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Water's Edge Condo in Clearwater Offers Buyers an Out

Speculators who bought condos at Water’s Edge in Clearwater two years ago and have been watching declining condo values now have an opportunity to get their money back, with interest.

Opus South discovered a glitch or technicality in their contracts with the buyers which they feel voids the agreements according to HUD rules. The luxury condo buyers now have been given the option to get their money back, with interest, or to proceed with a new contract at a 10% discount. Our buyers did not hesitate a moment before opting to get their money back. Scheduled to be completed in July of this year, apparently 109 of the 153 condos were under contract. It will be interesting to see how many potential buyers choose each of the options.

This is yet another setback for Opus, who began closings on 400 Beach, a luxury condominium in downtown St Petersburg, in December. It’s not yet known how many of those buyers will walk away and forfeit their 20% deposits rather than close on their purchase. For owners planning to live in their condos or use them as second or third homes, the current dip in the market is not significant. For those speculators who hoped to sell the condos as soon as the bought them, it’s a case of evaluating the economics.

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