Panama City Beach Florida April 2009 Market UpdatePanama City Beach Florida April 2009 Market Update
Posted by: chris
on Apr 12, 2009 
Real estate condominium re-sales in Panama City Beach were flat in January when compared to January of 2008. Eight of these sales were a direct result of the Origin at Seahaven auction. Twenty-six condos sold in 2009, compared to the eighteen (non preconstruction) sales the prior year. Sixty-six additional condos sold in 2008 were a result of preconstruction closings at Tidewater. Marina Landing also had three preconstruction closings.
Real estate condominium re-sales in Panama City Beach were flat in February when compared to February of 2008. Five of these sales were a direct result of the Origin at Seahaven auction. Forty-nine condos sold in 2009, compared to the thirty-seven (non preconstruction) sales the prior year. Fifty-three additional condos sold in 2008 were a result of preconstruction closings at Tidewater. Sterling Breeze also had eleven preconstruction closings.
Real estate condominium re-sales in Panama City Beach were flat in March when compared to March of 2008. Fifty-two condos sold in 2009, compared to the fifty-six (non preconstruction) sales the prior year. Forty-nine additional condos sold in 2008 were a result of preconstruction closings at Tidewater. Sterling Breeze also had twenty four preconstruction closings.
It is notable that I did not count preconstruction sales in these monthly sales comparisons. I do this to show a normal absorption rate in the market. Foreclosures are causing considerable price corrections for many condominiums and floor plans. We are also noticing other listings adjusting pricing as a direct result of these foreclosure prices. At the same time, many of these foreclosures are selling at or above asking price.
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songsu kim
said:
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... I'm interested in purchasing a 3 bedroom condo (gulf view something like AQUA) with newer model in Panama City Beach now. What is a resonable purchase price I should pay under the current real estate market down there, which relfects rising foreclosure, developers' continued auctions and construction, financial issue with certain associations, rising short sales, and all undesirable market movements. Thanks for help. Songsu |
Chris
said:
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... Short Answer: I would look at the 3 bedroom end units at Sunrise Beach and be happy paying in the Low 300's. Long Answer: There is no average price in Panama City Beach for a 3 bedroom. Each condo and floor plan can be different. Something like Aqua is not your average condo. The developer at Aqua has recently been selling the remaining inventory of 3 bedrooms at roughly 270 a square foot. We have seen eight recent sales (past 60 days) of the three-bedroom units at Aqua. So at Aqua you should clearly be happy to pay that price. I have not seen a rise in condominium foreclosures in Panama City Beach. We seem to be moving thru the inventory fairly quickly when it comes on the market. We don't have continued auctions. We are pretty much done with the gulf front condominium auctions. We have been for quite some time now. There are no more gulf front condominiums in Panama City Beach under construction. Some condo associations have run into budgeting issues. They are easy to spot and have adjusted their association fees accordingly. Where do I begin on short sales. . . . . . Some people simply don't know how to do them. They are getting a bad reputation. If you correctly qualify a short sale, you drastically increase your chances of a successful closing. I don't understand what you mean by "undesirable market movements". |
