Posted by: chris
on Feb 20, 2009
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.
Posted by: chris
on Feb 11, 2009
The United States Bankruptcy Court for the Northern District of Florida Panama City Division ordered the scheduling of an auction and a follow up hearing to approve the sale for Shores of Panama. This will be a bulk purchase auction held on March 5, 2009 at 10 AM EST. Initial bids must be received from Qualified Bidders by 4:00 PM CST on March 4, 2009.
Qualified Bidders must deliver $100,000 certified funds in escrow; provide evidence of financial wherewithal, experience, and other relevant considerations before the Initial Bid Deadline. Bids must be at least $80 million for the property.
Shores of Panama has 680 (estimated) feet of gulf frontage. It sits on 6.5 acres. There are roughly 1000 striped spaces in the attached 12-level parking garage. The property will include 370 units with an average of 1,089 square feet per unit. There is also commercial space of 27,412 square feet, the beach club, and two separate parcels of vacant land.
ASSET STATISTICS
Unit Type # of Units Square Feet
A 1BR / 2BA + BK 8 864
B 2BR / 3BA + BK 6 1,131
C 1BR / 2BA + BK 32 907
E 2BR / 2.5BA + BK 1 1,131
F 1BR / 1.5BA + BK 11 911
G Efficiency 20 473
H 2BR / 3BA + BK 22 1,453
I 1BR / 2BA + BK 3 980
J 2BR / 2.5BA + BK 4 1,070
K 2BR / 3BA + BK 66 1,184
L 2BR / 2.5BA + BK 38 1,102
N 1BR / 2BA + BK 69 936
R 3BR / 3BA + BK 23 1,523
S 2BR / 2.5BA + BK 22 1,279
T 1BR / 2BA + BK 23 951
U 3BR / 3BA 22 1,400
Total / Avg 370 1,089
Additional Details
Commercial Space 27,412 SF
Parcel #1-Vacant Land 0.5 acres
Parcel #2-Vacant Land 2.0 acres
Beach Club 1.4 acres
Posted by: chris
on Feb 09, 2009
It has now been roughly 6 weeks since the Origin at Seahaven absolute auction. According to my review of Bay County Records, Origin at Seahaven sold twenty developer owned units as a direct result of the Auction. Hours after the end of the auction the sales boards showed twenty-seven units under contract. All contract holders had fifteen calendar days to walk away from there contracts without penalty. Developer units are still available and listed for sale.
For those of you who missed the Origin at Seahaven Auction Results article, here were the results: Please keep in mind that a 10% commission was added to everyone's purchase price. So, if you bought a:
"three bedroom lockout" (gulf view) for 270k, you paid $297,000 which is $166 a square foot
