Come October 5, 2008 one lucky investor will be able to purchase the remaining 171 condos at The Place at Channelside. Unfortunately, The Place at Channelside has become another insolvent development due to the overbuilt condo market in the Tampa Bay area. A Tampa bankruptcy judge has given the order for the auction of the last vacant group of condos to be bought with a minimum reserve price of a little over $17 million dollars.
These are luxury condos built near the Port of Tampa which range in size from 596 square feet for a studio to a huge 3,665 square foot roof top luxury penthouse. Features include stepped terrace-styled architecture, concrete construction, european touches throughout, all designed by some of the most distinguised architects.
Living in Channelside is out of the ordinary. It's a non-traditional lifestyle in an eclectic fast paced community - near to downtown with views of the Tampa skyline and cruise ships from every balcony. Cafes, boutiques, restaurants and more are within walking distance.
Just recently, condos in The Place were listed on the MLS for $300,000 to $400,000 for roughly 1,000 square feet. Based on the minimum bid ordered by the judge, these units could be snatched up for roughly $100,000 each. What an opportunity for the right investor!
Rumors in the industry point to other condo auctions as well. Also troubled are Towers at Channelside and Trump Tower in Tampa. Both developments are searching for a deep pocket investor as well.
No deep pockets? Small time investors are welcome and needed in other areas of Tampa as well. Now is the time to snatch up some of the great deals Tampa Real Estate has to offer which are emerging all over the county. Bargains exist in condos for sure, but there are also many single family homes and retirement communities that are ripe for the savvy investor as well. Don't miss out, check us out today.