Panama City Beach Florida September 2009 Market UpdatePanama City Beach Florida September 2009 Market Update
Posted by: chris
on Sep 24, 2009 
Real estate condominium re-sales in Panama City Beach were up in July when compared to July of 2008. Seventy-eight (non preconstruction) condos sold in 2009, compared to the sixty-five (non preconstruction) sales the prior year. Eighteen additional condos sold in 2009 at the Island Reserve auction, and eleven additional sales in 2008 were a result of preconstruction closings at Tidewater. Real estate condominium re-sales in Panama City Beach were up in August when compared to August of 2008. Sixty-four (non preconstruction) condos sold in 2009, compared to the fifty-five (non preconstruction) sales the prior year. Thirty-two additional condos sold in 2009 at the Island Reserve auction.
We are entering a new phase in this real estate condominium market. I have yet to hear anyone talk about the health of a given condominium association. This is going to be a more popular topic in the months to come. You can read some articles on condominium associations here.
Tidewater Condominium's developer units were assigned a receiver as the bank proceeds with the foreclosure of these units. This is actually a good thing for Tidewater because it assures the association dues for these units will be kept current.
Corus bank, whom took possession of Laketown Wharf in September 2008, was assigned the Federal Deposit Insurance Corporation (FDIC) as a receiver this month. For more information you can click here.
Aqua Condominium has begun to sell its remaining developer inventory. For more information you can read "Aqua Condominium Offers Remaining Developer Units".
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