Marina Landing sells remaining developer unitsMarina Landing sells remaining developer units
Posted by: chris
on Jan 20, 2009 
The Panama City Beach condo market realized its second bulk condominium building purchase today. Marina landing closed the fifty four remaining developer units today. Marina Landing condominium stands sixteen stories and holds eighty seven bayfront units.
We have had bulk buyers looking at Panama City Beach condominiums for several years now. In most cases it becomes a three party negotiation between the buyer, seller and the bank. Banks tended to be the largest obstacle in these transactions. They were not willing to take the write downs that would be needed to find a bulk buyer.
While Marina Landing is only our second bulk purchase, it will not be the last. We have a different condominium in negotiations right now. We are likely to see a few more bulk purchases as we move thru this real estate market.
Bulk buyers can actually help a real estate market. Different condominium projects have varying absorption rates. With current market conditions, it is easy to reach a price point where you are simply devaluing property by forcing an absorption rate. Bulk buyers can adjust this while helping financial institutions clean up their books.
Subscribe to this comment's feed
Gregg Tonkin
said:
 |
... Chris, how does the "bulk buyer" then handle the units they bought? Do they slowly feed them back into the market? |
Chris
said:
 |
... I expect these units to remain for sale. The new owner has a drastically reduced cost basis. This should provide the ability to sell the condominiums at a normal absorption rate. |
Will James
said:
 |
... You mentioned Marina Landing being the 2nd bulk purchase in the market. Which project was the first? |
Chris
said:
|
... Sterling Breeze was the first project to sell in bulk. You can get more information on the Sterling Breeze bulk purchase here. |
