The condo conversion market marches on in South Tampa. Many renters jump at the chance to own.
By JANET ZINK
Published August 13, 2004
For sale: Condominiums in South Tampa with water views, boat slips, a resort-style swimming pool, a fitness center and garages.
Sound good?
Don't grab your checkbook just yet.
Homes at Culbreath Key Bayside, formerly an apartment complex, will likely sell out to current renters and those on a VIP list, says Culbreath Key sales manager Lenny Rindsberg.
Similar story for the Madison at SoHo apartments on Howard Avenue, which are also converting to condos.
Madison owner ZOM Development announced last week plans to convert 128 of its 368 units to condominiums. Eighty sold in a week, and current renters have first dibs on the rest, said sales manager Kristi King.
Call the frenzy fallout from low-interest rates, which have sparked a nationwide home-buying boom.
"It's a wonderful condominium market," said Evan Jennings, who's handling the conversion of Culbreath Key for Sendera Investments of Dallas, which bought the complex a year ago from Lincoln Property.
Managers at Culbreath Key on Gandy Boulevard, just west of West Shore Boulevard, told tenants July 6 about the conversion and gave renters first crack at buying. Fifty of the 150 residents accepted the offer.
A week later, the Culbreath Key sales team began contacting more than 700 people who responded to an earlier advertisement that offered no details - only a promise that condominiums would soon be coming to South Tampa.
Since then, nearly 150 of the 254 available units have sold, Rindsberg said.
Culbreath Key marks the fourth Tampa Bay area apartment complex that Rindsberg has helped convert to condos. So far, it's selling better than any of the others, including The Madison in downtown St. Petersburg and Audubon Villas in Feather Sound, he said.
Typically, 3 to 5 percent of residents choose to buy their units, Rindsberg said. "We've got 30 percent. That's ridiculous."
He attributes the conversion's success to the South Tampa location, the sunset-over-the-water views and planned upgrades to the 5-year-old complex. Homes are getting new cabinets, carpets, ceramic tile floors and appliances.
At Culbreath Key, prices range from about $130,000 for a 634-square-foot, one-bedroom unit to more than $260,000 for a 1,078-square-foot, two-bedroom unit. The 12 three-bedroom units with 1,355 square feet sold out in the mid to high $300,000s.
Esther Sutton, 56, a manager at MetLife near Tampa International Airport, moved into an apartment at Culbreath Key 18 months ago when work brought her to Tampa from New Jersey.
She had been looking at condos and townhouses around South Tampa for months, but when Culbreath Key became available, she wasted no time.
"They sent me the package on Wednesday," she said. "I made my appointment for Saturday."
The easy access to downtown Tampa and St. Petersburg were strong selling points, she said. What sold her, though, was the affordable, waterfront location.
"It feels like a vacation place, particularly when you're standing by the pool area and looking out into the marina. The setting is gorgeous," she said. "For me it was just perfect. I never thought I would own waterfront property. It seemed out of reach."
Anyone feeling lucky can get on the Culbreath Key waiting list by calling 902-0555. For information on Madison at SoHo, call 258-9075.
