s Gulf Coast – with views and values to match. A spectacular waterfront location grants immediate access to boating, the beaches, emerald waters and sophisticated pleasures of Tampa Bay. A marina, park, tennis courts and the bridge to Clearwater Beach are at the foot of the building; the excitement, culture and conveniences of Tampa Bay are at its doorstep. In this waterfront high-rise, floor-to-ceiling windows and expansive balconies are graced by breathtaking views in every direction. Innovative floorplans, high-profile appointments and thoughtful, resort-style amenities complete a picture-perfect expression of panoramic living. Visit http://www.clearwatersedge.com.

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Nelson (Nate) J. Spoto
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