The Channel District is adjacent to downtown Tampa and is in the process of converting from an industrial use area to one of residential lofts and condominiums. Back in 2003–2005, when the local real estate market was most heated, some of the first major residential projects in the area were in the pre-construction sales phase. There were many speculative/investor buyers in the market, and many of them jumped at the opportunity to be some of the first to buy in the Channel District, a.k.a., Channelside.

Fast forward to present day reality, and while some smaller projects were completed in the last few years, the first major projects are now being finished. Buyers who went under contract to purchase Channelside condominiums are now closing on them in a market that has turned tail and run in the opposite direction. Many of these buyers never intended to reside in these properties, nor did they intend to hold them for any period of time. Many buyers’ sole intent was to close on their properties and then resell them in a market that had seen substantial appreciation since pen went to paper back in pre-construction. (See: Condos Suck). It’s a risky, speculative move that can pay great dividends if demand is still there once the mortgage payments begin or once the cash is handed over.

But much has changed since those days of fancy sales centers with trailers made into models of soon to be built condominiums. The demand is not there, prices have slumped, and it’s hard to find a buyer or renter for anything really. As the closings mount, so too does the number of listings in the area.

But The Channel District will be a great place to reside and certainly has a bright future. It is a great location adjacent to downtown and sandwiched between two of Tampa’s more popular entertainment areas, Channelside and Ybor City. Fine dining, The Florida Aquarium , cruise ship terminals, professional hockey, professional football, concerts, a world class airport, great malls and more, are all nearby. It will no doubt some time for the current and swelling inventory of vacant properties to find someone to call them home. Buyers will find plenty to choose from and  sellers willing to negotiate and offer enticing incentives.

THE NUMBERS:

Back in April there were 148 active listings of condos in the Channelside area. Today there are 247 and that number will likely be growing in the coming months. Grand Central at Kennedy, The Place at Channelside, Ventana and The Towers now have their first residents, but many units sit vacant. For the buyer that likes what the Channel District has to offer, you can expect many options and motivated sellers. Prices (currently) range from $190k for a 600 sqft unit at Grand Central, to an almost $2.5m unit at The Towers, Channelside’s only highrise building. The bulk of the Channelside inventory is in the $250k to $500k price range.

Downtown Tampa/Channel District Projects Map

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