Panama Beach Realty

  The Ocean Reef Condominium Auction had a strong turn out with a turn out of 126 registered bidders and quite a few more in attendance.  The same auction group hosting the Palazzo and Marina Landing auctions presided over Ocean Reef.  After three of these you start to hear some familiar phrases.

We started out at 500,000 for the four-bedrooms and found our way to an opening bid of $300,000 in short order.  The first unit sold for $340,000 after the bidding was complete.  They then announced that they would auction off one more.  The bidding started again at $300,000 and sold for $305,000.  At that point we heard a familiar announcement.  "Would anyone else like a four-bedroom at the last auction price?"  This motivated seven more buyers.

On to the two-bedrooms.  The first one opened at $200,000 and may have set the world record for longest time taken to get a second bid of $205,000.  The first unit officially sold and the auctioneer announced that this was the last two-bedroom condo to be auctioned and the developer would not sell for less than the $205,000.  We then heard "Would anyone else like a two-bedroom at the same price?"  Just like the Palazzo auction, there was a frenzy of buyers who jumped up to get a two bedroom after this announcement.  After nine more went under contract there did not appear to be any more buyers.  They were searching for more and announced that they would "only sell two more".  After this announcement, they had one more sell.   The completion of the auction announced and a total of nineteen condominiums had been put under contract.  The auction group made them selves available for more contracts after the auction and my last count was thirty five condominiums sold. 

To see the auction board for the Ocean Reef two-bedroom condos click here

To see the auction board for the Ocean Reef four-bedroom condos click here

Please keep in mind that a 10% commission was added to everyone's purchase price.  So, if you bought a:
4 Bedroom End Unit for 305k, you paid $335,500 which is $209 a square foot
2 Bedroom Interior for 205k, you paid $225, 500 which is $196 a square foot

The final results won't be known for another 45 days.  There is usually some fall out of condominium buyers during the condominium documentation review period.  Having said that, we could see several more contracts written if the developer chooses to continue offering some of these prices in the coming week. 

Please keep in mind that I am getting my sales numbers from the auction sales boards after the auction.  These numbers will change as some bidders cancel and others write contracts.

There are still developer units available.  Here is the available list as of 10/19/2008.