Palazzo Condominium Auction Analysis

Posted by: chris

Palazzo CondominiumIt has now been almost been three months since the Palazzo Absolute Auction.  According to my review of Bay County Records, Palazzo sold forty-six developer owned units as a direct result of the Auction.  At the end of the auction the sales boards showed forty-eight units under contract.    This is notable because all contract holders had fifteen calendar days to walk away from there contracts without penalty. 
Since the end of the auction, I have seen three sales.  The developer sold a three-bedroom interior unit for 354k, and there were two re-sales.  One west end three-bedroom sold for 569k and an interior three-bedroom sold for 369k. 

Here is a list of the lowest prices paid per floor plan at the Auction:

Please keep in mind that a 10% commission was added to everyone's purchase price.  So, if you bought a:
3 Bedroom End Unit for 425k, you paid $467,500 which is $252 a square foot
3 Bedroom Interior for 295k, you paid $324, 500 which is $220 a square foot
2 Bedroom with bunk for 270k, you paid $297,000 which is $220 a square foot
1 Bedroom with bunk for 220k, you paid $242,000 which is $235 a square foot

Palazzo condos Panama City Beach There were sixty-three closings prior to the auction at original preconstruction prices.  The developer still holds 19 remaining condos. 

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