News / Business
Sales Success: Water’s Edge Luxury Condos Grand Re-Opening
Better economic times predicted for Downtown Clearwater after Water’s Edge luxury condos had 600-plus guests at their grand re-opening Thursday and enough sales to pay off their acquisition loan, removing risk to their investors.
In the backdrop of concerns of a still less-than-productive real estate market, the grand re-opening of Water’s Edge on Thursday, July 29th marked history in the Tampa Bay and Gulf Coast area. The up-to-50-percent-off original listing prices proved to be a success. Units, such as no. 901, that originally went for $634,800 now sell for $304,900.
The pricing structure was intended to sell units quickly. And quickly it has. Water’s Edge has already sold enough condominiums to pay off their acquisition loan, thereby removing the risk to their investors.
The momentum garnered from 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 come December instead of its former ghost-tower past.
Concierge remains committed to Drever’s original purpose of buying at fair market value and passing the savings along to future buyers, allowing Water’s Edge purchasers to take advantage of “landmark living” despite the country’s recent economic hardship.
“The market determines the price, which is something we understand,” said Grant Wood of Stingray Asset Management, the company managing the sale of the Offered Units. Signature Place in St. Petersburg, a Joel Cantor development, shocked the airwaves when it announced its deep discounts in 2010, yet despite low occupancy the units sold when priced right for what the market would bear.
Water’s Edge offers a stunning view of the Intercoastal waterway and the Gulf of Mexico. In fact, 85% of the units in Water’s Edge have water vistas. The building’s easy access to Clearwater Beach, adjacent municipal marina, first-class luxury amenities and a City committed to growth made this property a prime location for Drever and his team.
Mayor Hibbard who spoke at the event said, “What [does] Apple, Microsoft and Water’s Edge all have in common? Answer: They are all opportunities that you would have wanted in on, on the ground floor.”
Water’s Edge, the tallest building in Downtown Clearwater, will no longer stand as a giant reminder of economic hard times, but strong and mighty as a symbol of rebirth. The luxury way of life was simulated by Robb & Stucky Interiors, Neiman Marcus, Galati Yachts, Dew Automotives, June’s Orchid Estate and Menaul Fine Art who all participated in the classic event.
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 communities 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. www.conciergeassetmanagement.com.
# # #
