And then there were none.  Tropic Winds marks the end of preconstruction condominium projects in Panama City Beach for some time to come.  With Tropic Winds' CO (certificate of occupancy) being issued this week, we now have no more resort style condominiums under construction.  Some could argue that Island Reserve and Cabana Cay are still building out and will be the last two official condominiums in Panama City Beach under construction.  I believe we can all agree that neither of these projects can claim any type of gulf frontage or view. 
We still have a significant amount of developer held inventory.  Some of this inventory is selling at a normal pace.  We are also starting to see new signs of the market bottoming in certain buildings and floor plans.  This should not be confused with a bottom in the overall market.  We have buildings that are selling units every quarter at a price people are willing to pay.  We also have buildings that have not seen buyers in well over a year.