Posted by: chris
on Jul 15, 2008
Emerald Beach Resort opened its Floridita pool this past weekend. These pools are located on the north side of front beach road behind the check in area. One pool is zero entry with a waterfall mushroom, a row of mini jets, and several other water features. The Floridita pool also features a bar and grill area. This will make a total of 3 pools for the resort in addition to the Sky Bar, onsite Starbucks, and Tiki Bar.
Posted by: chris
on Jul 10, 2008
Real Estate Condominium Sales in Panama City Beach were down in June when compared to June of 2007. Fifty-nine condos sold in comparison to the eighty-two sold the prior year. The average price per unit was $271,000, down from $331,000 June of 07. Preconstruction seems to be winding down. Most condominiums have completed the sales to preconstruction contract holders that are going to close. Our remaining condominiums are Palazzo, Shores of Panama phase 2, Ocean Reef, Tropic Winds, and Laketown Wharf. So after those finish we will have finished preconstruction and move on to resales for several years, right? Not exactly. What happened to all of the condos the developers didn't sell? There have been several condominiums that have closed enough units to pay off the commercial loan. We have yet to see any indication that the developers are willing to sell these units at reduced prices. We may not actually see these units sell at all for quite some time. In many cases these units are not actively on the market and the ones that on are very close to there original preconstruction pricing. Keep in mind; these are the developers who are not behind the eight ball because they are in the black. The question of the summer is, what happens to the condominiums who are in financial difficulty?
As we move toward the end of this preconstruction cycle we are seeing several condominiums whose preconstruction prices reflected the height of the market. Many of these condominiums are not seeing significant preconstruction contract holders convert to owners. One challenge seems to be competing with resales of similar units on the market. Despite this challenge, there are several developers that seem to keep pricing significantly above what comparable units are currently selling for. I am not a mathematician, but at some point doesn't something have to give?
The driving force behind the pricing is the resales. Developers built some magnificent condominiums in the past ten years. These units sold at spectacular pricing at the beginning of the real estate boom. Three years ago the supply of buyers dried up. That has motivated owners to bring pricing down to a point where we have an absorption rate again. This is competition for all of the new developer units. As a result, the resale units are where we see most of our absorption rate. Some developers have seen this and reduced prices to match the asking prices of similar resale units. It appears that they have seen a normal absorption rate as a result.
Posted by: chris
on Jul 07, 2008
The Sky Bar and Tiki Hut at Emerald Beach Resort finally opened July 4, 2008. Emerald Beach Resort completed the build out of these amenities, the gulf front pool, gulf front hot tub, and the first two condominium towers January of 2007. They started selling units to the preconstruction contract holders February of 2007. While they may have set a new world record for the amount of time taken to staff a finished amenity, this is a significant step in the right direction.
Emerald Beach Resort has the potential to become one of the nicest resorts in Panama City Beach. The Sky Bar is a shining example of this. Most condominiums with a sky bridge are very basic. Emerald Beach Resort took advantage of the space and created a bar the entire length of the bridge with wall to wall glass. This allows for ample space for guest to gather. It also provides a spectacular view of Front Beach Road at night with a view of lights as far as the eye can see. Other completed amenities currently include one gulf front pool, hot tub, and full service Starbucks. Location is also a potential advantage for Emerald Beach Resort as it is within walking distance of what should become the Towne of Seahaven. This condominium also contains great one and two bedroom floor plans. They made excellent use of the space with floor plans that feel more spacious than other condominiums of similar size.
There is a non-gulf front pool currently under construction. The lobby area has also been prepped for additional staff and retail space. Only time will tell if this condominium comes to realize its potential.
Posted by: chris
on Jul 01, 2008
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Posted by: chris
on Jul 01, 2008
The developer of Palazzo Condominium has scheduled an absolute auction for 28 gulf front condos on August 2, 2008. There will be no minimums and No Reserves. The terms will be 10% down and closings will be within 30 days of the auction. There will be a 10% buyer's premium paid to the auction company at closing (if you bid 400k, you will owe 440k at closing). The auction will take place on site at Palazzo Condominium at 11:00 am. Pre-sale inspections will start from 10 am to 5 pm beginning July 18th. This condo is completely gulf front on the west side of Panama City Beach Florida. Palazzo contains one, two, and three bedroom floor plans. For more information on the property you can click here.
Posted by: chris
on Jul 01, 2008
Eric Henderson and I (Chris Arnold) go to great lengths to ensure our customers receive the best service. Between the website, our knowledge, negotiating skills, mortgage knowledge and contacts, short sale experience, the list goes on. Here is a place for customers to leave feedback on the service we provided them and their experiences with us.
