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Clearwater Condos For Sale
Currently, there are a record number of Clearwater condos for sale. Though we have read much recently about Clearwater real estate sales going up each month, the vast majority of the sales are single family homes.
One of the major reason that Clearwater condos lag so much further behind home in sales is banks are not very excited about loaning money on condos these days. Many banks even have a policy of not lending money on a condo if more than 15% of the owners are 60 days or more behind in their homeowner's fees.
The reason this is alarming to a bank is because we have been a having a declining market for a few years and no one is sure where it will end. So, if you put 20 or 25% down on a condo and the market drops 20% or more, you no longer have any equity in the condo. Thus, your motivation to keep the condo has obviously dropped considerably.
The other reason owners being behind on their HOA fees is a problem is that it portends foreclosures. Someone falling behind on their condo fees is a major red flag indicating the person may bail and let the condo go into foreclosure. This of course lowers the value of each condo in the building.
The bottom line: if you are looking to buy a condo in Clearwater, make sure that the other owners are paying their fees.
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