Comments for Ocean Reef Auction Results at http://blog.panamabeachrealty.com , comment 1 to 6 out of 6 comments http://blog.panamabeachrealty.com Thu, 09 Feb 2012 17:11:58 +0100 FeedCreator 1.7.3 http://blog.panamabeachrealty.com/panama-city-beach-real-estate-condos-waterfront-homes-condos-for-sale-homes-for-sale/Ocean-Reef-Auction-Results.html#comment-85 I'm a contractor from Memphis, Tn and just visited PCB last summer and was blown away. My family and I have been vacationing for years over in Orange Beach and needless to say it's not the same. Looking to find 1 or tw2 partners to split a vacation home with in this area. Totally legitimate, just don't want to take on the entire burden of a mortgage between $3-400,000 right now. Being from Memphis we would only be able to visit 4-5 times a year but Hey we love the beach. - chrisc Sat, 25 Apr 2009 15:54:18 +0100 http://blog.panamabeachrealty.com/panama-city-beach-real-estate-condos-waterfront-homes-condos-for-sale-homes-for-sale/Ocean-Reef-Auction-Results.html#comment-84 Ocean Reef has actively been selling the 2 bedroom floor plan in the mid 200’s. This is more than a 10% increase from the pricing seen at the auction. If sellers continue to wait for the normal absorption rate this should continue. There are a couple things that could change this. Financing could tighten again and increase lending restrictions. Right now you need to put 25% down and have a fully documented loan. We are actually seeing some small banks offer better terms. The economy could fall off another cliff and cause buyers to hold off on second home purchases. I have no expertise in the economy and have no way to estimate this. If the supply of buyers dries up, prices would come down over time. We are seeing the most qualified buyers purchasing in this market. Strong percentages are paying cash. This market appears to be stabilizing for some buildings and floor plans. The two and four bedroom floor plans at Ocean Reef are included in this stabilization. - Chris Wed, 22 Apr 2009 01:06:54 +0100 http://blog.panamabeachrealty.com/panama-city-beach-real-estate-condos-waterfront-homes-condos-for-sale-homes-for-sale/Ocean-Reef-Auction-Results.html#comment-82 Hi I will give $185,000 cash for a 2bd-2ba condo in Ocean reef. John - John Howerton Sun, 19 Apr 2009 14:12:49 +0100 http://blog.panamabeachrealty.com/panama-city-beach-real-estate-condos-waterfront-homes-condos-for-sale-homes-for-sale/Ocean-Reef-Auction-Results.html#comment-81 Imagine this ............that all buyers at these auctions sat on their hands during the aution until say a respectable level (100K) was reached. you want to see panic but these auctioneers, you will these sweat glands opening at full force at this poiint . This will allow us to find a true bottom price and actual bidding to occur. Remember in all these latest auctions the first bid has always been the top bid, do not be tempted and let those hands fly up until you see the sweat in their eyes, it will come....patience..patience..patience.. Good luck bidding - Brendon Bradshaw Mon, 13 Apr 2009 05:11:00 +0100 http://blog.panamabeachrealty.com/panama-city-beach-real-estate-condos-waterfront-homes-condos-for-sale-homes-for-sale/Ocean-Reef-Auction-Results.html#comment-37 I believe the Ocean Reef Auction will have a direct impact on the absorption rate of several condos in Panama City Beach like Emerald Isle, Twin Palms, and Ocean Villa. They all have identical floor plans and were built by the same developer. Ocean Reef and Tropic Winds available outstanding inventory is priced significantly lower that current active resales at these condominiums. If resale pricing does not change, developer units like these will need to be absorbed before we are likely to see sales at these other condominiums. Other condominiums that are different may see a reduction in absorption rate. Some of the available buyers may choose these units over purchasing somewhere else. Over all, these auctions could be a good thing. The developers pay a significant marketing fee prior to the auction for national advertising. This advertising is likely to make more buyers aware of the Panama City Beach area. This doesn’t change the fact that we have a significant amount of developer inventory out there. I doubt this is our last auction or sale at this price level. At the end of the day, if sellers choose not to lower there asking prices, prices will not drop. I just wouldn’t expect many sales if you can get similar condos for significantly less at a different condominium. I believe we are going to need to make it thru the excess developer inventory made available for sale, the foreclosures and short sales before we see a rebound in this real estate market. - Chris Tue, 21 Oct 2008 05:02:03 +0100 http://blog.panamabeachrealty.com/panama-city-beach-real-estate-condos-waterfront-homes-condos-for-sale-homes-for-sale/Ocean-Reef-Auction-Results.html#comment-36 Chris, how do you think this auction will effect the overall pricing on the beach? Do you feel these auctions are drying up the willing and financially able condo buyers out there? - Gregg Tonkin Sun, 19 Oct 2008 11:51:33 +0100