Real estate condominium re-sales in Panama City Beach were flat in April when compared to April of 2008.  Fifty-nine condos sold in 2009, compared to the fifty-eight (non preconstruction) sales the prior year.  Thirty-one additional condos sold in 2008 were a result of preconstruction closings at Tidewater. 

Real estate condominium re-sales in Panama City Beach were slightly higher in May when compared to May of 2008.  Seventy-two condos sold in 2009, compared to the sixty-seven (non preconstruction) sales the prior year.  Sixteen additional condos sold in 2008 were a result of preconstruction closings at Tidewater.

Real estate condominium re-sales in Panama City Beach were slightly higher in June when compared to June of 2008.  Fifty-nine condos sold in 2009, compared to the sixty-three (non preconstruction) sales the prior year.  Fourteen additional condos sold in 2008 were a result of preconstruction closings at Tidewater.

I find it hard not to laugh when I hear many people's opinion on this real estate market.  Some people are positive we are going to be selling certain floor plans for half of the current prices.  Keep in mind this is at the same time we are selling 2-5 of that particular floor plan in a given month.  Others are positive that every condominium building and floor plan is going to shoot back thru the roof any day now.  Can someone please explain how that is possible until we reduce ALL of our excess inventory.  And when exactly has an entire real estate market seen prices move up in tandem without regard for differences in property types? 

Overall we are looking at a flat market in terms of absorption rate.  Year over year sales are virtually identical, just at lower prices on average.  This does not necessarily mean that condos that condos purchased last year are selling for less this year.  In some instances we have an increase in price.  We are actually seeing sales cycle across the beach as pricing in a particular building comes in line with the market.  Individual condominiums across the beach are taking their time bottoming.  This is happening one floor plan at a time.  Some appear to have already bottomed while others haven't come close.  This has been the same story for over a year now.  We are slowly moving thru our excess inventory.  I will provide an update on our inventory levels later this year.

Foreclosures are setting new price points for the condominiums that have yet to find there bottom.  If you are looking to purchase a foreclosure below 300k, you need to be prepared to pull the trigger immediately.  We are seeing many foreclosures receive multiple offers and sell well above the asking price.  The larger units have a much lower absorption rate.  These foreclosures are not selling immediately.  We usually see several price reductions before a contract is reached.  The challenge is that we usually have several buyers trying to get these units for 20-30% less, but becoming upset when the unit goes pending.  It is a bit of a zoo, but welcome to the world of foreclosures.