During the Grand Re-Opening of Water’s Edge on July 29th, Mr. Maxwell Bruce Drever of Concierge Asset Management stated he would like to see the once near-vacant building lit up like a Christmas tree come December. On December 3rd,with lights ablaze all throughout the tower, Water’s Edge held a reception for residents and potential residents which coincided with another initial catalyst for the Downtown Clearwater Renaissance, the Miracle on Cleveland Street. With the addition of FHA loan approval making the luxury residences more obtainable, over 50 families are now calling Water’s Edge home.
The sales at Water’s Edge signify one of the best Christmas gifts – a recovering economy and a reviving Downtown Clearwater. Because of the recent elections, people are starting to have more confidence in the economy and are beginning to spend more. The “never before, never again” prices of Water’s Edge condominiums appeal to the modern consumer, whose tightening purse strings have made them more hungry for a good value. Now that Water’s Edge is priced to adjust to the current housing market, the units are moving quickly. As Sandy Miller, a Water’s Edge resident states, “The building is so well built. I love it here. This is my first experience with condo living. I hit the jackpot!”
Participating in the Miracle on Cleveland Street event, which saw an estimated 7,000 people in attendance, was important to Grant Wood who oversees the condominium sales, “We wanted to tie an owner reception into the annual Miracle on Cleveland Street to introduce and encourage our new owners to take part in what’s going on Downtown.” The homeowner’s reception allowed those who have closed on a residence or who are interested in purchasing a residence to get a feel for the lifestyle.
With Water’s Edge receiving Federal Housing Administration (FHA) project approval in October, they are ready to head into their winter sales season which is expected to be strong as the influx of tourists looking for a second residence nears. The FHA approval allows 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. This will prevent qualified buyers from being turned away because they do not have the cash to buy a condo. Preapprovals are available through Wells Fargo and HomeBanc. “This demonstrates a strong Condominium Association with no homeowner delinquencies and sufficient capital reserve allowances,” says Wood of the FHA approval.
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. www.conciergeassetmanagement.com.
For more information on Water’s Edge, visit www.clearwatersedge.com/.
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