In Tampa Florida there is 1,256 townhomes, condos, and lofts available according to Tampa MLS. If you are planning to live in it for 2 or more years, it is now the time to by condos Tampa Florida. The prices range from $100,000 to over $6,300,000 at the higher end.
There are lots of condo conversions and new construction condos that are not listed in the Tampa MLS, you can find some of them at search engines by typing in Tampa condos, lofts, and townhomes. There is plenty of information on the Internet.
When buying a new condo here are some of the things you have to watch out for. For new constructions you have to know how long it takes the developer to finish the building, due to recent credit crunches in the market, it might be difficult to get construction loans on a bad project. It probably takes 2 years to finish the new construction, make sure you read the all the details of the contact, you can get a pretty nice deals on one of these pre-constructions.
Hire a buyer side real estate professional to be on the safe side who knows the new construction market really well. Builders pay the realtor who brings in the buyer, so buyer rarely pay any commission, the developer usually pays the commission. But these professionals have much more information like what is the comparable sale price of the condos Tampa Florida. They can also help you negotiation with price and incentives. Since, the prices have come down make sure you compare prices to todays market price that you won’t overpay.
One of the things you have to watch out for is, if the developer does not meat the contract quota of the new construction within alloted time period by the lender, they have to stop the construction and give the deposit money back to the buyer, which typically is 10% of the purchase price.
