During April, 90 condominium units were sold in Panama City Beach. In April 2011, 107 units sold. This year's reduction was probably caused by a lack of inventory at attractive prices. For the first time in years, relatively few attractively priced condominium units remain available. This proves especially true for units with popular floor plans.

In recent months, sale prices for units in many buildings across the Panama City Beach area have actually risen. This suggests that the local condominium market is beginning to stabilize, although it's probably not the inception of a new real estate boom. Most condominium buyers remain cautious.

People are paying more for desirable floor plans than they did in 2011, but they show little interest in exorbitantly priced condos. Overpriced foreclosures also sit empty, attracting few potential buyers. The Panama City Beach condominium market is slowly finding a reasonable price balance.

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On May 30, 2012, the last remaining Shores of Panama developer units were sold by the Federal Deposit Insurance Corporation (FDIC). The sale included 307 residential condominium units, multiple commercial units and the Shores of Panama Club. The residential unit purchases were made in three distinct groups. Average price per square foot for these transactions came in at slightly under $101.

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Not far behind Splash, Calypso condominium received a Special Approval Designation from Fannie Mae. The approval is for a period of nine (9) months. This will once again allow approved lenders to offer qualified 30-year fixed rate loans on these condominiums. This means Fannie Mae will accept loans for newly originated mortgage loans, and newly originated refinance transactions of existing Fannie Mae-owned loans.

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In a virtual repeat of 2011, the first quarter of 2012 has seen strong sales in the Panama City Beach condominium market. Sales for February 2012 were an improvement over those for the previous year with 77 units sold as compared to 69 in February 2011. Despite this increase, it seems likely that overall sales for 2012 will approximate those for 2011 as condo prices and sales seek their natural level in the current Panama City Beach real estate market.

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June of last year Splash and Calypso condominium received a Special Approval Designation from Fannie Mae. This allowed approved lenders to offer qualified 30-year fixed rate loans on these condominiums. Splash was just re-approved for this program. This approval extends Splash condominium’s eligibility until February 16, 2013.

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Condo sales in Panama City Beach in 2011 started out strong with steady increases in sales through May, culminating in a high of 118 units sold that month, making this the start of a solid year for condo sales in the area. This has not carried forward into the traditionally strong month of June, which may well prove to be a good thing. Normally, sales in June and September surpass the previous month but this has not materialized in 2011. While overall sales volume exceeds 2010 figures, June and July sales exhibited a downward trend with 94 units sold in June and only 67 selling in July.

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In comparison to the two previous years, condominium sales are clearly up. The graph below compares sales volumes for the past three years, and in 2011 we see significant improvement. This improvement in sales volume does not mean that market recovery is occurring. That being said, we are seeing signs of price stabilization in some areas. The sales volumes for March, April and May of 2011 are much higher than they were in 2010. In March 2010, 71 condos sold but in March 2011, 93 sold. April is even better, with 107 condos sold this year compared to 77 the year before. The 118

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Due to the economic downturn, lending criteria for condominium financing had become more stringent. However, loans have been readily available to qualified buyers who have built strong credit histories and demonstrated the ability to provide down payments of 20 to 30 percent. These opportunities include five-year ARMs and 15-year or 30-year fixed loans.

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Let's start out by answering the question most people will be asking. No, the Shores of Panama auction is not for individual units. It is a bulk sale offering.

CB Richard Ellis is handling a sealed bid auction for the remaining unsold developer inventory at the Shores of Panama condominium. These remaining developer units have changed hands through the first auction ordered during

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Each month we hear stories about how the real estate market in Panama City Beach is bottoming. We are continually told that it is ready to bounce back at any time. How much longer are we going to listen to this while watching prices drop quarter after quarter? Potential buyers should not be focusing on the overall market. They should instead be looking at the specific condominiums they are interested in. On the whole, the real estate condominium market in Panama City Beach continues to fall. The average price per square foot of a 700 square foot

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